The Housing Surplus Timebomb

Radiantsoul

Most of the Woolworths around me seem to have been re-let.

abaxas

Joeskeppi wrote: »

It's a nice try but the difference is Hamish used VI sources for his thread, that spouted a load of fiction.

I've corrected this for you.

dopester

Ok.. well that article with the Woolworths reference was from August 2009, and I accept that more may have been acquired by others since then.

For me, the stores stepping into their place don't fill me with hope of any powerful recovery, or doing much to prevent area decline... Bargain Madness, 99p Stores, Poundland, Home Bargains.

Woot!

Although the report below from the same month, but updated in November 2009, has an area list of 200 ex-Woolworth stores, the status... naming the business which now operates there / or whether remaining empty.

Woolies Watch: What happened to your local Woolworths?

28 August, 2009 | Updated: 19 November, 2009 3:19 pm | By Martin Stabe

Huge demand for new retail jobs

Around the country, strong demand for jobs in new stores opening in former Woolworths units have highlighted the effect of the recession on local economies.

The biggest crush came in June when 1,800 people queued to apply for just 25 jobs at a new QD Store in Wellingborough’s former Woolworths.

http://www.retail-week.com/story.aspx?storycode=5005683&PageNo=5&SortOrder=dateadded&PageSize=20.

Radiantsoul

Well to be fair a Woolworths was a bit of a bargain store in its own right and the locations that it owned seemed more likely to be let to cheap stores than Hamleys, etc.

MatteH

stueyhants wrote: »

Hamish, will you please stop comparing apples with oranges. Your comparing long term single incomes as a % of mortgage costs against household incomes now.

Back in the 1990 according to national statistics http://www.statistics.gov.uk/STATBASE/ssdataset.asp?vlnk=5140
The average % of household income spent on a mortgage was 25.1% (Owner/mover)

If we look at today, take a 180k house, 10% deposit and your looking at about £960 per month mortgage. Compared to the average household income of about 30k http://www.statistics.gov.uk/cci/nugget.asp?id=334

This gives 38%. If people want to use 37k as the household income (as some people like to use) then it's still 31% and that is still more unafforable.

I think he missed your post, but I'm sure this has been pointed out to him numerous times & it isn't always about this issue specifically.

Supposedly supplying valid arguments, but actually using very a selective choice of statistics to prove a common point

stueyhants

I have no problem with Hamish's argument about long term demand and supply inbalances forcing prices up, I tend to agree. I also have no problems with him stating prices have risen over the last 6 months.

What I disagree strongly with is his assertion that people should stop moaning because prices are more affordable now since 19whatever!! Using like for like figures shows this is completly untrue.

For some % of people houses are still afforable and hence why there are buyers and sellers in the current market. For the average person affordability is worse.

Spartacus_Mills

HAMISH_MCTAVISH wrote: »

When I read this, (all complete nonsense of course, but creative nonsense none the less),


.

Hey, that never stops you Hamish

Spartacus_Mills

stueyhants wrote: »

I have no problem with Hamish's argument about long term demand and supply inbalances forcing prices up, I tend to agree. I also have no problems with him stating prices have risen over the last 6 months.

What I disagree strongly with is his assertion that people should stop moaning because prices are more affordable now since 19whatever!! Using like for like figures shows this is completly untrue.

For some % of people houses are still afforable and hence why there are buyers and sellers in the current market. For the average person affordability is worse.

Hamish has some decent points to make but loses them with his personal attacks and bitter rants at people. On this forum he comes over as bitter and obsessed, far more than anyone else either side of the debate and his personal attacks on other posters are not necessary.

Where I think he is off the mark is his rigid adherence to simple supply/demand. He claims there is a shortage of property yet there are 8 properties on the market for every mortgage granted. Hardly a shortage and hardly likely, on their own, to make prices race upwards.

treliac

macaque wrote: »

Cheap money is gradually being phased out and the hoards of immigrants who flooded into our airports 3 years ago are now catching planes home. Why would they stay when jobs are shrinking by the day?

If they take children, who were born in the UK, will we be sending child benefit after them for the next 18 years? :huh:


(Where's the roll eyes smiley gone?)

carolt

Good thread, OP.