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JackieO

U.K. House Prices Are on the Longest Losing Streak Since Crisis

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13 minutes ago, JoeDavola said:

Northern Ireland, or Belfast anyway, feels like it did just before the last crash.

Prices up up up, insane optimism prices never go down blah blah....

Not the same as 2007, as back then no one knew the extent the worlds central banks would go to, to prop up the debt bubble ... and they thought the Tory govt would go to the extremes it has since 2010 to make sure price only ever go up.

It really is just fucken nuts when all people want to do is buy a house with 25 years work.

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Just now, Banned said:

Not the same as 2007, as back then no one knew the extent the worlds central banks would go to, to prop up the debt bubble ... and they thought the Tory govt would go to the extremes it has since 2010 to make sure price only ever go up.

It really is just fucken nuts when all people want to do is buy a house with 25 years work.

So are you saying that the fact that the government has spent a decade propping up the bubble, means it's more likely to continue?

Here's a good example from Belfast (25K average wage in the city...) - a one bed city center apartment for the best part of 200K. To my mind this is madness:

https://www.propertynews.com/property-for-sale/belfast/apartment-type/custom+house+residence/property/DRTDRT1418?status[]=For+Sale&sector[]=Residential&offset=60&limit=10

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3 minutes ago, JoeDavola said:

So are you saying that the fact that the government has spent a decade propping up the bubble, means it's more likely to continue?

 

I think a change of leadership could see the govt removing some props but its just wishful thinking ... and with a change to a Labour govt fuck knows what'll happen, they could burst the bubble overnight or they could go all out to help people with deposits and stupid fucks who borrowed too much and expect the govt to bail them out directly to stop them being evicted.

But in a way now the govt are on the hook for so much of the Help To Sell debt you could argue that theyll do all they can to keep the plates spinning.

Agree that that 50k flat being advertised at 190k is madness. Especially when theyve put the kitchen in the lounge and havent bothered putting a bathtub in.

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Here the mortgage calculator at the bottom shows it to be £890 a month then obviously add monthly service charges, and thats if interest rates are kept at rock bottom rates.

image.png.9c82e313e4ab090ca179ae1d6b277a08.png

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16 minutes ago, Banned said:

Here the mortgage calculator at the bottom shows it to be £890 a month then obviously add monthly service charges, and thats if interest rates are kept at rock bottom rates.

image.png.9c82e313e4ab090ca179ae1d6b277a08.png

Yep - the building service charges will be at least 100 quid a month, probably more, and the rates bill will be about 850 a year I'd guess.....to live in a shoebox in Belfast.

Oh and what's also interesting is that there's a row of retail units at the bottom of this building that have never been used ever i.e. nobody's ever wanted them:

https://14ddf0189030e284325f-9aaf64b0a8ae76edc7e395888cde879d.ssl.cf3.rackcdn.com/BSC670843/Brochure-custom-house-square-jan-18.pdf

I'm expecting stuff like this to fall, hard, if we do have another crash.

Edited by JoeDavola

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4 hours ago, Banned said:

I think a change of leadership could see the govt removing some props but its just wishful thinking ... and with a change to a Labour govt fuck knows what'll happen, they could burst the bubble overnight or they could go all out to help people with deposits and stupid fucks who borrowed too much and expect the govt to bail them out directly to stop them being evicted.

But in a way now the govt are on the hook for so much of the Help To Sell debt you could argue that theyll do all they can to keep the plates spinning.

Agree that that 50k flat being advertised at 190k is madness. Especially when theyve put the kitchen in the lounge and havent bothered putting a bathtub in.

But will they thought (govt)?...It would be interesting to see how much they are really liable for, & how much of this is offset by their interest accruals and worse case property values...remember its only really The South East and London that have gone ballistic in the last ten years.....I bet it's a fraction of what they spent (wasted) to bail the banks out!

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Just now, MrXxx said:

But will they thought (govt)?...It would be interesting to see how much they are really liable for, & how much of this is offset by their interest accruals and worse case property values...remember its only really The South East and London that have gone ballistic in the last ten years.....I bet it's a fraction of what they spent (wasted) to bail the banks out!

Prices in places like Manchester are going ballistic at present. Same for pretty much any part of the country you'd want to live. The bubble is everywhere though granted its worse in Southern England.

As for would the govt do all it can to prop up the housing market, well the last 8 years of this Tory lot speaks volumes, so long as Hammond and May are in power itll not change these 2 traitorous Keynesian pieces of shite are as far from free marketeers as you can get. Corbyn with his Land Value Tax is more of a capitalist.

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Ask yourself `Why do MPs (Lib, Lab, Con or Ukip)work for such shit money?`...I think we both know the answer...self~serving rather than public~serving interests.

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7 minutes ago, MrXxx said:

Ask yourself `Why do MPs (Lib, Lab, Con or Ukip)work for such shit money?`...I think we both know the answer...self~serving rather than public~serving interests.

Give Farage his due he was in it for the greater good and mos certainly not for the money. about the only one i can think of though.

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3 minutes ago, One percent said:

Tony benn 

dennis skinner

Tony Benn is a wealthy born to rule career politician needing something to do. Look at his son, the apple doesnt fall from the tree.

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3 minutes ago, Banned said:

Tony Benn is a wealthy born to rule career politician needing something to do. Look at his son, the apple doesnt fall from the tree.

His son is an odious twat. Tony benn really didn’t need to enter politics and certainly not for labour. 

I have heard him speak a few times and he blew me away with the way in which he could develop an argument and hold an audience. 

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2 hours ago, Banned said:

Tony Benn is a wealthy born to rule career politician needing something to do. Look at his son, the apple doesnt fall from the tree.

Tony Benn died in 2014 ... ' A stalwart of the left, Tony Benn was a critic of tax avoidance measures. As an owner of expensive properties in London and the south of England.'

Tony Benn of course took every measure possible to avoid paying tax, gifting properties while continuing to live there .... but paid 'rent' to avoid HMRC problems, Deeds of Variations ... Trust Funds, every trick in the book  .... but he was (and made a great play of being) a critic of tax avoidance ... but obviously this does not apply to the great and the good such as Tony Benn. I suspect his son Hilary Benn, Labour MP is an apple close to the tree.

Edited by satch

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11 hours ago, Banned said:

Give Farage his due he was in it for the greater good and mos certainly not for the money. about the only one i can think of though.

Not everyone does it for the financial gain, some like the status...how many salaried managers do you know that whilst `looking down` on their hourly paid colleagues are actually being `trumped` by them when you look at the tax returns!

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3 hours ago, jm51 said:

How much of the house price rises is down to Stirling being worth a lot less?

Agreed, Sterling is being debased by BofE policy. I think we are all well aware of the 'easy' options that CB's will take.

Comparing the price of a UK house to the old standard of money you get this;

776836772_Screenshotat2018-08-15103728.png.3200ac161de92ab164d32696ff107564.png

 

Now, to get back to that 2003/4 top, Gold would have to be at about £290 an ounce, or approx $370 US an ounce. As it costs about $900 to get it out of the ground clearly that can't happen.

Or we could go back to the 1980's when 75 ounces of Gold bought a house, which would mean Gold would go to approx. £2820 per ounce, or $3600 US an ounce.

Alternatively we could just have the price of Gold stay where it is, and have a 60% drop in house prices....:Jumping:

Where are we headed????

Edited by NogintheNog

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On 14/08/2018 at 22:24, satch said:

Tony Benn died in 2014 ... ' A stalwart of the left, Tony Benn was a critic of tax avoidance measures. As an owner of expensive properties in London and the south of England.'

Tony Benn of course took every measure possible to avoid paying tax, gifting properties while continuing to live there .... but paid 'rent' to avoid HMRC problems, Deeds of Variations ... Trust Funds, every trick in the book  .... but he was (and made a great play of being) a critic of tax avoidance ... but obviously this does not apply to the great and the good such as Tony Benn. I suspect his son Hilary Benn, Labour MP is an apple close to the tree.

I used to work with Josh Benn who was a fantastic bloke. 

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