Governor of Bank of England warns of housing crash after no-deal Brexit. But at least they got their blue passports (bbc.com)
More: Scary, Prime minister, house prices, Mr Carney, Bank of England, Central bank, United Kingdom, Westminster system, Downing Street meeting
890 clicks; posted to Politics » on 14 Sep 2018 at 2:50 PM (43 weeks ago) | Favorite | share: more»
pkjun
His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.
DOWNSIDE A: Overseas investors and corporate landlords might temporarily not make millions of pounds in free money by snapping up properties and letting them appreciate in value endlessly.
DOWNSIDE B: Your racist uncle's house will now only be worth three and a half times what he paid for it after adjusting for inflation.
DOWNSIDE C: As we have been told incessantly since approximately 1640, any inconvenience to the landed gentry would probably mean the total collapse of English civilisation, and we'll all be desperately trying to grow potatoes in our window boxes just to draw out our slow and inevitable starvation by another few days.
UPSIDE: People under 40 might possibly be able to own homes, even if they haven't got parents who can gift them £25k to "help out a bit with the down payment."
...hm.
...fark.
...Okay. Sorry, Carter Pewderschmidt, you were right. I've changed my mind. I'm a Brexiteer now. Is there like a form I need to fill out in advance to get my St George's Cross flag and my free Political Insensitivity Training course, or do those come in the post after I sign up for my Daily Express subscription?
Don't listen to him, he's Canadian.
at this point i'd rather like that - Sail on you magnificent Brexit bastards, over the edge!
Firm Tautology
Housing prices in the UK going down?
Cool, I'd love to retire to a sleepy island republic. The wife and I have been enjoying this series on Netflix. The Cornwall coast looks fabulous.
HempHead
Tr0mBoNe: Don't listen to him, he's Canadian.
And he's Carney folk.
the_innkeeper
Firm Tautology: Housing prices in the UK going down?
[img.fark.net image 101x150]
But then you have to deal wit the Cornish.
Things are a bit.... slow... down there.
King Something
'Ngland.
The wife and I might buy a London apartment if they lose 25% of their value.
FleshMonkey
I thought this was one of the reasons to vote for Brexit.
FleshMonkey: I thought this was one of the reasons to vote for Brexit.
Yes some wore this as a beard to hide their xenophobia.
ImpendingCynic
Dammit, that was the third use of the word. Now you're going to summon Beetlejuiceschimdt.
Xai: at this point i'd rather like that - Sail on you magnificent Brexit bastards, over the edge!
theflatline
Subtonic
HempHead: Tr0mBoNe: Don't listen to him, he's Canadian.
Beady eyes, small hands, smells of cabbage...
Foghorn of Ignorance
pkjun: His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.
Let me tell you the one cost-benefit analysis I did do personally. And I couldn't come up with a figure. Because I couldn't work out what freedom was worth.
Come on! You tell me what is freedom worth. I can't monetise independence, I can't monetise democracy. Are you telling me that everything of value in our lives should be measured in money? I don't want to be governed by Mr Juncker in Brussels. I think we should govern our own country, make our own laws. This is about something far more important than money.
Foghorn of Ignorance: pkjun: His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.
Infinity! Freedom is worth infinity monies. That goes for independence and democracy too. They're worth infinities as well. Actually democracy is worth 2 infinities! What is the cost of losing 30% of the value of your most expensive asset when you get 4 infinities in return?
ArkPanda
What is the endgame of the hard core Brexiters? The day comes with no deal, trade comes to a screeching halt, Theresa May is hanged from the London Bridge, and Nigel Farange is named King Nigel I. Then what? Where do they pick up from there?
ArkPanda: What is the endgame of the hard core Brexiters? The day comes with no deal, trade comes to a screeching halt, Theresa May is hanged from the London Bridge, and Nigel Farange is named King Nigel I. Then what?
All the curved bananas you can eat.
Moroning
CAn't I just become a Pikey, like Brad Pitt?
sunderland56
Brexit was all about "stop those bleedin' furriners coming over here".
So were foreigners really the only people buying houses? Most of them were either refugees or minimum-wage job holders. I don't think the truck drivers and takeaway workers were buying up houses, were they?
Moroning: CAn't I just become a Pikey, like Brad Pitt?
Do ya like dags ?
Muta: Foghorn of Ignorance: pkjun: His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.
Yes, exactly. Some things matter more than money. House prices will bounce back when Britain is once again a world leading nation of free traders, but our freedoms will never come back from Brussels as long as the champagne swilling bureaucrats have us tethered.
ImpendingCynic: ArkPanda: What is the endgame of the hard core Brexiters? The day comes with no deal, trade comes to a screeching halt, Theresa May is hanged from the London Bridge, and Nigel Farange is named King Nigel I. Then what?
From where? Devon?
Outshined_One
ImpendingCynic: FleshMonkey: I thought this was one of the reasons to vote for Brexit.
Maybe we can summon Bevets and have them duel, like Godzilla vs. King Kong. I mean, hell, Bevets was Steve Bannon.
/Bevets = Steve B
//STUDY IT OUT
FrancoFile
sunderland56: Brexit was all about "stop those bleedin' furriners coming over here".
Arabs and Russians laundering money and buying emergency escape hatches for when the shiat hit the fan in their home countries. Same issue with Latin Americans in Miami, Chinese in Sydney and Vancouver. High-end neighborhoods, only 15% of the houses have lights on because the owners are rarely there.
Of course, Brexit won't do anything to fix that, because the ones laundering the money aren't EU citizens.
CygnusDarius
Huh, this seems pretty interesting... Maybe also I'll move into England. Time to start looking for a job.
/Derby seems nice
FrancoFile: sunderland56: Brexit was all about "stop those bleedin' furriners coming over here".
Latin Americans bought a shiat load of property in South Florida because of the housing crisis made high end properties cheaper there than in their home countries.
kbronsito
This is gonna piss of the Scots. But no one will be able to tell the difference.
Foghorn of Ignorance: Muta: Foghorn of Ignorance: pkjun: His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.
I love your rosy "people under 40" buying a house. They're going to be hit as hard as everyone else if the pound takes it in the boot. If anything it will solidify the under 40's not being able to buy a house. The GBP will be getting pummeled and the banks won't lend to anyone that's risky in the middle of a crisis.
Slideshow Bob
CygnusDarius: Firm Tautology: Housing prices in the UK going down?
Hmmm.... Derby you say? How can I tell you've never been?
Slideshow Bob: CygnusDarius: Firm Tautology: Housing prices in the UK going down?
Well, it looks slightly better than here (I'm a proud Hermosillo boy, but, come on, this is the desert, you get bored after a while).
chaotoroboto
ArkPanda: What is the endgame of the hard core Brexiters? The day comes with no deal, trade comes to a screeching halt, Theresa May is hanged from the London Bridge, and Nigel Farange is named King Nigel I. Then what? Where do they pick up from there?
Well, the western world plummets into recession, the economic ties that have grown around the NATO alliance weaken and weaken the alliance with them, North Sea and Arctic trade routes become viable year-round, pipelines and other commodity deals are brokered with individual nations instead of across the single market, and suddenly Russia is just as important a trading partner to England & Germany as they are to each other. Now, neither one is willing to stand up for the other when Russia casually flexes their imperial muscle into Poland or Finland, both because it could harm legitimate dealings and because their leadership is compromised by corruption. 50 years from now, Russia ascends to its deserved status as the most powerful country & empire on Earth.
That's what the people who pushed the hardest for Brexit are hoping for anyway.
chuggernaught
And there it is. No longer can they pretend Brexit will bring great wealth to the UK. They have been reduced to demanding freedom from the EU as if it was some tyrannical force pushing them down. Move those goal posts, my friend.
Stiggint. The UK has their morans as well.
chuggernaught: Foghorn of Ignorance: pkjun: His worst-case scenario was that house prices could fall as much as 35% over three years, a source told the BBC.
Leaving the EU on World Trade Organisation terms would lead to a quite remarkable economic advantage for the UK. Economists for Free Trade have calculated that a WTO agreement would result in a £1.1 trillion boost to the economy over 15 years, because our trade with WTO countries has grown four times faster than our trade under single market terms. Trading on WTO terms has been hugely successful and prices would go down by as much as 8% for some basic items such as food and footwear, meaning it would provide the biggest benefit to the least well-off.
Evil High Priest
Russia played all y'all, too, you know.
Rising Ape
Well, housing is massively overpriced in the UK, so that would *seem* to be good... but if nobody can afford them anyway because they have no work, maybe not so much.
PartTimeBuddha
Foghorn of Ignorance: Economists for Free Trade
I never understand why he insists on the plural.
Jackpot777
The thing about the blue passports is the UK could have had them at any time. It's like the comedian Ed Byrne says about irony (and how the song "Ironic" isn't ironic):
"It's like 10,000 spoons when all you need is a knife." That's not ironic that's just stupid. How big is your sink Alanis? I mean really? We haven't got 10 thousand spoons between us have we folks? What do you need this knife for? To stab the bastard who keeps leaving spoons all over your house... but we'll give her the benefit of the doubt. 'Cause you like her, we will. Imagine you needed a knife for something, couldn't find one cause all you found was 10,000 spoons.... it could happen!!! And therefore you couldn't do whatever it was you needed the knife for, and then the next day it turned out that a spoon would have done."You were only taking the lid of a tin of paint, you could've used a spoon for that ya dick... i have 10,000 of the bastards!!! That's Ironic, eh?"
It's like f**king up your entire nation when all you need is a blue passport, and you could have had a blue passport the whole time!
Tentaclefriendly
Brexit is nothing but an elaborate con job to crash their economy and buy up as much bargain-basement Real Estate, firesale devalued stock, and privatize every public program possible.
It worked so well here in 2008 that the idea has been exported.
thanksagainandagain
It's about becoming a millionaire by selling books of recipes all consisting of the delightful comestibles one can create solely from mutton and Peugeot parts.
yakmans_dad
Yeah, I suspect they want Saudis out of all those Kensington houses and apartments.
They'd go for a song, when the oil money goes home.
limeyfellow
We didn't even get the right colour blue on the passport. We got American passport blue. Might as well just become a US protectorate and get slapped around like Puerto Rico due to the lack of senators.
Disgusting. House prices might fall to the sort of levels where working people could afford them. There goes the neighbourhood eh?
Jackpot777: The thing about the blue passports is the UK could have had them at any time. It's like the comedian Ed Byrne says about irony (and how the song "Ironic" isn't ironic):
The really ironic thing about the song "Ironic" is that, well over 20 years later, grown-ass men are still trying to dunk on a chart-topping song written by a 19-year-old, on an album that still has significant commercial, critical and popular relevance, because several of her lyrics would not be useful pedagogical tools with which to teach the formal dramatic concept of irony.
Somehow I don't think "it's like Oedipus ordering the murderer of Laius be found when he himself was unknowingly the culprit" would have sold quite as many records.
pkjun: Jackpot777: The thing about the blue passports is the UK could have had them at any time. It's like the comedian Ed Byrne says about irony (and how the song "Ironic" isn't ironic):
I said that to myself in a 1995 Dennis Miller voice, and enjoyed myself thoroughly, cha cha.
yakmans_dad: Yeah, I suspect they want Saudis out of all those Kensington houses and apartments.
If that happens, I'm moving. But I doubt it ever will - nice property in nice area is never cheap, no matter what the pundits predict.
rebelyell2006
alienated: Moroning: CAn't I just become a Pikey, like Brad Pitt?
I do like Dag Hammarskjöld...
itcamefromschenectady
Foghorn of Ignorance: Come on! You tell me what is freedom worth. I can't monetise independence, I can't monetise democracy. Are you telling me that everything of value in our lives should be measured in money? I don't want to be governed by Mr Juncker in Brussels. I think we should govern our own country, make our own laws. This is about something far more important than money.
People are saying that Brexit means de facto being governed by Brussels, but giving up an actual vote. Are they wrong?
"But at least they got their blue passports"
...Which be made in France.
https://www.express.co.uk/travel/arti​c​les/935412/passport-news-Britsh-blue-p​assport-made-in-france
"Last year it was celebrated that the iconic blue British passports will be returning to British citizens following the UK's withdrawal from Europe.
However, the Home Office is left outraged following the announcement that this very British document will not be made on British soil.
The security company Gemalto, based in Paris has won manufacturing rights over the UK company De La Rue. This decision is not one that has gone down well, with the blue passport said to symbolise British independence. "
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