How many are you counting on a house price crash?

[Wight Flight]

2 minutes ago, spunko said:

If that is the case, how does one explain the huge oversupply of houses that they could not sell for love nor money in Spain, USA, Portugal etc in 2007/2008. The prices were ridiculously low, there was demand, but the banks were not lending. They ended up as ghost towns IIRC.

Did the banks end up owning the ghost towns?

If , I would think they would rather not sell than destroy the value of their holdings by selling too cheaply.

[Democorruptcy]

43 minutes ago, spunko said:

Yes I was just talking metaphorically. If second homes were made illegal overnight, would house prices (generally) crash because there's a huge new oversupply?

In my opinion, no. Supply has little to do with demand. If you added 100k extra properties onto the market overnight, even if prices went down as a result, the would-be buyers would not be able to buy them because the lending criteria and affordability checks would not allow them. If the banks can't lend you money, doesn't matter how much 'demand' there is.

I think banks can and will lend money, what I'd like to see is something that might change tourist spots like where I am. If something was done about holiday homes/lets, then I think there would be more supply and less demand from property speculators. That would surely bring down prices until they meet people what more people can afford.

I've sent my 2 suggested taxes to some politicos and they have been met with some interest. In Wales they are putting the empty night tax into their next round of discussions about what to do with second homes/holiday lets but told me they can't do anything about applying CGT on them. Apparently CGT is a reserved matter and not devolved to Wales, so only the UK Treasury has control of it.

[spunko]

9 minutes ago, Democorruptcy said:

I think banks can and will lend money, what I'd like to see is something that might change tourist spots like where I am. If something was done about holiday homes/lets, then I think there would be more supply and less demand from property speculators. That would surely bring down prices until they meet people what more people can afford.

I've sent my 2 suggested taxes to some politicos and they have been met with some interest. In Wales they are putting the empty night tax into their next round of discussions about what to do with second homes/holiday lets but told me they can't do anything about applying CGT on them. Apparently CGT is a reserved matter and not devolved to Wales, so only the UK Treasury has control of it.

It's good that the situation in Wales can be resolved by politics,I'm not sure if it can be resolved where I am, without physically lifting up and moving my county further away from London 

[Wight Flight]

21 minutes ago, spunko said:

It's good that the situation in Wales can be resolved by politics,I'm not sure if it can be resolved where I am, without physically lifting up and moving my county further away from London 

Massive tolls on the bridge for non-locals?

[spunko]

Just now, Wight Flight said:

Massive tolls on the bridge for non-locals?

A ban on Londoners from buying in specific locations has been suggested a few times. Sadly the local councillors reckon they don't have the powers. No idea if true or not.

I keep quiet as I was born about 4 miles from the London border

[Wight Flight]

Just now, spunko said:

A ban on Londoners from buying in specific locations has been suggested a few times. Sadly the local councillors reckon they don't have the powers. No idea if true or not.

I keep quiet as I was born about 4 miles from the London border

Why just Londoners?

A lot of ours come from Surrey and Berkshire.

[spunko]

4 minutes ago, Wight Flight said:

Why just Londoners?

A lot of ours come from Surrey and Berkshire.

A lot of the dregs that are sent down here with their mental health issues are from Lambeth and Southwark council areas. They buy a lot of the cheaper housing before the foundations go in, they move their problematic council tenants down here. Suffice to say, most of them are non-white, so it creates a lot of resentment locally. The local council claims they're powerless to stop it.

At the other end of the scale, a lot of the higher-end houses are bought as second homes for wealthy London lawyers etc.

I don't think people round here would care if Mr Blue Collar from Woolwich moved here.

[Democorruptcy]

11 minutes ago, spunko said:

A ban on Londoners from buying in specific locations has been suggested a few times. Sadly the local councillors reckon they don't have the powers. No idea if true or not.

I keep quiet as I was born about 4 miles from the London border

Given how low sterling is, it's the foreign buyers that need throttling. They get the BoE's discount and enable Londoners to sell and move out.

[Milfhunter2021]

On 14/09/2022 at 08:24, haroldshand said:

Have to disagree, these rich areas might well lose value on their property, and even that I am now doubting, but taking away wealth from people is much harder than you might imagine. I have worked hard for this moment and started preparing 4 or 5 years ago for the cost of living crisis that is now here which includes holding onto the wealth I have and successfully. So those in the rich and super rich brackets have far better resources than I have and it would be a bugger to remove it from them if that's what anyone tried to do,

If you get a group of Blacks with AK47s putting it up your nose ... like South Africa .... you don't have a choice.... 

Muslims believe you are a Kuffar .... so my friend your property is valueless now. 

Breeding rate , is exceeding old Whitey .... 

I have resources , but the best resource i have is 4 Passports ( Which is worth more than any 500k house I own. 

[honkydonkey]

No house price crash, Serco will just rent them for our guests.

Calling all landlords | Serco

Serco provides asylum accommodation and support services in the North West of England, Midlands and East of England. Our purpose is the provision of accommodation, transportation and subsistence payments for asylum seekers whilst their claims are being processed.

We are responsible for over 30,000 asylum seekers in an ever growing portfolio of more than 6000 properties. Our operating model is based on leasing properties from a wide network of landlords, investors and agents with Serco acting as a Tenant.

[With a crooked smile]

2 hours ago, Milfhunter2021 said:

I have resources , but the best resource i have is 4 Passports ( Which is worth more than any 500k house I own. 

A 500k house buys you entry to most countries in the world.

[haroldshand]

2 hours ago, Milfhunter2021 said:

If you get a group of Blacks with AK47s putting it up your nose ... like South Africa .... you don't have a choice.... 

Muslims believe you are a Kuffar .... so my friend your property is valueless now. 

Breeding rate , is exceeding old Whitey .... 

I have resources , but the best resource i have is 4 Passports ( Which is worth more than any 500k house I own. 

I can see things getting worse but not that grim or rapid

The scenario you set out you would see coming years beforehand.

I still have a passport for EU travel

[King Penda]

1 hour ago, With a crooked smile said:

A 500k house buys you entry to most countries in the world.

Or a nurse has a wife or become a nurse yourself

[King Penda]

Anyway it’s zooplas update day today and I logged on expecting to see another 500 pound drop in the surposed value of my house .zoopla have now reversed the last two 500 quid a month drops and added a 1k increase wtf.how the fuck do they work this shit out .

[VeryMeanReversion]

22 hours ago, Wight Flight said:

Correct.

The second home owner that bought the place I was renting two years ago still hasn't spent a night there.

They have made over £150k though.

Even more annoyingly it is tax free.

It's not tax free. Only principal primary residence is CGT exempt.

[Wight Flight]

1 minute ago, VeryMeanReversion said:

It's not tax free. Only principal primary residence is CGT exempt.

It is her primary residence.

She lives in a part of her father's rather large house in Fulham.

[humdrum]

This housing business is clearly a lot more complex than I realised. My original idea was to live in and enjoy the house when prices were low and then sell up when prices rose.

I guess I must be missing something

[Frank Hovis]

23 minutes ago, humdrum said:

This housing business is clearly a lot more complex than I realised. My original idea was to live in and enjoy the house when prices were low and then sell up when prices rose.

I guess I must be missing something

 

I would say it's what you intend to do when you have sold your house.

Sit down the beach surrounded by all of your possessions in bags for life?

[humdrum]

10 minutes ago, Frank Hovis said:

 

I would say it's what you intend to do when you have sold your house.

Sit down the beach surrounded by all of your possessions in bags for life?

That had occurred to me as well.

I suppose I could sell up, pop round to the bank every other week and say hello to my money ans spend the rest of my life on a park bench. But it does not seem a lot of fun.

[humdrum]

On 14/09/2022 at 08:20, spunko said:

Okay, I'll be honest. I want every property investor and house builder to lose their shirt and be begging in the streets. I want every Help To Buy wanker who ever boasted about their gainz to be living in the hedgerows. I want every young person who has been deprived of owning a home to forcefully retake what's theirs. I want every estate agent to go bust and turn to prostitution. I want every boomer who boasted about their second home property to have it forcefully taken off them by the state and given to a young person.

Supply and demand doesn't affect house prices, there are plenty of people who want a house (demand) but cannot afford one, There was an oversupply of houses in Ireland and Spain in 2008 and we all know what happened there, if people cannot get finance then it doesn't matter how much demand there is. Supply and demand fallacy is often spouted by boomers as it justifies their greed.

 

A sad little post, ridden with childlike spite but if that sort of thing turns Spunko on well, he is a good lad and will no doubt grow out of it.

I can't say that I have ever been that bothered by how rich other folk are. Although, in a way I am. A rising tide floats all boats, so I can only hope the rest of the world wallows in cash and all the other good things in life. That way I get a bigger slice of the cake with hardly any effort

[spunko]

27 minutes ago, humdrum said:

 

A sad little post, ridden with childlike spite but if that sort of thing turns Spunko on well, he is a good lad and will no doubt grow out of it.

I can't say that I have ever been that bothered by how rich other folk are. Although, in a way I am. A rising tide floats all boats, so I can only hope the rest of the world wallows in cash and all the other good things in life. That way I get a bigger slice of the cake with hardly any effort

The fact you equate unearned property wealth with being rich says a lot about your attitude, not mine. Keep counting that wealth, meanwhile I work for a living and no doubt earn much more through hard graft. How very old fashioned 

[spygirl]

On 14/09/2022 at 08:20, spunko said:

Okay, I'll be honest. I want every property investor and house builder to lose their shirt and be begging in the streets. I want every Help To Buy wanker who ever boasted about their gainz to be living in the hedgerows. I want every young person who has been deprived of owning a home to forcefully retake what's theirs. I want every estate agent to go bust and turn to prostitution. I want every boomer who boasted about their second home property to have it forcefully taken off them by the state and given to a young person.

Supply and demand doesn't affect house prices, there are plenty of people who want a house (demand) but cannot afford one, There was an oversupply of houses in Ireland and Spain in 2008 and we all know what happened there, if people cannot get finance then it doesn't matter how much demand there is. Supply and demand fallacy is often spouted by boomers as it justifies their greed.

Saw this -

Family of Briton held in UAE urges divestment from Dubai Islamic Bank

Ryan Cornelius’s relatives blame lender for businessman’s extended detention

 

https://www.ft.com/content/6b658635-a7c1-4e89-b4de-dabe1aacf387

Ryan Cornelius, 68, has been imprisoned in the Gulf’s commercial capital for 14 years after being arrested in 2008 along with three other people, including his former business partner Charles Ridley. All four were convicted of defrauding DIB, which is part-owned by the Dubai government, in 2011. At the end of their sentences in 2018, following an application by the bank, a Dubai judge extended their detention by 20 years until they settled $430mn in alleged debt. The judge retroactively used a 2009 law that provides for the imposition of a prison sentence for the non-repayment of fraudulent gains from government-related entities.

Fair enough.

https://www.dailymail.co.uk/news/article-10451575/Wife-British-businessman-locked-Dubai-jail-die-prison-repay-millions.html

A British property developer has effectively been condemned to die behind bars in Dubai, says his distraught wife, so that senior figures in the Emirati state can seize control of his assets, including a lavish city-centre polo resort.

Heather Cornelius says her husband Ryan has already spent 13 years in a cell the size of a shipping container with five other inmates following a minor banking fraud.

 

Officially, Cornelius stands convicted of fraud over a £372million loan he received from Dubai Islamic Bank to fund an upmarket 20million square foot polo development .

In the eyes of most Western observers, the property developer was guilty of no more than a minor financial infraction. He had kept up with every repayment until his arrest.

[Wight Flight]

8 hours ago, humdrum said:

 

A sad little post, ridden with childlike spite but if that sort of thing turns Spunko on well, he is a good lad and will no doubt grow out of it.

I can't say that I have ever been that bothered by how rich other folk are. Although, in a way I am. A rising tide floats all boats, so I can only hope the rest of the world wallows in cash and all the other good things in life. That way I get a bigger slice of the cake with hardly any effort

I don't care how rich some people are. I do care if they make that wealth, or use that wealth, by impoverishing others.

[King Penda]

5 minutes ago, Wight Flight said:

I don't care how rich some people are. I do care if they make that wealth, or use that wealth, by impoverishing others.

My old lodger messaged me yesterday he has been given a permanent contract at jcb he followed my advice he will now have to watch how much overtime he does has he does not want to go into the next tax bracket (50k I think ).

[Milfhunter2021]

13 hours ago, haroldshand said:

I can see things getting worse but not that grim or rapid

The scenario you set out you would see coming years beforehand.

I still have a passport for EU travel

All I would say is ...just look how quick the public fell for Covid, Vaccines , and hard enforced rules.

I would never have believed it would happen so quickly.

That's why I believe the transformation will happen quickly.

With literally thousands of people coming over on boats , a million plus a year on legal visa, most will not return home....it's not going to be long .

Foreigners see the weakness in White Europeans....and so do I.

That's why I believe it will happen quickly.

Look at cities back in the 90s and look at them now....it tells you how quick it will change.