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Telegraph: Second Home Owners Benefit Rural Communities

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Edmund Conway, the Daily Telegraph Economics Editor, offers expert inside knowledge of the housing market:

http://www.telegraph.co.uk/property/main.j...27/ixpmain.html

It is clear that, with demand from city-dwellers pushing up prices, locals will find it more difficult to afford a home. According to a recent survey from the Halifax, the average house in north Cornwall costs about 10 times the local average wage. In urban areas, the figure is 5.6 times the local salary.

Figures show that in rural areas, first-time buyers account for only 24 per cent of purchases, compared with 41 per cent in urban zones - though this is as much to do with the availability of work.

All the same, viewed from an economic standpoint, the AHRC's proposal is madness. Slapping an extra tax on second homes would instantly make rural houses less valuable. Buyers will not be willing to pay so much if they know they will have to give more to the Government as well. High rural house prices are enriching those who live there. The rise in mortgage-equity withdrawal in these areas shows that people are already freeing up cash, using the increased value of their homes.

:blink:

JY

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Torygraph spin is on a level to rival NuLabour spin thesedays, ok... so house prices are ten times local earnings, you can't buy, outsiders then buy up properties and drive up prices thus injecting equity in the home you couldn't buy!

Great isn't it?

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High rural house prices are enriching those who live there. The rise in mortgage-equity withdrawal in these areas shows that people are already freeing up cash, using the increased value of their homes

Young people are being collectively abused.

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Must be what's happening in that rural idyll Newham (east London) - house prices are 10X local salary (up from 3.5X in 2000). Oddly enough the locals don't seem any richer. I'm seeing more and more Chelsea tractors with cardboard for sale notices round here.

Edited by greencat

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Edmund Conway, the Daily Telegraph Economics Editor, offers expert inside knowledge of the housing market:

http://www.telegraph.co.uk/property/main.j...27/ixpmain.html

:blink:

JY

Oh my God! Unbelieveable stupidity.

How does HPI and MEW make you rich? In my village HPI has forced many of the locals out, they are just unable to afford the crazy prices. "Enriching those that are there", my @rse!

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This is utterly offensive.

Still, the Torygraph at least gives a preview of the kind of mindset that would no doubt arrive with a conservative government.

I can't find it, but I recently saw a good article about seond home owners in the West Country. As well as economically cleansing the locals they often spend far less in local economies than genuine tourists - ie. driving the 4x4 down from the South East loaded freshly loaded with Waitrose stuff for the weekend, then going straight back.

Parasites all the way.

Edited by CrashedOutAndBurned

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Oh my God! Unbelieveable stupidity.

How does HPI and MEW make you rich? In my village HPI has forced many of the locals out, they are just unable to afford the crazy prices. "Enriching those that are there", my @rse!

It is remarkable how Gordon has hypnotised people in this country. HPI and MEW is not wealth but debt!

The "Miracle Economy" has literally intoxicated the majority into believing that house prices are real whereas debt is opinion--they very opposite to what Mervyn King observed last year.

Look into my eyes, look into my eyes, don't look away: debt is good, the more you spend the less you owe, HPI and MEW will last forever :lol:

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Buy to let is another menace. They buy up all the FTB stock. Litter the place up by standing about grey track suit bottoms covered in cement and magnolia, mobile phone stuck to ears, and lying like **** to the neighbours that the flat is for their daughters. Next minute you’re surrounded with dreadful music crap cars and domestic battlegrounds.

I could write a book if I was literate about BTLer’s and their irritating habits, but as you can see I am a man like many on here who believe in Let and Let live if you notice the subtle play on words.

Oh have a nice day everybody

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It is remarkable how Gordon has hypnotised people in this country. HPI and MEW is not wealth but debt!

This stupidity cannot be allowed to pass - do you feel like writing another letter RB?

I'm getting worried now that people who should know better really do not understand the basics. Unbelievable ignorance.

JY

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Well actually, if you don't assume the locals as fixed, but as a transient variable of 'The Market', then it makes perfect sense. Hence what once was a village made of up poor people who worked locally and lived in their own houses, is now a village of rich commuters... the village hasn't moved. people? watzat?

Local people are simply collateral damage in the war to create a 'wealthier' Britain. Its the whole concept of wealth that is offensive here. Wealth on paper has replaced anything real, and real wealth (health, happiness, a degree of freedom, a degree of security) is becoming increasingly redundant.

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Well actually, if you don't assume the locals as fixed, but as a transient variable of 'The Market', then it makes perfect sense. Hence what once was a village made of up poor people who worked locally and lived in their own houses, is now a village of rich commuters... the village hasn't moved. people? watzat?

Local people are simply collateral damage in the war to create a 'wealthier' Britain. Its the whole concept of wealth that is offensive here. Wealth on paper has replaced anything real, and real wealth (health, happiness, a degree of freedom, a degree of security) is becoming increasingly redundant.

You have captured the essense of what the "Miracle Economy" is. :)

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  • 336 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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