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eric pebble

Help to Buy an TOTAL SCANDAL

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Met up with a mate last weekend - and staying with him was a guy driving a top of the range Porsche.

Turned out that this guy is a "Pwoperty Entrepreneur" who has milked pwopertee for millions over many years....  He was - unsurprisingly - a pretty smug self satisfied sort...

 

Anyway -- he was boasting about how he was unaffected by the recent downturn in the fortunes of the pwopertee brigade -- he is converting former retail premises to residential flats all over the place....

He was saying how he was in the process of doing 3-4 conversions in Peckham, London -- selling 1-2 bed flats for £280-350K each....   

 

So I put to him:  The average person in Peckham must then be earning something like £70-100k in order to buy these flats..... 

 

His answer was unequivocal.....  "No mate" he said...  "Thanks to "Help to Buy" we are having no problem shifting and selling loads of these places...."

 

SO - ALL YOU PEOPLE OUT THERE:   YOU - AS TAXPAYERS - WORKING YOUR GUTS OUT OUT THERE -- ARE SUBSIDISING THESE PORSCHE DRIVING "PWOPERTY ENTREPRENEURS" OUT THERE -- MILLIONS AND MILLIONS OF YOUR POUNDS ARE ENABLING THIS KIND OF SCUM -- WHO HAVE RUINED THIS COUNTRY - TO BLITHELY CONTINUE TO SELL THERE "DEVELOPMENTS" FOR RIDICULOUSLY HIGH PRICES -- ALL PROPPED UP BY YOU THE TAXPAYER --- ALLOWING PEOPLE LIKE THIS TO CARRY ON MAKING VAST AMOUNTS OF PROFITS --- NO QUESTIONS ASKED.....

 

IT MAKE ME SO F*CKING ANGRY.

 

 

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10 minutes ago, eric pebble said:

Met up with a mate last weekend - and staying with him was a guy driving a top of the range Porsche.

Turned out that this guy is a "Pwoperty Entrepreneur" who has milked pwopertee for millions over many years....  He was - unsurprisingly - a pretty smug self satisfied sort...

 

Anyway -- he was boasting about how he was unaffected by the recent downturn in the fortunes of the pwopertee brigade -- he is converting former retail premises to residential flats all over the place....

He was saying how he was in the process of doing 3-4 conversions in Peckham, London -- selling 1-2 bed flats for £280-350K each....   

 

So I put to him:  The average person in Peckham must then be earning something like £70-100k in order to buy these flats..... 

 

His answer was unequivocal.....  "No mate" he said...  "Thanks to "Help to Buy" we are having no problem shifting and selling loads of these places...."

 

SO - ALL YOU PEOPLE OUT THERE:   YOU - AS TAXPAYERS - WORKING YOUR GUTS OUT OUT THERE -- ARE SUBSIDISING THESE PORSCHE DRIVING "PWOPERTY ENTREPRENEURS" OUT THERE -- MILLIONS AND MILLIONS OF YOUR POUNDS ARE ENABLING THIS KIND OF SCUM -- WHO HAVE RUINED THIS COUNTRY - TO BLITHELY CONTINUE TO SELL THERE "DEVELOPMENTS" FOR RIDICULOUSLY HIGH PRICES -- ALL PROPPED UP BY YOU THE TAXPAYER --- ALLOWING PEOPLE LIKE THIS TO CARRY ON MAKING VAST AMOUNTS OF PROFITS --- NO QUESTIONS ASKED.....

 

IT MAKE ME SO F*CKING ANGRY.

 

 

I wonder what the next carriages on the gravy train are going to look like once HtB has its demise

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And this from ' free market Conservatives'...only thing that is free is the 'free ' money they shower on selected cohorts.  HTB is a grotesque market distortion that will inevitably end in tears. It is our duty to ensure we pay the very minimum in tax and disengage as far as possible.

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...there are plans for a number of circa 50 storey resi towers in Peckham...if this doesn't shout IRRATIONAL and BUBBLE..I dont know what does...?

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In any property boom I guess the thing to look out for is the stage where new money cannot afford to get into the market.

To convert it from rising market > Ponzi scheme you need to replace that money that was there linked to actual returns/real wages.

2004 it had already run out of steam so they cut rates.

2006/7 the cheap rates had lead to liar loans and BTL being the best way to buy

2011 > Prices falling so our heros decide to funnel some money in there as they did not want to wait until prices married up with incomes so we get funding for lending to lower the rates and then HTB.

300k > 500k just on these schemes alone in my area.  There is a reason why Carney always goes on about 30% as thats the amount of boost he has given the housing market.

Any normality (removing htb/qe/neg irs) and poof 30% 

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40 minutes ago, Wayward said:

And this from ' free market Conservatives'...only thing that is free is the 'free ' money they shower on selected cohorts.  HTB is a grotesque market distortion that will inevitably end in tears. It is our duty to ensure we pay the very minimum in tax and disengage as far as possible.

Absolutely. Minimum tax until a social contract that work enables access to capital is reestablished.

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2 hours ago, eric pebble said:

IT MAKE ME SO F*CKING ANGRY.

I couldn't have put it more succinctly. It really, really, really makes me want a BIG crash.

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1 hour ago, dougless said:

I couldn't have put it more succinctly. It really, really, really makes me want a BIG crash.

the developers have already run off with the money even if it crashes  only the tax payer and mug who bought the place loses more than likely a tax payer unlike the developer. 

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Well we're into the last knockings now of a neoliberal system which has plundered the country, left us all in massive debt and with gaping wealth and income disparity. Same in the USA (but they have the dollar...)

It's no great surprise that during these days of decadence and decline, spivs who produce nothing like your Porsche-driving bloke here come to the fore - and no great surprise either that they are venerated.

It's all happened before - the final 'extractive' phase where those who can make off with the spoils.

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This guy doesn't bother me so much. It isn't zero sum, he is actually providing something.

Rich rentier landlords and also boomers who've accidentally won the lottery bother me far more.

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Buy to let is totally fecked up!

The landlord is the middle man between the tenant and the bank..  

The tenant pays the mortgage to the bank, the repairs/maintenance.. The landlord sits in the middle extracting all the tenants money from hard work but does nothing! 

Remove the landlord and just have the bank and the tenant.. 

Buy to let should be illegal as slavery is!! As it’s the same thing! 

Help to buy architects should be in prison for asset price manipulation. 

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3 hours ago, macca13 said:

The tenant pays the mortgage to the bank, the repairs/maintenance.. The landlord sits in the middle extracting all the tenants money from hard work but does nothing! 

They take on the risk of the house burning down and provide the service of not having to buy a house just to live in a particular location.

The problem is the government interference which intentionally cause house prices to rise while enabling middle aged farts to hoover up all the housing on underpriced BTL loans.

The solution to government intervention is not more government intervention.

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1 hour ago, Locke said:

They take on the risk of the house burning down and provide the service of not having to buy a house just to live in a particular location.

The problem is the government interference which intentionally cause house prices to rise while enabling middle aged farts to hoover up all the housing on underpriced BTL loans.

The solution to government intervention is not more government intervention.

True.

 

20 hours ago, longgone said:

the developers have already run off with the money even if it crashes  only the tax payer and mug who bought the place loses more than likely a tax payer unlike the developer. 

+1

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On 24/01/2019 at 10:38, Wayward said:

..there are plans for a number of circa 50 storey resi towers in Peckham...if

nice area peckham!

6 hours ago, macca13 said:

Remove the landlord and just have the bank and the tenant.. 

That is what will happen with the new tax stamp duty etc

landlords will be ruthless corporates same as ruthless private landlords 

 

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On 24/01/2019 at 09:44, eric pebble said:

Met up with a mate last weekend - and staying with him was a guy driving a top of the range Porsche.

Turned out that this guy is a "Pwoperty Entrepreneur" who has milked pwopertee for millions over many years....  He was - unsurprisingly - a pretty smug self satisfied sort...

 

Anyway -- he was boasting about how he was unaffected by the recent downturn in the fortunes of the pwopertee brigade -- he is converting former retail premises to residential flats all over the place....

He was saying how he was in the process of doing 3-4 conversions in Peckham, London -- selling 1-2 bed flats for £280-350K each....   

 

So I put to him:  The average person in Peckham must then be earning something like £70-100k in order to buy these flats..... 

 

His answer was unequivocal.....  "No mate" he said...  "Thanks to "Help to Buy" we are having no problem shifting and selling loads of these places...."

 

SO - ALL YOU PEOPLE OUT THERE:   YOU - AS TAXPAYERS - WORKING YOUR GUTS OUT OUT THERE -- ARE SUBSIDISING THESE PORSCHE DRIVING "PWOPERTY ENTREPRENEURS" OUT THERE -- MILLIONS AND MILLIONS OF YOUR POUNDS ARE ENABLING THIS KIND OF SCUM -- WHO HAVE RUINED THIS COUNTRY - TO BLITHELY CONTINUE TO SELL THERE "DEVELOPMENTS" FOR RIDICULOUSLY HIGH PRICES -- ALL PROPPED UP BY YOU THE TAXPAYER --- ALLOWING PEOPLE LIKE THIS TO CARRY ON MAKING VAST AMOUNTS OF PROFITS --- NO QUESTIONS ASKED.....

 

IT MAKE ME SO F*CKING ANGRY.

 

 

Yes Eric ..it IS a scandal. But then, so is the system that allows some people to demand money under a threat of violence, such is the tax system........  What would be the point of having such a system, but not use it to destroy markets aka the system of honest price discovery...... on the pretext of doing good?

?

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1 hour ago, cnick said:

so is the system that allows some people to demand money under a threat of violence, such is the tax system........

LOL

This is a great idea we could fight an elected member of HMRC - if we win  we do not pay tax! It would encourage the fatties to,go to the gym LOL 

Obviously it would have to be done by weight as in Pro boxing

far better entertainment than  x factor and dancing rubbish LOL

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1 hour ago, happyguy said:

LOL

This is a great idea we could fight an elected member of HMRC - if we win  we do not pay tax! It would encourage the fatties to,go to the gym LOL 

Obviously it would have to be done by weight as in Pro boxing

far better entertainment than  x factor and dancing rubbish LOL

yes.......or you could just try withholding your council tax and see how long it takes before they send the boys round threatening you with physical violence ...... WITHOUT you having threatened them with any violence  ..... Rest assured.....they'll kill you if you take steps to use violence to defend yourself against them ........ LOL (?)

Edited by cnick

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I suppose I could withhold paying my tax in the interest of a social experiment but I do not have any reason to do so.

I have not had any experience of anyone at my LA threatening to kill me or anyone else.  

You make council workers sound like the Kray twins LOL.

Most of them are rather feeble public sector employees who are very PC in a cushy job. 

 

 

 

 

 

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