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Banker's wife may lose property worth millions

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2 minutes ago, Tapori said:

Let's hope the new source of assets laws catch up with the Sharif family and Mr. Dar.

Just a few grand into the Tory coffers will make sure they don't suffer.

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1 hour ago, Tapori said:

Let's hope the new source of assets laws catch up with the Sharif family and Mr. Dar.

You don’t have a clue

the problem with South Asia is the amount of money and time they waste on religious ceremonies 

it is easy to blame corrupt politicians than admit the real problem 

the whole world is corrupt your country is not any different 

Edited by prozac

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The one token gesture case and then that will be it, how about all those dodgy Russians?

London is swamped with dirty money

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1 hour ago, inbruges said:

The one token gesture case and then that will be it, how about all those dodgy Russians?

London is swamped with dirty money

It seems to me in this case the husband has already been convicted of corruption in his own country. Most Russians seem to do this with the support of their own government. 

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1 hour ago, inbruges said:

The one token gesture case and then that will be it, how about all those dodgy Russians?

London is swamped with dirty money

It is generating fear in the people who have bought dirty money here

the reaction could be the stop of future flows of such monies 

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11 minutes ago, prozac said:

It is generating fear in the people who have bought dirty money here

the reaction could be the stop of future flows of such monies 

That's my reading of this although the dirty money won't go away overnight but hopefully it will make the people involved more cautious.

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36 minutes ago, dougless said:

That's my reading of this although the dirty money won't go away overnight but hopefully it will make the people involved more cautious.

The question is why do they bring their money to london, because london is safe, if this argument is no longer valid then then money stops coming, I also think there will be an asset value collapse in where the money has been going 

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18 minutes ago, prozac said:

The question is why do they bring their money to london, because london is safe, if this argument is no longer valid then then money stops coming, I also think there will be an asset value collapse in where the money has been going 

I dont't think its 'safe' or 'not safe' but is more nuanced.  Whoever these criminals are, they won't just have parked their cash in London, it will be spread around the globe.  My feeling, and its no more than that, is that a certain unease around the 'safety' of London will encourage a gradual movement of assets rather than a sudden rush.  Having said that, I do hope you are correct and it leads to an asset collapse in London; if I liked Champagne I would open a bottle to toast the collapse.

Edited by dougless

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2 minutes ago, dougless said:

I dont't think its 'safe' or 'not safe' but is more nuanced.  Whoever these criminals are, they won't just have parked their cash in London, it will be spread around the globe.  My feeling, and its no more than that, is that a certain unease around the 'safety' of London will encourage a gradual movement of assets rather than a sudden rush.  Having said that, I do hope you are correct and it leads to an asset collapse in London; if I liked Champagne I would open a bottle to toast the collapse.

But don’t you think holistically and think this could crash the country 

this will crash the service sector and the stock broker belt properties 

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9 minutes ago, prozac said:

But don’t you think holistically and think this could crash the country 

this will crash the service sector and the stock broker belt properties 

Possibly.  Any sharp downward movement in London property prices would have an almost immediate effect on the Home Counties so all good as far as I am concerned.  Would that crash the country, I am not sure.

Edited by dougless

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21 minutes ago, dougless said:

Possibly.  Any sharp downward movement in London property prices would have an almost immediate effect on the Home Counties so all good as far as I am concerned.  Would that crash the country, I am not sure.

The stock broker belt must be in hyper meltdown 

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56 minutes ago, prozac said:

I also think there will be an asset value collapse in where the money has been going 

Possibly but it will not affect the guy who wants to buy a 2 bed flat or house at "normal" prices 

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4 minutes ago, happyguy said:

Possibly but it will not affect the guy who wants to buy a 2 bed flat or house at "normal" prices 

Yes it will, he may not get the same wages off course property prices will crash so from that perspective you are right

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15 hours ago, prozac said:

You don’t have a clue

the problem with South Asia is the amount of money and time they waste on religious ceremonies 

it is easy to blame corrupt politicians than admit the real problem 

the whole world is corrupt your country is not any different 

The only ones not happy about it are the ones not profiting. 

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2 hours ago, prozac said:

But don’t you think holistically and think this could crash the country 

this will crash the service sector and the stock broker belt properties 

No it won't on it's own - It's the inverse of the argument as why Amazon et al should pay their fair share of tax. They should contribute to the stability that two thousand years of infrastructure have led to. So when people say some economies are 'safe' they aren't talking in the short term. I work in the B2B service  sector where the money is in technology and creative services. Not sure how a few millionaires going home and not having chauffeurs or house maids is going to affect that

 

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2 hours ago, prozac said:

The stock broker belt must be in hyper meltdown 

It's not it really isn't why should it be ? A decent house in a developed area is a limited supply. it's a bit like saying because Ford can't sell Mondeo's - Ferrari's and Bentley's will crash.

A two bed new build flat (where most of the over supply is) is the Mondeo.

It will affect people who thought they could trade their 3 bed terrace house in Dalston for a 4 bed detached in the home counties. But that will throttle transactions not sure if it will crash the price of those properties. People will just sit tight. 

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21 minutes ago, GregBowman said:

It's not it really isn't why should it be ? A decent house in a developed area is a limited supply. it's a bit like saying because Ford can't sell Mondeo's - Ferrari's and Bentley's will crash.

A two bed new build flat (where most of the over supply is) is the Mondeo.

It will affect people who thought they could trade their 3 bed terrace house in Dalston for a 4 bed detached in the home counties. But that will throttle transactions not sure if it will crash the price of those properties. People will just sit tight. 

Good point I never thought of it from that perspective 

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1 hour ago, GregBowman said:

People will just sit tight. 

Until they cant.

  • interest rates normalise
  • they lose/change jobs
  • cost of living forces them out
  • relative becomes ill and needs looking after

Pick any one.

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1 hour ago, prozac said:

Good point I never thought of it from that perspective 

Thank you - I also agree with @Lockethat circumstances change but...I have lived in  a leafy home county in  detached house for 22 years. In three different houses and STR'd twice.

The houses I think we are talking about are probably occupied by reasonably affluent middle aged couples. They have a lot of slack in their finances. You would probably need 3 out of the 4 of the circumstances to change to put pressure on their finances

1. Interest rates normalise - Maybe but from .75% to more than 3 unlikely and for example at 4% Probably doubles the cost of atypical mortgage on a £750k -£1 million home. Interest element goes from £450 a month to about £1k - bit of a p**** but no big deal 

2. Lose/Change jobs - Change would be planned. Lose both earning so unlikely to lose at same time

3. Cost of living - You can live in a £1 million house in the UK with a low LTV mortgage for £2-£3k a month- few less curries and holidays but doable

4. Relative becomes ill. Could be an issue but figures much lower than you think, but I would say probably more likely than the above 

Should stress I am talking about detached houses in the Home Counties in solid mature locations - not the market as a whole. 

My personal experience in 5 locations if I include the rented houses - not one forced seller apart from 1 divorcing.That includes neighbours and friends so reasonable sample size

Does sort of underline the crucial life decision is to choose your partner well  and keep your knickers or pants on....😉

 

 

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  • 140 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% +
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      • Even
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      • up 5%



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