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zafonic

It Looks Like This Is It

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First time poster, been lurking for a good three or four years.

Age 32, well above average salary (Actuary).

Was struck at the strange reality 5 years ago that despite probably being amongst the top 1% of earners in my home town I could only afford a dwelling which was basically one up from a council house.

Stumbled across this site and have never looked back. Was being pressured to get on property ladder by girlfriend but simply refused after digesting all of the quality information on this site. And I must say, it is quality. There are a number of highly intelligent posters who are able to take a contrarian view to the rest of society. I thank you all for your posts and informed discussion. I won't mention names because there are so many of you.

Have been renting a much better house than we could afford to buy. In fact our rented place is literally a stone's throw away from Steven Gerrard's humble abode!

Now it appears our time will come in the next couple of years.

An anecdotal to sum it all up which vindicates my stance (and the collective HPC.co.uk stance) over the last few years:

A couple of years ago, my girlfriend's team mates in work were forever asking when me and her would get on the property ladder. Why are you renting etc. when you can afford a house? My loyal girlfrined used to reply that I was waiting for prices to fall.

"What do you mean, fall, prices will never fall etc. ect. came the predictable replies"

I have just shown my girlfrined the spreadfair markets precicting a fall of £197k to £166k by December 2009 and at the same time asked her if she is still getting grief in work about renting.

"No" she said with a sly grin "They are all keeping their gobs shut".

This is it guys, the inevitable realisation has hit the sheepeople.

Many thanks to you all, give yourselves a pat on the back.

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Your story sounds very familiar. After many years on the employment treadmill I find myself in the top 4% of earners in the UK. Oh, very nice I hear you say, but, I couldn't help wondering why I could not afford to buy a complete dump never mind an average property without taling on the national debt of Nigeria. That is when I started reading, and boy what a sorry state of affairs I seem to have unearthed. I wish I could say "ignorance is bliss", but really, it isn't. I really would recommend a little bit of thought before making the largest purchase/investment [delete as necessary] in your life. Few people do, and that is why they are about to learn some very painful lessons.

Generally I do not tell people my thoughts in person unless they have demonstrated an interest and understanding of the current economic situation. Most simply follow the edict that property prices always rise. Fools and their money are soon parted......

Keep the faith.

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Guest happy?
First time poster, been lurking for a good three or four years.

Age 32, well above average salary (Actuary)...

Chinese eh? Rumbled you in one.

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Your story sounds very familiar. After many years on the employment treadmill I find myself in the top 4% of earners in the UK. Oh, very nice I hear you say, but, I couldn't help wondering why I could not afford to buy a complete dump never mind an average property without taling on the national debt of Nigeria. That is when I started reading, and boy what a sorry state of affairs I seem to have unearthed. I wish I could say "ignorance is bliss", but really, it isn't. I really would recommend a little bit of thought before making the largest purchase/investment [delete as necessary] in your life. Few people do, and that is why they are about to learn some very painful lessons.

Generally I do not tell people my thoughts in person unless they have demonstrated an interest and understanding of the current economic situation. Most simply follow the edict that property prices always rise. Fools and their money are soon parted......

Keep the faith.

Top 4% of earners, so you earn in excess of 1 million pounds per annum do you?

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First time poster, been lurking for a good three or four years......

.....I have just shown my girlfrined the spreadfair markets precicting a fall of £197k to £166k by December 2009 and at the same time asked her if she is still getting grief in work about renting.

Just to play devil's advocate here...

Surely if you had bought a house in 2004 for £166k it would have been valued at the end of 2007 higher than £197k, so if you end up waiting until December 09 for such a correction, are you really any better off?!

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Just to play devil's advocate here...

Surely if you had bought a house in 2004 for £166k it would have been valued at the end of 2007 higher than £197k, so if you end up waiting until December 09 for such a correction, are you really any better off?!

I'm in the pensions and investment field also -work in Glasgow.

To the question above perhaps he bought gold and shares in 2004. Many people did you know. Anyway given I know a friend who was selling near Liverpool and all he did was reduce his price for the last two years till it eventually sold, I dont think Liverpool property rises have exactly been stratospheric since 2004.

Try driving through Frodsham, nice town close to Liverpool, its a sea of for sale signs.

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"Was struck at the strange reality 5 years ago that despite probably being amongst the top 1% of earners in my home town I could only afford a dwelling which was basically one up from a council house."

Blimey, where do you live? If i was in the top 1% of earners in my town I probably would own half of it already! or do you live in a tiny hamlet with a publican,a groundsman, kitchen hand and a careworker for neighbours?

No matter if you have hung on then you were wise, I too lurked for a long time simply because this site fed that nagging feeling when I was waivering, "after having to watch countless home buying programs due to wife".

You are about to bathe in the glorious light of smuggness when the sheeple finaly realise gordon has sh@fted them and they are stuck in their compact and bigous? bunny hutches for a long, long time!

It makes no matter how much dosh you have because the more you have the more wheelbarrows you will have to buy in order to spend it, that is if you can carry enough on you to buy said barrow to start with! ;)

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Top 4% of earners, so you earn in excess of 1 million pounds per annum do you?

This is incorrect the top 4% earn in excess of £65,000 and there are around 10,000 tax payers in the UK who earn in excess of £1m (4,500 in the city)

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Have been renting a much better house than we could afford to buy. In fact our rented place is literally a stone's throw away from Steven Gerrard's humble abode!

I have read you post of November 2007 #493158 and find it at odds with the above

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Just to play devil's advocate here...

Surely if you had bought a house in 2004 for £166k it would have been valued at the end of 2007 higher than £197k, so if you end up waiting until December 09 for such a correction, are you really any better off?!

Good point but remember this Spreadfair bet is based on the highly massaged Halifax data - in the last crash it under-reported reality to the bitter bottom.........by about 20%!!! :P

Lovely OP by the way. Thanks Zafonic.

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It would only be an actuary who would know the average salary of the top 4% of earners!

Well hello from me I'm the one keeping you in a job selling the financial products that you crunch the numbers on and I would say if you had done your risk calculations a little better from the start we might not be in the mess we are in now! :lol:

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It would only be an actuary who would know the average salary of the top 4% of earners!

Well hello from me I'm the one keeping you in a job selling the financial products that you crunch the numbers on and I would say if you had done your risk calculations a little better from the start we might not be in the mess we are in now! :lol:

I don't crunch numbers for anything you would have sold.

Although I did in the late nineties - working out all the losses on the missold pensions - You really covered yourselves in glory.

Actuaries have nothing to do with the credit crunch, that was investment bank quants and credit modellers. Actuaries work primarily in life, general insurance and pensions.

Keep selling those financial products - you are my hero.

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I don't crunch numbers for anything you would have sold.

Although I did in the late nineties - working out all the losses on the missold pensions - You really covered yourselves in glory.

Actuaries have nothing to do with the credit crunch, that was investment bank quants and credit modellers. Actuaries work primarily in life, general insurance and pensions.

Keep selling those financial products - you are my hero.

I work in the actuarial field too (IT for pensions and life insurance). I totally agree with your comments, pelican.

Its the greed and ignorance of sales types that not only brought about the need for the pensions review, but have now contributed massively to both the property bubble and the credit crunch.

And a big hello to Zafonic.

Edited by nmarks

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Well if he lives by Stevie G, he must be on Victoria Rd in Freshfield, Formby. I grew up not far from there (4 bed detached in a close off Freshfield Rd) in a house which sold a couple of years ago for 500K. Houses on Victoria Rd go from 500k and average £1m, with a lot around £2m

Formby, Birkdale(Southport), Caldy(Wirral), Woolton and Calerdstones (Liverpool) are footy player territory. Victoria Rd is Merseyside's answer to Alderley Edge or Esher, it's where the Moores had their place. One of the most expensive streets in the North West in fact.

top 1% in Formby is a lot of money. Freshfield Rd/Victoria Rd, If you haven't grown up there and inherited is where you move to if you have a lot of cash or have a decent job.

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This is incorrect the top 4% earn in excess of £65,000 and there are around 10,000 tax payers in the UK who earn in excess of £1m (4,500 in the city)

have you got a source for that...top 4% = £65K seems low

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Guest barebear
I have read you post of November 2007 #493158 and find it at odds with the above

So why is it add odds?

He says that he could only afford a place one up from a council house,so he bought a flat.Whats wrong with that ?

The only thing that maybe a bit funny is why is a flat one up from a council house? But I dont think you ment that.

As for his earnings being in the top 1% of the town where he lives,so what, he might be exagerating, thats all.

Some people might be genuine believe it or not and not just undercover EA's or trolls.

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Zafonic implies in this thread that he didn't succumb to pressure to buy, but in Nov 2006 he reveals that he bought a flat in 2003.

It proves that to be a good fibber, you need an even better memory!

And I agreed with the overall sentiments in his post, too.

Perhaps Zafonic can explain the apparent inconsistencies? Where's he gone?

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This may help ... this is what #493158 read

:huh:

Capital Gains Tax Implications, Help needed

zafonic

Find Member's Posts Nov 21 2006, 04:04 PM Post #1

HPC Newbie

Group: New Members

Posts: 20

Joined: 5-January 05

Member No.: 1,068

Please can somebody help me.

I purchased a flat 3 years ago and lived in it for 1 year.

However, I then moved back to my parents house and have since been renting it out through an agency for the past couple of years.

I am now in the process of selling and it looks like I will be making a bit of a profit. My question is whether I will have any capital gains tax to pay and if so, at what rate.

I own no other properties.

Thank you in advance.

unquote

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  • 292 Brexit, House prices and Summer 2020

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