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TheCountOfNowhere

London house prices record biggest fall since 2008 - RICS

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20 minutes ago, mrpleasant said:

Now you're talking! Just the boost I needed to start my day.

The wave of free money came out from London and spread round the SE/Shires and now the midlands like a plague.

It's created a massive hole now between prices and actual affordability. 

The idiots moving out of London would have been better paying local prices, or forcing down local prices and keeping their ill gotten  gains to themselves. Instead, they've gone all in and "paid the asking price before someone else got in there", not realising there was no one else going to buy at these insane prices, locals all round the country are priced out, so who are these morons going to sell to....the simple answer is, no one.  With inflation going up, pay rises still non-existent, recession looming, interest rate rises, even possible war if/when forced sellers hit the market en-masse these people will loose it all. 

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4 minutes ago, TheCountOfNowhere said:

The wave of free money came out from London and spread round the SE/Shires and now the midlands like a plague.

It's created a massive hole now between prices and actual affordability.

Bit like a bomb going off, shock waves spread outwards leaving a vacuum behind.

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12 minutes ago, Option5 said:

Bit like a bomb going off, shock waves spread outwards leaving a vacuum behind.

Pretty much what debt does.

bring your spending forward to the point you have nothing left, you have a massive hole.

If they fill that void with millions of immigrants ( sub prime borrowers ) or foreign investors seemingly you can keep going...but eventually everyone is tapped out.

When no one is willing or can borrow/finance the debt the banks will implode unless they get prices that are affordable ( by hook or by crook )

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2 minutes ago, btd1981 said:

You're right, I do have a massive hole. Stretched to breaking point by the effects of years of Carney's vigilance and ZIRP.

We've all got one of them.

I am praying the bubble will collapse about him before he leaves.

Swiftly followed by his arrest.

one can but hope.

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14 minutes ago, TheCountOfNowhere said:

We've all got one of them.

I am praying the bubble will collapse about him before he leaves.

Swiftly followed by his arrest.

That would be a joy to witness.

I hope this pattern of falling sold prices ripples outwards to the rest of the country.

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1 hour ago, TheCountOfNowhere said:

Pretty much what debt does.

bring your spending forward to the point you have nothing left, you have a massive hole.

If they fill that void with millions of immigrants ( sub prime borrowers ) or foreign investors seemingly you can keep going...but eventually everyone is tapped out.

When no one is willing or can borrow/finance the debt the banks will implode unless they get prices that are affordable ( by hook or by crook )

Well ---- This is THE KEY to whole thing:  Banks have been "throwing" "money" at the entire machine for YEARS --- just MORE AND MORE AND MORE AND MORE AND MORE "lending"....

AND - of course -- this "LENDING" isn't "LENDING" as it SHOULD be "LENDING".....  This is IMAGINARY MONEY -- THIS IS IRRESPONSIBLE & FRAUDULENT "LENDING"  -  IT IS "MONEY" THAT DOESN'T ACTUALLY EXIST UNTIL IT'S JUST MADE UP ON THE SPOT AND "LENT" TO SOME POOR SUCKER WHO IS SITTING THERE IN FRONT OF A BENT MONEYLENDER/"MORTGAGE BROKER" -- WHO IS AS BENT AS A 9 BOB NOTE --- AND IS GOING TO "LEND" AS MUCH AS POSSIBLE - FAR TOO MUCH FOR THE UNSUSPECTING HOUSE "BUYER" WHO JUST WANTS TO HOUSE HIMSELF & FAMILY -  [THEY CALL IT A "MORTGAGE"] - THIS IS ALL ORGANISED IN ORDER TO DRIVE UP THE "PRICE" OF PROPERTY..... THIS IS ALL DELIBERATE -  "LEND" FAR MORE THAN THE PERSON CAN REALLY, REALISTICALLY, PROPERLY AFFORD   - IT IS AN ORGANISED, ORCHESTRATED FRAUD...

THE FUEL - THE PROPELLENT -  FOR THE WHOLE, MASSIVE, MASSIVE MACHINE FOR YEARS HAS BEEN....

PREDATORY LIAR LOANS

 

'T'IS FRAUD, PEOPLE.   FRAUD.   THE GREATEST EVER FRAUD IN ALL HISTORY OF MANKIND.   THE WHOLE THING IS AND HAS BEEN FRAUD. IT HAS ALL BEEN PRE-PLANNED - IT IS ORGANISED, ORCHESTRATED BY THE BANKSTERS & PROPERTY LOBBY.    WITHOUT THE FUEL OF LIAR LOANS - NONE OF THIS WOULD HAVE BEEN ABLE TO HAPPEN.

PREDATORY LIAR LOANS  

THE KEY TO THE WHOLE HPI MACHINE.

Edited by eric pebble

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8 minutes ago, MattW said:

That would be a joy to witness.

I hope this pattern of falling sold prices ripples outwards to the rest of the country.

Logic would suggest that it will, perhaps in proportion with the magnitude of local bubbles. 

London is ground zero. 

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17 minutes ago, stuckmojo said:

Logic would suggest that it will, perhaps in proportion with the magnitude of local bubbles. 

London is ground zero. 

"HELP TO BUY" IS JUST ANOTHER FORM OF PREDATORY LIAR LOANS TO KEEP THE WHOLE HPI MACHINE FUELLED UP...... JUST ANOTHER SOURCE OF "MONEY" TO KEEP THE THE PLATES SPINNING...

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24 minutes ago, eric pebble said:

Well ---- This is THE KEY to whole thing:  Banks have been "throwing" "money" at the entire machine for YEARS --- just MORE AND MORE AND MORE AND MORE AND MORE "lending"....

AND - of course -- this "LENDING" isn't "LENDING" as it SHOULD be "LENDING".....  This is IMAGINARY MONEY -- MONEY THAT DOESN'T ACTUALLY EXIST UNTIL IT'S JUST MADE UP ON THE SPOT AND "LENT" SOME POOR SUCKER WHO IS SITTING THERE IN FRONT OF A BENT MONEYLENDER/"MORTGAGE BROKER" -- WHO IS AS BENT AS A 9 BOB NOTE --- AND IS GOING TO "LEND" AS MUCH AS POSSIBLE - [THEY CALL IT A "MORTGAGE"] - IN ORDER TO DRIVE UP THE "PRICE" OF PROPERTY..... THIS IS ALL DELIBERATE -- IT IS AN ORGANISED, ORCHESTRATED FRAUD...

THE FUEL FOR THE WHOLE, MASSIVE, MASSIVE MACHINE FOR YEARS HAS BEEN....

 

PREDATORY LIAR LOANS

 

'T'IS FRAUD, PEOPLE.   FRAUD.   THE GREATEST EVER FRAUD IN ALL HISTORY OF MANKIND.   THE WHOLE THING IS AND HAS BEEN FRAUD. IT HAS ALL BEEN PRE-PLANNED - IT IS ORGANISED, ORCHESTRATED BY THE BANKSTERS & PROPERTY LOBBY.    WITHOUT THE FUEL OF LIAR LOANS - NONE OF THIS WOULD HAVE BEEN ABLE TO HAPPEN.

PREDATORY LIAR LOANS  

THE KEY TO THE WHOLE HPI MACHINE.

Eric, why have you never made us aware of this before ?

:lol: 

You can imagine all those rich impoverished immigrants taking on their 200K mortgage to buy a show box...importing sub prime debt.

How can it all go wrong.

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25 minutes ago, stuckmojo said:

Logic would suggest that it will, perhaps in proportion with the magnitude of local bubbles. 

London is ground zero. 

70% down in London and 50% elsewhere

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Just now, TheCountOfNowhere said:

70% down in London and 50% elsewhere

In one way or the other, that's how I see that too. 

And Eric, yes, it's all due to bubble loans and idiotic schemes like help to sell. 

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2 minutes ago, TheCountOfNowhere said:

Eric, why have you never made us aware of this before ?

:lol: 

You can imagine all those rich impoverished immigrants taking on their 200K mortgage to buy a show box...importing sub prime debt.

How can it all go wrong.

Oh no Count!!!:lol::o  take my stuff away!! Don't repeat it all!!!

Edit:  Oh good --- thanks mate...;)

Edited by eric pebble

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6 minutes ago, eric pebble said:

Oh no Count!!!:lol::o  take my stuff away!! Don't repeat it all!!!

Edit:  Oh good --- thanks mate...;)

Eric, your mantra has been spot on from the start.

The massive unregulated fraud is making life untenable in the UK.

Something has got to give soon.

BrExit is the manifestation of the problems caused by the liar loans, people just dont realise it.

 

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1 minute ago, TheCountOfNowhere said:

Eric, your mantra has been spot on from the start.

The massive unregulated fraud is making life untenable in the UK.

Something has got to give soon.

BrExit is the manifestation of the problems caused by the liar loans, people just dont realise it.

 

Count:   I SO, SO, SO agree with you.  Brexit was - and is - just the ordinary jo - the ORDINARY, STRAIGHT-FORWARD MAN IN THE STREET who is PIS**D OFF WITH THE WHOLE PR/PROPERTY/BANKSTER ORGANISED SCAM -- WHICH NOW PERVADES EVERY ASPECT OF LIFE HERE IN THE UK - and elsewhere --- THE WHOLE BANKSTER MACHINE WHICH IS 24/7 PUMPING, PUMPING, PUMPING......   "BORROW "MONEY", BORROW "MONEY", BORROW "MONEY", BORROW "MONEY", .......  

It is sickening.

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48 minutes ago, eric pebble said:

It is sickening.

Yes...it is.

I can scarcely believe what I have witness post 2007.

Some clever people on here warned about it but who would believe this madness.

The people in charge must be corrupt or as desperate as hell to help the bankers.

Money talks and all that, even the kind you've magicked out of thin air.

This cannot now end well.

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Trying to work out who can buy at current prices in London (I know the combination of low transaction levels means that prices are pushed up but);

1) Buy to let portfolio landlords remortgaging other properties to put down deposit on new BTL.

2) FTBers with high salaries able to service huge mortgages.

3) FTBers with help from BOMAD.

4) Rich foreigners - Chinese, Russians etc.

5) People moving up the ladder with huge equity from previous property sale.

This must cover the majority. So;

1) Now has to pay 3% more SDLT, exposed to S24 if buying with a mortgage, new regulations coming in to put off landlording.

2) Less of these and even those with really high paying jobs now have to put all their income into a property if they want a house rather than a flat.

3) This is tailing off.

4) This is tailing off due to Brexit, low pound, higher SDLT, CGT and new rules re IHT and ATED.

5) This is still going but at some point won't be enough people at the bottom to push up the top levels. The bottom rung is now too high. 

 

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1 hour ago, fru-gal said:

Trying to work out who can buy at current prices in London (I know the combination of low transaction levels means that prices are pushed up but);

1) Buy to let portfolio landlords remortgaging other properties to put down deposit on new BTL.

2) FTBers with high salaries able to service huge mortgages.

3) FTBers with help from BOMAD.

4) Rich foreigners - Chinese, Russians etc.

5) People moving up the ladder with huge equity from previous property sale.

This must cover the majority. So;

1) Now has to pay 3% more SDLT, exposed to S24 if buying with a mortgage, new regulations coming in to put off landlording.

2) Less of these and even those with really high paying jobs now have to put all their income into a property if they want a house rather than a flat.

3) This is tailing off.

4) This is tailing off due to Brexit, low pound, higher SDLT, CGT and new rules re IHT and ATED.

5) This is still going but at some point won't be enough people at the bottom to push up the top levels. The bottom rung is now too high. 

 

I've been wondering this for a while.

I fit into (2) and have a spreadsheet that tracks just how much it costs for a FTB in London and the numbers are staggering.

You need a 6 figure deposit + a willingness to shell out £2000 a month to service the Mortgage - with the knowledge that this figure will only up when you hit the end of your fixed term and interest rates are likely to have gone up.

I don't know how much BOMAD is out there, but how many people have the opportunity for the above and the willingness to throw it all into a 2 bedroom flat.

I love London to bits, but even I can't help but wonder how worthwhile any of it is.

Puzzling.

Certainly seeing a good few BTLs and New Builds (designed for BTL) coming to the market, no idea who is going to buy them, as they are often rubbish for FTBs.

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36 minutes ago, Option5 said:

As a counterpoint:

'Positive picture' for Northern Ireland's housing market as prices rise

http://www.belfasttelegraph.co.uk/business/northern-ireland/positive-picture-for-northern-irelands-housing-market-as-prices-rise-36129141.html

So house prices rising are seen as a good thing......

If you live in N.I. and you didnt buy when prices were 50% down and back at 2000 levels you only have yourself to blame.

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3 hours ago, eric pebble said:

 

PREDATORY LIAR LOANS

'T'IS FRAUD, PEOPLE.   FRAUD.  

                                    THE GREATEST EVER FRAUD

              LIAR LOANS -          PREDATORY LIAR LOA

I am no good with percentages and can't be doing with all this small print financial mumbo-jumbo, why oh why can't people ever say what they mean in plain English

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  • 295 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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