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The Halving of the Centre - Covid and its Effect on London Property (50% falls?)


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On 7/26/2020 at 9:45 PM, spyguy said:

London has emptied.

Foreign born population is 50%+

Why spend so much UK tax on Lonfon when the emptied of voters.

London and the east of England are the only net contribution regions to uk tax take. 

A lot of lononers would welcome independence to avoid subsidising the north east and other failed areas

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On 25/07/2020 at 14:09, Trampa501 said:

Not sure I'd put York as a number one destination to live, either. Flooded out every couple of years?

Also it is not that big and expensive.  I like the idea of moving Parliament out of London but somewhere poorer and bigger would be better.  

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2 hours ago, captainb said:

London and the east of England are the only net contribution regions to uk tax take. 

A lot of lononers would welcome independence to avoid subsidising the north east and other failed areas

Well .... I'm not 100% 

The finsec and banks get a hefty sub from uktaxpayer.

More n more the finsec looks like the airlines - whatever they make in the good years is lost in the bad years.

As far as net contributors, show the reference and the year. Lots of claims are based on figures from 10-15 years. Numbers have vastly changed since then.

 

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5 hours ago, spyguy said:

Well .... I'm not 100% 

The finsec and banks get a hefty sub from uktaxpayer.

More n more the finsec looks like the airlines - whatever they make in the good years is lost in the bad years.

As far as net contributors, show the reference and the year. Lots of claims are based on figures from 10-15 years. Numbers have vastly changed since then.

 

This

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On 7/29/2020 at 1:15 PM, spyguy said:

Well .... I'm not 100% 

The finsec and banks get a hefty sub from uktaxpayer.

More n more the finsec looks like the airlines - whatever they make in the good years is lost in the bad years.

As far as net contributors, show the reference and the year. Lots of claims are based on figures from 10-15 years. Numbers have vastly changed since then.

 

2017 ONS did a study based on 2016 figures https://www.theguardian.com/business/2017/may/23/uk-budget-deficit-grows-to-more-than-10bn-as-people-spend-less

You are right since then tax receipts in london have increased at a higher rate than the rest of the country. 

As for financial services being like airlines, back in the real world london is the largest net exporter of financial services globally https://www.thecityuk.com/research/key-facts-about-the-uk-as-an-international-financial-centre-2018/

Edited by captainb
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21 hours ago, captainb said:

2017 ONS did a study based on 2016 figures https://www.theguardian.com/business/2017/may/23/uk-budget-deficit-grows-to-more-than-10bn-as-people-spend-less

You are right since then tax receipts in london have increased at a higher rate than the rest of the country. 

As for financial services being like airlines, back in the real world london is the largest net exporter of financial services globally https://www.thecityuk.com/research/key-facts-about-the-uk-as-an-international-financial-centre-2018/

In the late 1800s/ early 1900s Bradford was one o the richest cities in the world, never mind the UK.

Germans, wool, massive exports.

Theres still some of that wealth hanging around, over 100 years later.

In the 80s I used to help a mate rearrange a posh hotel suite in Scabby for a little old lady whod been coming every year since she was a kid. For a month, full board, over £10k. Because? That as her Dads favourite holiday and hed left her millions.

There was a bit in the FT about the red wall (paywall)

https://www.ft.com/content/0c5a5935-d24d-47c1-b1b9-741a5483b073



“Up until 1976, Black Country manufacturing made the West Midlands the richest place in Britain on per capita output — higher than London and South East,” he said. “People here are really proud of their community and their country, but traditional industrial areas have struggled — and there’s a sense of resentment about that; a feeling of . . . the place isn’t like it used to be.”

Back in the 70s, the area with the highest salaries was ...... Wakefield. All the unionised miners.

Despite the historical bs, London as a financial centre only took off  with the euro dollar and consistent large US deficits, mainly Reagan, and the growth in Us$ as a trading currency.

Large scale finsec employment in the UK, esp. The City, is gone and not coming back.

 

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Meanwhile it seems as though Kirstie is worried about people's jobs if they work from home.

 

https://twitter.com/KirstieMAllsopp/status/1290987043829489666

 

Quote

If your job can be done from home it can be done from abroad where wages are lower. If I had an office job I’d want to be first in the queue to get back to work and prove my worth to my employer. I am terrified by what could be on the horizon for so many.

 

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1 hour ago, Trampa501 said:

Meanwhile it seems as though Kirstie is worried about people's jobs if they work from home.

 

https://twitter.com/KirstieMAllsopp/status/1290987043829489666

 

 

 

It's a good point .. whilst it may not be feasible to immediately move the jobs offshore, employers will surely have taken note of situations where people were able to work from home with no noticeable hit to the productivity of the company. 

They may well start to transition towards a more 'geographically dispersed' (ie. offshored) workforce if there is no physical office where their employees work out of to tie recruitment down to a distinct geographical area. 

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1 hour ago, Trampa501 said:

Meanwhile it seems as though Kirstie is worried about people's jobs if they work from home.

https://twitter.com/KirstieMAllsopp/status/1290987043829489666

 

This is nothing new. It isn't like CV-19 has suddenly unearthed offshoring. Anyone who has been involved in any offshoring project will understand price/quality trade off. My bet is that wages in the UK aren't as high as Kirstie thinks. 

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3 minutes ago, Tit-In-a-Trance said:

"For gods sake get back in the office! Don't you realise how much we've got invested in commercial property?!"...yawn.

 

.....and without jobs you won't be buying 2 bed flats in Peckham for fifty squillion pounds you selfish bastards

The ONLY person that Kirstie Allsop has ever worried about is Kirstie Allsop

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1 hour ago, qejunkie said:

This is nothing new. It isn't like CV-19 has suddenly unearthed offshoring. Anyone who has been involved in any offshoring project will understand price/quality trade off. My bet is that wages in the UK aren't as high as Kirstie thinks. 

I think that the opportunity to arbitrage your salary versus cost of living will be short lived. People trying to take a London weighted salary job and work from home permanently somewhere cheaper will have to be very careful.

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4 minutes ago, A17 said:

I think that the opportunity to arbitrage your salary versus cost of living will be short lived. People trying to take a London weighted salary job and work from home permanently somewhere cheaper will have to be very careful.

Now this is a different discussion altogether. But you’re probably right. 

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15 minutes ago, A17 said:

I think that the opportunity to arbitrage your salary versus cost of living will be short lived. People trying to take a London weighted salary job and work from home permanently somewhere cheaper will have to be very careful.

Rather like people go to Spain to arbitrage their pension - high risk

 

2 hours ago, Sour Mash said:

 

It's a good point .. whilst it may not be feasible to immediately move the jobs offshore, employers will surely have taken note of situations where people were able to work from home with no noticeable hit to the productivity of the company. 

They may well start to transition towards a more 'geographically dispersed' (ie. offshored) workforce if there is no physical office where their employees work out of to tie recruitment down to a distinct geographical area. 

In my experience this has opened the eyes of small and medium sized employers to the benefits of remote working. It won't be long before they move to the next step if they are in Brighton they could be in Bangalore. Caveat as @qejunkie  said though there is trade off but they won't find out until their second or third go by which time your job is gone anyway 

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Central London is falling worst than a 50y old woman when the likes of Brad Pitt or George Clooney would tell them they’re the only ones that can still get them hard.

I was looking at properties in Chelsea. These are all the Airbnb’s I was talking about in the other discussion. Properties bought for 1 million in 2011/2013 now on the market for 600k. 
 

Properties with prices knocked down by 15-20% in 6 months. 

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7 minutes ago, Neapolitan said:

Central London is falling worst than a 50y old woman when the likes of Brad Pitt or George Clooney would tell them they’re the only ones that can still get them hard.

I was looking at properties in Chelsea. These are all the Airbnb’s I was talking about in the other discussion. Properties bought for 1 million in 2011/2013 now on the market for 600k. 
 

Properties with prices knocked down by 15-20% in 6 months. 

Any examples?

I would have thought the weeze where people set up a corporate entity, rented property with it long term on a 12m AST and then Air BnB'd it to pocket the difference.. has unwound. With that legal entity folding. After getting a bounce back loan of course.

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