1 in 79 Brits are property millionaires

[shaunbhoy]

I will have minimised my footprint in the UK

I think the notion of you "minimising your footprint in the UK" is something we can all rally behind.

[Elliegirl]

according to the Torygraph 1 in 79 Brits is now a millionaire thanks to property

Surging house prices mean one in 79 Britons is now a millionaire

how cool is that !

how many here are as Sue would say, high net worth individuals ?

Milan.

Lord I wish people would stop boring on about this.
It's a disaster. Nothing more or less. I have a house in London. The mortgage is paid off. Goody for me. What about my nieces, nephews? where and how are they going to bring up their children in the future when property is bought and sold like commodities? how can you put roots down in a community, send your kids to school, all the usual things that security of tenure gives you? I was on a forum some years ago called Housepricecrash. I think I joined around 2006. They had been predicting a crash since then driven by high interest rates. This is not the 80s. It's different because there are far too many vested interests involved to break the market with interest rates hikes. You really think the establishment are going to destroy their BTL empires with high interest rates? No. We will continue as usual. In this stupid, stupid mess.

[scooterscot]

We're getting poorer then

https://www.theguardian.com/uk-news/...ises-by-200000

mmm

millionaires are what they used to be considering the value of the currency in recent years has dropped 30% against the euro, how is one to purchase that holiday villa in lake como now?

[scooterscot]

Lord I wish people would stop boring on about this.
It's a disaster. Nothing more or less. I have a house in London..

Freehold?

[Elliegirl]

Freehold?

Yep. My mum always said she could never make sense of leasehold and if something doesn't make sense there's something wrong with it. Works for me as Hunter used to say.

[Big Blue Plymouth]

Lord I wish people would stop boring on about this.
It's a disaster. Nothing more or less. I have a house in London. The mortgage is paid off. Goody for me. What about my nieces, nephews? where and how are they going to bring up their children in the future when property is bought and sold like commodities? how can you put roots down in a community, send your kids to school, all the usual things that security of tenure gives you? I was on a forum some years ago called Housepricecrash. I think I joined around 2006. They had been predicting a crash since then driven by high interest rates. This is not the 80s. It's different because there are far too many vested interests involved to break the market with interest rates hikes. You really think the establishment are going to destroy their BTL empires with high interest rates? No. We will continue as usual. In this stupid, stupid mess.

I was visiting a friend of mine in Colindale. He's still living in the street he was brought up on & was telling me how all the houses on the street used to have families living in them & there was something of a community spirit. Now, the ones that are inhabited have become HMOs or split into flats and mostly have itinerant single men in them who stick around for a few months while they're working locally. The other properties, he claims, are just for rich Russians, Chinese etc to park their money & sit mostly empty.

You're right, it's a total mess & nobody's going to do anything to address the problem.

[sasguru]

I think the notion of you "minimising your footprint in the UK" is something we can all rally behind.

The 3, 4 or 5 feckless families we support with the 6-figure taxes we pay every year as a household might disagree when we decide to pay it somewhere else.
I do hope more high earners (the so-called "elite") fuck off out of the UK, post Brexit, just so people understand how their precious benefits system, NHS, police and army etc. etc.are all paid for.

[The_Equalizer]

The 3, 4 or 5 feckless families we support with the 6-figure taxes we pay every year as a household might disagree when we decide to pay it somewhere else.
I do hope more high earners (the so-called "elite") fuck off out of the UK, post Brexit, just so people understand how their precious benefits system, NHS, police and army etc. etc.are all paid for.

Altruism in action.

[sasguru]

Altruism in action.

The social compact has been broken. And not by the elite.

[Lance]

That tells you everything you need to know about Asset bubbles, the current state of the UK economy and the reasons behind the current state of the UK economy...

It is not a bubble when demand simply outstrips supply.

Whether that is the case for all the inflated housing costs I am not sure. I can't comment for London as I don't live there, but where I live it's not a bubble and rental prices are not a million miles away from buy prices. So BTL isn't a cash-cow but more a long term investment.