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Bingley Bloke

It's All Going Pear-shaped For My Parents' Neighbours

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I was still living with my parents when the house next door was sold for £42,500. I since moved in with my girlfriend but was round at my parents' place talking to them the other evening. Neighbours are having a bit of trouble it seems... Husband has been made redundant and wife has had to quit work with a stress-related illness. By now their house must be 'worth' about £145K, yet they have no equity at all because they've MEWed the whole freakin' lot!!! Quite what they've spent it on I have no idea, but what I do know is that they're gonne be in trouble sometime soon. I wouldn't wish them any harm but they haven't exactly helped themselves. Unemployment rising... Depression on the increase... IRs up sooner or later (no longer a case of 'if' but 'when?')... House prices down as IRs, unemployment, financial troubles, etc. increase... Bet there'll be plenty like them before much longer.

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Guest Bart of Darkness
wife has had to quit work with a stress-related illness

Wonder what's causing that then?

This is almost a classic case of what can so easily go wrong if you treat your home as a limitless ATM.

The difference between real wealth and the illusion of wealth.

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I was still living with my parents when the house next door was sold for £42,500. I since moved in with my girlfriend but was round at my parents' place talking to them the other evening. Neighbours are having a bit of trouble it seems... Husband has been made redundant and wife has had to quit work with a stress-related illness. By now their house must be 'worth' about £145K, yet they have no equity at all because they've MEWed the whole freakin' lot!!! Quite what they've spent it on I have no idea, but what I do know is that they're gonne be in trouble sometime soon. I wouldn't wish them any harm but they haven't exactly helped themselves. Unemployment rising... Depression on the increase... IRs up sooner or later (no longer a case of 'if' but 'when?')... House prices down as IRs, unemployment, financial troubles, etc. increase... Bet there'll be plenty like them before much longer.

I worked in finance in the 80's and saw many people who did the same (only with 2nd mortgages in those days - 1st mortage lenders would not expose themselves to that extent)

BTW BB - I looked at that place in PZ if you want some more feedback and photos

CS

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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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