Monday, June 23, 2014

All your wages are belong to us

London is not in a property bubble, says Zoopla boss

"Alex Chesterman says London ought to be a more expensive place to live" Higher wages and business profits of course belong to landowners, not wealth creators...

Posted by mombers @ 01:27 PM (6739 views)
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12 thoughts on “All your wages are belong to us

  • So we should all spend, spend, spend now to get a bargain – and use Zoopla to find that house.

    There used to be a great term for people like that….’VI’.

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  • He is quite correct, with no taxation on site values, according to Ricardo’s law of rent all surplus money gravitates to land prices. This is then projected forward by speculation,sentiment and the implied Government support of land prices. Until we redress that through some form of Land Value Taxation, we will always see our wealth, and what money is created from whatever source disappear into this unproductive and dangerous monopoly.

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  • Thecountofnowhere says:

    Well, they would say that, wouldn’t they.

    It’s a sure sign it’s a bubble when VI types are publicly denying it’s a bubble.

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  • Did he predict a crash in 2008?

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  • It’s interesting how the VI’s are actually trying to redefine what a bubble is, so that London can be said to be ”not in a bubble”.

    Is a rise of £100,000 IN ONE YEAR for a small North London 1 bed flat, an indication of a bubble?

    Seriously……

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  • I have heard it said that a good working definition of a bubble is a situation where people are buying not because they are in need or recognise value, but because they expect prices to rise.

    Seems a pretty fair assessment of the panic buying that’s been going on lately. Ramajam open house on saturday -> offers on monday -> best and final on tuesday -> decision by wednesday. That doesn’t sound like a recipe for considered appraisals of fair value. That’s a calculated attempt to convincing potential buyers that they’re running out of time.

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  • A bubble is irrational expectations of price rises never stopping and get in now before it goes
    any higher…bit like dotcom boom

    Rational people would look out of london for a third of the price but brain.washing has led
    Them to believe that london is the only place to be

    Competition stokes the fire on the basis that if everyone else is gagging for it then it must
    Be the right decision

    No different than joining a cult

    When reality hits they will be stuck in negative equity possibly of £100k plus ….rising mortgage cost
    And living in a crime ridden noisy.area

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  • 4 years ago, houses near excellent primary schools in my area wouldn’t sell. I remember one women telling me she may never be able to move. This was near an excellent primary school in a good area, where the catchment area was less than 500 metres from the school. Now crap houses a little further out of my area have conceited owners telling me everyone want to live there: They stick out their chests with pride like posturing peacocks. Sentiment is a funny thing. We are in a era of changing definitions: Money printing becomes quantitative easing, freedom fighters are all terrorists, homes are assets and a bubble in London couldn’t possible exist, because everyone wants to live here: Including all those people that religiously vote for us at Eurovision each year.

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  • 4 years ago, houses near excellent primary schools in my area wouldn’t sell.

    But this was before robust government intervention – particularly via the FLS which pumped 42 billions into housing to get the economy going before the election next year.

    We are in a era of changing definitions: Money printing becomes quantitative easing, freedom fighters are all terrorists, homes are assets and a bubble in London couldn’t possible exist, because everyone wants to live here: Including all those people that religiously vote for us at Eurovision each year.

    Negative news doesn’t exist anymore – all is wonderful.

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  • lets stop calling it a bubble. lets call it what it is and that’s a loss of reality. the banks and estate agents have manufactured this market based around fear of losing out. the people scambling to get 5 times mortgages have been brainwashed out of their reality by their overwhelming panick to buy and compete with others. Unless London is ring fenced for only elite and welathy people then the buyers will slowly dry up as BOE takes control of the banks awful lending.. and it won’t easily come back. what point is there of a london without normal average salaried people such as teachers, nurses, binmen, shop workers and an endless list of what makes london alive and great which is not the rich people who you rarely see in real life. Further more london has become the eggs in one basket..heaven help us if anything should happen.

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  • Most of the good jobs are (unfortunately) to be had in London, so most people have to be within commutable distance of the capital. But the trouble with looking outside of London is that the commuter ‘halo’ effect stretches so far out that all realistically commutable towns (by which I mean within 1.5 hours of London terminals) have seen massive price increases too. There’s nowhere to buy that has escaped the madness.

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  • i see no ships!!!

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