Homes go for £800 - could it happen here?

PasturesNew

The research I do for you lot is amazing *rolls eyes*

A street to watch in the coming 2-3 years:
http://www.houseprices.co.uk/e.php?q=ts2+tower+green&n=100

StevieJ

Mandark wrote: »

Was just listening to a Detroit estate agent on BBC News channel. She said 3 bed houses are now going for $1000 with garage and basement. Presenter had to ask her to repeat it to make sure he was hearing it correctly! But purchasing taxes are $5-6000. House strippers are a problem too, nicking all the wiring and heating systems.

She said people are losing their jobs and abandoning their homes in Detroit and taking their kids with them so school attendance is falling dramatically.

I remember reading that another old industrial town, Cleveland, is suffering like this too. So those big northern American cities which were already in industrial and population decline but trying to fight back with new economic development initiatives over the last 20 years, are now in serious decline yet again.

Is this our urban future as well?

The market must have turned, on an EA site I saw last year they wer going for between 500 and 900 usd.

StevieJ

amcluesent wrote: »

>Where do you get 8,000,000 from?<

Complete loss of control over our borders over the last decade by NuLabour, failure to eject illegals after their visa expires and the exceptionally high birth-rate of Muslims. It's one of the reasons that NuLabour wanted to weasel out of performing another census which would reveal the true extend of immigrants swamping England while NuLabour were asleep at the wheel.

So you are telling us that the illegal immigrants will be happily filling in their census forms?

Generali

PasturesNew wrote: »

The research I do for you lot is amazing *rolls eyes*

A street to watch in the coming 2-3 years:
http://www.houseprices.co.uk/e.php?q=ts2+tower+green&n=100

The next street along (seriously):

Generali

mr_magoo wrote: »

I remember the last recession and a builder friend brought several building plots from a local receiver for 10% value of what an insolvent builder paid.
So expect the same and cheaper, as this recession is going to deeper.
Keep your guns loaded folks, plenty of house builders really struggling right now, banks will start calling them in soon.
Ones to look for are small local guys who build a few a year and finished building recently with a small land bank of individual plots. Unless they take a big hit on price, sell at cost or just less, they will have a job shifting them. Winters coming and market will totally die for these guys.

A house is really worth the cost of rebuilding it + the land (with pp) + a little something for the effort of building.

If house prices fall, ultimately it's only really the value of the land that has fallen substantially.

Realy

As long as there is a welfare state prices will not get that low.
BTLers will see to that.
What is it a shortfall of 4M council house shortfall and rising.

amcluesent

Potential for three or four 1-bed flats there I think. And just $1 to pay.

Generali

Realy wrote: »

As long as there is a welfare state prices will not get that low.
BTLers will see to that.
What is it a shortfall of 4M council house shortfall and rising.

The welfare state may well find itself in a spot of bother pretty soon.

We have millions of baby boomers planning to retire in the near future. Their state pensions are entirely unfunded as are the entirety of the pensions of the civil servants that are retiring. Many of the people in private pension schemes will find that as a result of recent stock market falls, their pension schemes aren't fully funded either.

We have (at a guesstimate) perhaps 500,000 children whose parents and grandparents have never worked and never plan to for as long as they can get away with it.

These 2 groups need paying for. It's going to be tough to pay for one or the other. Paying for both is impossible. The former group vote. The promises made to the former group are the more expensive.

Realy

Generali wrote: »

The welfare state may well find itself in a spot of bother pretty soon.

We have millions of baby boomers planning to retire in the near future. Their state pensions are entirely unfunded as are the entirety of the pensions of the civil servants that are retiring. Many of the people in private pension schemes will find that as a result of recent stock market falls, their pension schemes aren't fully funded either.

We have (at a guesstimate) perhaps 500,000 children whose parents and grandparents have never worked and never plan to for as long as they can get away with it.

These 2 groups need paying for. It's going to be tough to pay for one or the other. Paying for both is impossible. The former group vote. The promises made to the former group are the more expensive.

Don't get me wrong I don't agree with it.
I hate being wrapped in cotton wool (infact I hate cotton wool but that's another story)

Curious_Moose

Generali wrote: »

We have millions of baby boomers planning to retire in the near future. Their state pensions are entirely unfunded as are the entirety of the pensions of the civil servants that are retiring.

Exactly. Unfunded Public Sector pension liabilities are the elephant in the living room. Actually, there are other elephants as well.

Slightly off topic, but it doesn't bode well for sterling.