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gruffydd

Subprime Bust Hits The English Castle

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Interesting article. Not sure who has said 35% falls in UK prices this year... apart from us... and it seems to still labour under the belief of many that somehow the problems in the UK market are all the fault of those greedy subprime Yanks which, of course, we all know to be not the case.

I wish that we begin to see more stories of UK subprimers, greedy people and so on so that people begin to realise that this is a UK problem and not just a US one.

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That the heartland of personal wealth, envisioned by Margaret Thatcher as the "home-owning democracy", could come under direct threat was considered unbelievable just months ago.

Financial Times columnist Tony Jackson last year, before the credit crisis hit, warned against what he called "it's different this time" (IDTT) syndrome. In boom times, he wrote, especially long ones, people disregard the ugly twin of the economic cycle - bust - and lull themselves into a belief that the good times will continue indefinitely. IDTT was, until the subprime crisis struck, used by everyone, from investment bankers to commodity traders to real estate agents, to further the argument that the cycle of boom and bust had been beaten.

To make matters worse, thousands of Britons face the prospect of being unable to pay to even heat the home they can no longer afford as British Gas, Britain's largest energy supplier, announced on Thursday energy prices would rise by up to 44%.

Perhaps the UK will be a tent-owning democracy instead???

It's not been different this time.

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Perhaps the UK will be a tent-owning democracy instead???

It's not been different this time.

Only if they change the planning laws. The current laws encourage an urbanised 'rough sleeping democracy'. Places that would be suitable for tent pitching are considered sacred and must not be touched.

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  • 395 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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