Will the chancellor cane house owners in the budget?

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Okay. Please send me a cheque for 10,000. Ta muchly!
MM
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On Tue, 10 Feb 2004 12:05:17 +0000, Julian Fowler

Eh? What *is* it about, then?
MM
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wrote:

I could never figure that out either.
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I disagree entirely. House price inflation is caused by having too few houses for too many people. Hitting property developers just prevents houses being built or renovated and is a simple populist and utterly erroneous course of action that will make things worse.
It's a bit like hundreds of years ago when speculators would stockpile food before harvest and make a bomb if the harvest was bad (but usually made some losses in most years). People tried to tax them to extinction too. The result was that no-one risked stockpiling, so if the harvest really was bad, then there was no food at all and everyone died.
Christian.
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Christian McArdle wrote

Yes, but the main factor is availability of finance - prices would not go up if buyers could not borrow so easily. Being able to borrow more funds at low interest rates, as at present, allows people to make higher offers to get the place they want. If the interest rate goes up, down will come the amount they can borrow and down will come prices. This was the cause of the negative equity problems in the early 90's.
But simply using interest rates to control house prices depends on all lenders sticking to the rules about factoring salaries. Of course they don't, and nobody polices them, with the result that house prices (and agents' commissions along with them) are spiralling.
Peter
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[16 lines snipped]

Forgive me if I fail to have any sympathy whatsoever for people who get themselves into unsustainable debt through greed.
--
"The road to Paradise is through Intercourse."
[email me at huge [at] huge [dot] org [dot] uk]
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What about those who just want to buy a tiny flat and have to pay 5 times their salary to do so? Is that greed?
Christian.
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Christian McArdle wrote:

But that's a minority and you know it - most people who get into a bad debt situation do so because they feel it necessary to live well beyond their means. The prevalence of granite worktops is a symptom of this disease which is currently afflicting our nation.
--
Grunff

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wrote:

The potential problem would appear to be that they increased the mortgage by 25K, spent the rest on a new car, and the 10K kitchen may or may not make a difference to the value of the house when they sell.
--
Tony Bryer SDA UK 'Software to build on' http://www.sda.co.uk
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Tony Bryer wrote:

Very true - I didn't want to get into that whole "lets borrow on the house to finance our lifestyle" thing, but it's very prevalent.
I'm constantly amazed by how friends who are in very similar financial and employment circumstances to us can manage to buy things which we would simply not consider to be within our means.
--
Grunff

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[11 lines snipped]

<AOL>
Beer?
--
"The road to Paradise is through Intercourse."
[email me at huge [at] huge [dot] org [dot] uk]
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Huge wrote:

Mmmm...Beer.....
--
Grunff

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Only a temporary solution I'm afraid.
Cheers Clive
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writes

the mountain of debt that Wilson and Callaghan accumulated. Now remind me what was Phoney telling us in April 1997; Ah I remember - "we will end the practise where employers pay shit wages of 3/hr and expect the taxpayer to make up the difference in benefits". And after nearly 7 years of 'socialism' we have many more millionaire lawyers, and *army* of people employed by the DTI, Jag+=2 and the NHS to do precisely nothing. Meanwhile Chinese and Greek nationals are 'employing' their fellow country folk to pick cabbages in Cornwall in return for 10p a day and a tin of dog food (in the case of the Greek) and trip to seaside for the Chinese - every day, rain or shine for about the same, and a free funeral chucked in.
--
Andrew

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< snip drivel >
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That the best you can do? It wasn't drivel. It was right on the money. Shame you cannot add some useful comments.
MM
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What you said was only worthy of contempt.
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At least you didn't snip it!
MM
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Christian McArdle wrote in message <40291a6f$0$10342>What about those who just want to buy a tiny flat and have to pay 5 times

No, stupidity. History shows us that house prices are cyclic and it is necessary to buy at the right point in the economic cycle. Now is not the time to buy. I'd wait 2 years at the moment, for the economy to stabilise before moving. IMO the chances of major capital losses are too great at the moment with a Socialist Taxation Chancellor.
Regards Capitol
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They are? When do drop right off to 10/6d then?
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