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Massive Property Boom Hits My Area

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There’s a massive property boom taking place in my area. While it’s not as insane as the mini boom-within-a-boom of Spring 2004, it’s not far off it.

Since Christmas even crap has been selling and now EAs are happily slapping a 20k premium on everything after nearly two years of static or slightly lower prices.

At the same time, I know now a clutch of people in who are being throttled by their finances. In fact, it’s almost as for those people who’ve bought since 2002, life has stopped and a period of self-inflicted poverty has taken over. I don’t think anyone I know is going to go bankrupt if every stays as it is, but many people would be utterly screwed within a month of losing their income. Some people’s mortgages and debts are astonishing. Few have any positive balances anywhere.

Many people I know in businesses from advertising, to industry, to building, to retail ALL say sales are down, some say sales are BADLY down. My company is hiring much less than a couple of years back, my wife’s company is getting far more speculative CVs than ever before. The job market is shedding jobs from top to bottom – even the McJobs that those on the dole could be frogmarched into by the little hitlers at the JobCentre are drying up and being shed.

So why the new boom?

Well, I in part agree with Capital Economics, who gave ‘looser lending’ as one of the reason they revised their 20% fall prediction.

I can’t believe what people are able to borrow. I can’t believe how easily I could easily get a mortgage to buy something I couldn’t comfortably afford, or even afford at all. So many around seem to accept their life of debt slavery – they may look miserable as sin, moan about money, look pasty and stressed, but they seem resigned to Dickensian struggle without a whimper of protest.

Sadly, for all you Tories on here, virtually NOBODY among the apolitical majority in my circle of acquaintances is cursing Brown’s name. Some may be massively against the assault on Iraq, but as for the assault on their quality of life, well, they just shrug as if it’s ‘one of those things’, like whether it rains or not.

By this stage, with consumer debt strangling so many, I would have thought the credit tightening would be in full swing. Yet the banks seem to want to pump up the money supply in an almost kamikaze way.

Are the greedy parasites simply making so much money out of us, hovering up so much of the nation’s property by creating evermore crazy lending schemes, they don’t much care if tens of thousands go bankrupt – is bad debt just a little business expense to sign off? And is there any indication they will ever stop, no matter if interest rates fall, rise or stay the same?

What is the endgame, if any?

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  • 335 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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