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beenhearingthisforyears

If There Is A Hpc. Where Do All The Repossessed Go?

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New to boards and spending lots time reading some very interesting points of view. What i do not understand though is if there is a HPC (to the degree that SOME predict) then surely the building societies cannot repossess everyone who will be affected? Where are these people going to live? And surely the government and MPC will step in before the country is brought to its knees? I thought MPC's role was to stabilise the economy? And are labour government not going to do everything in their power to NOT feck up big style (well more than they have) because the whole country will be in one sorry mess if millions are in negative equity and unemployment is in the millions which are the conditions needed for a huge HPC surely?? Not talking about a small drop but massive drop that i keep reading about on this forum.

I am posing the question not to inflame the boards but b/c i am genuinely interested in hearing others points of view, and because i am confused regarding economy. Yesterday huge bonuses were announced in City and they are the largest for 5 yrs. http://www.bloomberg.com/apps/news?pid=100...oV0Re4&refer=uk

So someone is making loads money. Then all i read/on tv is state of economy and huge drops on high street etc.

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I thought MPC's role was to stabilise the economy?

Well then, that explains a lot about your posts. As Merv has pointed out many times, the MPC's job is to control inflation (admittedly Brown's fudged figures), not to pump up the housing market.

So someone is making loads money.

Of course they are: the banks are loving all that interest that idiot BTLs are paying them on huge mortgages for empty, overpriced flats.

Edited by MarkG

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Well then, that explains a lot about your posts. As Merv has pointed out many times, the MPC's job is to control inflation (admittedly Brown's fudged figures), not to pump up the housing market.

Of course they are: the banks are loving all that interest that idiot BTLs are paying them on huge mortgages for empty, overpriced flats.

many of the City guys are getting fat off the stock market that many of the people on these boards are investing in instead of property.

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Parent's or children's! house

Rentals / sharing

Lodgings

Mate's living room

The street

Hiding / abroad

Car / Van / Bus

Local council's steps

Caravan in some farmer's field

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many of the City guys are getting fat off the stock market that many of the people on these boards are investing in instead of property.

Indeed: on paper I've made about 4k in the last week in the stock market. I don't see how that's relevant to the housing market though, other than that the better the stock market does, the more BTLers are going to be desperate to get their money out of stupid flats and into a profitable market before they 'miss the boat'.

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New to boards and spending lots time reading some very interesting points of view. What i do not understand though is if there is a HPC (to the degree that SOME predict) then surely the building societies cannot repossess everyone who will be affected? Where are these people going to live?

The last in always lose-the only losers will be people who bought in the last 1-3 years and you are not repossesed because of a crash, only because of defaulting on mortgage repayments.

The poorer u are and the later you bought the more likely you are to get repossesed.

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New to boards and spending lots time reading some very interesting points of view. What i do not understand though is if there is a HPC (to the degree that SOME predict) then surely the building societies cannot repossess everyone who will be affected? Where are these people going to live? And surely the government and MPC will step in before the country is brought to its knees? I thought MPC's role was to stabilise the economy? And are labour government not going to do everything in their power to NOT feck up big style (well more than they have) because the whole country will be in one sorry mess if millions are in negative equity and unemployment is in the millions which are the conditions needed for a huge HPC surely?? Not talking about a small drop but massive drop that i keep reading about on this forum.

I am posing the question not to inflame the boards but b/c i am genuinely interested in hearing others points of view, and because i am confused regarding economy. Yesterday huge bonuses were announced in City and they are the largest for 5 yrs. http://www.bloomberg.com/apps/news?pid=100...oV0Re4&refer=uk

So someone is making loads money. Then all i read/on tv is state of economy and huge drops on high street etc.

Hi,

Yes, in theory, the government would like to stabalise the economy but they only have so much power. Do a google search on George Soros and the numerous, previous UK house price crashes, stock market crashes, financial scandals, union militiancies, and so on, they didn't want those to happen either. They cannot in reality control things, merely try to influence. And I stress, "try". Economic control has been attempted before - it was called communism - it didn't work and infact caused relative poverty and breakdown of business and industry. That is what can happen if a government tries to hard to control economic events, particulalry in a globalised, open-trade economy like the UK. Market forces at work. The OECD places UK property overvaluations at around 32%. To be honest, if market forces really let rip, I think falls would need to be larger than that to restore the economy to equilibrium and increase our international competitiveness. It might also improve non-economically measurable things like quality of life, community, faimly life etc., Remember also that his mentalist hyper-inflationary approach to economics put us in this awkard position. He has messed up and is frantically trying to plug the leaks now. There are other nations around the world who took more reasoned approaches and are doing well, they didn't need to ruin the nations pensions, run HPI at 20% per annum, run up huge trade and fiscal defecits, and so on. If he has a problem to "stabalise", it is a mess of his own making.

Embrace the power of markets then! It is a wonderful thing! The alternative is communism.

Boomer

Edited by boom_and_bust

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Well then, that explains a lot about your posts.

i am trying to be polite and debate in an adult way. and to be honest a little BORED of dismissve attitude unless i agree with the EVERYTHING people like you say. I intend to base my thoughts on evidence and LEARNING. the reason i am on the boards - to get a wider picture of what it is like to be FTB etc , and to get myself out of the ghetto "view" of London.

why don't you debate my points instead of trying to rubbish my posts????

Hi,

Yes, in theory, the government would like to stabalise the economy but they only have so much power. Do a google search on George Soros and the numerous, previous UK house price crashes, stock market crashes, financial scandals, union militiancies, and so on, they didn't want those to happen either. They cannot in reality control things, merely try to influence. And I stress, "try". Economic control has been attempted before - it was called communism - it didn't work and infact caused relative poverty and breakdown of business and industry. That is what can happen if a government tries to hard to control economic events, particulalry in a globalised, open-trade economy like the UK. Market forces at work. The OECD places UK property overvaluations at around 32%. To be homest, if market forces really let rip, I think falls would need to be larger than that to restore the economy to equilibrium and increase our international competitiveness. It might also improve non-economically measurable things like quality of life, community, faimly life etc.,

Embrace the power of markets then! It is a wonderful thing! The alternative is communism.

Boomer

thank you for your response. i really apprecaite when someone has some valid points but still knows how to be respectful of others even tho you may not agree with me.

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why don't you debate my points instead of trying to rubbish my posts????

Because we've done it a hundred times before. You come here claiming that the government won't let the housing market collapse when you don't even know what the MPC's job is: why should anyone take anything you say seriously if you haven't even spent the few minutes on Google that would be required to find out what the MPC's job is?

Funny, isn't it, that most of the bulls are so uninformed about economics and finance? And most of the people here who _are_ informed are property bears? Wonder if that's a coincidence?

They cannot in reality control things, merely try to influence.

Indeed: just look at the posts about banks increasing credit charges lately to compensate for losses. There's a credit crunch on the way now _NO MATTER WHAT THE MPC DO_.

Edited by MarkG

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I am posing the question not to inflame the boards but b/c i am genuinely interested in hearing others points of view, and because i am confused regarding economy. Yesterday huge bonuses were announced in City and they are the largest for 5 yrs. http://www.bloomberg.com/apps/news?pid=100...oV0Re4&refer=uk

So someone is making loads money. Then all i read/on tv is state of economy and huge drops on high street etc.

I'm in the City and I expect my bonus to triple - maybe even quadruple - this year. However, as my bonus last year was Zero, it's not an unreasonable expectation. ;)

Seriously, the 'City Bonus' is a fairly mythical thing - a few people get huge amounts of money to buy penthouses etc but most workers see nothing, or a maybe few thousands - enough for a nice holiday or a car but nothing that would enable them to buy a house outright. One girl I know is reying on her bonus to put a dent in her rather spectacular CC debt. She's a fine example of how easy credit screws people up, as she's now back at home living with mum and scrimping every penny to pay off the debts for things she didn't need, like a brand new mini.

Read between the lines too, on that news article - An estate agent optimitsiticall quoting a survey by recruitment consultants (aka 'estate agents for jobs') on peoples expectations of their bonuses. Of course people are going to tell recruitment people their bonus will double - it's a gambit to guarantee a better deal in a new job. Call me a cynic, but I don't give much weight to that article, it's just a bit of market waffle.

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Because we've done it a hundred times before. You come here claiming that the government won't let the housing market collapse when you don't even know what the MPC's job is: why should anyone take anything you say seriously if you haven't even spent the few minutes on Google that would be required to find out what the MPC's job is?

Funny, isn't it, that most of the bulls are so uninformed about economics and finance? And most of the people here who _are_ informed are property bears? Wonder if that's a coincidence?

Indeed: just look at the posts about banks increasing credit charges lately to compensate for losses. There's a credit crunch on the way now _NO MATTER WHAT THE MPC DO_.

It is totally pointless me posting on here b/c even if i explain my position that i am here to LEARN but also show evidence that not all of UK is up sh&t creek people like you just want me to shut up and fu*k off! this is obv. the wrong place to post ANYTHING even slighly optimistic b/c even when presented with evidence you still will not take it in to consideration. I hope you get the massive crash you want. but as many of us will be out of work and the Uk will be fuC$ed hope you will be very, very happy in your new home. At least landlords will be chuffed as more property will be needed to rent by us fools who own a property having been thrown out by our building societies....... happy days.............i don't honestly believe it will get that bad......but hey in london anything can/does happen...and NOTHING would surprise me.

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People tend to share more, housing stock is up 30% over the last 30 years population is up only 10%, there is now more housing stock per person than ever before and the average number of people living in a property is falling....

However most of the people i know who havent bought are sharing or living at home, as the crash materialises the people who are repossessed will find they will have to share aswell, or move back to there parents. This will further amplify the problems for existing land lords as rental demand will continue to fall...

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Regards repossessed houses there will always be buyers as they will be sold at a discounted price and in effect this brings the rest of the prices down. In effect these people that default also have other debts credit cards, the tax office (who is not as forgiving etc) etc Normally in a boom a quick sale can with added equity can solve things. Another thing different this time round is how easy it has been in the last few years to remortgage and use the equity on the house. Not only will we have the people who overpaid too late and can just about afford repayments there are those who have remortgaged and spent the excess equity on lavish goods and holidays. There will be divorces, deaths, the usual must sells thrown in that will lower the market.

Who will buy....alot of people on this site when they are bargain prices thats the beauty of the market economy. Just off to short some more shares. One thing about the Stock Market you can make money when the market goes up, down and sideways. You make the best money when it falls as like property it continues to do so until the next upturn.

If the press and EAs are sayings its bottoming out it meams its going DOWN DOWN DOWN the great thing about the Internet is we get to know what really is going on

When is it official when the CRASH has started we know property is going down in value but when is it classed as a CRASH -30%, -40%, -50%

Gut Feeling its going to be a biggie

MOTTO BUY LOW --------- SELL HIGH ----------

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I'm in the City and I expect my bonus to triple - maybe even quadruple - this year. However, as my bonus last year was Zero, it's not an unreasonable expectation. ;)

Seriously, the 'City Bonus' is a fairly mythical thing - a few people get huge amounts of money to buy penthouses etc but most workers see nothing, or a maybe few thousands - enough for a nice holiday or a car but nothing that would enable them to buy a house outright. One girl I know is reying on her bonus to put a dent in her rather spectacular CC debt. She's a fine example of how easy credit screws people up, as she's now back at home living with mum and scrimping every penny to pay off the debts for things she didn't need, like a brand new mini.

Read between the lines too, on that news article - An estate agent optimitsiticall quoting a survey by recruitment consultants (aka 'estate agents for jobs') on peoples expectations of their bonuses. Of course people are going to tell recruitment people their bonus will double - it's a gambit to guarantee a better deal in a new job. Call me a cynic, but I don't give much weight to that article, it's just a bit of market waffle.

cheers for that info. was reading a better article in business pages of Evening Standard 30.11.05 and gave bit more info, but could not get link to it. .... but take your point that even that article may be very VI biased.

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It is totally pointless me posting on here b/c even if i explain my position that i am here to LEARN but also show evidence that not all of UK is up sh&t creek people like you just want me to shut up and fu*k off!

If you're really here to learn rather than to be an uninformed troll, maybe you should consider changing your user name to something less confrontational?

You might also want to read a few of the older threads to inform yourself before making silly statements. How can you possibly understand the likely future for the UK if you don't even know the basics, like what Merv says the MPC's job is?

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It is totally pointless me posting on here b/c even if i explain my position that i am here to LEARN but also show evidence that not all of UK is up sh&t creek people like you just want me to shut up and fu*k off! this is obv. the wrong place to post ANYTHING even slighly optimistic b/c even when presented with evidence you still will not take it in to consideration. I hope you get the massive crash you want. but as many of us will be out of work and the Uk will be fuC$ed hope you will be very, very happy in your new home. At least landlords will be chuffed as more property will be needed to rent by us fools who own a property having been thrown out by our building societies....... happy days.............i don't honestly believe it will get that bad......but hey in london anything can/does happen...and NOTHING would surprise me.

Mr Been,

Yes, it is a shame that people cannot engage you in reasonable debate. I think it is bloody pathetic actually.

Because we've done it a hundred times before.

Come on guys....look at yourselves FFS. You write things like this, in order to give the impression that you can't be bothered to engage this guy in normal, polite debate.

If this is the case, why CAN you be bothered to write abusive replies?

A logical person would conclude that you just enjoy being rude to people you don't agree with, rather than not being bothered to debate with him. <_<

p.s. mind you Mr Been, your posting name is a bit inflammatory! :)

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If this is the case, why CAN you be bothered to write abusive replies?

You don't argue with trolls to convince them or 'inform' them, you argue with trolls so the lurkers aren't suckered by them.

In fact, 99% of discussion on the Internet is probably there to educate the lurkers, not to change the opinion of the posters.

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On a lot of forums I am a member of, new members are not allowed post for a period of time or their posts are moderated to avoid covering topics which have just been covered and silly rude or ignorant posts.

Look at Researcher 2000 who came on here, posted some crap, and f@@ked off never to return.

WHY ABUSE THE TROLLS?

Because some of these new posters are wind up merchants and enjoy receiving it.

I enjoy people who have a sufficient level of knowledge to debate, or at least have a sense of humility about their lack of knowledge.

I'm going to give BHTFY the benefit of the doubt, but I don't think he or she has any right to get on their high horse, if lack of basic economics is pointed out to her or him.

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Funny, isn't it, that most of the bulls are so uninformed about economics and finance? And most of the people here who _are_ informed are property bears?

Fundamental point you make here Mark.

Bearish types are generally very informed in a text - book sense. This is why bearish types tend not to set - up in business or exploit opportunities, although there are always exceptions. I noticed that when I set - up in business and later when one of my brothers did, 95% of people tell you it wont work.

Read history books and take note that most of the big ideas that changed the world such as building a railway accross the USA, putting Men in space, suspension bridge builders et al, solving scientific problems such as longtidude were all driven by mad bullish people that tended not to take too much heed of the down - side risks.

I'm on balance more bear than bull. People I've known over the years have become wealthier than me have tended to be fairly unanalytical.

I think my tendancy has been to overanalyise opportunities and talk myself out of them, which is why in the last few years I have made a concerted effort to take more risks, AND FRANKLY NOT TO FULLY EXPLORE THE INS AND OUTS OF ANY NEW OPPORTUNITY.

Bearish types need to recognise that taking the cautious bearish route throughout life has down - side.

Edited by dogbox

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Altogether now.

Where have all the repossessed gone, long time passing?

Where have all the repossessed gone, long time ago?

Where have all the repossessed gone?

Overstretched themselves everyone.

When will they ever learn?

Oh, when will they e-v-er learn?

(sorry - someone had to) :rolleyes:

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If you're really here to learn rather than to be an uninformed troll, maybe you should consider changing your user name to something less confrontational?

You might also want to read a few of the older threads to inform yourself before making silly statements. How can you possibly understand the likely future for the UK if you don't even know the basics, like what Merv says the MPC's job is?

i explained b4: i live in London (and london peaked b4 many other areas of country) so i have been hearing about a property price crash for years AND years, hence the user name. it is nothing sinister. Some friends have held off buying for last 3 yrs b/c they got jittery and they are pi$$ed off with the whole issue.

i do not get upset by very hard core bearish names? so why should you worry about my user name? I am reading older threads as i have explained at the start of the post. And re MPC: i HONESTLY believe that MPC will take into consideration what is happening to business/industry as they are in direct communication with industry leaders. but why don't you beat me up for one point i made and ignore all the others? Just like you are sure there will be a huge crash and i am not so sure that it will happen in zone 1 London where i live. we are ALL entitled to our opinions....surely. and mine is: this is not a "UK as one entertity" issue. And i will not be throwing my toys out of the pram - i posted my 1st post y/day got loads responses and took some very good advice from it - this is a crash forum after all, but all i ask is don't dimiss my views / attack me just b/c you don't agree with them. And if you do .....well i'll get over it, b/c the people who i respect engage in reasoned, polite debate

Edited by beenhearingthisforyears

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Where are these people going to live?

I take it you've never seen a tramp? Why do you think they are tramps? Because they enjoy it?

Next time you give a tramp £1 for a cuppa, or buy a big issue, why not ask them how they got in that situation. You might be surprised at some of the stories you hear.

Oh yes, the government will definately step in to help the new generation of "Gentlemen of the Road" won't they? No.

In the end, the banks will own every asset in this country, and we'll ALL be out on the street.

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I take it you've never seen a tramp? Why do you think they are tramps? Because they enjoy it?

Next time you give a tramp £1 for a cuppa, or buy a big issue, why not ask them how they got in that situation. You might be surprised at some of the stories you hear.

Oh yes, the government will definately step in to help the new generation of "Gentlemen of the Road" won't they? No.

In the end, the banks will own every asset in this country, and we'll ALL be out on the street.

the government will not step in or worry about any tramps (and yes thanks i do know what a tramp is as i live in an area where there are a few ) they will step in tho to save their own skins . do you really think that Tony Blair or Brown will not slime and plot to get themselves out of a situation that sees the whole Uk going down the pan. IMO Blair/Brown will NEVER allow their lasting legacy to be "i brought uk to its knees"

B/c altho many people on here are talking of a HPC they do not want to discuss what the actual impact will be on the whole country. And surely to get the kind of crash that some of you are predicting is going to mean the Uk is well and truly fecked.. and that includes all of us on here too. FTB's will be out of work just like the rest of us if it get as bad as you predict. (not directed at you Adam btw)

Edited by beenhearingthisforyears

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the government will not step in or worry about any tramps (and yes thanks i do know what a tramp is as i live in an area where there are a few ) they will step in tho to save their own skins . do you really think that Tony Blair or Brown will not slime and plot to get themselves out of a situation that sees the whole Uk going down the pan. B/c altho many people on here are talking of a HPC they do not want to discuss what the actual impact will be on the whole country. (not directed at you Adam btw)

There have been attempts on here to discuss what the impact would be and I think anyone with a memory and a degree of imagination is only too aware what the impact will be. I think much of the anger expressed on this board is because it could all have been avoided.

Of course TB and GB will do everything they can to avoid looking stupid but that doesn't mean they can stop a HPC.

They will prolong the agony and then deny it is happening when families start getting turfed out on the street.

Denial is what they do best. They will blame the banks, the lenders, the families etc.

They will distort the figures so it looks like there isn't a problem.

And then......when it can't be denied any more...they will feck off to give talks on the lecture circuit and leave some other muppet to carry the can.

If TB or GB really gave a sh1t about housing we wouldn't still (in 2005) have homeless people on the street. The government would be funding proper refuges for battered women. We wouldn't have 16 year olds living on the streets because they have run away from abusive families. We wouldn't have people with mental health problems roaming the city centres. We wouldn't have young families being raised in hostels and B&B's

If they don't care about housing now - what makes you think they will care about it in the future?

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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