Tuesday, October 29, 2013

It’s going mainstreamp, people ….

15 Facts That Reveal The Utter Insanity Of Britain’s Housing Market

15 Facts That Reveal The Utter Insanity Of Britain’s Housing Market .... Or why you will never be able to buy a house.

Posted by montesquieu @ 09:55 PM (4785 views)
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4 thoughts on “It’s going mainstreamp, people ….

  • Starts off well then goes off track, also too London centric in bias, the comments underneath are more revealing and at times enlightening than the article itself.

    Don’t know how widely read the site is amongst twenty somethings but I suspect it is not, however Mr Knowles is an Oxford educated journalist at The Economist and has previously worked for the Daily Telegraph and Spectator.

    He’s also been on the Newsnight (17/4/13) where he was pitched against Max Kaiser and basically defended paper money. He recently caused a stir by stating in an Economist article titeld ‘City Slicker’ that ‘Middlesbrough, Burnley, Hartlepool, Hull’ should be abandoned.

    So all in all I think he is mischief making for his own ends as a journalist rather than making a point.

    I’m also curious as to whether he has had parental help with his first rung on the London property ladder.

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  • Yes this starts off very well but focuses on the wrong conclusion, but some very useful data collected here. Its the expansion of credit available for housing (that is then self reinforcing) that has created the huge bubble. Supply/demand issues are a factor, but not the major factor by a long shot.

    There is a large body of landowners/developers now pushing for expansion in private house building, like wolves salivating over a wounded deer they say the huge profits to be made by the uplift in getting planning permission.

    To my knowledge there is a large, mostly unseen, business in buying and selling development options on land, near likely development areas. Fortunes are to be had and the circling wolves are starting to be heard in the media.

    On balance a huge programme of council housing and private building is welcome as long as it is planned to minimise environmental impact.

    Again the public capture of the uplift in land values due to planning permission is the answer, offsetting other taxes (and most efficiently achieved through LVT). LVT is the perfect tool to get builders building, and building more efficiently, and get councils to grant planning permissions as they get the revenue. Other forms of land value capture like capital gains will put off development and not maximise efficiency.

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  • @1

    I thought it was awesome. Most of my favourite graphs in one handy article. Credit creation was alluded to often, even if it didn’t have a graph associated with it. Stats on credit expansion are surprisingly hard to obtain. John Geanakoplos, a big advocate of the leverage cycle, has lobbied for the US to record more data on leverage ratios.

    Buzzfeed is massive. Reading lists is probably more popular than watching youtube videos for people “working” at a computer. Buzzfeed dominates that market.

    I imagine a journalist at the Economist in his late 20s/early 30s would earn 40k max. I sincerely doubt he owns a London property without parental help. So what?

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  • Great post thanks!

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