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TheCountOfNowhere

The London housing bubble has finally burst

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http://www.independent.co.uk/voices/housing-market-property-london-south-east-burst-bubble-inflation-home-owner-a7918556.html

 

Housing market rebalancing could benefit the UK economy, though people expecting to profit from house price rises in London and the South East would be disappointed bankrupt

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It's really encouraging to see all these headlines about the bubble bursting in London.

Fascinating to read the comments on some of these newspaper articles as people up north or outside of London seem to often be in complete denial and are often reporting price rises in their areas.

But don't the prices always fall top end in London first then filter out bit by bit....

Bring it on, it would be wonderful to have sane house prices in the U.K...

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4 hours ago, longgone said:

when i see prices at pre HTB levels i wll believe what i am reading 

I second that.

This is probably the 8th announcement saying the same thing, It's coming and I know they(whoever they are) will fight to the death to prevent falls in prices, but I will believe it when I see it

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2 hours ago, wotsthat said:

I second that.

This is probably the 8th announcement saying the same thing, It's coming and I know they(whoever they are) will fight to the death to prevent falls in prices, but I will believe it when I see it

If wotsthat ain't a troll then I hand in my "thumb-buster and badge" and give up the troll hunting game for good.

Despite its economy this is a feast of red flags. The key problems are the semantic emptiness ("It's coming... but I will believe it when I see it" - either it's coming for sure or its coming is uncertain, and if its coming is uncertain then of course you'll believe it was coming once it arrived) and the problematic use of some cryptic "they" (who are both able to control the winds, the tides and house prices and are also so mysterious that even those who like whatsapp, sorry wotsthat, believe 'they' are in charge have no idea who 'they' might be).

Also "announcement"; it's someone with some book learning - and someone of a certain age - pretending to be a man of the people. There have been a string of articles - but announcements? WTF?

I remember an old 8YI post about how some new posters sound legit - WTTE of how they ring true like fine china - and how other new posters just sound wrong. Sorry, but this dude is catnip for my troll hunting radar.

giphy.gif

I will try to bite my tongue on this in future, but who knows what they (whoever 'they' are) want from me and what they want me to do. I am pretty sure that if later we find out that I managed to let it drop then it will turn out that I managed to let it drop. 

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Remember.

They thought the 2008 crash would never happen.They told us Hillary would win. They told us Jeremy Corbyn would do terribly. They told us we would vote to Remain in the EU. They told us St. Theresa would romp home with a 100+ majority.

You'd have to conclude that "They," are usually idiots who call it right once they're immersed in boiling water.

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3 minutes ago, Tapori said:

Remember.

They thought the 2008 crash would never happen.They told us Hillary would win. They told us Jeremy Corbyn would do terribly. They told us we would vote to Remain in the EU. They told us St. Theresa would romp home with a 100+ majority.

You'd have to conclude that "They," are usually idiots who call it right once they're immersed in boiling water.

Galbraith in The Affluent Society is pretty brutal on the 'conventional wisdom'. Not sure about the provenance of this quote, but it'll do for now: "The conventional view serves to protect us from the painful job of thinking."
 

 

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2 hours ago, Bland Unsight said:

Galbraith in The Affluent Society is pretty brutal on the 'conventional wisdom'. Not sure about the provenance of this quote, but it'll do for now: "The conventional view serves to protect us from the painful job of thinking."
 

 

anigif_enhanced-10266-1412206941-1.gif?dDoes HPC have an essential reading thread? It should do. Ta.

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8 hours ago, Tapori said:

Does HPC have an essential reading thread? It should do. Ta.

+1

Just ordered The Affluent Society.

I naturally lean to the right so should be a good counter balance for my thoughts. 

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9 minutes ago, doomed said:

+1

Just ordered The Affluent Society.

I naturally lean to the right so should be a good counter balance for my thoughts. 

Shouldn't that be The Effluent Society?

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16 hours ago, longgone said:

when i see prices at pre HTB levels i wll believe what i am reading 

In london wouldn't that mean a 80%+ fall?

They seem to have fallen a few percent to just take them back to 2015 levels, woop de doo. They were overpriced in 2005.

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10 hours ago, Tapori said:

Does HPC have an essential reading thread? It should do. Ta.

If it ever does then I reckon that 'Rethinking the Economics of Land and Housing' goes straight in at number one. Financial Times review here. If the link doesn't work google the review article's title "Rethinking the Economics of Land and Housing — theft and freedom".

I keep meaning to start a thread on 'Rethinking...' but I reckon I'll just stick with plugging it whenever I can until I get round to that.

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1 hour ago, stuckin2up2down said:

In london wouldn't that mean a 80%+ fall?

They seem to have fallen a few percent to just take them back to 2015 levels, woop de doo. They were overpriced in 2005.

Land Reg says London was £312k in March 2013 and £482k in June 2017, which means you need a 35% fall to take us back to prices at the announcement of HTB.

An 80% fall takes you to prices in December 1997.

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1 hour ago, stuckin2up2down said:

In london wouldn't that mean a 80%+ fall?

They seem to have fallen a few percent to just take them back to 2015 levels, woop de doo. They were overpriced in 2005.

yeah i cannot believe the uplift in price for only 3 years , someone should string up cammoron and  gidiot 

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There's a meme that says double digit % falls are unheard of and so impossible/incomprehensible. However there's never been HTB before.

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2 minutes ago, Si1 said:

There's a meme that says double digit % falls are unheard of and so impossible/incomprehensible.

Unheard of...except in 2007, 1991 etc.

 

Quote

However there's never been THE REMOVAL OF HTB before.

 

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52 minutes ago, Sawitcoming said:

:wacko: WTF was going on in NI 2005 - 2007!!?? That graph is astonishing. Did that really happen in NI? 

It was great! Loads of Southern "Investors" came up with easy-to-borrow money handed out by Southern Irish banks and didn't we all get into party mode and let on we were all sheiks.

Then suddenly we weren't.

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Just now, Peter Hun said:

Its low interest  rates not HTB.

Yes, low interest rates, interest only, longer terms of repayment.....and global sentiment of a brilliant storage of currency/debt investment.;)

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  • 293 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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