Property Meltdown

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Re: Property Meltdown

Postby markinspain » Wed Jun 05, 2019 8:25 am » Firefox 67.0 64 bits Firefox 67.0 64 bits  Windows NT 64 bits Windows NT 64 bits  Screen Resolution: 1920 x 1080 1920 x 1080

Laura » Tue Jun 04, 2019 1:20 pm wrote:You are such a wimp Mark!
I've spent half this lifetime in tropical or subtropical zones, and I'm yearning to return to the land of my idyllic youth.
Naturally I'm having to make adjustments. Currently I can let the temperature drop to 21.5c before lighting the wood burning stove.
A couple of years ago I was putting three layers on at 25c. (I blame Malaysia for that). So I'm getting there.
A friend in Manchester asked me last week if I wanted my ski-suit brought to Glasgow when she visits. I'd forgotten that she has been storing it for a decade + :|

:(


Too right! First year here, in the sea in November, this year tried last Sunday but still too cold! I love it when the holiday Brits look me up and down for still wearing a coat in April/October. Incidently, I have lived the other extreme while working in Austria in the 90s - minus 15 some days, but the key thing was that it was dry cold which didn´t soak through the skin, not that horrible damp depressive cold that Britain has.
People say, "Don't you miss it, Mark?" I say, "What, England? Nah. f**king place. It's a dump. Don't make me laugh. Grey, grimy, sooty. What a sh*t hole. What a toilet. Every **** with a long face shuffling about, moaning, all worried. No thanks, not for me." They say, "What's it like, then, Spain?" And I'll say, "It's hot. Hot. Oh, it's f**king hot. Too hot? Not for me, I love it."
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Re: Property Meltdown

Postby Laura » Fri Jun 14, 2019 7:35 am » Google Chrome 71.0.357 Google Chrome 71.0.357  Android Android  Screen Resolution: 1024 x 600 1024 x 600

Would you ever? - not.
Big builders are too important to fail, (they weren't in the 70s & 80s), but the steel industry isn't?

UK Government Blew Billions on “Help to Buy” Scheme that Enriched Home Builders and Drove Up Home Prices.
Taxpayers on the Hook When Prices Sink


https://wolfstreet.com/2019/06/13/uk-go ... ort-warns/


The UK’s government’s flagship “Help to Buy” equity loan scheme, launched ostensibly to give cash-strapped first-time buyers a leg up onto the property ladder, has dished out billions of pounds of publicly subsidized loans to relatively well heeled homeowners who were perfectly capable of buying their first property without need for outside help, asserts a new report by the National Audit Office (NAO).
....
One particularly egregious example is Conservative MP Peter Boone who, in 2016, used the scheme to buy a new constituency home, purchasing the £175,000 home in his wife’s name, with a £35,000 equity loan from the government. The first five years of that loan are interest free — hence the term “equity loan” – after which borrowers are charged 1.75% interest on the outstanding amount.

It’s a pretty sweet deal for Mr Boone and his wife, but perhaps not so much for UK taxpayers. But according to the Department for Housing, Communities and Local Government, such abuses are an “acceptable consequence” of designing the scheme to be widely available.
........
The NAO estimates that over the last six years, about 40% of all new-build properties have been bought by buyers using the scheme. This has not only helped to line the pockets of large home builders and banks, it has also transformed the UK government into a major player in the UK housing market.
.......
Gareth Davies, head of the NAO, warned that the biggest challenge the government faces will be to wean the property market and the home builders off the scheme with as little disruption as possible while still being able to meet its goal of 300,000 new homes being built by the mid-2020s. But many home builders are by now completely hooked on the public funds, with companies such as Persimmon depending on the scheme for around half of their sales.
Sai Baba, answering the question "What is the purpose of physical life?" responded: "To learn not to do it again."
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Re: Property Meltdown

Postby Laura » Thu Jul 18, 2019 10:30 am » Google Chrome 75.0.377 Google Chrome 75.0.377  Android Android  Screen Resolution: 1024 x 600 1024 x 600

Who would disagree. All absolutely splendid.......
Stop nudging people towards property at the expense of their pension – it’s irresponsible

https://www.cityam.com/stop-nudging-peo ... sponsible/

... until I read this

Let’s also not forget that allowing people to use pension savings without increasing the housing supply will only inflate property prices


There is NOT a housing shortage when 70% + of the flats I see in Glasgow are dressed or empty; & we all know why they haven't been fire sold, zirp for the those in possession :evil:
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Re: Property Meltdown

Postby Pixel8r » Wed Sep 18, 2019 4:15 pm » Safari 12.1.2 Safari 12.1.2  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

BTLers are starting to panic. My landlord for the house I rent is asking if I want to buy the place, saying he will do me a good price. I like the place but still think it is overpriced and would rather wait I think. Makes sense to keep my money in metals rather than putting it into an overpriced property. PM's are going to outperform house prices for the next few years IMO.
"Money is Gold, and nothing else"
(As John Pierpont Morgan once stated under oath before the USCongress and the Pujo Commission in 1912)
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Re: Property Meltdown

Postby Pixel8r » Tue Oct 15, 2019 4:50 pm » Safari 13.0.1 Safari 13.0.1  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

Watch on youtube.com
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Re: Property Meltdown

Postby d2thdr » Mon Oct 21, 2019 12:29 pm » Firefox 69.0 64 bits Firefox 69.0 64 bits  Windows NT 64 bits Windows NT 64 bits  Screen Resolution: 1600 x 900 1600 x 900

Pixel8r » Wed Sep 18, 2019 4:15 pm wrote:BTLers are starting to panic. My landlord for the house I rent is asking if I want to buy the place, saying he will do me a good price. I like the place but still think it is overpriced and would rather wait I think. Makes sense to keep my money in metals rather than putting it into an overpriced property. PM's are going to outperform house prices for the next few years IMO.


When do the change of regulations kick in? Is it next april or the year after that?
In the world today there are only three assets, gold, oil and currencies. The paper currencies, so long admired and accepted are now in a war of self destruction. They will consume each other in an end battle of "I'm the last man standing but have lost all use as a unit of value".
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Re: Property Meltdown

Postby d2thdr » Mon Oct 21, 2019 12:31 pm » Firefox 69.0 64 bits Firefox 69.0 64 bits  Windows NT 64 bits Windows NT 64 bits  Screen Resolution: 1600 x 900 1600 x 900

Laura » Fri Jun 14, 2019 7:35 am wrote:Would you ever? - not.
Big builders are too important to fail, (they weren't in the 70s & 80s), but the steel industry isn't?




The UK’s government’s flagship “Help to Buy” equity loan scheme, launched ostensibly to give cash-strapped first-time buyers a leg up onto the property ladder, has dished out billions of pounds of publicly subsidized loans to relatively well heeled homeowners who were perfectly capable of buying their first property without need for outside help, asserts a new report by the National Audit Office (NAO).


I too availed this loan. It was a no brainer than putting up a huge deposit. £90k interest free for 5 years. I am certain at the end of 5 years the inflation would have decreased the value of that 90k closer to 45 k.
In the world today there are only three assets, gold, oil and currencies. The paper currencies, so long admired and accepted are now in a war of self destruction. They will consume each other in an end battle of "I'm the last man standing but have lost all use as a unit of value".
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Re: Property Meltdown

Postby Pixel8r » Mon Oct 21, 2019 1:39 pm » Safari 13.0.2 Safari 13.0.2  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

d2thdr » Mon Oct 21, 2019 1:29 pm wrote:
Pixel8r » Wed Sep 18, 2019 4:15 pm wrote:BTLers are starting to panic. My landlord for the house I rent is asking if I want to buy the place, saying he will do me a good price. I like the place but still think it is overpriced and would rather wait I think. Makes sense to keep my money in metals rather than putting it into an overpriced property. PM's are going to outperform house prices for the next few years IMO.


When do the change of regulations kick in? Is it next april or the year after that?

This article details the tax changes. They have been phasing in since 2017.

https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords

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Re: Property Meltdown

Postby Pixel8r » Tue Oct 29, 2019 11:14 am » Safari 13.0.2 Safari 13.0.2  Mac OS X Mac OS X  Screen Resolution: 2560 x 1440 2560 x 1440

More local anecdotal property info from my street. The house behind has just gone on the market for £350,000, It is a 3-bed terraced house that sold the last time in 1996 for £73,000. It is now sitting empty waiting for someone to view it, It previously had tenants in it.

Looking at the BoE inflation calculator you can check the price of things with the effect of compounded inflation. I type in £73 and 1996 and see what by 2018 it would cost £134.61 at a yearly average inflation rate of 2.8%. So this cr*ppy terraced house has inflated by 2 1/2 times the official inflation rate over the last 25 years!

These BTL property idiots are living on a different planet IMO. They seem to think that because the government has now closed the tax loop-hole that made BTL profitable that they will just be able to put the house up at the highly inflated price and sell it. They seem to have no understanding of the economic reality that housing prices have been ramped up by government schemes for ages. I bet the house sits on the market for ages with no one viewing it, just as mine did when the landlord put it on the market for a year without one viewing.

I have also noticed that there are more and more houses getting for sale signs locally and none of them appear to be selling. It makes me think that we will see a large scale housing crash starting over the next year in the UK.
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Re: Property Meltdown

Postby wee Jinky » Tue Oct 29, 2019 2:05 pm » Google Chrome 49.0.262 Google Chrome 49.0.262  Windows Vista Windows Vista  Screen Resolution: 1366 x 768 1366 x 768

I'm keeping an eye on prices and have noticed a few being reduced but not by the amounts that would tempt me to buy. When I compare UK prices with those in Ireland/Portugal/France then I'm a million miles away from ever returning to the UK . The whole market is a scam supported by help to buy schemes and housing benefit , if the average couple can't afford to buy/rent the avg property without these schemes then wages are too low , prices are too high or both. A 3 bed terrace is an avg family home but an avg family wage is ? 350k is ridiculous , how much would construction costs be for a new one ?
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Re: Property Meltdown

Postby markinspain » Wed Oct 30, 2019 7:35 am » Firefox 70.0 Firefox 70.0  Windows NT Windows NT  Screen Resolution: 1920 x 1080 1920 x 1080

Pixel8r » Tue Oct 29, 2019 11:14 am wrote:More local anecdotal property info from my street. The house behind has just gone on the market for £350,000, It is a 3-bed terraced house that sold the last time in 1996 for £73,000. It is now sitting empty waiting for someone to view it, It previously had tenants in it.

Looking at the BoE inflation calculator you can check the price of things with the effect of compounded inflation. I type in £73 and 1996 and see what by 2018 it would cost £134.61 at a yearly average inflation rate of 2.8%. So this cr*ppy terraced house has inflated by 2 1/2 times the official inflation rate over the last 25 years!

These BTL property idiots are living on a different planet IMO. They seem to think that because the government has now closed the tax loop-hole that made BTL profitable that they will just be able to put the house up at the highly inflated price and sell it. They seem to have no understanding of the economic reality that housing prices have been ramped up by government schemes for ages. I bet the house sits on the market for ages with no one viewing it, just as mine did when the landlord put it on the market for a year without one viewing.

I have also noticed that there are more and more houses getting for sale signs locally and none of them appear to be selling. It makes me think that we will see a large scale housing crash starting over the next year in the UK.


You should go over to Housepricecrash and tell them. It´s only been 14 years and counting!
People say, "Don't you miss it, Mark?" I say, "What, England? Nah. f**king place. It's a dump. Don't make me laugh. Grey, grimy, sooty. What a sh*t hole. What a toilet. Every **** with a long face shuffling about, moaning, all worried. No thanks, not for me." They say, "What's it like, then, Spain?" And I'll say, "It's hot. Hot. Oh, it's f**king hot. Too hot? Not for me, I love it."
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