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AntiSpeculator

Slum On The Outside, Smooth On The Inside

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In the old days, it mattered if you lived in stabsville or a nice area.

So much so that I remember hearing in 1999 that terraces in one street in Mossside, Manchester were going for $6K each. You would never have lived in them, mind you, because you would have been burgled 150 times a year, and probably raped and tortured on slow days.

Shock horror - the crime risk and desireablility was built into the price!

Leaving aside all the recent and tiresome precise FTB affordability arguments.

I'm stating that many "average" FTBs if they can buy, can only do so in former "slum" areas and I'm sure many would agree with this.

Also, in the old days, it mattered what your property looked like on the outside. The more exclusive looking, the higher the price. Now, the price doesn't depend at all on what the outside looks like e.g. http://manchester-flat.com/

It only matters that you have sufficient en-suite bathrooms and 'Changing Rooms' style MDF bedecked interiors.

So what are the FTBS of today to do? Stay in with a sharp stick, a stern look and the direct number of their local police station whilst simultaneously salivating over their interior design?

What has changed?

a) House have become overvalued compared with FTB earnings

B) People's tastes have changed so that they now like (and will pay for) "slum chic". (Exterior is so last year. It's all about interior design dontcha know!?)

c) FTB en-masse have decided to accept a higher crime risk "premium" in where they live.

(That's my one concession to a financial style argument in this thread!) :D

d) The problems of crime and slum areas have been made redundant by "gentrification" caused by a beneficial house price upswing which now means houses are correcly valued compared with FTB earnings.

AS

PS. I challenge anyone to find a property for £6K + wage inflation from 1999 that isn't condemned.

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The problem they have is that they have to find a class of house that FTBs can afford to continue to spin property. The only thing that is left that might be only 1/3 over the mark is the stuff that is so crap on the outside that nobody wanted it. When they have convinced punters that it is trendy (about 2 weeks) it will rocket two and they will have to find an even lower target for insane prices. Its just the inner layers of desperation to keep the HPI going unpeeling like an onion.

So property speculators. So that I can engage with the insanity before the second coming, and join you in your bullish madness, what is the next promotion going to be (converting rows of council garages into studios? I look forward to the evening standard property section showcase of this particular trend :lol: )

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A few years ago I visited a place in Manchester to do some research - these houses were changing hands for £2k cash in the pubs - now they are selling for over £60K.

Insight into mentaility - A student was renting a property in stabsville (manchester) why ? asked the researcher - because I get mugged at least once a week but I only ever carry £10 on me...to rent a flat in a nicer area would cost me more than that £10 per week - it is cheaper to get mugged then rent in a nicer area!!!!!!

The world has gone mad...mad i tell you mad...if anyone can not see the relationship between this and the last HPC then they are blind

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You can always spot these in property papers and websites - they're the ones sporting a single interior photograph.

After any sort of correction, these properties will become virtually unsaleable, especially if studio or one-bed flats. The mantra of 'location, location, location' has gone out of the window in the blind rush to own any property at any price. When property prices enter the realms of sanity again people will be much more discriminating given a wider choice of property in their window of affordability.

TLM

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You can always spot these in property papers and websites - they're the ones sporting a single interior photograph.

After any sort of correction, these properties will become virtually unsaleable, especially if studio or one-bed flats. The mantra of 'location, location, location' has gone out of the window in the blind rush to own any property at any price. When property prices enter the realms of sanity again people will be much more discriminating given a wider choice of property in their window of affordability.

TLM

Well said. The phrase location. location location may p1ss people off but it is true and always has been.

Those who have bought a 2 up 2 down in stabsville just to get on the ladder are going to be in serious trouble when then have kids and find the local school thinks that getting through the day without calling the police is a major achievement.

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The problem they have is that they have to find a class of house that FTBs can afford to continue to spin property...

So property speculators. So that I can engage with the insanity before the second coming, and join you in your bullish madness, what is the next promotion going to be (converting rows of council garages into studios? I look forward to the evening standard property section showcase of this particular trend :lol: )

Give it ten years of current trend and the next "promotion" will be that FTBs can live in these:

http://www1.us.dell.com/content/products/p...=555&l=en&s=biz

Land is too expensive. Let's dispose of our corporeal bodies and convert to cyberspace. The good news would be that crime and social deprivation would genuinely become a thing of the past - An outdated concept to be looked up on google

:o

EDIT: OMG I posted that link as a quick jest, but reading it again, on ephrase jumps out at me:

'especially where data center real estate is at a premium'

Maybe they're ahead of me

!!!

Edited by AntiSpeculator

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Give it ten years of current trend and the next "promotion" will be that FTBs can live in these:

http://www1.us.dell.com/content/products/p...=555&l=en&s=biz

Land is too expensive. Let's dispose of our corporeal bodies and convert to cyberspace. The good news would be that crime and social deprivation would genuinely become a thing of the past - An outdated concept to be looked up on google

:o

EDIT: OMG I posted that link as a quick jest, but reading it again, on ephrase jumps out at me:

'especially where data center real estate is at a premium'

Maybe they're ahead of me

!!!

you'd have to watch out for the e-bird flu virus, though....

TLM

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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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