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JohnnyLaw

Trevor Mcdonut

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Surprised no one has posted about this prog, a follow-up to the Bunsfield disaster from December 11 last year. Basically the local market appears to be screwed with prices down 50%, one chap who was interviewed reporting his house prior to the explosion has been valued at £600k, now worth £300k. A local EA was also interviewed, citing possible reluctance of lenders to provide mortgages on the affected properties.

I remember at the time one poster provided a list of properties in the area shown as for sale, under offer, and sold subject to contract, and said that they would update the list after 4 days, 4 weeks, and 4 months. Would be interesting to see how they are doing now.

Of course, this is nothing other than pure schadenfreude on my behalf, of which I am thoroughly ashamed (though I would add that the guy with the £600k house did come across as a bit of a git so maybe it's not so bad).

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I remember at the time one poster provided a list of properties in the area shown as for sale, under offer, and sold subject to contract, and said that they would update the list after 4 days, 4 weeks, and 4 months. Would be interesting to see how they are doing now.

'What Happens To Prices During A Local Disaster?':

http://www.housepricecrash.co.uk/forum/ind...showtopic=20433

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This demonstrates that "property is a safe investment" is a myth even without bubble theory. You are investing in a single asset, which is vulnerable to a number of unlikely local disasters.

Compare this to investing in a large multinational company or even better a tracker fund. It is far more diversified.

frugalista

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I would have had more sympathy if any of them had talked about the loss/damage to their "house" or "home". Instead we got property, property, property as if only its market value mattered. It's one of my pet peeves at the moment, everyone interviewed on TV about housing seems to be copying Krusty et al by saying "The Property" instead of "my house".

One of them even trotted out the line about it being her pension.

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There was also an article on the news last night about a few residents close to the US Embassy in London. Apparently their fabulously valuable homes have become almost unsaleable due to all the disturbance related to security being provided to the embassy.

What was even more fascinating was the eccentric nature of the interviewees. One woman held a Halloween Party that was "the highlight of her year". She had gone massively to town decorating the house, in expectation of 60 guests, and absolutely zero showed up. She blamed fear of terrorist attacks for the guests' no-show, but I started to doubt whether the 'guests' existed outside of the mad old bat's imagination.

The was also a story on the 10 o'clock news about the Canadian oil sands, and how they had just been discovered to be a huge resource and would provide the world with all the oil it needs.

The tone was "forget about Peak Oil, problem solved". No actual journalism had occurred at all. Lamentable.

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  • 301 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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