40% In London

BillJones

LydiaJ wrote: »

I still think, though, that somebody might, without being at all racist, be concerned about this country's balance of trade, and therefore would not want a significant proportion of the capital's housing stock to be owned by LLs who take the rent money out of the UK economy because they live and spend elsewhere.

I aree that these are valid concerns, but they are not the ones that seem to exercise some posters here, who will choose to complain about, for example, "non-uk citizens" who live and buy here, as opposed to absentee landlords or owners.

The former includes people buying a home to live in here in the UK, who are working here and paying taxes. To complain about these people (such as my wife) is racism, plain and simple.

CLAPTON

LydiaJ wrote: »

I have no idea which, if any, posters on this board are racist. I don't usually read the rant threads anyway. I believe you that some people going on about "foreign investors", either on here or in a pub somewhere, are indeed racist.

I still think, though, that somebody might, without being at all racist, be concerned about this country's balance of trade, and therefore would not want a significant proportion of the capital's housing stock to be owned by LLs who take the rent money out of the UK economy because they live and spend elsewhere.

are you equally concerned about foreigners investing in Honda, Toyota, Landrover etc?

should we ban all inward investment?

LydiaJ

BillJones wrote: »

I aree that these are valid concerns, but they are not the ones that seem to exercise some posters here, who will choose to complain about, for example, "non-uk citizens" who live and buy here, as opposed to absentee landlords or owners.

The former includes people buying a home to live in here in the UK, who are working here and paying taxes. To complain about these people (such as my wife) is racism, plain and simple.

Absolutely agree with you there. I'm very sorry your wife has been subjected to that sort of thing.

CLAPTON wrote: »

are you equally concerned about foreigners investing in Honda, Toyota, Landrover etc?

should we ban all inward investment?

I'm not suggesting banning anything. I'm all too well aware that I don't know enough economics to know what should be done about any of the problems facing this country's economy, but I doubt banning any particular kind of investment is the way forward in any respect. I suppose I could say that I wonder whether it might be a good idea to do something (and even if it was then I don't know what) to shift the incentives for owning something as inelastic as housing to be more favourable to those who live here than to those who don't.

What I do know is that a concern about the balance of trade isn't necessarily racism, and that people don't always use words precisely and might well say "foreign" when they mean "non-dom", and that it's unhelpful to accuse people of racism when it's not really clear that they are in fact racist.

CLAPTON

LydiaJ wrote: »

Absolutely agree with you there. I'm very sorry your wife has been subjected to that sort of thing.



I'm not suggesting banning anything. I'm all too well aware that I don't know enough economics to know what should be done about any of the problems facing this country's economy, but I doubt banning any particular kind of investment is the way forward in any respect. I suppose I could say that I wonder whether it might be a good idea to do something (and even if it was then I don't know what) to shift the incentives for owning something as inelastic as housing to be more favourable to those who live here than to those who don't.

What I do know is that a concern about the balance of trade isn't necessarily racism, and that people don't always use words precisely and might well say "foreign" when they mean "non-dom", and that it's unhelpful to accuse people of racism when it's not really clear that they are in fact racist.

it would perhaps be better if people were more precise about what they disliked

e.g.

-people (whether UK or foreigners or companies) buying property to keep empty (either capital appreciation or simply money laundering etc)

-similar but buying for occasional use (second homes)

-similar but for letting purposes

etc

Bantex_2

CLAPTON wrote: »

are you equally concerned about foreigners investing in Honda, Toyota, Landrover etc?

should we ban all inward investment?

If Honda owned large amounts of a scarce and necessary resource, which was already in short supply. I would wish to have controls.

CLAPTON

Bantex wrote: »

If Honda owned large amounts of a scarce and necessary resource, which was already in short supply. I would wish to have controls.

things like 'our' oil and gas and 'our' electricity supply etc?

Bantex_2

CLAPTON wrote: »

things like 'our' oil and gas and 'our' electricity supply etc?

Exactly, all are subject to regulation. For some reason housing (land) is not.

princeofpounds

Exactly, all are subject to regulation. For some reason housing (land) is not

Are you kidding? Land is massively regulated. It's called planning permission. There is no shortage of land and no shortage of potential housing, only land you are allowed, by the government, to build on.

globalds

LydiaJ wrote: »

This is simply not true. People on here keep posting this view as if it is self-evident. Frequently this is met by several of us who think differently posting to say that we really do not care whether the "value" of our houses increases or not. Why you do not consider our personal experience worth believing, I do not know.

The value of my house to me = one secure place to live.

If I'm really pushed to think about the distant future, then I hope that in 40 or so years time when I come to sell it (probably) that it will be enough to cover the cost of my care home fees, which I expect is reasonably likely even if average HPI does no more than keep pace with inflation. What its value in pounds does this year, next year, or for the next 20 years is frankly of no interest or relevance to me. Why should it be? I'm not going to sell it or mortgage it.

In what way do you think I am a speculator?

In any case, even if it were true that "everybody" wants their house to increase in value, that still wouldn't negate the distinction that Bantex is drawing between those who view their house as a home (regardless of whether or not they also regard it as an investment) and those who regard it as "only" an investment.

If you read Bantex's post again, you will see that his/her argument is about the lack of local engagement by absentee landlords, and nothing at all to do with what owner occupiers want house prices to do.

The point of the discussion I had with Bantex was in response to his statement that houses should be for home owners ..I was stating that there are a huge amount of people interested in housing.
I am inclined to think it is good for the market....Rather like diversity in a forest ..it helps the whole to be more resilient.

My assertion that everyone has become a speculator in this area is more because of the way the world has changed.
And even though you say you are not interested in your house value rising more than inflation ..imagine if it was more of a luxury and devalued more like a car . Now that is an area where I feel happy saying the majority in that market are anything but speculators ..They want a car that works and are prepared to lose money each day they use it....Most home owners aren't.

There really is no shortage of land to build on in this country and nothing stopping any government from building huge amounts of housing in lots of good places that would cause speculators and short term investors to lose interest in the property market.
No party in government or opposition seem to wish to do it and all those people who want a house to call a home don't seem to have a loud enough voice to cause politicians to change the present status quo...So either they are quietly enjoying there gains ..Or there really isn't enough of those types of property buyers.....I would politely say the later.

Edited as my reading skills seem even poorer than I imagined

zagubov

There's a new housing development happening near my relatives just outside the London boundary. The bulk of it has apparently been sold to overseas buyers, whose intentions to use it are unclear.

There's a general feeling around here that local residents are being priced out of the housing market in their own city, much as many people in the west country have been priced out of their own housing market.

Much of the housing development puts excess demand on exisiting amenities but removes the land for developing new ones (e.g. the area lost its only cinema some time ago when flats replaced it). But at least new residents bring spending money to keep local trade busy and make shops, pubs and restaurants viable. Non-residents provide nothing.:(