We would have a very different type of economy if London was to vanish without a trace and all the financial services with it.
Cornwall's broken housing market
- Thread starter FoxEye
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We would have a very different type of economy if London was to vanish without a trace and all the financial services with it.
Yup, so the best thing to do is make things as difficult as possible and as non profitable for landlords.
Sooo, landlords exit the market (and they are) and where does that get people looking to rent???
You do realise some of the taxation you pay goes towards things like defence, social security & pensions etc.. it doesn't all just come back to fund your local government?
Also, the UK was a net contributor to the EU.
Yeah, a much smaller one. It's not like the fact that financial services exist in London is preventing someone in Cornwall or anywhere else in the UK from starting a business or locating some part of a large company there.
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Need to pivot away from landlords providing housing on a for-profit basis, to those who can least afford to pay the landlord's mortgages for them.
It's landlords that are the entitled ones. They believe others should be ensnared and entrapped in a position where they must pay the mortgages for their 2nd,3rd, 4th homes.
Council houses must make a massive comeback. Councils will charge affordable rents, and any profits reinvested into society, not entitled landlords.
You do realise that Cornwall was (and is) one of the most deprived areas in the entire UE, even including former Soviet bloc countries. More deprived that the Welsh valleys, even.
And the UK still saw fit to extract more than it put in. Meanwhile, in London... you have the most spending per head of any UK region.
Yes and you'd be even more deprived... that's the point!
Caporegime
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It's literally the most productive area of the UK, without London the rest of the UK would be way poorer.
Imagine Cornwall trying to fund all their expenditure from local taxation without help from central government and money provided by London and the South East.
All that chart shows is that the distribution of wealth is far more linear in say Germany. Remember in just 25 years Germany have caught and overtaken us quite easily.
If London were to disappear but the replacements were scattered all over the country it would be a far better way of doing things. The economy would grow a lot better as a result as London is already heavily saturated as it is.
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You put it far more eloquently than me.
We've done this to death on another thread, but go on.
When my EPC comes into affect in 2027 I'm going to have to sell because it's impossible to meet the criteria, and I haven't put up the rent, nor will I ever as long as my tenant looks after the place (as she has for the last few years).
So, please tell me how I'm entitled or I'm entrapping someone, especially as I'm charging way way less rent than I could command?
No, it wouldn't, you can't just replace financial services like that. No one is stopping anyone from opening up offices in Manchester, Birmingham etc.. it would be far cheaper to both rent the space and employ people for the start in reality financial service orgs tend to just stick IT and back office stuff in second-tier cities, the talent is in London. Likewise, the EU was hoping for a far bigger slice of the pie split across Frankfurt, Paris, Amsterdam etc..
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Soldato
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Just outside St Austell in Cornwall - hardly a fortune given the present price of property.
It’s affordable for a couple earning 50k a year between you . Sacrifices and priorities right for a few years and you’ll get there. It’s not that hard but as always depends on your life choices.
Check out this 3 bedroom semi-detached house for sale on Rightmove
3 bedroom semi-detached house for sale in Trenarren View, St. Austell, PL25 for £197,500. Marketed by Purplebricks, covering Plymouth
Wish I could get a 3 bed house for 200k
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Well yes, I forgot that OcUK has all the benevolent landlords. Taken as a whole, however, including the slum landlords that operate at the lower end of the market, the result of BTL landlords on poverty is a detrimental one. Rents are often higher than mortgages. Rents are often completely unaffordable, and tenants have to be subsidised by the govt in the form of housing benefit.
In that other thread I linked to the (Panoroma, I think) episode, showing former council houses bought up by slum landlords, who then divded them up and charged £1k per room. Often with leaky roofs, etc.
Let me repeat: A full 1/3 of private rentals were found to be not fit for human habitation.
Of course, you charge less than market rates and make a loss on every property. Of course you do. All the OcUK landlords do. We learned that in the other thread.
Again you’re highlighting the exact problem, I would replace talent with conman by the way,
I would suggest you read up on the gfc and the number of conns going on then.
House prices are crazy - the money to buy comes down from the North and by north, I mean anywhere in the UK outside of Cornwall 
I'm lucky enough to have a house and got it when mortgage rates were good with two good wages (for Cornwall).
Unfortunately our situation has changed so our next mortgage renewal will be painful. Truth is in this climate, if we were trying to buy a house, we couldn't. We'd be renting, possibly from a landlord living in another county.
I'm lucky enough to have a house and got it when mortgage rates were good with two good wages (for Cornwall).
Unfortunately our situation has changed so our next mortgage renewal will be painful. Truth is in this climate, if we were trying to buy a house, we couldn't. We'd be renting, possibly from a landlord living in another county.
Other than apparently having a massive chip on your shoulder re: finance it's unclear what problem you're referring to.
Yes, but the owners would then have to pay their business a fair market rate to use it or have it as a taxable benefit.
Finding £1177 pm is not affordable for probably 50-70% of people in Cornwall. Lots of jobs only pay NMW, or are entirely seasonal, meaning a scarcity of work in the down season.Just outside St Austell in Cornwall - hardly a fortune given the present price of property.
It’s affordable for a couple earning 50k a year between you . Sacrifices and priorities right for a few years and you’ll get there. It’s not that hard but as always depends on your life choices.
Check out this 3 bedroom semi-detached house for sale on Rightmove
3 bedroom semi-detached house for sale in Trenarren View, St. Austell, PL25 for £197,500. Marketed by Purplebricks, covering Plymouthwww.rightmove.co.uk
Wish I could get a 3 bed house for 200k
I'm not wedded to buying, btw. If rents were genuinely affordable that would be better.
The only solution down here is to understand that Thatcher's Right to Buy is the exact opposite of what this county needs. This county needs affordable council housing, and lots of it.
Otherwise all the Londoner's who retire here will have to learn to wipe their own backsides as there will be no carers (etc) to service them.
Couldn't the business just loan them that money? I know there's ways and means around it, as it's a popular tactic down here. During the pandemic Cornwall alone lost over £100 million to 2nd home owners hastily registering their 2nd homes as businesses, and then claiming furlough money. Sad, but true.
That’s a hot take. Your whole support network might be in that city or very close by. Friends, family, your employment.
I don't think I've asked anyone to move 300 miles "up north". Cornwall is tricky because is poorly connected to the rest of the country simply due to geography, one of the reasons housing will be expensive is because it is like a peninsular meaning people can't live in adjacent counties to the west/south, there aren't many options if you want proximity to others there and hence there is a premium to pay. Historically the poor connectivity would be have worked both ways in the sense that doesn't really work for commuters, but now you get more people working remotely who will buy with their city slicker salaries.
Country-by-country is different because of citizenship, language, probably other factors like pensions/tax etc. None of those factors would apply to someone moving 300 miles north within England.
I know it's different. But if we've arbitrarily decided that nobody has the "divine right" to live in the county of their birth, then why do they have the "divine right" to live in the country of their birth?
Surely the same logic applies. And if everywhere in the UK is too expensive, then that same logic must say, "Move away from the UK, then!"
To me it's just a convenient way to ignore the broken system, to avoid also the consequences of fixing it. For the "haves" to continue having, and to be able to basically put all the blame on the door of the individual, in the case of the "have nots". And to say that an easy solution is just to go somewhere better.
Do you think the current trends in the UK will be good news long term? Do you think current trends are even slightly sustainable?