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Debate House Prices
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The government will do whatever they can do to stop a nominal fall in house prices. They've bailed out the banks to the tune of hundreds of billions in funny money they borrowed from themselves, secured on assets that are probably worth half their paper value.
A property crash will make the banks look even more insolvent than they already are, which means we'll lose the money they owe us and we won't be able to pay ourselves back the money we created out of nowhere; forcing more decades of austerity on tax payers.
Meanwhile the elites pay themselves ever higher wages, rob us of our savings with inflation, and probably laugh themselves to sleep each night at the pointless labour of ordinary people, which must look to them rather like servants who are themselves starving piling giant mounds of delicious food in front of a lazy fat king, who warns them that things will get even worse if they stop.
There will be no tenancy reform, next to no new building, no regulation of letting agents, and no reining in of BTL while this state of affairs continues.0 -
PasturesNew wrote: »If house prices were miraculously half price overnight.... people would immediately be able to borrow/buy one - and then buy furniture, knick knacks, do DIY, order minor and major works, buy building materials, carpets, soft furnishings, garden furniture.... and once settled in the repayments would be low enough for them to afford to go out for meals, holidays, join activities .... thus stimulating the WHOLE economy.0
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PasturesNew wrote: »If house prices were miraculously half price overnight.... people would immediately be able to borrow/buy one - and then buy furniture, knick knacks, do DIY, order minor and major works, buy building materials, carpets, soft furnishings, garden furniture.... and once settled in the repayments would be low enough for them to afford to go out for meals, holidays, join activities .... thus stimulating the WHOLE economy.
If only it was as simple as that.0 -
homelessskilledworker wrote: »Right i'm in!!
And so is my wife.
You never told us you got married again, Foxy.
Congratulations0 -
A house price crash would cause huge defaults and banks would lose money etc etc etc those who think houses worth half over night would suddenly allow borrowing and people to buy things in shops are wrong
We have come to far and there is no going back0 -
moneyinmypocket wrote: »A house price crash would cause huge defaults and banks would lose money etc etc etc those who think houses worth half over night would suddenly allow borrowing and people to buy things in shops are wrong
We have come to far and there is no going back
When people do have the means to get a mortgage, then they are usually pushing close to their limit, so not much free income to splash the cash into other areas of the ecomony (as PasturesNew has already described).
House price crash is just a scary phrase, I prefer the phrase of house prices getting back to normal.0 -
People can afford houses at current rates of they stopped buying iPhones, beer money and sky subs0
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moneyinmypocket wrote: »People can afford houses at current rates of they stopped buying iPhones, beer money and sky subs0
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Can someone explain this notion that every pound spent on housing is a pound lost to the economy? It's just a pound in different hands.0
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