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fiddlethefigures

Bradley Stoke: Panorama - Home Truths (1995)

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from 1995, is a Panorama special which dubbed the town "Sadly Broke".

Reporter Vivian White looks at the problems caused by boom and then bust in house prices which sent many homeowners into negative equity - where their mortgage cost more than the value of their home.

I remember watching this panorama programme in 1995 and what is about to happen now reminded of this programme from 13 years ago

http://www.bbc.co.uk/bristol/content/artic...o_feature.shtml

the panorama video is the second link on the page.

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Ah, the nostalgia!, specially the Lady DI haircuts.

As can be seen, shared equity and other schemes introduced to keep the rises coming, ending in the inevitable failure.

Note, they recorded 30% falls in that estate, even then, with more to follow.

course, its different this time: too right, borrowing is MUCH more and the risk of rate rises, leveraging costs is MUCH greater.

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Well worth watching.

Love the Lady Di haircut lady who joined a queue to buy a house simply because it was a queue even though she did not know what she was queuing for - how terribly British! And, of course, it had the added benefit of it being for "Bradley Stoke".

Sending the actual video links to local EAs would be a good idea.

The BBC re-screening this would be good. Actually, the programme is shot and edited in such a way that the narrative makes it perfectly clear to people what has gone on. Only a fool could not understand it. Sadly, IMPO, such documentaries these days are often shot in such trendy ways, lots of silly camera angles and quick snip editing that they often do not get their point across.

These two Panoramas basicaly hit you on the head with 'house prices have crashed'. They need to do the same today.

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I had no streaming at all... was like watching a bad powerpoint.

"Ecotowns" are tomrrows Bradely Stokes? Methink so.

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Bump!

This thread should be pinned, that was excellent watching.

Note the problems with shared ownership with buying 75%. This time round, people are buying as less as 25%!

Yes, it is different this time. <_<

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Thanks for these! I used to work near Bradley Stoke - it's fascinating seeing it's history.

I haven't watched the 1995 one yet, but I love the comment from the councilor at the end of the 1988 program.

Eyes closed, smug grin, shake of the head:

"The bubble isn't going to burst"

:lol::lol::lol:

Edit: to insert picture of smugness

councilchimp.JPG

post-379-1217065831_thumb.jpg

Edited by Voice of Reason

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Can't believe having watched the first 15 minutes of this programme that this has been allowed to happen again and how much worse it will be this time... do we never learn?

:(

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Can't believe having watched the first 15 minutes of this programme that this has been allowed to happen again and how much worse it will be this time... do we never learn?

:(

I agree - it's almost as if 1997 -2007 never happened. No more boom and bust! :(

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Watched the 1995 program now. Interesting that some people back in 1995 were predicting continuing falls.

Reporter:

"But there are respectable analysts who say that prices will fall and fall, not just because the subsidies have been removed, because of a new uncertain world of work."

Professor Douglas Wood - Manchester Business School:

"We can't go back to the old days where people expected lifetime employment on a rising salary scale. They're on short term contracts, they've got considerable job insecurity, they're not making long term commitments to housing and therefore this is going to feed through to feed through into falling demand into housing and therefore into sagging prices over the next 20 years."

:huh:

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Guest An Bearin Bui

Fascinating programme and it's hard to believe it was only 13 years ago - it's like an outpost from another century. People had savings for God's sake!!! Savings!! That's a foreign concept for most people today. There were quite a few differences:

1. People were more articulate generally and were taking responsibility for their own financial situation, were aware of the need for insurance and forward planning. It didn't seem like a particularly upmarket town but the people still could explain and understand their situation quite well and grasp what needed to be done. Today, it would just be a sea of whingeing and blame ("the mortgage advisor lied to me, I'm suing") and trite rubbish like "houses only go up in value, I'm in it for the long-term". The people seemed more adult and mature (apart from the numpty who had queued up somewhere because there was a queue ... :rolleyes: )

2. People had savings and no other debt such as credit cards, store cards or personal loans. In general they seemed to be people who had tried to live within their means but had just been caught up in the frenzy as they tried to get a home for their family. Now it would be full of morons who had owned outright but remortgaged to buy 10 BTLs where the rent had never even covered the mortgage.

3. The politician (Nigel Lawson?) was frank and honest about the situation. I thought he was almost harsh in calling the people in question foolish but he was right in emphasising that people were responsible for their own situation and free to make decisions like anyone else. A politician would be lynched for saying that on TV now - the PR officers / spin doctors would have him silenced permanently and removed from office.

and finally:

4. People were thinner!! I didn't see one obese or seriously overweight person... although there were lots of bad haircuts and some very dubious fashions... ;)

In general, I was surprised by how financially sound most of the people were. They weren't really living on the edge but had savings and insurance. Now, there are so many people who are 1 paycheque away from disaster as a HPC poster recently said on the BBC World radio show. Which all goes to show that the Manchester Business School academic may soon be proved right about his projection that house prices would remain static in real terms from 1995 to 2015...

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Which all goes to show that the Manchester Business School academic may soon be proved right about his projection that house prices would remain static in real terms from 1995 to 2015...

...errrr, not forgetting the great big humongous boom in between. <_<

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Guest sillybear2

The first programme is pretty interesting, replace the words 'Bradley Stoke' with 'Eco Town' and you have the present situation, just with really bad haircuts and glasses.

There's a clip of a fat cat developer sitting in the sales office describing why they can't be arsed to set aside any land for schools/shops/clincs etc, there sits behind him a nice set of adverts of their housing 'models', I must say "The Thatcher" looks rather nice, along with "The Mire" :lol:

£150k for a 4 bed detached, in 1988? Wow, up from £90k in the space of a couple of years, wow! One bed flat is now £51k.

My god, wasn't the 80's shit! It's like watching Little Britain.

edit: There's a sweet clip of the local councillor at 27:40 saying "The bubble isn't going to burst!" dismissively. Tit.

Edited by sillybear2

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My God, watching it reminded me of when the BBC actually treated its viewers with respect and assumed intelligence.

The difference between programmes like this and The Six O'Clock News from the mid-90s and now is quite astonishing.

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Fascinating programme and it's hard to believe it was only 13 years ago - it's like an outpost from another century. People had savings for God's sake!!! Savings!! That's a foreign concept for most people today. There were quite a few differences:

Yellow Bear,

I was thinking exactly the same thing myself. Fascinating programme. I too was struck by Lawson's straight speaking - none of the current automata can talk like that now. I would also add what I found remarkable was:-

5) No safety-sick nonsense on building sites. Ministers actually allowed on site without vests, goggles and helmets. Presumably none of them died.

6) What a pleasure to watch a mature documentary that didn't repeat itself every ten minutes, had no silly re-enactments, no shaky trendy camera work, no patronising explanations, and moved at an intelligent pace. Television once had intelligent programmes, it wasn't just in my imagination and it was only 13 years ago. Panorama is unwatchable now.

7) There was much less "property porn" involved. The sums of money lost were discussed simply as percentages, there was none of that Property Ladder ogling over the figures involved. Peoples' money was their affair not something to be discussed in public.

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Guest sillybear2
5) No safety-sick nonsense on building sites. Ministers actually allowed on site without vests, goggles and helmets. Presumably none of them died.

Shame, I guess that's why they now wear those hi-vis vests... so the digger drivers know who to aim for.

Edited by sillybear2

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...errrr, not forgetting the great big humongous boom in between. <_<

Interesting though. In 1995 people had reached the depression stage. "House prices aren't going to rise again".

We know now that then was actually the perfect time to buy.

The last 2 cycles have lasted 18 years so maybe 2013 is the next time to buy. ;)

I know nothing ever goes exactly as expected but this is looking spot on so far...

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Guest sillybear2

What's amazing is how people are talking about £10-20k as HUGE sums of money (obviously because they have to work for it!), and this was only in 1995, the recent boom has totally distorted peoples' concept of the value of money. Look the usually property porn during the boom, £10k was a fair sum to spend on a kitchen.

Edited by sillybear2

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  • 399 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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