More than 350 estate agent boards have been taken down in Fulham, south-west London, after the local council mounted a three-month blitz on flyboarding.
Hammersmith & Fulham Council has been writing to agents in its area, giving them two days to remove any offending boards. Boards that have remained up have been taken down by the council, and the agents charged for the work.
Councillor Greg Smith, cabinet member for crime and street scene, told the local paper: “A plethora of tacky estate agent boards can really bring down an area and brings no benefits to residents or even the estate agents themselves.
“Hammersmith & Fulham has historically had a problem with advertising of this sort and, since we introduced a ban on boards in two conservation areas in 2006, we have been continually looking at ways to clear our streets of these wooden monstrosities.
“Estate agents agree that making the streets look nicer can lead to higher house prices and, while the majority play by the rules, there are the odd few that simply could not care less.”
Blitz in London borough on flyboarding
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I just wanted to take the opportunity to say, that real estate agents are just people who don't have a talent in anything, cannot create anything original, are poorly educated, are insecure, are morally retarded and know, like everyone else knows, that they have no purpose in life. Their punishment really is their existance. There can be no greater punishement than that.
I'd just like you all to know how much I'd love to go ATM on Abi Titmus.
Hi all, I am -2% this month.
Too right, Andrew Fitton. Too right.
Have you ever taken it from behind? I know I have.
A real estate agency? Oh indeed, why not a real one. What a delightful change it would make, instead of having to put up with all these dreadful noddy estate agencies.
Hey Paul I need to correct you just a touch. Vendors don't set the sales price at present. Most are setting a price that everyone ignores and no one buys. To be a "sales price" I'd have thought it would need to be at a level where there was a chance of selling the house.
Tescos are setting up 30 banks lets hope they all set up a real estate agency as well
I love unmoderated bulletin boards.
I can say 'titwank'.
Shall I buy the 4 bed detached guide price £80000 at auction or the 2 bed terrace in the same area asking price £105000 ahh but its under offer and so are all the others lol
Anyone looking to purchase property buy at an auction.
I have just bought a large house on the advice of a nice EA called Sibley, who assured me that it was a very good thing to do. I am sure that he is right, as he said that he was, so there! Quack-quack!!
What i'd like to know is that every house seems to be under offer but the offer price hasnt been accepted yet. However,in the same area you can buy a 4 bed detached for the price of these 2 bed terraced under offer. Are estate agents imbeciles to think that joe public will think ooh its really under offer when they can purchase 2 extra beds for the same price or less...like DOH
estate agents will be obsolete within two years... mark my words.
and i watched and wanked
i fucked you all
Any estate agent comes near my gaff I swear I'll do time.
Gosh Ros,
I found something quite shocking on your site - a statement even more frank and explicit that I could ever bring myself to post. It was under your column "Rat of the week" :-
It said ... “estate agents are lying, self-serving, overpaid, overvaluing/undervaluing, thieving b’stards who never return phone calls. They wear flash suits and drive flash cars, they don’t care about the clients, they do private deals for their friends, they ignore conflicts of interest, and generally offer poor value for money.”
Not exactly "Bear Porn", but a revelation nonetheless. I never looked upon estate agents in this way before, so thank you for opening my eyes !
House prices will never, never, never, ever fall because Kirsty told us. If in doubt, buy in Maidstone and your house will only ever rise in value. Look at the number of sold signs in the Maidstone area and the number of people in my workplace that are buying. Keep up the good work EAs, because your contribution is extremely valuable to the UK economy and forgetting the fact that the significant majority of the UK hate your profession, only behind bankers, we think that you add a valuable service for the extremely high charges you used to demand.
I WEAR NAPPIES, I am only trying to sell my BTL portfolio because I am an egalitarian soul and want to give everyone the opportunity to paticipate in the miracle of "money for nothing". I do not think, for a moment, that prices are dropping and that my only hope for survival is to sell my portfolio to the last mug standing so that I can afford a mini and hair gel for another year. To insinuate for a moment that this might be the case is deeply hurtful and so completely wrong .... ;-)
ROSALIND , seriously now ...
I'm thinking about becoming a estate agent , i have no experiance but i'm a good liar and bullshitter and also i like messing people about , what are my chances ????
Is now a good time to get into BTL ???
There are EA's out there saying now is a good time to buy , surely they wouldn't say that just to get commisions on board because their desperate for business.
Hello You're Having a Laugh. Right? Very well played. A very solid 4 right off the middle of the bat down the wicket. Alas, I am not so skilled, made a big mistake and got caught by the 3rd slip on 2 ....... Looking forward to the next innings though and hope to make 162 n.o. .......
Micky, if you carry on trying to chat up my bird then me and you are seriously going to fall out!
ROSALIND
You've never had your dead site buzzing so much have you babe , think of all the extra revenue you might get now if this keeps up , maybe you should take me out for lunch and we can talk about it .
Why the people are angry , your housing boom was never going to last it was just a case of when would it bust .
Paul, you are right, it is still a seller's market. I don't know where all of these posts have come from but I suspect we are the victim of some type of co-ordinasted internet campaign. These people are obviously mad if they think house prices are coming down so it's probably best to ignore them.
Dear AngryNotSoRealEA.
Sorry fella.
Having heard that kind of bilge from REAL REAL EA's so many times, I kinda missed the irony, coz it was WAY too close to the real thing :-(
I also thought the ironic smiley at the end was some form of half-arsed, hair-gelled attempt at being threatening, just like REAL REAL EA's try sometimes, coz they think they're so 'ard and streetwise.
So, a full apology to you, but not to any of the REAL EA's who'll read your post tomorrow and think "Ug, yeah man well sed - that told 'im, dinnit...?" coz tey still suck.
A full apology on a forum, eh? Ain't you the lucky one :-)
Hello my brother Ali_D from your brother Ali_G ..... I think that apart from a few excessive messages, many of us are having a bit of a good natured laugh .....
Who's having a laugh?
Hello You're Having a Laugh. Right? Irony / sarcasm ... And a little ;-) at the end that was supposed to give it away .......
Ros - what exactly is an associated revenue stream? Is it something to do with fitting a micro hydro plant to the water feature running through the bottom of the garden? If so, I might be interested.
Btw, Marchand Petit, one of my local estate agents, subscribes to four different property web portals claiming 1.5 million hits per month across all four portals, which equals, if my maths is correct, 18 million 'potential buyers' per annum. Would you say this is over-egging the situation a little or not? I wonder how many houses there are in the UK in total ...
Sorry. Make that "And are NOW going to see you bankrupt..." Problem is, I'm used to hanging around a better quality of forum, where there's the functionality to edit a post afterwards. Hmmm - a hastily put-together, not-very-clever, functionally bereft offering, clearly designed by Tim Nice-but-Dim; I suppose I was mad to expect anything else from this "honourable profession..." What a remarkably apt and accurate reflection on a whole sector of British "industry..." Ooh, go on, get angry again Mr Shandy.....
ANGRYREALEA - are you have some sort of giraffe?!?!?! Here's some answers for you...
Who are all you people? YOUR WORST NIGHTMARE; POTENTIAL CUSTOMERS WHO'VE BEEN DONE OVER BY YOUR LOT FOR YEARS, AND ARE NOT GOING TO SEE YOU BANKRUPT. EACH AND EVERY SLIMY ONE OF YOU.
I am so angry that a bunch of insincere rabble rousers have hijacked our site and have spewed so much venom. DIDDUMS - GET OVER IT. WE'VE HAD TO PUT UP WITH YOUR BILGE FOR YEARS.
We are an honourable profession ARE YOU CHANELLING THE SPIRIT OF COCO THE CLOWN? HONOURABLE? PROFESSION? HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH and would not dream of treating others the way that we have been treated. THE PROBLEM IS YOU DID, AND SO DID ALL YOUR MATES IN YOUR "PROFESSION."
OBVIOUSLY, NOT A SINGLE ONE OF YOU OR YOUR ODIOUS COLLEAGUES HAVE EVER HEARD THE EXPRESSION "BE NICE TO BE PEOPLE ON THE WAY UP - BECAUSE YOU'LL SURE AS HELL MEET THEM ON THE WAY DOWN..."
WELL, THAT'S WHERE YOU'RE HEADED, AND THERE'S HUNDREDS OF US EVERY NASTY BUMP OF THE WAY. COME ON TESCO, GROW A PAIR AND PUT PEOPLE LIKE "ANGRYREALHANDSHANDY" OUT OF OUR MISERY.
HAVE A NICE ONE.
As an EA of 27 years I feel I'm as qualified as anyone to comment on the current state of the UK housing market, unlike many of the posters below who clearly have an axe to grind and have a vested interest in driving prices down. It's fucked, 100% guaranteed
Any estate agent, real or otherwise, comes near my gaff I swear I'll do time.
Ooooh, there's a few people getting a bit upset here, maybe I should say something nice........sorry can't think of anything!
Who are all you people? I am so angry that a bunch of insincere rabble rousers have hijacked our site and have spewed so much venom. We are an honourable profession and would not dream of treating others the way that we have been treated .... With a few exceptions of course .... ;-) .....
LET ME GIVE YOU SOME NEWS
Most agents out there are actually advising people not to buy now as it is a bad time to buy, you don't have to be a rocket scientist to figure that out!
For you all to believe we are pushing people to buy is just naivity on a grand scale!
I really do feel sorry for all you sad people posting all these non sensical messages.
You are really all out of touch with reality! And you keep talking about bringing down prices, well most of the time it's the vendors that decide the sale price!
Seriously you really are pathetic the lot of you!
MICKEY, let me explain: when you take on a property, make sure that you explain the problem to the seller and inform them that when they accept an offer, they take into account the fact that the property may well be downvalued on valuation, and they should factor this into their calculations.
I won my first Grand Prix race today!!! (apart from that one that didn't really count).
I'm over the moon guys, and my girlf has promised me a special treat!
ROSALIND
I am a professional , but thankfully not in the housing business your post of ....
Sunday 29th March 2009 19:01:09 ....reads like the sort of crap a wannabee professional would read out of a textbook or manual , my attitude though darling is 'you've either got it or you ain't' .
The devil comes to steal, kill and destroy!!!! I won't let him take what was promised me! I rejoice today..that I shall recover it all!!!
You are right Buckyballs, apologies. I was just trying to drive the post count up, I won't do it again.
With the current market turmoil, what's the easiest way to make a small fortune?
Start off with a large one.
Jade, that's not funny because it's not about property. Try something like this instead: I say, I say, I say, I phoned the local builders today, I said to them 'Can I have a skip outside my house?' He said, 'I'm not stopping you!' See?
Petrol is way too expensive these days. I actually can't afford to drive.
Last time I went dogging, I had to ask my mum to give me a lift.
Mickey: If you really want to be a professional, take note as follows:ATTITUDES are more important than ABILITIES
MOTIVES more important than METHODS
CHARACTER more important than CLEVERNESS
PERSERVERENCE more important than POWER
And the HEART takes precedence over the HEAD
What's the difference between the BBC's business editor Robert Peston and God? God doesn't think he's Robert Peston
"The medium is the message."
What is the difference between me and a moped? A moped can reach 30.
jade you wil always be our primark princess.you wil have yur very own line of easters eggs at primark and we wil all queu up to by them. god bless you jade and justice 4 maddie too.
ROSALIND
When i wrote 'you didn't see it coming' i meant the housing crash and imploding economy , like 99% of vested interests you didn't see it coming did you babe ??
To the person who put the post up by Jade Goody you are a pretty sick individual and do not represent the majority of us , cancer can strike anyone at anytime . You could be next .
Any estate agent comes near my gaff I swear I'll do time.
I find it ironic that my head looks like an egg and it will be in a box at Easter.
Micky:Whilst this is not a surprising response, it does indicate what I believe to be a fundamental lack of awareness of the opportunity to deliver amazing customer service and its associated revenue streams.
ROSALIND
Just like Gordon Brown , the MPC , BOE , FSA ,the bankers etc. ...you just didn't see it coming , did you ????
Just to say Betty I feel sorry for your son and the rest of the buyers who have been conned by EA's. They are the ultimate in lying and cheating.
Rinoa, thank you for you post. Ill forgive the spelling, and maybe some time off to relax your stress would help.Remember, our job is to create a sale. We do this by stimulating buyers into action. And in today’s market, we need to quote tomorrow’s prices if our stock is to be more saleable than competing properties, even when they are priced at the “correct” level.
Rosalind, I appreciate what you are saying but we are simply a representative cross-section of the general public who, as I am sure you appreciate, regard estate agents as a lying, thieving, morally bankrupt load of snot-gobbly shitcunts. I hope that clears it up for you.
Damn Betty, Im in Maidstone, Ive helped thousands here close at above asking.
ROSALIND writes this ......
Posted By Rosalind on Sunday 29th March 2009 17:27:27
We are Estate Agents, a pround and worthy set of professionals helping people onto the housing ladder. How else would young first time buyers get to put a stake in the ground, in their communities, in their very futures. Nobody buys a house with negative equity.
well said INDIGNANT .... ROSALIND JUST HAS NO IDEA THE DAMAGE HER PRECIOUS HOUSING MARKET HAS DONE TO THIS COUNTRY ....SHE HAS ABSOLUTELY NO IDEA , TOTALLY CLUELESS .
Cant tell you exact name but its in worksop, notts.
Betty, send me his name and address, we can pop that on the market first thing in the morning.
Thanks for conning my son a first time buyer Mr EA, who bought in august 2007 for 100k and will now be valued at around 50k you wankers. But one thing im glad about is the partys over for you greedy shiney arsed gits. Wont be rubbing your pudgy hands together now counting the cash.
I agree Rosalind , this is such a great website , why let all these people come on and tell the truth of how it is .
The UK public are sick of hearing about high house prices .
Thank you for the clarification about negative equity Ros. No-one starts out that way but most people who bought in the last five years and who buy in the next five years will end up in negative equity at some point. It seems that it won't only be Japan that has a lost decade. A stake in the community at the cost of a stake through the heart of their finances seems to be a tough choice for FTBs.
Administrator or Negotiator , such fancy names for such meaningless jobs when the only qualifications needed for such jobs are bullshiting , lying , spinning , playing games with the public .
Hopefully soon people can choose to sell their own proproties on proper owners websites rather than have to use these scummy middle men and women .
Sack them all
We are Estate Agents, a pround and worthy set of professionals helping people onto the housing ladder. How else would young first time buyers get to put a stake in the ground, in their communities, in their very futures. Nobody buys a house with negative equity.
HAMISH_MCTAVISH, I remember you. I unloaded all of my BTL onto you at 20% above fair market value at the peak of the bubble. Amateurs never seem to do that well when buying from professionals. Better luck next time.
I completely agree Ros. All of the offensive comments should be removed immediately. Let's start with the ones that try to trap young people into buying their first houses with very high LTVs when we all know that the bubble has burst and that prices are going to continue to collapse for another 3 to 5 years. I agree that it is repulsive to have any comments on this site that help condemn our less informed young people to a decade or longer of servitude to the millstone of negative equity. Let's all be completely honest and tell the public when more than 25% of us have actually put our own money into the housing market since 1 January 2009.
Rosalind
Two years ago i put my lifes saving's into a BTL portfolio , i was encouraged to do this by my local EA , the value of the portfolio has since halved what should i do ??
PLEASE HELP ME it was your industry that sucked me into it , so please help me get out of it ... HELP ME PLEASE
Hey guys, Im not available and I refer you to our terms and conditions:The views contained in these user comments are not endorsed by Estate Agent Today (nor its associates and advertisers) in any way and are provided by users who wish to publish their independent opinions on our news. Whilst every effort is made to moderate these comments, due to the instant nature of the posting not all offensive material can be removed instantly. Please help us keep the comments areas tidy by reporting details of any infringements to team@estateagenttoday.co.uk
How about a shared ownership scheme? I could use the rear entrance.
Harry: shes mine.. may I suggest you subscribe to Virgin Cable and put the bill on expenses...its allowable now. I like the adult channel, cos one day, Im gonna be one
Ive got a very high score in MS solitaire the other day...I play vegas...its the only money I can make these days.
If you ever fancy a shag Ros, I'm not too fussy.
Come on all you shit faced EAs you have pissed up the backs of so many people in this country for too long its pay back time. Try reducing your prices by at least 60% then you may sell... its not f**king rocket science.You greedy wankers.
我们真正地是好人民
Rosalind
marry me
Daftboy: may I suggest a course I went on.It was only cost 5grand, but I was learned about BMV, guaranteed rents and gifted deposits.
Rosalind
The country is bust thanks largely to a housing boom that was allowed to get completly out of control , i very much doubt that you or most of your sad members saw it coming but you certainly milked it for all you could , there are those of us who had to wait longer than we wanted to for the inevitable bust which now thankfully is here in all it's glory , sucking much of the economy down with it , but at least house prices are coming down to a more sensible and acceptable level where people can afford them without tying themselves to a massive mortgage for the rest of their lives .
YOU ENJOYED THE BOOM NOW ENJOY THE BUST , after all you helped create it .
Dont be daft, daft boy. Lots of training is required : how to tie big tie knots, the application of hair gel, how to tell all of the minis apart, how to overcome your revulsion for polished shoes and how to wear the same suit so many times that it becomes shiny .... The hour of training is much harder than it first sounds.
MIFFED: thanks for your constructive comments. I must dash as Ive got a prospect who needs to raise his price a bit. any suggestions, I wouldnt want to fake another bid, but times are hard this week. Thanks guys.
I want to be an Estate when I grow up. What qualifications do I need ? My friend said it was a job for stupid people without qualifications but I think she is being nasty to me
If your membership register were sorted alphabeitcally it might be easier to find Sibley and Valerius.
Thanks for the clarification Rosalind. Despite the aggressive nature of some of the comments here, they do seem to reflect what is fast becoming the mainstream opinion in this country. If, as you suggest, some of the national media do visit this site from time to time, it might help them understand that the old way of doing media is dead. Media now only survives when it reflects the views of a broad selection of the public rather than the narrow interests of those who pay the most for advertising.
MICKEY MOUSE:
I dont think that is your real name, now is it?
And Sibley and Valerius?
what sort of names are these. Come on guys, Im quite nice and if you knew me you wouldnt do this.
Hello EA's
wasn't that long ago when property investing and BTL was the big thing eh , i bet many of you scummy lot were involved in it , not looking so good now for all those wannabee property tycoons LOL , remember houses and flats are for living in not for you 2 faced cheating parasites to play your games with .
Finally let's hope the closing of EA's office's continue for sometime .
yes of course I can Miffed:
First, free speech is important. However, abusive, personal or over-belligerent posts actually get in the way of free speech because they put other people off posting what could be valuable and interesting contributions.
Secondly, Estate Agent Today stories have been followed up by national newspapers including The Times, Telegraph and Financial Times. We know the site is regularly visited by national journalists.
It is vital that your posts reflect well, and indeed try to promote, high standards of professionalism in estate agency – as the majority do.
For the good of the profession, please:
• Don’t put up a comment in a name impersonating someone else or in an offensive name
• Don’t post reviews containing abusive language, including swear words, or containing personal attacks
• Don’t use posts as free advertising plugs
Well Done Ros. TO keep your calm when you have these people posting is a true tribute to the top training we all receive. Ive encouraged to gazumpings today, and sold a repo to my uncle, so a good days work.
Rosalind, could you possibly help your readers understand the two reasons that the comments that "abuse" the service need to stop? An answer in the context of how EAs have stopped the abuses that took place during the massive speculative bubble that we saw in the last decade might be particularly instructive.
We are extremely grateful to our readers for your regular postings on Estate Agent Today. Your posts have helped to make our service the success it has rapidly become.
The majority of posts are informative, often lively and quick witted, and genuinely contribute something to a particular debate or issue.
However, a few comments do abuse the service and it is very important for two reasons that this stops.
Axe the agent, if I have told you once I have told you 100 times (well that's the target anyway), EAs "add a lot of value" and richly deserve what they are getting ..... Keep the agent ....
I'm looking at houses at the moment and the estate agent asked me if I wanted a cellar so I said "No, that's ok, my daughter can't have children"
Mr Khan and Mr Jones live next door to each other in identical houses. Their homes are valued by an estate agent. Mr Khan's house is worth £200,000 - while Mr Jones' is worth £150,000.
Mr Jones asks the estate agent, "why this is?"
The estate agent replies, "simple: Mr Khan dosen't have a Paki living next door."
Any estate agent comes sniffing round my manor I swear I'll fuckin' do time.
So these estate agents know that these are conservation areas and that it is illegal to erect "For Sale" boards and yet they do it anyway? Why are estate agents so dishonest?
Are you ready to axe the agent?
Hats off to Gordon Brown and his policies! Property prices are on the up and the Government is making it easier to borrow. We've never had it so good!
Is it me or are estate agents getting younger?
this recessions going to be over by june so i reckon now has never been a better time to buy.
It's a good time to buy!
Ungeared, I'd really like to ask you a question please. How do you go about pricing properties? Do you think of a number and double it? I'd love to know the secret. Thanks!
As your leader i order all estate agents to drop prices to more sensible and affordable levels so that hard working families can afford them .
DO IT NOW EA's OR FACE IMMEDIATE CLOSURE .
ungeared (Pinocchio), you are indeed lucky to work where you do. Closing up shop early is not a problem. Just be careful to avoid the crush of the pent up demand when you open to-morrow ....
Any estate agent comes near my gaff I swear I'll do time.
It's got nothing to do with us. Houses remain a good long-term investment. Hopefully, anyway!
I used to be a EA but then the bubble burst , i cannot find another job as my bullshitting , lying skills are not enough to find me employment in this recession.
The economy is collapsing , banks are bust and the bubble is burst it's all over .
Aren't I the lucky one.....or is that you? lol.
Just shutting up shop to have a quick Sunday dinner...hope I don't lose any sales.
It wasn't the first time ..... ;-)
If you want to start selling houses , just drop the prices , THE PROPERTY PARTY is over it was all a big pyramid scam fuelled by ridiculous lending and pumped up by vested interests like ESTATE AGENTS ....JUST DROP THE FUCKING PRICES .
Let's hope the irony wasn't lost this time :-)
no I'm in Wentworth....hang on,.....another sale going through as we speak, must dash, Pinocchio (smiley icon)
Wow ungeared (Pinocchio)you must be really good compared to me. Are you based in Maidsone?
I have sold hundreds and hundreds, in fact dillions and willions of houses in the past months, I'm selling them for the asking price too, all you bears are in the clouds, I'm selling houses to hard working families, we are doing our best, what is needed in these tough times, keep the faith....Pinocchio
You are taking the wrong approach Estate Agent. I am selling a house every week at 45% to 55% below peak prices. I am making more money than ever by selling more houses at lower prices. This business is simple when you price the goods correctly.
Frankly, I haven't sold a property in weeks. I'm shitting bricks at the moment, I don't mind admitting.
MY fellow tax abusing MPs tony MCnulty,alan and ann keen ect seem to be loathed even more than estate agents now that we,ve ruined the county, it would help if you crank prices up further so that the media pressure could be taken off us and the ordinary folk could all feel rich again.
ps
my hubby likes porn would any of your members like to call round to my sisters for a bit off slap and tickle,i,ll be there only 2 nights a week
The EA 'For Sale' boards have been up for so long around our way, there is a preservation order on them.
By law, EAs boards should state that property is losing an average of £4000 per month, to let a possible buyer know that their purchase will lose a substantial amount in value.
Any estate agent comes near my gaff I swear I'll do time.
buy, buy, buy, buy, buy, buyyyyy....aaarrrrgggghhhh....
What an exciting prospect for a weekend.
Wasting your own and other peoples time and getting humiliated in the process.
I've got a better idea. Why don't you whack a couple of viagra's into your hubby, drink a bottle of scotch,rent Debbie does Dallas and go for it all weekend?
Frankly no one has summed up why we will have HYPERINFLATION better then me…..
POST 1
Where are we at the moment?
Those in the West (esp. US/UK) are in massive personal debt and massive government debt. Governmnet deficit spending is gigantic. Trillions and Trillions of £/$ - The greatest % of GDP ever. We have borrowed and are continuing borrowing money in the bond markets from international investors to pay for our government spending, consumer spending and also to pay the interest on the money we have borrowed.
What are we doing with this money?
Buying consumable crap and supporting the Public Sector & Social Security System.
This cannot continue. We need to pay our creditors back.
We can do this - but it will take time. How ?
Raise Taxes, reduce social security, cut government spending, reduce government departments and contract the public sector hugely. Allow inefficient businesses to go to the wall and defaults to occur. Raise Interest rates and allow unemployment to skyrocket. Invest in research and technology for manufacture of saleable products. Invest in infrastructure that provides yield. This will result in our economies becoming more lean and efficient, allowing us to pay back our creditors over the next 10 - 20 years or so, thereby working off the last 15 years of consumption.
Would 'the people' keep a government in power for long if they said this is what they are going to do? I don't think so - Would you?
There is another alternative
We could Default on our Debt
How could we do this?
1. Do not pay our creditors.
2. Print Money and pay our creditors using a currency which is worth alot less.
What option will they choose? Well I reckon option 2 is highly likely. If I can work this out then sooner or later the Chinese/Japanese (bond purchasers/foreign investors etc) will too. To be honest I think they have worked this out already and are pondering their next move. Eventually they will decide not to loan us the money (buy bonds) for us to purchase their consumable crap to keep their workers in jobs...but instead give their money directly to their own people instead to buy their own goods.
So in summary there will be vastly fewer buyers for US/UK government bonds. As I have forecast a long time ago the US/UK bond market will collapse.
What will our governments (Central Banks) do?
The Fed et al. will have to buy their own governments bonds. How will they do this? Answer "Print Money". THEY ARE DOING THIS NOW - it has only just begun. As a number of central bank leaders have said " we will do whatever it takes...." This will result in the collapse of the US Dollar and UK Pound. Welcome to a currency crisis that when it happens may deteriorate very quickly. As the dollar/pound collapse all imports will rocket in price, the outcome will be high consumer prices of all goods (imported and home produced), already we can see this occurring in food etc. Within a certain time period lag (6 - 18 months of a big consumer squeeze - happening now) wage inflation will become a necessity. A Wage Spiral will occur. Interest Rates will have to rise. The $ and £ will collapse further. More and more people will be out of work (receiving printed money social security), and interest rates will be steadily climbing.
Stage 2
Eventually there will be ZERO creditors who will lend the US/UK money - due to inflationary default - the Fed and BOE will have to print more and more money to buy their own government bonds to keep interest rates down, in order to finance government deficit spending to pay for the social security (to limit civil unrest) and the public sector (to keep people in 'jobs').
So where will this end?
I fear Hyperinflation will occur.
As I have said many times before a "TIPPING POINT" will arise. The population of these economies will not want to hold on to this "printed money". They will lose confidence in the currency they are paid in - dollar/sterling. For example a state employee e.g. a teacher will want to spend his £4,000 monthly wage salary very quickly - as they can see their monthly salary was £3,000 6 months before, £2000 6 months before that - but back then bread was only £2 a loaf...its now £8. VELOCITY of money will pick up exponentially. The huge quantities of money that have been printed over the previous year or so will now result in Hyperinflation.
What will the Governments do? What will our lives be like?
The specifics... who knows? No doubt they will introduce emergency laws, taxes on assets, rules on spending, rules on access to money in banks, price controls. They may make it illegal to hold other currencies, to buy, hold or transact in gold. There may be energy supply problems, 3 day working week...most certainly civil unrest and new state controls on demonstrations.... only time will tell.
How long have we got until the Bond Market Collapses?
It could be as early as April 2009 or it may take much longer. Early 2010..... I do not know. I think the probability that it will happen within a year or so as very high.
Remember nothing is 100% guaranteed.
POST 2
Since late 2007 money has been fleeing to the safety of US treasuries. A bubble has formed. It has been a flight to quality.
Originally it went into internet stocks, then housing, then commodities/stock market, then banks on deposit and now finally govt. bonds.
There is no way all these investors in US treasuries can be paid. However the capital value of the resale of the Treasury note has increased. Soon like the housing bubble there will be a dash for the exit. The government will have to raise IR's to prevent this.
Unless the government is engineering a collapse in the bond market?
Added to this that China, Japan, Saudi Arabia have their own collapsing economies to bail out - why would they continue to lend their cash to the US?
China et al. will put up with buying US treasuries for a while, but once they stop buying and start dumping them on the market the US dollar will collapse. This collapse will drive down the market to early 80's levels - and consequently IR's will go to where they were in the early 80's. Expect IR's in region of 15 - 20%.
Big problem is where will the cash go next? Only solution is to destroy the value of this cash. There is no safety - apart from assets or gold?
If the government is unable to sell bonds to finance govt. spending they will have to raise taxes, steal pension money, reduce state spending.... BUT WE KNOW THEY WILL NOT.
They will MONETIZE the debt. Printing is their only way out. They will print money and buy their own debt. The dollar will collapse.
It is not a question of "IF" but "WHEN?"
I suppose historically we are about in 1931. The difference is last time the money was used to prop up productive competitive infrastructure. This allowed the debt to be paid off over the next 20-30 years. This time the infrastructure is not competitve. We cannot produce our way out of it.
Finally what really worries me is that so far the US have pumped in about $9.7 trillion dollars into monetizing the debt. The outstanding value of US mortgages is about $10 trillion dollars. Surely the problem should be sorted by now?
Unless of course a percentage of the $100 trillion dollars of outstanding Derivatives could unwind due to defaulting of counter-parties ?
POST 3
More thoughts on why the bond market will collapse
All Bubbles Deflate - never slowly or orderly.
The US treasury Market is in a Bubble.
The longer the US treasury Market remains in a bubble the greater the pop.
The more debt the US issues to China...middle east...etc the tighter the available credit for other markets - e.g. emerging markets....Europe...E Europe...Russia....
For an investor to invest in these other riskier markets they will want higher and higher yields. They have been seeking 'perceived safety' in US treasuries. The high yields that have to be given by places like Hungary, Eastern Europe ...the UK !! will cripple the financial system of these countries. Basically what I am saying is the increasing US treasury bubble is strangling credit elsewhere.
Investors are in US treasuries for SAFETY......not yield or the normal economic fundamentals. FEAR is the major driver of this bubble. (not the usual GREED). Eventually a reassessment will HAVE to take place....because basically the US economic model is collapsing......a dawning of reality will take place. This is what I call my TIPPING POINT.
The rush to the exit will be towards Oil, Commodities...even housing.
This is because these assets have been repriced recently ...they look fair value, or at least give the potential for some yield.
If you do the research you can see that the rate of purchasing by China of US treauries has slowed since 2007- they have been buying assets instead. When this originally occurred the dollar weakened and oil went ballistic - form $50 to $150. Admittedly it then collapsed when the projected demand dropped off a cliff with the global slowdown.... recession.
Do the research and you will see that China has stated that Gold and other investments are preferable to the US DOLLAR $. China knows they face an inflationary default by the US. This Crisis has already cost the US $10 TRILLION DOLLARS. The dollar has been in decline for a long time - since the 1970's it has now shrunk to about 20% of its original purchasing power. The policies conducted by the US government - QE et al. - since the crisis began and even more so in the past few weeks...days are condemning the DOLLAR $ to a COLLAPSE.
A TIPPING POINT is fast approaching. The US people, the international community are losing trust in the US DOLLAR $ - you can see it on TV etc it is slowly entering the global psyche. The DOLLAR has no real backing - apart from this trust. Only CONFIDENCE.
Ask Yourself this?
If you held 70% of your wealth in Dollars now would you diversify your holdings a bit. Maybe reduce to 40% ?? Maybe go into Solid Assets or Gold? China Holds 70% of its wealth in DOLLAR DENOMINATED ASSETS.
The Value of Gold has been like a thermometer in the sick global economic illness that is engulfing the world. Gold has risen from 2001 - 2009 ; $200 - $1000
I am no Gold Bug and hold no Gold - but this does indicate a problem somewhere. As the US print and devalue their dollar the Chinese will have to make their play or be humiliated in front of the world.
China has been very vocal recently about the US devaluing the DOLLAR. I think some of you may be right in thinking the Chinese won't want to cause panic and exit the bond market rapidly causing a disorderly pop. But they MAY NOT HAVE A CHOICE.
As their economy contracts the amount of treasuries they are able to buy is shrinking all the time. They have to fund their own STIMULUS PACKAGE. They are already diverting funds into their own country and consequently have to buy much less treasuries. The research and data available shows china is trying for an orderly exit - they are buying short notes as opposed to the long term 30 year ones. China has about $2.5 TRILLION DOLLARS worth of US denominated asstes....Bonds...freddy and Fanny corporate bonds etc. They need to sell a large proportion of these holdings to Diversify their 'portfolio' and finance their own economy... the future does not look good.
So those were additional reasons why the bond market collapse will occur in the near future - resulting in a massive dollar devaluation...A flight into Hard Assets .......Increasing the velocity of all this printed money...and ergo HYPERINFLATION
prices have dropped 16.5% according to the land registry.
Thats:
£25,387 per year
£2,116 per month
£488 per week
£70 per day
£3 per hour
some serious bitterness here people.
why fixate on property?
angry, angry people.
I think some of the comments here have been quite unkind, suggesting that estate agents are all dishonest.
No, no, no ! I once met an estate agent in Eastbourne who shook my hand, and I counted my fingers and there were still 5 left, so this can not be entirely true !
Anybody want to buy a Mini with a hair gel dispenser and obsolete signage on the bodywork? Give Foxtons a call...
Tell me why I should buy into an asset that is losing, on average, in excess of £100 per day. YOU ARE PART OF THE PROBLEM THAT CREATED A ROD FOR YOUR OWN BACK. I now sit and watch with glee as one-by-one you fall by the wayside. Time to face it EAs, you created a euphoria that was supported by the reckless financial institutions and, like them, you will FAIL....
Bring it on.
yo what-up EA mutherfuckers?
Ivor, they buy shiny German motor cars believing that a house has somehow paid for it.
I know it's mad but that's the General Public for you.
What, exactly, does an estate agent DO for their ridiculously high fee?
Prices in California are 41% lower in 2008 than 2007. The total value of property sales was higher in 2008 than 2007.
This is because volume increases were enough to offset price decreases. There are three lessons here :
1. You get paid on completion not when you secure a listing. It is economic suicide to keep hanging on hoping for higher prices. You want a higher value of sales (and hence commission) which will only happen if you drive prices lower to drive volumes higher.
2. As an industry, you must be really stupid if you can't see that this is your only hope of salvation.
3. It is insane to assume that every pick-up in sales or mortgage approvals means that prices are going back up. It only means that the 25% drop to date is enough to cause a slight pickup from tepid levels. You need a 50% drop in prices before volume will rise to a level that your industry can be sustained albeit on a much smaller scale with increased competition and lower commissions.
Wake up people ......
Sorry I was useless, I've been a bad girl.
Very bad. Rowrrr.
Any estate agent comes near my gaff I swear I'll do time.
welcome to estate agent crash . com
OK, I am the Editorial Director of "Estate Agent Today" and I admit it. You are all right, the housing market is totally fucked. Thanks for putting me right guys, but it's the same as Fiona Lulu, what do you expect when you put a woman in charge of anything? The whole crash can be traced back to Margaret Thatcher- another fucking splitarse- and her bank de-regulation, but it's as much your fault as mine for voting her in in the first place.
Isn't it just great , watching house prices crashhhh down to much more sensible levels where people don't have to shackle themselves to huge mortgages therefore becoming debt slaves all their lives .
So what all you bullshiting cheap salesman have got to do is to instruct all your vendors to reduce their prices to get the market moving , DO YOU UNDERSTAND ??
You've had this coming for years, you tossers.
Can't wait to see the smug grins wiped off your slimy faces for good - why don't you visit housepricecrash.co.uk for some tips on how to save your job. Failing that, just read this....
STOP OVERPRICING F***ING HOUSES TO GET THE INSTRUCTION, AND YOU MIGHT F***ING SELL SOMETHING!!!!
And in particular that means YOU, Strutt and Plonker in Farnham !!!!!
Lots of Love.
B
Prices are going up where I live. You lot must live in rough places. Lol.
The pharmacy won't have my medication in until Tuesday so I've been told to not get over excited.
ha ha...we put up other estate agents boards everywhere so they get charged by the council to take them down. THIS IS WAR. Muuuwaaaahahaaaa
Won't be long before the signs are worth more than the houses. Not the best place on earth.
As the official spokesperson for www.housepricecrash.co.uk I can confirm that Fulham is an area where prices are falling particularly swiftly. The average Fulham householder is seeing around £20,000 a month wiped from their property's value. Still, never mind, eh?
Come on guys, the council only takes down 3 boards a day, you are clearly slacking..just put up 6 a day and infest the place with SSTC and SOLD signs. Lets talk this market up!
C'mon all, help me out. Price up the houses properly, otherwise I will shut you all down you useless ponces
In other news, council's around the country have been apprehending small , old, long haired people carrying signs draped over their backs reading "The End is Nigh". Councillors say that only signs displaying the words "Massive Golf Sale"
are legitimately endorsed.
Well Gordon, don't blame me for this god awful mess. Your policies, your problem
Ha Ha, fucking stupid estate agents, cant they see their days are over, but dont despair all you bullshitting nobwanks, you can still put your arse up for rent - time to change the gel type.
Agent Rinao, reporting in - For christ sake guys, pull your socks up and start selling, otherwise I am going to look a mug at this rate at hpc
Simon " ... The sheeple are waking up to the fact that they will NEVER see house prices at 2007 prices ... ".
Brilliant. Because, one "mantra" is wrong, but another right!? After all, "House prices can only go up" and " Never see 2007 prices again" are clearly not at all the same.
*wishes for rolly-eye-emoticon*
Come on guys sell some stock I am a DEA need some work. I siad 18 months ago prices would drop by 45% shit I was right "that a change"
If things get any worse I may go back to being a EA again.
www.rainbowenergyassessors.co.uk
Next, a fine for wearing a large tie knot in a public place and over use of the word yerself
Please stop fucking blaming me.
Down here in Maidstone, prices are absolutely fooked... visit housepricecrash.co.uk for the inside track!
House Prices only ever go up has been the mantra for the last umpteen years. Theyre going back down now.
One day they'll go back up.
www.housepriceincrease.co.uk
(tongue firmly pressed in cheek)
those pesky TACKY estate Agents...there should be standards, eg, hair gel limits, maximum number of colours on your cars, ban on bad teeth....the councillor is correct.
The sheeple are waking up to the fact that they will NEVER see house prices at 2007 prices. All those people who are reluctant landlords will fall into arrears over their mortgages, and prices will fall even more. Expect prices to continue falling for at least 2 years. Why should a FTBs 2 bed semi cost more than 5 times average wage?
See you later, estate agents. Don't call us, we probably won't call you.
Close the door on your way out guys!
Time to trade down to Tesco Economy hair gel boys, houses will be falling by another 20% by the year end!!!
the sooner estate agents start pricing -50% falls from the 2007 peak then the market can get going again, if you don,t want sales then carry on pricing at 10x incomes
Brian, I suspect you're an EA.
I hear McD's are hiring...quick don't miss the boat, time to get your foot on the Burger Ladder!!!
Maybe you should complain to Comrade Brown about brainless politicians interfering unecessarily... or maybe not...
EA's should only be permitted to advertise online. Mind you, all the For Sale boards do have a downward effect on prices, so maybe I should STFU...
Make estate agents illegal..never has so much been taken from so many for so little,estate agents played no small part in creating the the problems we have facing us now, they should go to the tower with the bankers and ponzi brown et al
Houses to fall by 50% before the end of 2010. Time to get rid rid of the Audi me thinks.
With the internet, I don't see why we need estate agents at all. I can't see many of them surviving the HUGE falls in property values anyway.
What do our Council members have for brains?
They have got rid of cars from our towns leading to empty shops, now Estate Agents boards, what next dogs, then people.
Dear Mr Putin do please come over here from Russia and run our Country and free us from these idiots.