House prices will plummet 10 percent

Hereward

SquatNow wrote: »

Sorry, but this is Labour Spin! Part of their "You've never had it so good" campaign. If you check the figures the large number of millionaires are mostly paper millionaires... people whos houses are worth more than a million pounds due to HPI. There are a few inventive people but mostly we have people getting rich through the property market one way or another, and a load of foreigners who "officially" live here for tax purposes but spend all their time on their boat in the med.

Group B was line B:
Property Speculation - Buy Low, (with borrowed money,) have large asset value. (Lose it all again in the crash)

So all those Footballers, business tycoons, workers in the City and those who made their fortunes before the latest property cycle haven't made a penny from their hard work, but have made an absolute killing in the property market. Now I know where I've been going wrong :rolleyes:: I should have been pumping my money, and efforts in property, rather than my business interests.

Hereward

SquatNow wrote: »

What if the only job you could get paid half what you are on now?

What if it didn't pay enough for you to cover your mortgage and bills?

You get a second or third job, take in a lodger?

Running_Horse

Hereward wrote: »

You get a second or third job, take in a lodger?

I've taken in lodgers in the past. I'm currently helping my wife with her Avon round. Lets face it, if you're healthy and unemployed in the south east, its because you don't want to work. And yes Squatnow, before taking my new job I did temporary shop work on lower wages.

Zammo

In my opinion they've already plummeted by 5% in my area in less than 3 months. This could be a very sharp correction indeed.

SquatNow

Hereward wrote: »

So all those Footballers, business tycoons, workers in the City and those who made their fortunes before the latest property cycle haven't made a penny from their hard work, but have made an absolute killing in the property market. Now I know where I've been going wrong :rolleyes:: I should have been pumping my money, and efforts in property, rather than my business interests.

OK, I'll give you that one. For some reason we have a large number of grossly overpaid celebrities.

As for Business tycoons, there are very few who are "self made" who arn't involved in the housing market.

Even Richard branson was given £100 million by his dad to start him off in business.

Then he lost the lot so his dad had to give him another £100 million. (I kid ye not!)

Second time lucky, he started virgin airways. True story.

Running_Horse

SquatNow wrote: »

What if the only job you could get paid half what you are on now?

What if it didn't pay enough for you to cover your mortgage and bills?

You're a misery guts full of what ifs.

What if the world banking system collapsed?

What if we all got hit by a meteor?

Then we'd be stuffed.

Until then you make the best of life.

What if I won the lottery? That would be rather nice.

Hereward

SquatNow wrote: »

OK, I'll give you that one. For some reason we have a large number of grossly overpaid celebrities.

As for Business tycoons, there are very few who are "self made" who arn't involved in the housing market.

Even Richard branson was given £100 million by his dad to start him off in business.

Then he lost the lot so his dad had to give him another £100 million. (I kid ye not!)

Second time lucky, he started virgin airways. True story.

Oopps pressed thanks instead of quote. Oh well, have a free one.

Are you seriously trying to tell me that Richard Branson started Virgin records will £100m, and all he could afford was a claped out van to deliver records to a few local record shops. Pull the other one, its got bells on.

SquatNow

Hereward wrote: »

You get a second or third job, take in a lodger?

It's a fair comment. Some poeple can take in a lodger, others can get a second job.

But there arn't enough lodgers and second jobs for us all to have one each.

When a lot of poeple want/need a second job, they become hard to come by, and wages get pushed down as a result.

Likewise with lodgers, if everyone want a lodger, they have to compete and rents drop. Ironically this is good, because it collapses the rent pyramid from the bottom, bankrupting all the BTLers!

Running_Horse

Hereward wrote: »

Oopps pressed thanks instead of quote. Oh well, have a free one.

Are you seriously trying to tell me that Richard Branson started Virgin records will £100m, and all he could afford was a claped out van to deliver records to a few local record shops. Pull the other one, its got bells on.

Branson has one of those personalities that will take risks, including to bend/break the law. Decide for yourself:

http://en.wikipedia.org/wiki/Richard_Branson

Quote:

In 1971, Branson was arrested and charged for selling records in Virgin stores that had been declared export stock. He settled out-of-court with UK Customs and Excise with an agreement to repay the unpaid tax and fines. Branson's mother Eve re-mortgaged the family home to help pay the settlement.

Either the house was worth £100 million, or Squatnow is a liar.

Running_Horse

SquatNow wrote: »

But there arn't enough lodgers and second jobs for us all to have one each.

We don't need one each. Even in a full scale recession the majority are still working as normal. Life goes on.