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Asking prices down 7% from peak...


TheCountOfNowhere

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18 hours ago, stokiescum said:

Should be fun down south 

When i first worked down South, finsec provided about 30% of jobs in the towns 100miles around London.

Pick a town in that radius and i can guarantee that the top 20% paying jobs were all finsec.

These jobs pushup the other salaries and created loads of demand - butcher baker, bmw maker.

And pushed up HPI, on inflated salaries.

Now, 25 years on, i go back. London is full of 3rd world benefit dependent migrants. 90% of the finsec jobs in the regional towns have gone - no life cos, no bank back offices, no clearing or focumentation buildings, no legal services, no 3rd parties providing services.

Zap!! Gone.

So not only is employnent falling, incones are dropping.

Houses prices at 15x income were horrendous.

Now, without finsec, housing is 20-30× income.

MMR allows 5x max.

Do the sums.

 

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11 minutes ago, spygirl said:

House prices at 15x income were horrendous.

Now, without finsec, housing is 20-30× income.

MMR allows 5x max.

Do the sums.

I don't follow.  Housing now a larger multiple of income since the loss of finsec?  Which sums?  Nice if prices came down (crashed), for everyone's sake.

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17 minutes ago, Harley said:

I don't follow.  Housing now a larger multiple of income since the loss of finsec?  Which sums?  Nice if prices came down (crashed), for everyone's sake.

Southern household income appears to have fallen in half.

I know of quite a lot of couple who met whilst working at fineec Ltd, both earning large salaries for low skills.

Both lost jobs. He drives taxi, she TA.

300k mortgage with a 60k household income - 5x.

300k mortgage with 30k income - 10x

 

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5 hours ago, No One said:

Is this real? Is this what’s happening ?

 

if they are finsec why not go to America or Singapore ? I know I would 

Err, you are looking at tge big earners.

They are being replaced by software.

The finsec b8g employees n payers were the retail banks, back offices, life insurance.

All are down 75% by heads over last 15 years.

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47 minutes ago, spygirl said:

Err, you are looking at tge big earners.

They are being replaced by software.

The finsec b8g employees n payers were the retail banks, back offices, life insurance.

All are down 75% by heads over last 15 years.

Ok, but where is info coming from? Are there any articles citing this or is it just what you have seen?

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6 minutes ago, No One said:

Ok, but where is info coming from? Are there any articles citing this or is it just what you have seen?

You can work it out. It spread over 15 years and a large number of companies so tgere was never 300k laid off. Just cut after cut.

Retail banks have shut large number of branches, each employing 20-100 people.

In a medium sized town there was several bank branches. All gone.

Then theres life co, which seemed to be in every large town, employing 1000 +. Gone.

Finsec was the highest paying sector for people with limited skills.

 

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1 minute ago, spygirl said:

You can work it out. It spread over 15 years and a large number of companies so tgere was never 300k laid off. Just cut after cut.

Retail banks have shut large number of branches, each employing 20-100 people.

In a medium sized town there was several bank branches. All gone.

Then theres life co, which seemed to be in every large town, employing 1000 +. Gone.

Finsec was the highest paying sector for people with limited skills.

 

So happy I went into Engineering

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There used to be HSBC, Lloyds and Natwest in my town employing around 4000 in call/processing centres.

Now there's just Natwest with about 800. 

All branches in tact but skeleton crews.

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Chewing Grass
1 hour ago, No One said:

So happy I went into Engineering

But like everything else 'proper' the money isn't what it was 25-30 years ago.

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43 minutes ago, Chewing Grass said:

But like everything else 'proper' the money isn't what it was 25-30 years ago.

Too true

 

wage deflation for 30 years does that 

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Bobthebuilder
10 minutes ago, No One said:

Too true

 

wage deflation for 30 years does that 

Ive been working on a couple of house refurbishments recently, all UK tradesmen (dont know where the EEs have gone) but the customer does not have the money to pay the rates so the job has ground to a halt, he seems to think everyone works top dog for shit money and no one can be bothered.

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Long time lurking
17 minutes ago, Bobthebuilder said:

Ive been working on a couple of house refurbishments recently, all UK tradesmen (dont know where the EEs have gone) but the customer does not have the money to pay the rates so the job has ground to a halt, he seems to think everyone works top dog for shit money and no one can be bothered.

Pound vs Euro has had a huge impact coupled with Brexit stagnant wages rising living costs and rising wages back home when it comes to the poles ,Germany is the  destination now,,this is from not so much EE`s but Italians i worked with regularly  

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sleepwello'nights
15 minutes ago, Long time lurking said:

Pound vs Euro has had a huge impact coupled with Brexit stagnant wages rising living costs and rising wages back home when it comes to the poles ,Germany is the  destination now,,this is from not so much EE`s but Italians i worked with regularly  

Polish guy I know is returning home to Poland very soon. He was telling me when he arrived in early 2000's exchange rate was 7:1. Now its 3:1. Even at the current rate I found Poland very inexpensive when I visited in 2018.

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3 hours ago, spygirl said:

Err, you are looking at tge big earners.

They are being replaced by software.

The finsec b8g employees n payers were the retail banks, back offices, life insurance.

All are down 75% by heads over last 15 years.

x2 this.

Brokerage jobs have reduced massively due to software changes.Days of phoning your broker are ten years gone and never coming back.Amount of middle men squeezing some skin out of the game hugely reduced.

 

Back office jobs also lost to softeware

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12 hours ago, spygirl said:

Southern household income appears to have fallen in half.

I know of quite a lot of couple who met whilst working at fineec Ltd, both earning large salaries for low skills.

Both lost jobs. He drives taxi, she TA.

300k mortgage with a 60k household income - 5x.

300k mortgage with 30k income - 10x

 

Ah ta, not prices up but incomes down.  How will the MMR hit them?  Upon end of mortgage term?

I take the point on MMR with these new general salary levels implying lower house prices.

South's turn?  Was only a matter of time.  They ignored the North (happens to "them") and then.......

What goes around, comes around.

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Long time lurking
25 minutes ago, sleepwello'nights said:

Polish guy I know is returning home to Poland very soon. He was telling me when he arrived in early 2000's exchange rate was 7:1. Now its 3:1. Even at the current rate I found Poland very inexpensive when I visited in 2018.

Yep but it`s now no more beneficial to work in the UK than it is in the EU it`s not really just the Pound vs Zloty 

The same happened here in the 90`s regarding what i call the auf wiedersehen pet era 

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Bobthebuilder
2 minutes ago, Long time lurking said:

Yep but it`s now no more beneficial to work in the UK than it is in the EU it`s not really just the Pound vs Zloty 

A very good Polish friend of mine has been here since 2000, his brother stayed in Poland, both builders. It seems the brother who stayed has done far better, with hindsight.

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Long time lurking
2 minutes ago, Bobthebuilder said:

A very good Polish friend of mine has been here since 2000, his brother stayed in Poland, both builders. It seems the brother who stayed has done far better, with hindsight.

It only makes sense if you do it for a short time, live like a student over here and save then go home which most do ,but it looks like the people doing that are becoming less every year 

Inflation over the last ten years coupled with stagnant wages  have decimated  disposable income in the UK which effects everyone 

 

 

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Bobthebuilder
6 minutes ago, Long time lurking said:

Inflation over the last ten years coupled with stagnant wages  have decimated  disposable income in the UK which effects everyone

I salute you.

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2 hours ago, Bobthebuilder said:

Ive been working on a couple of house refurbishments recently, all UK tradesmen (dont know where the EEs have gone) but the customer does not have the money to pay the rates so the job has ground to a halt, he seems to think everyone works top dog for shit money and no one can be bothered.

It’s always been a bit of class war fare here in the U.K. when Blair opened the U.K. to the poles, who by the way are good people, I know a fair few, Blair and his champagne socialists under minded the labour of the U.K. tradesman.

At the end of the day the U.K. tradesman can’t go to Poland to work to support his family in the U.K. but the inverse is true . Poland  is cheaper than the U.K. so the price of labour reflects that.

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7 hours ago, sancho panza said:

x2 this.

Brokerage jobs have reduced massively due to software changes.Days of phoning your broker are ten years gone and never coming back.Amount of middle men squeezing some skin out of the game hugely reduced.

 

Back office jobs also lost to softeware

FinSec as whole, employed loads.

Retail stuff - bank branches, mortgages sales, etc etc. several 100k.

Massive cuts - 75%.

I go into town where, 20 years ago, there were several if not 10s of bank branches, each employing a far few people on pretty good pay n benefits.

Now theres  about 2 or 3, with a skeleton staff.

Wholesale - traders, investment, etc.

Employed several 100k pretty much all in London.

Very large pay.

About 50% down in headcount.

Then theres the old life companues, sellign WP scams.

Therse tended to be the biggest best paying employing in the towns they were in - Exeter, Bristol, Salisbury, Norwich, Yawk.

A few 1k hob losses n places where they employed several 10% of the private work population.

All these compnaies dragged up everyone elseswages and created massive demand.

 

 

 

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