Monday, March 7, 2011

A splendid bit of Home-Owner-Ist propaganda

No one would be served by a crash in West house prices

"For every struggling couple stuck in unsuitable rented accommodation or bedding down on a friend's sofa, there are many dozens here in the South West who have done well out of property price inflation. And the wealth they have made has helped to underpin the Westcountry economy over the past decade, when they have borrowed against the value of their homes or down-sized to free up capital... So tempting as it might seem for home-buyers if prices crashed the overall impact, particularly here in the South West, would be catastrophic. Negative equity, a nose-dive in financial confidence and billions wiped off the value of ordinary people's biggest assets are not sacrifices worth making to enable those who currently feel excluded to buy a home of their own."

Posted by mark wadsworth @ 10:57 AM (2893 views)
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22 thoughts on “A splendid bit of Home-Owner-Ist propaganda

  • South West needs it more than anywhere. South Hams, West Dorset and most of Cornwall are currently at about 12x average local earnings.

    Comments on this article pretty much sum it up. Selfish, VI, scumbag propaganda!

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  • sibley's b'stard child says:

    Staggering piece of reasoned writing there.

    ‘Negative equity, a nose-dive in financial confidence and billions wiped off the value of ordinary people’s biggest assets are not sacrifices worth making to enable those who currently feel excluded to buy a home of their own.’

    Words fail me.

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  • Arrogant b*****rd. The author fails to mention GREED, GREED, GREED.

    Come the revolution, he can be first for the guillotine – Off with his head.

    Angry of Exeter.

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  • ontheotherhand says:

    I see a way around all this. The government could step in and guarantee the price of any house for sale at the peak ’07 price, paying the difference on top of what it actually goes for. They then need only ringfence that new new national debt and put it on the shoulders of anyone under 35 who is selfish enough to rent. This way the government cleverly and helpfully sidesteps the nasty banks who will only lend 5X income since it can borrow 10X income on their collective behalf. They will now feel like proper citizens now that they are able to support the community and the economy as stakeholders in property debt.

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  • Good to see Sibley still ramping from his Bangkok rathole.

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  • mark wadsworth says:

    OTOH, good plan, but I think the govt should guarantee a resale price of 2007 peak plus 5% “capital growth” a year and also offer FTB mortgages at 100% LTV for (say) 3% interest only. To fund all this they could hike VAT to 50% or something.

    What can possibly go wrong?

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  • My blood actually went past boiling point reading this total rubbish.

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  • You lot are The Enemies of Enterprise. The South West should be devolved with its own central bank, cider and cream teas subsidised and zero percent loans made available to invest in apples and scones. A law should be enacted to prevent sales of houses to anyone except residents of Surrey who will bring huge wealth and waistlines to the new province.

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  • ontheotherhand says:

    MW, you are right that’s much better. With house prices going up again, BMW will again top the best seller list creating lots of salesroom jobs for those under 35. The 5% “capital growth” will create buffer for MEW for older owners to give for the deposit to the children to give them an opportunity to get rich with no effort. Your 50% VAT is a bit punchy, but perhaps if we guarantee to raise it a little every year, it will stimulate spending (I’m always being told that deflation stops spending dead, so the opposite must be true). Even better I reckon, give homeowners a VAT discount card to make the subsidy more obvious and punish the feckless and idle renter.

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  • crash bandicoot says:

    Nice to see that houses have slipped from “investment” status to “asset”. Time to nail down those gains made by wise investment before the cycle turns – or is it too late already…

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  • Why not legalize slavery and make it compulsory for all renters. If they are lashed hard enough they should contribute to economic growth, fully supporting the lifestyles of the 65% of the population that own homes.

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  • mark wadsworth says:

    Greenmind, that’s gonna be one heck of an inverted pyramid, seeing as less than ten per cent of people are in work and renting privately, about 70% are owner-occupiers and twenty per cent are in social housing or in privately ‘owned’ housing but financed by housing benefit.

    But as you say, slavery (or an effective tax rate of say 100%) on these ten per cent might be just enough to get rid of Council Tax for “hard working families and pensioners”, which I think would be a nice gesture of our appreciation for home-owners for having made such a big investment in society.

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  • Sibley,

    Is that your comment posted on the ‘This is Plymouth’ website ??????

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  • Maybe the article was written by Krusty, as hasn’t she got some Devon tax dodge “farm” or “fully furnished holiday let”
    down that way ?

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  • I love the way these people equate rapidly rising house prices with a sustainable and healthy economy. LOL

    It was a ponzi scheme, now get a grip and stop dreaming!

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  • sibley's b'stard child says:

    Ah no Will, that is the Sibley. Scourge of all I hold true and dear. I guess you can draw your own conclusions as to what he’s up to in Bangkok.

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  • mark wadsworth says:

    I couldn’t be ar5ed registering to comment at TIP but good work those of you who did 🙂

    I can only assume that SBC’s natural father visited that site via HPC or else it would be too much of a coincidence. Why doesn’t he post on here, or is he perhaps Smugdog?

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  • sibley's b'stard child says:

    Exactly MW, it’s rather touching that despite being barred from the forum since 2009 he still can’t resist the pull of HPC. I can only presume he didn’t sell his gaff in Maidstone (for what it was worth, natch) hence his residual bitterness.

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  • sibley's b'stard child says:

    BTW MW, I don’t think the two are related. The drivel that Sib’s used to write caused one to laugh at him; not with him. Oh, hang on.

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  • the number cruncher says:

    I did a quick google of Sibley and there is a very unsavoury Character, an ex school teacher in Plymouth called Mr James Sibley, a convicted paedophile. I am sure they is No connection what so ever with Sibley the champion of downtrodden landlords.

    The Plymouth Sibley seams to have a habit of following little boys into toilets and then facing and angry vigilante who broke his leg, what a shame!

    some HPC regulars may wish to read about this in the local paper at the time of his conviction:

    http://www.thisisplymouth.co.uk/news/Man-tights-fetish-tried-abduct-boy-8/article-297383-detail/article.html

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  • Roberto Birquet says:

    it’s the me, me, me, and if there’s anything left; me again society.

    Would have been unacceptable to write such stuff once upon a time. But we are called “dinosaurs” for saying anything pre-1980s spivite.

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  • This rubbish was also in the Western Daily Press last Saturday and probably other Daily Mail clones. This is by far the most desperate attempt by the vi’s I have seen for ages-there were supporting “articles” in the property section. They actually seem to be describing a ponzi scheme and demanding you join as some sort of duty to the existing idiots.

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