news & politics:discussion

[fraybentos1]

5 hours ago, Neil said:

just been reading about house prices falling (here), suggests that over £50k has been knocked off the value of my house. Would also suggest my new neighbours on both sides will now be in negative equity.

good stuff, they need to drop by a lot, they have become mental in the last few years

[Guest]

The government are so incompetent it’s untrue.

[Guest]

Meanwhile our future PM has been living his best life. 

[Guest]

 

[Ryan1984]

I read something last night about how one of KamiKwasi’s ‘Thought Group’ (private equity) mates want to scrap things like free childcare hours and MissTruss loves that idea.

Truly despicable people. Bring back Boris!

 

[Guest]

23 minutes ago, Ryan1984 said:

I read something last night about how one of KamiKwasi’s ‘Thought Group’ (private equity) mates want to scrap things like free childcare hours and MissTruss loves that idea.

Truly despicable people. Bring back Boris!

 

You’re sounding a bit too anti-growth for me 😉

[Ryan1984]

Conor Burns said something to Mel B? 

 

[steviewevie]

Happy Birthday Vlad

[Neil]

40 minutes ago, Barry Fish said:

Yup which will stop people moving. 

which means no growth, a lot of spending is based around the home, spending to get the house how you want it.

[fraybentos1]

35 minutes ago, Barry Fish said:

People being trapped in negative equity is a really shit position for people and won't help you any unless they lose their homes. 

It’s an inevitable consequence if house prices drop. Yep there will be some people that lose out, but a whole generation has essentially lost out cause of these mad prices. 
 

I don’t know about the specifics of anyone’s situation but no one should expect the value of their house to just keep going up and up when buying during an economic shit storm. If you borrow hundreds of K at ultra low interest rates you run a certain risk.

[squirrelarmy]

My career depends on people buying new furniture. Most of that happens when people move house. 

[lost]

Quote

Conor Burns said something to Mel B? 

He preferred All Saints to the Spice girls.

 

1 hour ago, Barry Fish said:

People being trapped in negative equity is a really shit position for people and won't help you any unless they lose their homes. 

 

During times like these you generally get a market set by the 3 D's. Death, Divorce and Destitution. The house I bought in 2010 was actually where the house builder had gone under and I finished it myself. I got 40% off what they were trying to sell it for in 2008.

Edited October 8, 2022 by lost

[Guest]

This policy would clearly be a disaster. Tories once again proving they don’t care about working people. 

[Guest]

lol. Tories. 

[Guest]

Sir Keir leading the way. 

[fraybentos1]

7 minutes ago, Barry Fish said:

You are basically positioning yourself back to being a bit of a twat.  I explained to you only a couple of days ago how the average joe has no real choice over what the percentages are when it comes time to buy a new house etc - anymore than you can change the fact house prices are high.  But you still have ago at them and act like a bit of a twat about it.

And you are basically hoping people have devastating financial outcomes so you can possibly get on the housing ladder.  Its a massively twaty position to take.

You said you are 26 the other day and it shows - you have a lot of growing up to do.

It’s a bubble which needs to burst, it’s happened several times in history. Investments can go down as well as up, the problem is that people believe housing can only go up. 
 

People sit there delighted that their house had doubled in value with them doing fuck all, they don’t spare a thought for people renting in shite circumstances.

Do you believe house prices are too high yes or no? The answer is obviously yes and for them to come down will cause some people pain, same way that house prices going from 2x average income to 7/8/9 times it has caused people hardship. 

[Guest]

Sexy. 

[Neil]

1 hour ago, lost said:

He preferred All Saints to the Spice girls.

 

 

During times like these you generally get a market set by the 3 D's. Death, Divorce and Destitution. The house I bought in 2010 was actually where the house builder had gone under and I finished it myself. I got 40% off what they were trying to sell it for in 2008.

Neg equity is a shit happened to me in the past and house was reosessed and they came at me for the losses. It wasn't a way to shake off the negative equity. 

[Guest]

18 minutes ago, OverlyComplicated said:

This is exactly what you don't want to happen, yes house prices are too high and it would be a good thing if they could be managed down gradually but a sudden crash would be disastrous for many people's livelihoods.

As a mechanism for bringing house prices down increasing interest rates is awful, if prices fall as interest rates increase you have people stuck in negative equity so can't sell their home whilst not being able to afford the increased mortgage payments. 

If you want to bring house prices down look at developers, make them build more affordable housing not just the most profitable larger homes, make them build on the tracts of lands they buy up as fast as possible rather than holding back to restrict supply and maintain prices. 

People seem to only be bothered by a situation when it benefits them.

I agree completely, raising interest rates isn’t the right thing to do, will only leave people with less money to spend and potentially leave stick with negative equity.

Part of the solution to the housing issue is to build more homes, increase the supply which will level out the cost.

We also need a different model for renters so that aren’t at the mercy of greedy landlords.

Sadly Tories and Tory voters don’t want address any of these issues as it’ll lead to less money for them and inconvenience of houses being built in their area. So they won’t do anything and then they’ll moan about the situation when they are suddenly impacted by it. 

[fraybentos1]

20 minutes ago, OverlyComplicated said:

This is exactly what you don't want to happen, yes house prices are too high and it would be a good thing if they could be managed down gradually but a sudden crash would be disastrous for many people's livelihoods.

As a mechanism for bringing house prices down increasing interest rates is awful, if prices fall as interest rates increase you have people stuck in negative equity so can't sell their home whilst not being able to afford the increased mortgage payments. 

If you want to bring house prices down look at developers, make them build more affordable housing not just the most profitable larger homes, make them build on the tracts of lands they buy up as fast as possible rather than holding back to restrict supply and maintain prices. 

Yeah but this isn't going to happen is it. With the exception of the early 90s and 08 banking crisis, in recent times prices have just gone up and up and up. The reason they have gone up so much in the last 15 or so years is cause interest rates have been so low. People have been able to borrow too much for too cheap. Interest rates should be and need to be higher.

[fraybentos1]

Just now, Ozanne said:

People seem to only be bothered by a situation when it benefits them.

I agree completely, raising interest rates isn’t the right thing to do, will only leave people with less money to spend and potentially leave stick with negative equity.

Part of the solution to the housing issue is to build more homes, increase the supply which will level out the cost.

We also need a different model for renters so that aren’t at the mercy of greedy landlords.

Sadly Tories and Tory voters don’t want address any of these issues as it’ll lead to less money for them and inconvenience of houses being built in their area. So they won’t do anything and then they’ll moan about the situation when they are suddenly impacted by it. 

You're just a home owner who doesn't want the value of his house to go down. That is pretty Tory if you ask me 🙂 

[fraybentos1]

1 minute ago, Ozanne said:

People seem to only be bothered by a situation when it benefits them

Couldn't agree more. That's what you do.

[fraybentos1]

25 minutes ago, OverlyComplicated said:

 

As a mechanism for bringing house prices down increasing interest rates is awful

The BoE isn't increasing interest rates cause they want house prices to drop, it is just a consequence. They need to increase them cause they are too low and they need to match the fed or the pound will get even more fucked than it already is which will make imports and inflation worse.

[Guest]

People should think of what benefits everyone and not just them. Sadly there’s too much of the opposite in this country. 

[lost]

The best solution would be not to let them get out of control in the first place. The issue seems to be politicians like the feel good factor around rising house prices. 

It does seem to be an indicator regarding political sentiment. Mid-90's crash, Tories voted out in 1997. 2008 crash, Labour voted out in 2010 and now a possible house price crash in the run up to 2024/25. 

Edited October 8, 2022 by lost