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BTL Slump Knock On Effects

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Friend of the family is married to a letting agent. They have two young kids (4 & 6).

The chap (the LA) had for years complained to the wife that they should have taken on the maximum mortgage possible, and not played it safe. She didnt seem convinced by this, but whether she was persuaded or didnt have the confidence to argue with someone in the business...

...last year they sold their £350k 3-bed semi to buy a £550k 4-bed detached.  

 We're now hearing that the chap is having a sh*t time at work ... wonder if it is to do with failing BTL market? Fees being abolished (hopefully)?

I can't believe the chap would take on obscene debt knowing the way the BTL market was going.

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Well this belongs to Anecdotal, nonetheless on the topic:

The level of incompetence is staggering, and the animal spirits driving us are very strong.

Look at Trump and its supporters, complete denial over climate change. Well same here, the guy was in denial over the fact that the market could flip.

2006 ~ 7 Headlines were promising the ever long growth, that it was a strong and stable environment promising ever new heights of living standard and riches. 

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34 minutes ago, Grab_Some_Popcorn said:

Friend of the family is married to a letting agent. They have two young kids (4 & 6).

The chap (the LA) had for years complained to the wife that they should have taken on the maximum mortgage possible, and not played it safe. She didnt seem convinced by this, but whether she was persuaded or didnt have the confidence to argue with someone in the business...

...last year they sold their £350k 3-bed semi to buy a £550k 4-bed detached.  

 We're now hearing that the chap is having a sh*t time at work ... wonder if it is to do with failing BTL market? Fees being abolished (hopefully)?

I can't believe the chap would take on obscene debt knowing the way the BTL market was going.

That £550k must be close to his entire pre-tax earnings for the length of the mortgage!

[Edit: unless lettings agents are earning much more than average wage; which on reflection might well be right in this spiv economy]

Edited by RentingForever

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4 minutes ago, Freki said:

Well this belongs to Anecdotal, nonetheless on the topic:

The level of incompetence is staggering, and the animal spirits driving us are very strong.

Look at Trump and its supporters, complete denial over climate change. Well same here, the guy was in denial over the fact that the market could flip.

2006 ~ 7 Headlines were promising the ever long growth, that it was a strong and stable environment promising ever new heights of living standard and riches. 

Personally I think anecdotal and the main forum should be merged, as hard to differentiate between facts and opinions. E.g. Right Move house price index is "fact" as is the RICS survey :):):)

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and selling that 4 BR house (based on areas I am watching in Bucks and Beds) will be incredibly hard.

Especially if they bought a new build using HTB

A colleague is trying to sell her 4 BR house, it's a unique older house in a nice road and the sales keep falling through. People want to buy it and it goes "under offer" quickly as each sale falls through but it is simply not happening.

In one area I am looking at (new build development) there are 7+ almost identical 4 BR houses in the market today.

Edited by Flopsy

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34 minutes ago, Grab_Some_Popcorn said:

Friend of the family is married to a letting agent. They have two young kids (4 & 6).

The chap (the LA) had for years complained to the wife that they should have taken on the maximum mortgage possible, and not played it safe. She didnt seem convinced by this, but whether she was persuaded or didnt have the confidence to argue with someone in the business...

...last year they sold their £350k 3-bed semi to buy a £550k 4-bed detached.  

 We're now hearing that the chap is having a sh*t time at work ... wonder if it is to do with failing BTL market? Fees being abolished (hopefully)?

I can't believe the chap would take on obscene debt knowing the way the BTL market was going.

Does not surprise me. a whole generation has only known HPI, but drug dealers should not get high on their own drugs. 

most people are not aware of the huge changes coming in the housing market. thankfully HPC's are (see my countdown thread).

september and estate agents can't get fees from the tenants anymore. FTB are MMR restrained.

 

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15 minutes ago, Freki said:

Look at Trump and its supporters, complete denial over climate change. Well same here, the guy was in denial over the fact that the market could flip.

Did you know that the Paris Climate Accord plans to spend $100trillion, in order to achieve a 0.083 C reduction in temperature in 83 years?

How many disease and cancers could we cure instead using that money?

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5 minutes ago, Locke said:

Did you know that the Paris Climate Accord plans to spend $100trillion, in order to achieve a 0.083 C reduction in temperature in 83 years?

How many disease and cancers could we cure instead using that money?

Ah seems like I triggered someone.

So we treat diseases and what? Pray the planet does better?

How about you see that as an investment. Money used to fund research for clean energy, substitutes to plastics we use everyday, enhanced water treatments, or just your house insulation so you can live in a high comfort? 

But your idea is the money is better spent on making sure on pharmaceutical companies?

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22 minutes ago, Freki said:

Ah seems like I triggered someone.

So we treat diseases and what? Pray the planet does better?

How about you see that as an investment. Money used to fund research for clean energy, substitutes to plastics we use everyday, enhanced water treatments, or just your house insulation so you can live in a high comfort? 

But your idea is the money is better spent on making sure on pharmaceutical companies?

Oompa loompa 

Doopity doo

I think you'll find 

The triggered one is you

 

If you can't handle the facts of what these things cost, perhaps you should stay out of discussion.

The cost is not in developing new technology, by the by, it is in the restriction of the global economy by throttling energy supply.

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I am not sure whether global warming is true or not but given that it has enabled them to create a new tax ("carbon tax") I am very suspicios indeed that it is nothing to do with saving the planet.

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