Northern Rock Anyone?
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- 23kon
Anyone on NT with Northern Rock?
As someone who doesnt have a mortgage i've been watching this story with interest.
Because britains economy is a false one based mostly on peoples dept (£1.73trillion!) and houses are priced way beyond the average persons means, some people are reckoning this could be the start of a turning point for the price of property in the UK.nice if you dont have a place.
not good if you do have a place.with new homes going up here there and everywhere that are priced at rediculous prices they have been saying that shares in these companies have plummeted too as the future doesnt look too bright for them.
- Nairn0
I'm curious to hear what your definition of a 'real' economy is, in the face of your accusation that the UK's is 'false'.
- jamble0
http://money.guardian.co.uk/hous…
we've got a mortgage and we're looking to buy somewhere new in the next couple of months.
It's tough because salaries haven't come close to matching the increased cost of living in this shithole country in recent years but I guess it could be a lot worse.
- 23kon0
it wasnt my definition - thats what it was being described as on the news.
its well easy to see though that even your average joe is in debt up to the hilt so you can only imaging how fuct up people are who cant control storecards and have a mortgage too.
something else i learnt recently was that in britain it is drummed into us that owning our own home is something to do. a lot of other countries in europe - most of their populations just rent their whole lifes.
in edinburgh for example, to own my own one bedroom flat (after about 35years of payments lol) i would be about £300 worse off each month than i am renting an obscenely large two bedroom flat.
- 23kon0
From That Guardian article .....
"When you throw in rumours that there are large numbers of empty newly built flats in certain parts of the country, you can see why many people are calling this the top of the market."
Rumours?! its true!!
you only have to look at property sales and rental sites to see that there has been the same flats on the market for sometimes 6months to a year that are in developments where they are finding it hard to sell these places.
- phatlee0
My wife and I own a house, don't have any debt or credit cards.
I think we're a minority...
- honest0
I have a mortgage, just remortgaged it recently with BOS. I feel sorry for the Northern Rock customers, there's a queue half a mile long in our high street, most of them are elderly who have had the foresight to pitch up chairs.
- mimeartist0
From the minute I graduated 1997 house prices just constantly went up, in between me be payed bugger all (13k at one point) to being made redundant...
A lot of homeowners have been very smug throughout this time, I in turn shall not be smug, but thankful of my current situation.
- 23kon0
good going phatlee :) definitely a minority there.
"most of them are elderly who have had the foresight to pitch up chairs.
honest
(Sep 17 07, 02:14)"i bet theyve got picnics to see them through the day too :) the elderly are always well prepared hehe
- lowimpakt0
I think it is a false economy when personal debt is higher than GDP.
as is the case in the UK.
- kelpie0
the sum total of my current debt is one 3 figure overdraft and a student loan which is sitting somewhere in the ether. I talk to people who have got themselves into 5 figure debt holes and spend all their time trying to work around it and thank fuck I got burned early by CCs and never went back.
I've always been pretty jealous of home owning buddies too, but maybe not so much now...
- waynepixel0
I am with you on this one, house prices in the UK are ridiculous.
- Concrete0
I think it is a false economy when personal debt is higher than GDP.
as is the case in the UK.
money.independent.co.u...
lowimpakt
(Sep 17 07, 02:23)I agree.
I don't know a lot about economics but if house prices don't start to plateau, salaries wont equate with lending requirements and a crash is surely to follow.
- elms0
same here
- 23kon0
I've always been pretty jealous of home owning buddies too, but maybe not so much now...
kelpie
(Sep 17 07, 02:32)
------I agree with you kelpie, friends that bought in places like dundee years ago when i was at uni - you could get a 2 bed flat for £16,000 and they are now worth 6-8 times more than that now. definitely jealous of those guys. not jealous of the guys that feel the pinch each time interest rates go up.
- OBBTKN0
Same here
House prices are overpriced 2 or 3 times his "real" price.
But i own a house with no mortgages.
- lowimpakt0
everything is overpriced.
that is growth.
- 23kon0
everything is overpriced.
that is growth.
lowimpakt
(Sep 17 07, 02:48)
------theirs growth and theres stupidity.
at the moment its just stupid.
- monoboy0
Something had to give.
I wonder if all those greedy buy-to-let bastards will start panicking and flood the market.
- phatlee0
The property market was one of the reasons to why I left Edinburgh. I didn't want to be out bidded and pay three times as much for a 1/2bed flat.
- lowimpakt0
they are selling new 1/2 bed apartments near where I grew up in Dublin for 600, 000 Euros.
it's outside the city in the suburbs.
insane.