UK Economy

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Naffman
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So Halifax says house prices rose 1.1% this month, so apparently we are still at 2022 summer levels despite 30% less mortgage affordability, groceries up 17% and a cost of living crisis...erm ok :lol:
sionascaig
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Naffman wrote:
Wed Mar 08, 2023 10:08 am
So Halifax says house prices rose 1.1% this month, so apparently we are still at 2022 summer levels despite 30% less mortgage affordability, groceries up 17% and a cost of living crisis...erm ok :lol:
Housebuilders cutting back massively on new builds this year may factor in?

And talking of new build prices - has the world gone mad... Reckon its a 10+ year wait if you buy a new build vs old before you see a return on investment (at least in the Edinburgh area).
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Naffman
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sionascaig wrote:
Wed Mar 08, 2023 10:29 am
Naffman wrote:
Wed Mar 08, 2023 10:08 am
So Halifax says house prices rose 1.1% this month, so apparently we are still at 2022 summer levels despite 30% less mortgage affordability, groceries up 17% and a cost of living crisis...erm ok :lol:
Housebuilders cutting back massively on new builds this year may factor in?

And talking of new build prices - has the world gone mad... Reckon its a 10+ year wait if you buy a new build vs old before you see a return on investment (at least in the Edinburgh area).
Exactly, that should also feed into prices, why would investors buy houses when you can get 4%+ in the bank.

I live in an OK area and they’re taking months to sell now if at all, back in the summer they were selling in a matter of days. These towns where they’re just mass building new houses with no jobs or a bustling town centre are especially going to get hammered.
greenmark
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sionascaig wrote:
Wed Mar 08, 2023 10:29 am
Naffman wrote:
Wed Mar 08, 2023 10:08 am
So Halifax says house prices rose 1.1% this month, so apparently we are still at 2022 summer levels despite 30% less mortgage affordability, groceries up 17% and a cost of living crisis...erm ok :lol:
Housebuilders cutting back massively on new builds this year may factor in?

And talking of new build prices - has the world gone mad... Reckon its a 10+ year wait if you buy a new build vs old before you see a return on investment (at least in the Edinburgh area).
Because a house used to be a long term investment that you lived in. It has become an investment opportunity due to lack of supply and increased demand.
A house should not be a investment opportunity. People need affordable roofs over their heads and speculators and land banks have screwed that idea.
But the problem is the genie is out of the bottle. For any govt to tackle this would require hurting all those speculators, so sensible policies would be deeply unpopular with that cohort.
sionascaig
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greenmark wrote:
Wed Mar 08, 2023 2:13 pm

Because a house used to be a long term investment that you lived in. It has become an investment opportunity due to lack of supply and increased demand.
A house should not be a investment opportunity. People need affordable roofs over their heads and speculators and land banks have screwed that idea.
But the problem is the genie is out of the bottle. For any govt to tackle this would require hurting all those speculators, so sensible policies would be deeply unpopular with that cohort.
I don't think I made my point very well. Was trying to say there appears to be far more value buying an "old" property v's new build. It seems to have become like buying a new car & face a 20% to 40% fall in value after the 1st year. But do agree with what you say )
greenmark
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sionascaig wrote:
Wed Mar 08, 2023 4:27 pm
greenmark wrote:
Wed Mar 08, 2023 2:13 pm

Because a house used to be a long term investment that you lived in. It has become an investment opportunity due to lack of supply and increased demand.
A house should not be a investment opportunity. People need affordable roofs over their heads and speculators and land banks have screwed that idea.
But the problem is the genie is out of the bottle. For any govt to tackle this would require hurting all those speculators, so sensible policies would be deeply unpopular with that cohort.
I don't think I made my point very well. Was trying to say there appears to be far more value buying an "old" property v's new build. It seems to have become like buying a new car & face a 20% to 40% fall in value after the 1st year. But do agree with what you say )
I would encourage any budding homeowner to find a heap with potential (and spend a lot of time doing that) and renovate. But it's flipping hard work on top of a full-time job.
This is where capital can wipe out your dreams. They just throw money at the project and for so long now that has been a guarantee of profit. Joe Bloggs has almost no chance anymore. He/She has to be an exceptional individual to get the home they want.
I actually feel guilty that I bought my 1st house for 17k, my 2nd for 78k and 3rd for 225k. So thats 1988 to 2005. Nett spend? About 80k. So my 1st house was 1.7 of my salary. My salary compared to my 2nd house was less than a 3rd. My salary compared to my 3rd house was less than a fifth
Safe as houses. But a lot of people are being excluded and it's not fair.
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Naffman
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1/2% back on the table for BoE tomorrow after that inflation data
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Naffman
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Rightmove says new to site house price listings down 1.9% MoM, imagine what that number would be if they included reductions too.
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jamesedwards
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Naffman wrote:
Mon Aug 21, 2023 8:34 am
Rightmove says new to site house price listings down 1.9% MoM, imagine what that number would be if they included reductions too.
Doesn't really mean anything on it's own. What is it normally at this time of year? From memory house listings always slows during summer holidays.
Emmson
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Examples of Broken Britain can be found everywhere.

https://twitter.com/LiamThorpECHO/statu ... 0489391318
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jamesedwards
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Emmson wrote:
Mon Aug 21, 2023 10:44 am
Examples of Broken Britain can be found everywhere.

https://twitter.com/LiamThorpECHO/statu ... 0489391318
Especially on Twatter X :lol:
Archery1969
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Location: Newport

A UN judge says the UK is likely to owe more than £18tn in reparations for its historic role in transatlantic slavery.

Who thinks we should pay that back ?

I bet none of the political parties do.
sionascaig
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Archery1969 wrote:
Wed Aug 23, 2023 7:35 pm
A UN judge says the UK is likely to owe more than £18tn in reparations for its historic role in transatlantic slavery.

Who thinks we should pay that back ?

I bet none of the political parties do.
I really don't see how those living now can be held account for something that was done by their ancestors - how far back do you go...?

However if your great great grandfather made vast sums of money from owning slaves, was an active participant in stopping legislation to end the slave trade and had his own personal branding iron for use on his slaves then I think you may be on a sticky wicket as the Prince of Wales found during a recent trip to the Caribbean.
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wearthefoxhat
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Archery1969 wrote:
Wed Aug 23, 2023 7:35 pm
A UN judge says the UK is likely to owe more than £18tn in reparations for its historic role in transatlantic slavery.

Who thinks we should pay that back ?

I bet none of the political parties do.
Just add it to the tab.

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jamesedwards
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sionascaig wrote:
Thu Aug 24, 2023 9:52 am
Archery1969 wrote:
Wed Aug 23, 2023 7:35 pm
A UN judge says the UK is likely to owe more than £18tn in reparations for its historic role in transatlantic slavery.

Who thinks we should pay that back ?

I bet none of the political parties do.
I really don't see how those living now can be held account for something that was done by their ancestors - how far back do you go...?

However if your great great grandfather made vast sums of money from owning slaves, was an active participant in stopping legislation to end the slave trade and had his own personal branding iron for use on his slaves then I think you may be on a sticky wicket as the Prince of Wales found during a recent trip to the Caribbean.
Will the UK be suing Italy for the slaving of Britons by the Romans?
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