If you are a homedebtor, homeowner or buy-to-let speculator in England, Northern Ireland, Scotland or Wales, and you have the good fortune of finding this blog, do yourself a favor.
Put your home on the market TODAY and get out. Now. As fast as you can. At whatever price you can get. And don't look back, no matter what Estate Agents tell you.
Trust us. We kinda know a thing or two about massive financial manias, crazy housing speculation and epic real estate crashes. And in the UK, 30% is being kind. The IMF didn't want to freak you out with the truth. Because 50% plus is more like it. The UK was the epicenter of housing specuation and greed, and the whole "Property Ladder Ponzi Scheme" is tumbling down.
Get out. Get out now. Don't look back. Cheerio.
House prices are 30 per cent too high in the UK and could soon crash, the International Monetary Fund warned yesterday.
After a decade-long housing boom, it fears Britain is one of the most vulnerable countries in the world to a devastating price collapse.
In a further blow, the Bank of England warned that the mortgage meltdown is going to get even worse.
The number of mortgage deals has now collapsed by 70 per cent since last summer's credit crunch began to cripple the country's lenders.
The IMF said the UK has experienced one of the world's "largest unexplained increases in house prices" over the past decade.
April 04, 2008
IMF Report: Homes in the UK are 30% overpriced and will soon crash
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Financial Times video: John Authers on the UK Housing Bubble:
http://tinyurl.com/2etmo4
http://www.ft.com/cms/bfba2c48-5588-11dc-b971-0000779fd2ac.html?_i_referralObject=700438104&fromSearch=n
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bbbb bbbb bbbb bbbbut I thought Brits were oh so much smarter than us dumb redneck, gun shooting, pick-up driving, Bush voting, American Idol watching Yanks. Aren't we told over and over how much more so-phi-sti-ma-cated people are on the other side of the pond? Why they are edu-ma-cated and cultured and well traveled are much too bright to fall for a housing ponzi scheme.
I'm sorry Keith, I fail to believe that this is possible.
People in the UK are well aware of the situation. They are being pounded daily by the BBC and other media. The houses have reached a point of stagnation. No movement and in some ways it is worse than what you see in America. Homes are more like Hovels, there was not much room to begin with for young people to start out. The countryside is predicted to slide very fast, as greater and greater isolation is taking place, with nowhere to purchase basic needs and transportation is extremely tight. Jobs? Out the window of course.
Coming to a theatre near you very soon!
It's different there.
Everyone wants to live there.
Plus they are so much more intelligent than us retarded Yanks that it could never happen there.
"The IMF said the UK has experienced one of the world's "largest unexplained increases in house prices" over the past decade."
"UNEXPLAINED"
IT'S THE CROP CIRCLES YOU RETARDS!!!
MORTGAGE ALIENS!!!
SPACE MONEY!!!
WIRES CONNECTING YOU TO AMERICA UNDER THE OCEAN!!!
LITTLE ORANGE MEN!!!
DOPES!!!
How is it unexplained? That's ridiculous. Does the IMF really expect us to believe that they know nothing of fiat currencies and fractional reserve banking. Give me a break.
Wait a minute, I thought only Americans are greedy and dumb? Are you telling me that our much smarter, collectivist, socialist European counterparts are also greedy and dumb?
So Keith or someone out there, will you PLEASE tell me how I can profit off this crash through stock investments (who to short, who to invest in, etc.) instead of just posting about how screwed the UK is...
Andy
The real news is that they just imposed a TAX on foreign born residents who claim their incomes from abroad. They will have to pay $60,000 pounds penalty per year. Middle class people are already packing for places like Dublin. Very clever don't you think? The rout of humanity is on, just like H. G. Wells War of the Worlds.
I think they missed a "0" on that 30%.
WELCOME TO THE PROPERTY LADDER BABY!!!
WHERE REAL ESTATE ONLY GOES UP!!!
FEELING DIZZY???
NAUSEOUS???
AIR SICK???
THEN JUMP!!!
DOPES!!!
I thought Brits were oh so much smarter than us dumb redneck, gun shooting, pick-up driving, Bush voting, American Idol watching Yanks.
No Ed, the Brits are slightly more intelligent (drunk) than you. Oh, and they also have better teeth than you.
Well there goes the neighborhood. And the Euro?
I would not live in Britain even if houses where free.
No, actually,
I would not live in Britain even if you pay me.
Great cover story this week in TIME about the out of control yobs (youth) in the UK. You think the US is a mess? Come to Britain
http://www.time.com/time/magazine/article/0,9171,1725547,00.html
Britain's Mean Streets
Staying home in the face of danger isn't the British way. After suicide bombings in July 2005, Londoners continued working and socializing. Yet a survey by kids' charity TS Rebel found that last year more than a fifth of Britons avoided going out at night rather than risk encounters with a different form of terror: groups of children. Britons are frightened of their own young.
On any given Saturday night, in any town center across Britain, it's easy to see why. "It usually starts outside McDonald's — that's the hot spot," explains one London youth. "You might go with one mate, then you get a phone call. Give it an hour, there'll be 10 people there, with nothing to do. Intimidating people is something to do, a way of getting kicks. Like, 'Oh my God, did you see how they ran?' "
The boys and girls who casually pick fights, have sex and keep the emergency services fully occupied are often fueled by cheap booze. British youngsters drink their Continental European counterparts under the table: in 2003, according to the Institute for Public Policy Research (IPPR), 27% of British 15-year-olds had been drunk 20 times or more, compared to 12% of young Germans, 6% of Netherlands youth and only 3% of young French. British kids were also involved more frequently in fights (44% in the U.K. to 28% in Germany). They are more likely to try drugs or start smoking young. English girls are the most sexually active in Europe. More of them are having sex aged 15 or younger, and more than 15% fail to use contraception when they do — which means that Britain has high rates of both teen pregnancy and sexually transmitted diseases. Small wonder, then, that a 2007 UNICEF study of child wellbeing in 21 industrialized countries placed Britain firmly at the bottom of the table.
Hey, think if we all start driving on the wrong of side of the road like the Brits, the ‘international community’ will start giving us a little respect?
Man, Europe is soo toast.
anon 5:08, welcome back. I missed my #1 favorite fan.
That may be so Keith, but the tide is beginning to turn. People have had enough now and although teenaged gangs think they're "Well ard" with 15 of their mates backing them up, once the odds are reduced they suddenly find that they're exactly what they are, just bratty little school kids. They don't want to pick fights with 5 or 6 grown men, and start whining like little bitches about their rights and how they're only 14.
We've another 2 years to go before a general election, with all this shit thats about to come down the pipe, watch politics take a huge lurch to the right and it won't be just in Britain either.
This is the most frightening bit for me:
"Ominously, a similar IMF report at the end of 2007 found the U.S. housing market - currently in meltdown - was just 10 per cent too high."
Unexplained, my butt!
One thing I've learned for sure:
It's NEVER "different here".
The bubble may have varied in size depending on the location, but it's still the same thing everywhere. Wherever prices skyrocketed during the boom, prices will fall back to the pre-boom level, adjusted for inflation. Simple as that. No exceptions.
I don't know who this ED guy is but I do know he seems like an ass...If your neighbor f#@ks up is no excuse for YOU f@#king up.
Taking joy in others going down the drain WHEN they haven't done anything to YOU is considered LOW-CLASS.
A very sour and angry little man I believe. We Americans are coming to our reckoning for a lot of our economic/miltary mischief. say what you want but i would be very happy to if all things were the same to have their social programs that are already in place and can probably handle many times ours.
You know why ED?
Because they spent alot of their money on social programs instead of lasers/billion dollar bombers/unnecessary wars/huge pork barrel projects etc.
Are they angels? Have they never stole/bragged/did some stupid things...of course they have...BUT ED for the love of God go travel to western Europe or even Eastern Europe and see the difference in manners, education and social safety nets.
Not a Lib/Not a Demo/Used to vote Rep/Fiscal conservative/Ron Paul fan
No I'm sorry,
I won't take your advice, I like my UK country cottage with its woods and stream . I want to live here. It's paid for and I dont care if it loses its value 99percent.
This is my home. Not some crappy investment. However you have permission to carry me out in my coffin when I'm dead
Yup, forget Mary Poppins. Just Google 'chavs' to see what a lot of Brits are actually like.
House prices are ridiculous in many (most?) not-particularly-nice parts of the country. Many people have huge mortages. Personal debt is much greater than the rest of Europe http://news.bbc.co.uk/1/hi/business/5380718.stm
Now banks aren't lending (we have what the media has dubbed a "mortage famine") so expect a crash pretty soon.
Yep Guys.
Us Brits are a bunch of house owning obsessed clowns with no perception of bubble markets driven by cheap credit.
The whole pyramid scheme that is the UK housing market is falling down as we speak, and it will be incredibly messy.....much worse than in the US.
Millions have invested in "buy to let" mortgages in properties in the UK and also: Spain, France, Crotia and even such exotic locations as Romania and Bulgaria.
People will be wiped out, along with those lovely chaps at Northern Rock.
Check out:-
www.housepricecrash.co.uk
Millions in the UK will be stuffed.
We saw it coming.
Secret Service: McCain Is Not Protected
Apr 4, 12:14 AM (ET)
WASHINGTON (AP) - Sen. John McCain travels the campaign trail without Secret Service protection although he is the Republican Party's likely presidential nominee, the agency's director told Congress on Thursday.
Secret Service Director Mark Sullivan told a House Appropriations subcommittee that the Arizona senator has not requested his agency's services.
"Statutorily, he is not required to take protection," Sullivan said when asked about McCain's security during a hearing on the agency's budget. "As far as an actual request, we have not gotten one. We have no involvement at this point."
A request from McCain seems unlikely anytime soon, however.
The two-time presidential candidate has said he does not want Secret Service protection, fearing it would interfere with his brand of intimate campaigning among voters. McCain also has said he'll try to last as long as he can without it.
"I've never done it. After we won New Hampshire in 2000, they really tried to get us, but we said no," McCain said last November while campaigning in Concord, N.H. "It's an invasion of your ability to have contact with voters."
That contrasts with his Democratic rivals.
Sen. Hillary Rodham Clinton travels with Secret Service agents due to her status as a former first lady, and Sen. Barack Obama requested and began receiving protection last year.
Federal law allows candidates to seek protection if they meet a series of standards, including public prominence as measured by polls and fundraising.
go travel to western Europe or even Eastern Europe and see the difference in manners, education and social safety nets.
Not a Lib/Not a Demo/Used to vote Rep/Fiscal conservative/Ron Paul fan
You're full of cow manure. You claim to be a fiscal conservative, Ron Paul supporter, then you spout off that they have better social safety nets. If you have ever been to France or Italy, then you will see real rude, bigoted, and arrogant people. The Russians are even worse. As for education, if you think that sitting there reading Voltaire or Russeau for 4 years makes you a smarter person, you are sadly mistaken. Unemployment for Frenchmen aged 18-28 is over 25%. The education they are receiving is worthless in the real world.
Anon said:
Are they angels? Have they never stole/bragged/did some stupid things...of course they have...BUT ED for the love of God go travel to western Europe or even Eastern Europe and see the difference in manners, education and social safety nets.
Oh my, how the grass looks greener on the other side of the pond.
Fact is,
Europeans are cold blooded, ignorant and extremely selfish.
Over all, overwhelming majority of Europeans are rotten to the core and evil to the bone.
Disclaimer: I’m not here to defend Ed or anyone else, just stating the fact that in all of European history no tangible lasting good ever came out of European people.
If you have ever been to France or Italy, then you will see real rude, bigoted, and arrogant people.
Second that. I rather hang out with Frank and Ed than French people.
If you see any French in the US, spit on him and tell him to get the f out of the country.
Did someone just mention Russians and education?
An acquaintance of mine married a Russian woman, who then came to the US and brought her 9-year-old son.
Three years after they arrived, on Christmas they gave him a junior electrician’s kit which you could build things (with simple circuits) with. While reading the instructions, he stumbled over a word that he didn’t know. The word is intermittent.
When I translated this word into Russian, he knew it, as he had learned it in school by the time he was 9, but after THREE YEARS in an American public school he had not even been taught the concept!
Yes – our education system SUCKS when it comes to science.
On the other hand, it is making lots of progress in teaching kids diversity.
-Mammoth
Ed
Did your woman run off with a Brit or something? Why don't you go to a mall and shoot strangers? Isn't that how you yanks usually let off steam?
Milo
You should be the first one shot - you remedial minded simpleton
Yours,
Thicko Brit
anonypussy 7:40:
Wow what a dumb ass you are sir.
First off it is A LOT not ALOT.
Second you douche, I was born in Europe, lived there for about 10 years and have been to pretty much every country on the continent save for Ukraine, Moldova and Albania. Unlike your white trash ass who has never left the county you were born in.
Parody of British Real Estate tv
http://www.youtube.com/watch?v=z116eYMMe2M&NR=1
Man, would you all mellow out.
Alex has the right plan. You whiners need to go figure yours.
These radical opinions are looked at by most aware people like...
"there's another idiot on a pedestal".
Get a clue and please figure things out before spewing Shit.
The Management.
Can you imagine Angelo R. Mozilo with an English accent?
Nice UK housing blog:
http://ukhousebubble.blogspot.com
Once upon a time the US was "Master of their Domain."
Name it and they were the best at it.
However today...at present...in this reality our time has passed it seems. Great Rome has fallen on hard times.
We have pissed away our resources, dumb down the kids, started ridiculous wars since Vietnam on, we have in fact weakened the blood link.
So sometimes in order to feel better about ourselves we talk shit about other countries.
Especially our European cousins...All snotty and socialistic...True we do so much worse with corporate socialism and military invasions in the name of business but hey don't try to answer a question with a straight answer.
So some Americans here take cheap shots at the french and the germans and this and that but in the end I say hey take a look around you...You can't possibly tell me we're on the right road.
I love my country and my Family can be traced back to Cali in about 1832 when the church kept records...Does this make me more American? My dad fought in Korea. does that make me more American? I might join the Army to finish my RN degree, help myself and the troops. Does that make me more American yet?
I don't care what the nighbor does as long as he doesn't F@3k with me...So many loud Americans here talking tough online...Stop taking the Party Line...look around fix your country if you really love it instead of yelling to pretend to be the "Proudest American."
Waving your American flag on a mound of cowdung is not impressive.
It appears ladders also go down.
Yoo-Hoo Ed!!
I too have been to other countries and I almost never have problems or leave angry spewing trash.
Your deep anger says something about you if I may make a "Prozac Observation."
Have you ever thought that maybe your attitude is the reason for your bad experiences?
When I was in my 20's I bartended and waited tables...People with chips on their shoulders got no love...Sorta kinda people like you ED.
I may not always get the best service everywhere I go but I'm always welcomed back.
People as a whole don't like rudeness and you for all your money or whatever you do have in a cyber world or in the real world are pretty much a rude person by the way you come off.
I'm pretty sure I'm not the first to mention it nor will I be the last...Possibly like to slap the ladies there ED?...Maybe kick the dog for kicks? Yeah you seem like the type.
By the way not white trash...But striving and praying that one day I'll figure out spellcheck or be able to afford a small dictionary with my McDonald's and Walmart salary.
As for now off to the beach...best luck with that.
Dude, the problem is that though the UK says it's so-called multicultural, the truth is that it's balkanized with south Asians living in sections of towns and whites living in other sections, despite having similar socioeconomic standings. In fact, it's widely known that many south Asian youths in London, even second or third generation British, take skin whitening cremes so that they can look more Persian or Mediterranean (like Greek/Italian). You'd never heard of such a self-degradating thing in America thanks to the like of Vanessa Williams, Beyonce, etc to make being dark, attractive.
In contrast, in the US, those with money live together so you see a lot of whites, east Asians, and yes darker toned south Asians living in similar towns and neighborhoods with their children eventually dating and sometimes marrying.
Now, the problem with America is that the lower you are on the socioeconomic ladder, the less likely your kids will be mainstreamers. This is a problem, based upon class, not culture. American kids of differing sub nationalities, outside of places like outcast regions like Amish country or the Bayou, are of like mind and want the same things. This is where America has succeeded in the past, at least since the 1950s, and could do so in the future. I don't see that for the UK and continental Europe.
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