TheCountOfNowhere Posted August 22, 2021 Share Posted August 22, 2021 (edited) Dunno what to make of it all... Been out and about last couple of weeks and everyone is talking about houses I've witnessed a friend in the South West selling their crappy terrace house in Bristol for 400k only to buy an even crappier house in Shepton mallet for £500,000. Nether of them worth 50,000. Salary of the buyer, 35k. Mobile phone salesman, Northampton, sold crappy 3 bed house 400,000 in one day, now buying 800k thatched cottage. Salary unknown, wife unemployed Family friend, offered accepted on £3.5n house in Surrey. Waiting to sell theur house bough in 2009 for 800k for £2m. Salary 150k, got mortgage offer that'd too good to refuse This is something else that I am witnessing 20 years watching this lunacy and I've never seen anything like it. Is it time to panic? Have people lost their minds? P.S one other, mate of mine been watching a house in Spain, Ameria region, for 2 year thinking they fancied a holiday home. Just spend £300 of flights to view it... Sold today. Can't even buy a shit hole in Spain at the mo. Edited August 22, 2021 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted August 22, 2021 Share Posted August 22, 2021 Panicking won’t change anything though? Share your tips for buying a200 vouche Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 (edited) 3 minutes ago, PeanutButter said: Panicking won’t change anything though? Share your tips for buying a200 vouche Might save even more losses. Imagine you didn't buy the massively over priced bank collapsing bubble priced house in Surrey in 2009 for 800k...you now need to pay £2m to live in a house on a main road across from a crappy housing estate Are you screwed if you don't buy now as inflation takes off and makes your money worthless, or are you screwed if you buy now in this proper mania God only knows Edited August 22, 2021 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted August 22, 2021 Share Posted August 22, 2021 16 minutes ago, TheCountOfNowhere said: Might save even more losses. Imagine you didn't buy the massively over priced bank collapsing bubble priced house in Surrey in 2009 for 800k...you now need to pay £2m to live in a house on a main road across from a crappy housing estate Are you screwed if you don't buy now as inflation takes off and makes your money worthless, or are you screwed if you buy now in this proper mania God only knows Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 1 minute ago, Saving For a Space Ship said: @zugzwangis the correct word to describe this. The 99% cannot win Quote Link to comment Share on other sites More sharing options...
Cocha Posted August 22, 2021 Share Posted August 22, 2021 (edited) https://www.bbc.co.uk/news/articles/cjkdyy9xgn3o As the banks are going into the rental market, I'd guess buy. They won't have to sell repo's at auction, just let them out instead and make even more. Edited August 22, 2021 by Cocha Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted August 22, 2021 Share Posted August 22, 2021 Property fantasies are quickly ruined by reality Nice bit of writing. I created a backstory – nothing fancy, your basic middle-aged picture-framer, one teenage daughter, hobbies include bees and fintech, wears Margaret Howell and middle-aisle-Aldi – and made an appointment to view a house by the sea. It was exquisite and definitely haunted, and I got a message to say it had sold before I even left home. So I went to see the next one down, two bus stops away from me. It felt a little bit like having an affair, as I approached the waving seller, the same dreadful excitement, the same sensation of weightlessness. But as I walked through the house and heard about the tricky heating, the way the light comes in at breakfast time, all glee fell away. The joy of looking at houses for sale, I realise, is the idea that their emptiness could be filled by you. It’s the seductive vacuum that appears in photographs of rooms that a person has recently left, the walls vibrating slightly with the promise of a soul, the memory of a meal being cooked, the suggestion that you could be happy here, if you just slightly shifted the sofa, or slightly became better at relationships. Though he wanted to sell, the owner also did not want to leave. This was his home, this was his tricky heating, this was his breakfast light. In real life, of course, the place looked different to the photos. Smaller. It smelled of unlit candles, books and wool, and here was where his daughter slept when she was in town, and would I like some water, and here was where he read the paper, and here was a photo of his elderly mother in Greece who needed help getting up. When he was gazing off to the garden, explaining how he was sad he would never see blossom on the row of trees he’d planted by the path, I flicked the property app open on my phone, and zoned gently into the eco kitchen of a barn in Norfolk. Bloody reality. Ruins everything. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted August 22, 2021 Share Posted August 22, 2021 59 minutes ago, TheCountOfNowhere said: Dunno what to make of it all... Been out and about last couple of weeks and everyone is talking about houses I've witnessed a friend in the South West selling their crappy terrace house in Bristol for 400k only to buy an even crappier house in Shepton mallet for £500,000. Nether of them worth 50,000. Salary of the buyer, 35k. Mobile phone salesman, Northampton, sold crappy 3 bed house 400,000 in one day, now buying 800k thatched cottage. Salary unknown, wife unemployed Family friend, offered accepted on £3.5n house in Surrey. Waiting to sell theur house bough in 2009 for 800k for £2m. Salary 150k, got mortgage offer that'd too good to refuse This is something else that I am witnessing 20 years watching this lunacy and I've never seen anything like it. Is it time to panic? Have people lost their minds? P.S one other, mate of mine been watching a house in Spain, Ameria region, for 2 year thinking they fancied a holiday home. Just spend £300 of flights to view it... Sold today. Can't even buy a shit hole in Spain at the mo. I thought you were in France? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 22 minutes ago, Cocha said: https://www.bbc.co.uk/news/articles/cjkdyy9xgn3o As the banks are going into the rental market, I'd guess buy. They won't have to sell repo's at auction, just let them out instead and make even more. Of course, they can flag them as market value prices on their balance sheet and look solvent instead of having to sell them off at real world prices. Worse, the boe might well asset purchase them wirg magicked up (stolen) cash Its a rigged criminal scam. 2000 to 2007 was something mad but this, what we are watching now, is systematic, corrupt, wealth redistribution and outright enslavement of a nation. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 (edited) 23 minutes ago, MonsieurCopperCrutch said: I thought you were in France? I though I'd explained that you crazy cross site stalker loon. Edited August 22, 2021 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Cocha Posted August 22, 2021 Share Posted August 22, 2021 2 minutes ago, TheCountOfNowhere said: Of course, they can flag them as market value prices on their balance sheet and look solvent instead of having to sell them off at real world prices. Worse, the boe might well asset purchase them wirg magicked up (stolen) cash Its a rigged criminal scam. 2000 to 2007 was something mad but this, what we are watching now, is systematic, corrupt, wealth redistribution and outright enslavement of a nation. Yep, they can put a new floor under the market now. Perhaps a base rate rise is on the cards, foreclose on those mortgages in arrears and let the house out instead for rental income. The conflict of interest is huge and backs up your 2nd paragragh. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted August 22, 2021 Share Posted August 22, 2021 2 minutes ago, TheCountOfNowhere said: I though I'd explained that you crazy cross site stalker loon. ? This is the only housing forum I post on. Other than this I am on bitcointalk.org for crypto stuff. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 27 minutes ago, PeanutButter said: Property fantasies are quickly ruined by reality Nice bit of writing. I created a backstory – nothing fancy, your basic middle-aged picture-framer, one teenage daughter, hobbies include bees and fintech, wears Margaret Howell and middle-aisle-Aldi – and made an appointment to view a house by the sea. It was exquisite and definitely haunted, and I got a message to say it had sold before I even left home. So I went to see the next one down, two bus stops away from me. It felt a little bit like having an affair, as I approached the waving seller, the same dreadful excitement, the same sensation of weightlessness. But as I walked through the house and heard about the tricky heating, the way the light comes in at breakfast time, all glee fell away. The joy of looking at houses for sale, I realise, is the idea that their emptiness could be filled by you. It’s the seductive vacuum that appears in photographs of rooms that a person has recently left, the walls vibrating slightly with the promise of a soul, the memory of a meal being cooked, the suggestion that you could be happy here, if you just slightly shifted the sofa, or slightly became better at relationships. Though he wanted to sell, the owner also did not want to leave. This was his home, this was his tricky heating, this was his breakfast light. In real life, of course, the place looked different to the photos. Smaller. It smelled of unlit candles, books and wool, and here was where his daughter slept when she was in town, and would I like some water, and here was where he read the paper, and here was a photo of his elderly mother in Greece who needed help getting up. When he was gazing off to the garden, explaining how he was sad he would never see blossom on the row of trees he’d planted by the path, I flicked the property app open on my phone, and zoned gently into the eco kitchen of a barn in Norfolk. Bloody reality. Ruins everything. Reality as I'm seeing it right now is unreal. Only person that's made sense was an accountant friend who threw their arms up in despair at the family friend taking on a £1m+ mortgage off the back of god knows what lies wuth irs at 0% and more uncertainty than you can shake a tory at. Moneys about to become worthless or houses are Given the bankers and politicians are up to their necks in property i cant see them saving the value of peoples money and wages Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 1 minute ago, Cocha said: Yep, they can put a new floor under the market now. Perhaps a base rate rise is on the cards, foreclose on those mortgages in arrears and let the house out instead for rental income. The conflict of interest is huge and backs up your 2nd paragragh. It stinks to high heaven. I'm seeing stuff that i though was overvalued in 2007 by 50% now selling in days for 2 or 3 times that. I can't see any mechanism, like 2007, where prices will correct. Therefore, money has effectively become worthless If you buy a house now that you could have bought in 2010, you'd need to stump up every penny you earned since then, before tax, to buy it. They will stop at nothing now to prevent these new normal prices from correcting and given the mania, madness , that i am witnessing i can see this going on to even higher, even more contrived levels. Its beyond sickening. We are witnessing the end of the £ and it makes it no less palatable knowing it was:is coming. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 At every turn you think... This cannot go on any longer.. Yet it does. You think, the bankers government won't be able to sustain this any longer... But they do. You think. The public must surely see this madness for what it is, but they don't. Quote Link to comment Share on other sites More sharing options...
simon2 Posted August 22, 2021 Share Posted August 22, 2021 I don't think its mad. I don't agree with it, but I can understand why it is. Property is about the only way the average Joe is going to make a decent amount of money in their lives. You can look at some careers and see that some take lots of time, skill and expense to qualify for - some need all three, and even at the end you may not get a job. Yet anyone can buy a house, wait for a year or so and earn more than someone else slaving away for the entire time would earn, if the market moves their way. The way the tax system works means that speculation is easy for even the most unsophisticated player, because flipping incurs no tax if it is your residence. Most of the big gainzs of the past decade was not widespread until a couple of years ago, with London and some other locations outpacing the rest. For instance pre-pandemic I saw properties in other towns still below GFC prices. No doubt that has changed now for these places which didn't get massive uplifts, and prices will be at all-time highs. Which means that everyone that has bought, has some profit. Look at the other forums like mumsnet/mse. I think they are great forward indicators of sentiment. There is literally nothing negative there, so in the short-term I would expect these trends to continue. That's exactly what the government want. People suddenly becoming bearish on houses would be unwelcome policitically. Quote Link to comment Share on other sites More sharing options...
Cocha Posted August 22, 2021 Share Posted August 22, 2021 12 minutes ago, TheCountOfNowhere said: It stinks to high heaven. I'm seeing stuff that i though was overvalued in 2007 by 50% now selling in days for 2 or 3 times that. I can't see any mechanism, like 2007, where prices will correct. Therefore, money has effectively become worthless If you buy a house now that you could have bought in 2010, you'd need to stump up every penny you earned since then, before tax, to buy it. They will stop at nothing now to prevent these new normal prices from correcting and given the mania, madness , that i am witnessing i can see this going on to even higher, even more contrived levels. Its beyond sickening. We are witnessing the end of the £ and it makes it no less palatable knowing it was:is coming. Sadly I'm looking at joining the madness now. No point waiting for my savings to become worthless, might as well dump it on a house and pick up a cheap mortgage while still available. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 1 minute ago, simon2 said: I don't think its mad. I don't agree with it, but I can understand why it is. Property is about the only way the average Joe is going to make a decent amount of money in their lives. You can look at some careers and see that some take lots of time, skill and expense to qualify for - some need all three, and even at the end you may not get a job. Yet anyone can buy a house, wait for a year or so and earn more than someone else slaving away for the entire time would earn, if the market moves their way. The way the tax system works means that speculation is easy for even the most unsophisticated player, because flipping incurs no tax if it is your residence. Most of the big gainzs of the past decade was not widespread until a couple of years ago, with London and some other locations outpacing the rest. For instance pre-pandemic I saw properties in other towns still below GFC prices. No doubt that has changed now for these places which didn't get massive uplifts, and prices will be at all-time highs. Which means that everyone that has bought, has some profit. Look at the other forums like mumsnet/mse. I think they are great forward indicators of sentiment. There is literally nothing negative there, so in the short-term I would expect these trends to continue. That's exactly what the government want. People suddenly becoming bearish on houses would be unwelcome policitically. So you're saying, we all need to post on mumsnet? The average house is now at all time unaffordable highs, with mortgage rates on the floor. And still people pile in. Surely this is some mania that will collapse, wiping out millions of greedy speculators and morons as it goes? If not, we are all in trouble. Its not like its not happened before. Quote Link to comment Share on other sites More sharing options...
shlomo Posted August 22, 2021 Share Posted August 22, 2021 1 minute ago, Cocha said: Sadly I'm looking at joining the madness now. No point waiting for my savings to become worthless, might as well dump it on a house and pick up a cheap mortgage while still available. What part of the country are you buying in ?# Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 1 minute ago, Cocha said: Sadly I'm looking at joining the madness now. No point waiting for my savings to become worthless, might as well dump it on a house and pick up a cheap mortgage while still available. That's where you're wrong, especially as you know something isn't right. Put your money elsewhere, somewhere that inflation won't destroy and sit back and wait. We might not see nominal falls but real term falls is baked in Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 1 minute ago, shlomo said: What part of the country are you buying in ?# Have a look at anywhere south of the north Pole right now I'd like to says it's not so but everything has gone ballistic. No rent rises in 5 years which gives me some hope that sanity is around the corner but what will stop this juggernaut. Quote Link to comment Share on other sites More sharing options...
Cocha Posted August 22, 2021 Share Posted August 22, 2021 3 minutes ago, shlomo said: What part of the country are you buying in ?# East Midlands kind of area, somewhere that would make communting to Notts and Derbyshire feasible. Quote Link to comment Share on other sites More sharing options...
Cocha Posted August 22, 2021 Share Posted August 22, 2021 3 minutes ago, TheCountOfNowhere said: That's where you're wrong, especially as you know something isn't right. Put your money elsewhere, somewhere that inflation won't destroy and sit back and wait. We might not see nominal falls but real term falls is baked in It's finding the elsewhere that is the issue. If banks are getting into the rental market things are only going one way with houses and it's not down. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted August 22, 2021 Author Share Posted August 22, 2021 8 minutes ago, shlomo said: Taken from toos... There are five things looming on the horizon that will very likely affect the property market in the months ahead: 1. The ending of the stamp duty holiday 2. The ending of furlough. 3. Brexit - this has largely been put on the back-burner in the news due to the pandemic. 4. Inflation on the rise. 5. The ending of Covid19 support measures, including BBLs, mortgage deferment etc. Mortgage deferment ends on 31st July 2021 - two weeks away. These are all serious things that the account knows are real issues... But the joe blogs cares not and keeps piling in. Is it a real mania i wonder, little else explains it Quote Link to comment Share on other sites More sharing options...
Insane Posted August 22, 2021 Share Posted August 22, 2021 41 minutes ago, TheCountOfNowhere said: I though I'd explained that you crazy cross site stalker loon. + 1 Quote Link to comment Share on other sites More sharing options...
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