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House Price Crash Forum

Y Cooper On Radio Bbc2 Now


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That is the problem right there..... Anyone who owns a house (LITTERALLY ANYONE) is pretty much a vested interest and dont want a crash...

Not true. I wish the folks on here would give up this stereotype. I paid off my mortgage over 10 years ago, having had a spell of lengthy unemployment in one of the "downturns. I didn't want that millstone round my neck for any longer than I could possibly manage. Same house, 30 years, never mewed. Did once increase mortgage to extend the home.

Now, I've got my grown children staying in the house with me, as they can't afford a house of their own, although they are professionally qualified in a sought-after technical discipline. They stay here so they can save for a deposit (and they are unwilling to take on more than 3x salary).

I want a crash, so they can fly the nest properly and start living their lives. The sooner, the better; and I have a lot of {boomer} friends in the same situation.

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I want a crash, so they can fly the nest properly and start living their lives. The sooner, the better; and I have a lot of {boomer} friends in the same situation.

Sorry I should have clarified my point, It was not meant to say everyone who owns a home does not want a crash, more that anyone who only see's there house as an assetzzzzzz is automatically a vested interest.

You know!! all the selfish barstewards...

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You know!! all the selfish barstewards...

No, you're wrong. Remember we are the selfish ones wanting a HPC. All those people on The Argus comments page say so, so it must be true.

They have a multitude of BTL properties lying empty and we wish prices would drop so we could reasonably afford to put a roof over our head. How selfish of us. Don't we all know that these people will end up in negative equity, and maybe even repo'ed for buying more than they could afford, just so they could have the pension they are 'entitled' too.

Meanwhile, I'm still sharing a room with my brother as me and my Girlfriend can't afford to buy. How unreasonable of me to want prices to fall even just a little. The rate at which they increase should exceed the rate at which my wages do.

Anyway on a more serious note, I may have thought Vines would've had had it in him to challenge her as someone suggested. It may take a prudent HPCer to ask such a question during a phone in.

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However, if NRUK do continue repossessing at the same rate as they have been, we've just solved the social housing problem in one fell swoop. Rather than merely auctioning them off, stick in a lick of paint, give it to Cross Keys and presto, new LEA accomodation in the middle of privately owned territory. That'll drop local prices, which will precipitate a faster drop in house prices - bargain.

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yvette cooper was housing minister before switching to her current position.

Look everyone - stop getting bloody irate with these people. It's not good for your blood pressure.

Put your la la headphones on when they appear on the TV and radio.

They will always put a positive spin on things because that is their remit.

I really really think that there is nothing they can do now to stop the inevitable.

They are, however trying to delay/slow down the inevitable.

I thought I hated thatcher - but these guys take the biscuit.

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She was on C4 news as well, the interviewer was trying to push her on the state of the housing market, she basically said something along the lines of expecting big rises in the next 10 years , not building enough houses etc.

Edited by simon99
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She was on C4 news as well, the interviewer was trying to push her on the state of the housing market, she basically said something along the lines of expecting big rises in the next 10 years , not building enough houses etc.

Yvette, don`t you think that it`s your goverment`s duty to provide ample, affordable housing for the poor sods that have to live under your rule ? Not all of us think that ever rising house prices are a good thing. I for one, realise that I can`t eat my house, or go on holiday in it.

Edited by Prof
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yvette cooper was housing minister before switching to her current position.

Look everyone - stop getting bloody irate with these people. It's not good for your blood pressure.

Put your la la headphones on when they appear on the TV and radio.

They will always put a positive spin on things because that is their remit.

I really really think that there is nothing they can do now to stop the inevitable.

They are, however trying to delay/slow down the inevitable.

I thought I hated thatcher - but these guys take the biscuit.

It`s the sheeple I`m irate with.If people would just wake up, the likes of Mrs Cooper would be out on their a*se within a day.

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I thought I hated thatcher - but these guys take the biscuit.

You and me both. I was at the "where's the bullets where's the gun?" stage before we got as far dodgy dosiers, dead weapons specialists, and the last 5 years of foreign policy. And I voted for them in '97.

She's another one that needs a kick in the sponge.

You're all keeping me sane (ish), you know that...

:)

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Looks like they have a lot of confidence in their new HPI machine aka. Northern Rock.

Enter the 150% mortgages at 3% for 25yrs...that would prop things up for 10 years or so!

Not picking on you particularly, but it amazes me how many on here seem to think that keeping house prices high is the only thing this government cares about. Not denying that a crash wouldn't do their PR much good, but can you honestly see them so overtly pissing away yet more taxpayers money by offering such deals?? By all accounts (no pun intended!), they're going to be jacking up rates to encourage borrowers to switch mortgage providers (thereby getting our money back, hopefully before people start defaulting in large numbers). There are much simpler ways to accomplish what you are suggesting, such as cutting taxes? getting rid of stamp duty? hell, why not just give everybody 30 grand to spend on property?. It doesn't make any sense and it won't happen.

Can we snap back to reality please? They didn't want to nationalise NR. They have to now, so they'll wind it down quietly (certainly the mortgage side of things) and hope the public quickly forget about this whole sorry affair.

As Peston says, this may end up with mortgage rates going up across the board, not just for NR customers which can only be a good thing for most of us.

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Guest An Bearin Bui
Not picking on you particularly, but it amazes me how many on here seem to think that keeping house prices high is the only thing this government cares about. Not denying that a crash wouldn't do their PR much good, but can you honestly see them so overtly pissing away yet more taxpayers money by offering such deals??

Yes, I can see them offering more taxpayers' money on the altar of house prices and, yes, house price growth IS pretty much the only thing the government really cares about at the moment. They are aware that house price growth is the only thing that has kept consumer sentiment up and maintained a veneer of economic well-being in the UK for the last 5 years and they know that there is a high proportion of the key voter demographic in the UK that relies on house price investment for their pension, either as BTL or as a plan to downsize when they turn 65 (regardless of how stupid such a strategy might be).

It doesn't matter that this is economically illiterate or insane economic management: this is the priority of the UK government. If they had higher priorities, they would have done something to control fraudulent mortgage lending and BTL speculation by now. They would also have responded more effectively to the housing affordability crisis. About a year ago, I thought they cared about targeting inflation, keeping the pound stable and managing GDP:public debt ratios i.e. that they had wider priorities than just house prices, as you say. After the past year of desperate attempts to prop up property and pressurise the BoE to cut IRs and, to top it all off, the nationalisation of NR - I have no more illusions. HPI is the only game in town and they'll keep it going until a serious fiscal crisis forces them to change tack.

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