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Property crash, just maybe it really is different this time


haroldshand

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6 minutes ago, Hancock said:

Why?

Really expensive for what it offers, little in the way of amenities. I am not knocking it as a town, but I have always been bemused at its perceived status.

Great show in September though! 

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19 hours ago, Knickerless Turgid said:

Really expensive for what it offers, little in the way of amenities. I am not knocking it as a town, but I have always been bemused at its perceived status.

Great show in September though! 

Im not from there so wasn't aware of the status, just seems like rural Southampton.  Soton is a absolute hole mind, i'd be unlikely to find a reason to ever visit there.

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8 hours ago, Noallegiance said:

"Treasury officials are now also examining the case for reforming the stamp duty system, amid concerns that it distorts the housing market."

xD

You truly couldn't make it up could you, but the MSM will never question what must be "the" most rigged market in British history.

All they ever do is reform the stamp duty system, from what i see the alternative will be to whack it onto council tax or for income tax/NI to rise.

Its the govt being ran by DT editors, as even the comments on SDLT are pretty much leave it as it was.

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8 hours ago, Hancock said:

image.png.7b47b40fde94298ac4bc16e79ff1262c.png

https://www.dailymail.co.uk/news/article-9296877/Rishi-Sunaks-axe-fuel-tax-hike-slash-hospitality-VAT-slashed-upcoming-budget.html

I fucken hate this cunt, you can be sure its just more money handed, there isnt going to be a crash if this cunt has anything to do with it.

 

There isn't going to be a crash, as much as we all want it. That much is clear already with this shower in charge. If you are waiting for a crash to be able to buy, give up now and just move overseas.

Why else do you think Rishi has been flown in from obscurity to the second-highest job in politics, within a few months?

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2 minutes ago, spunko said:

There isn't going to be a crash, as much as we all want it. That much is clear already with this shower in charge. If you are waiting for a crash to be able to buy, give up now and just move overseas.

Why else do you think Rishi has been flown in from obscurity to the second-highest job in politics, within a few months?

Looks that way, however i will wait and see if he ends S24 for basic rate taxpayers. Its my delusion that he will.

Its insane if he extends it for BTL and 2nd homebuyers. But this is a govt that is led my Twitter and DT editors so it's likely.

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On 18/02/2021 at 21:04, Knickerless Turgid said:

Really expensive for what it offers, little in the way of amenities. I am not knocking it as a town, but I have always been bemused at its perceived status.

Great show in September though! 

The main difference to prospective newcomers to Romsey is the lack of violence and crime. I reckon about 90% of the people in social housing are related. So the nice bits stay nice and the not so nice bits are safe and friendly. No crack dealers, no heroin, no postcode stabbings. 

You can pretty safely pay stupid money for a house on that new estate and by the time you've paid off the mortgage it'll still be worth something. In a lot of the country you by a new build and the neighbours rent their houses out to benefit claimants, you've just spent your life working for a slum tenement surrounded by junkies. 

A few of my mates who decided to buy only ever looked at houses in Romsey. The prices outside are irrelelvent when you consider the risks. 

But yes, it is weird. 

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16 minutes ago, Calcutta said:

But yes, it is weird. 

All parts of southern England that are vaguely "well to do" are full of people who think they're somewhat superior, and posher than the Royal family. Whereas the poor people living in what up north would be deemed small and relatively safe council estates think they're gangsters from the "hood", despite being brought up in more or less full employment.

I lived in Bournemouth for a while and this was my perception of the vast majority. They have a Pikey community there, (with most never having lived in a caravan) and the non-pikeys seem to see them as something to aspire to and even speak Pikey; all very weird!

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9 hours ago, Hancock said:

You truly couldn't make it up could you, but the MSM will never question what must be "the" most rigged market in British history.

All they ever do is reform the stamp duty system, from what i see the alternative will be to whack it onto council tax or for income tax/NI to rise.

Its the govt being ran by DT editors, as even the comments on SDLT are pretty much leave it as it was.

You are assuming they are going to reduce it.

Theyll just set bands, to avoid large steps.

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9 hours ago, goldbug9999 said:

Take away the free HPI gains from the south of England and 9 out of 10 people wouldnt have a pot to piss in.

yup.  One of my family members bought a big house in Wimbledon about 30 years ago.  Now worth, probably, 5 million?  

If it was worth zero, their liquid assets would probably be about 10k on a good day.  Imagine that ratio.

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Chewing Grass
Just now, wherebee said:

yup.  One of my family members bought a big house in Wimbledon about 30 years ago.  Now worth, probably, 5 million?  

If it was worth zero, their liquid assets would probably be about 10k on a good day.  Imagine that ratio.

Imagine how skint they would be if Council tax was based on multiples of average UK house value.

At £252K a £5M residence would be £30K per year, now that would keep the all fur and no knickers brigade out of posh areas.

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3 hours ago, desertorchid said:

Government says " Think again buttercup".

2011845365_ScreenShot2021-02-27at8_31_06AM.png.85564c113159d540798ca8c1bd3e74bb.png

Fannie and Freddie on steroids.

Seems there is no need for banks to provide mortgages any more as the govt is backing it all up, its extending Help to Buy to absolutely everyone.

This is fucken horrific.

https://www.telegraph.co.uk/politics/2021/02/26/flexi-apprentices-work-one-company-rishi-sunaks-126m-jobs-boost/

Tens of thousands of young people will be able to make it on to the housing ladder under a Government-backed mortgage scheme to be unveiled by Rishi Sunak in next week’s Budget.

Under plans to turn “generation rent” into “generation buy”, the Treasury will offer lenders a guarantee to ensure they can issue mortgages to first-time buyers and current homeowners covering 95 per cent of property value, up to £600,000.

This means buyers will need just a five per cent deposit. The proposals have been drawn up by Treasury officials in recent weeks, with discussions with banks well advanced.

It is expected to closely resemble the Help to Buy mortgage guarantee scheme, introduced by David Cameron’s administration.

On Friday night, the Chancellor said: “By giving lenders the option of a government guarantee on 95 per cent mortgages, many more products will become available, helping people to achieve their dream and get on the housing ladder.”

 

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20 minutes ago, Hancock said:

Fannie and Freddie on steroids.

Seems there is no need for banks to provide mortgages any more as the govt is backing it all up, its extending Help to Buy to absolutely everyone.

This is fucken horrific.

https://www.telegraph.co.uk/politics/2021/02/26/flexi-apprentices-work-one-company-rishi-sunaks-126m-jobs-boost/

Tens of thousands of young people will be able to make it on to the housing ladder under a Government-backed mortgage scheme to be unveiled by Rishi Sunak in next week’s Budget.

Under plans to turn “generation rent” into “generation buy”, the Treasury will offer lenders a guarantee to ensure they can issue mortgages to first-time buyers and current homeowners covering 95 per cent of property value, up to £600,000.

This means buyers will need just a five per cent deposit. The proposals have been drawn up by Treasury officials in recent weeks, with discussions with banks well advanced.

It is expected to closely resemble the Help to Buy mortgage guarantee scheme, introduced by David Cameron’s administration.

On Friday night, the Chancellor said: “By giving lenders the option of a government guarantee on 95 per cent mortgages, many more products will become available, helping people to achieve their dream and get on the housing ladder.”

 

In essence, the government would be quite happy for house prices to be double what they are from today. Its horrific to watch but they have been pulling these stunts for a couple of decades now and there is no way they will stop.

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4 minutes ago, desertorchid said:

In essence, the government would be quite happy for house prices to be double what they are from today. Its horrific to watch but they have been pulling these stunts for a couple of decades now and there is no way they will stop.

Yes its time to buy.

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5 minutes ago, desertorchid said:

In essence, the government would be quite happy for house prices to be double what they are from today. Its horrific to watch but they have been pulling these stunts for a couple of decades now and there is no way they will stop.

Its blatantly privatising profits and socialising losses.

15 years or more labour is to be wiped out unless i buy soon.

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On 06/02/2021 at 17:58, Lightscribe said:

Ultimately I think we may see government mortgages and essentially they will eventually own all land, assets and infrastructure (transport, medical, agriculture etc)

Unfortunately we called it. Absolute tossers. You will own nothing remember?

 

2B8F3118-F0F6-4E28-89BE-9DB73D961975.jpeg

Edited by Lightscribe
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The property market here in Australia (apart from some inner city stuff which has fallen) has gone mental.  Every single property in my area is going for at least 15% over asking.  

I think people are i) fleeing the city and ii) desperate to get rid of cash, as they can see the inflation beast coming (as can I - going to spunk almost all our cash savings on improving the family home to make it as energy efficient as possible and add a room).

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17 minutes ago, wherebee said:

The property market here in Australia (apart from some inner city stuff which has fallen) has gone mental.  Every single property in my area is going for at least 15% over asking.  

I think people are i) fleeing the city and ii) desperate to get rid of cash, as they can see the inflation beast coming (as can I - going to spunk almost all our cash savings on improving the family home to make it as energy efficient as possible and add a room).

I don’t think the general masses see inflation coming at all, you give them far too much credit. :)

What we’re seeing is a one way bet of ever increasing debt, backed by ever increasing prices and being encouraged beyond all financial grounding (i.e what people actually earn).

They think the government will never let it fail and so all financial risk is taken off the table. Ultimately they’ve continued to be proven correct. 

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Fully Detached

Well once again my instinct to not vote for a politician who seems to be offering what I want gets proven correct.

I wonder what that Cummings bloke thinks of this - wasn't he making noises that insane house prices were destroying the "younger" generation in the UK? Perhaps his solution was just to let people borrow more money as well.

Either way, I am not buying in this country. Prices could double from current levels and I still wouldn't look back and say that this was fair value. I'm tempted to walk in a casino, chuck everything I have on red and if it comes in great. If I lose, I just go to the government and demand they feed and house me while I sit on my arse watching Netflix all day.

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Nah. Bone thrown to mark the removal of HTBv2.

They key words are 'looking at ways'

UKGOV dont have big enough debt markets to support UKGOV borrowing and UKers mortgages.

Its offering banks insurance to cover 95% mortgages. The cost is left unannounced.

Only Nationwide + HBOS sold  HTB loans in any sort of numbers.

All other banks banks basically swerved them.

 

 

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2 hours ago, Lightscribe said:

Unfortunately we called it. Absolute tossers. You will own nothing remember?

 

2B8F3118-F0F6-4E28-89BE-9DB73D961975.jpeg

Looking at ways .....

Well .. unless UK £ becomes the world reserve currency then they cannot do it.

The announcement has had the aitr beaten out of it by the turmoil on this weeks bonds and inflation.

 

 

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