Transcription
Technology had sufficiently progressed to reveal that mankind and the earth he inhabited was not actually the center of the universe.
The topic that I wanted to talk about a little bit is the uh situation of London's property prices. Uh there has been, as anybody who's been anywhere near Britain knows, there was an explosion in the prices of houses, especially in London. Um but now we are beginning to see that reversed. Uh anybody who bought a property in London in the '90s is now a millionaire and perhaps a multi-millionaire or, you know, even in the '80s. Uh in in this article, you know, a house that was bought bought for £176,000 in the '90s is now £1.6 million, an 800% increase. Uh God knows how normal people are meant to be affording houses or to be buying houses in London, but we've seen this explosion as a result of cheap credit and immigration um and high demand, right? Ultimately very, very high demand, high demand because the economic priority for the government was constantly London and the Southeast, much less so the rest of the country. So as de-industrialization set in, there was much less to do in other parts of Britain and there were therefore less services to provide from other parts of Britain, and so everything ended up being concentrated in London.
Well, I mean, I know the calculation I made when I was coming out of university. If I wanted a high-paying job, I had to go to London. That's where all the high-paying jobs were. The problem is, is house prices got so high is that a lot of young people started to realize, well, actually, I can get a high-paying job in London and then it's all going to go to my boomer landlord and I'll actually be taking less take-home pay than if I just got a normal job outside of London. Yes, I do get why a lot of younger people are very resentful, especially when the older generation, boomer types or even slightly younger than boomer types say, "Just save a bit. I saved. I saved for a couple of years and bought a house. You can do that." It's like, "No, I can't though. Don't know. No, I can't."
Um, if you're They don't understand, do they? If you're on £30-40k and you save £20,000 a year, that gets you nothing in two or three years. Do that for 10 years and then you might be able to buy a deposit, but actually no, you can't because house prices have tripled in that time. If if if you do that for 10 years, you end up, let's say, with £200,000, which would barely be enough for a deposit on a house that's worth £1.5 million in London, and you have to keep earning loads to afford the repayments, and you have to keep, and you're just locked in, and that's what's happening to some people.
Um, when house prices go down, you end up in negative equity. The amount that you've borrowed is more than the am the value of the house. So when you see these prices going down, and in some areas uh they are going down in London by uh 15%, uh 16% every year. This is bizarre because, you know, I spent a long time in London and house prices just always went up. Yep. Like for 30 years. Is it that bizarre? Cuz we've done a bit of content before all about bubbles. Yes. Going back to the tulip mania. Yeah. But I mean, tulip mania was like what, two, three years. It was 30 years that London house prices. It's a big bubble. It's a big bubble. It so happened that these 30 years began perhaps in 1997 with the opening. It was, yeah, it was actually about then with the explosion of demand that resulted from freedom of movement, subsequently, uh, immigrate, more kinds of immigration, and then the Boris wave was sort of the cherry on top um of this very combustible mix.
I went and checked this out actually when you said you were going to be doing a house price in London segment. So I went and looked up my old house I used to have in London. Now I bought it in 2014 for £325,000 and I sold it three years later cuz I just eventually thought, what the hell am I doing in London? I want to get out of London. So I then sold it three years later and it had increased by £200,000 in three years. I remember the estate agent round, I was like, you what, mate? Sit you telling me this has gone up 200 grand in three years from 325? Anyway, so I looked it up this morning and it's now in the last, whatever it is, eight years, has only gained £75,000. Right. So what actually probably happened is it went way past that and then now it's come down. Yes. So it seems to be a um a situation really where the highest priced houses are the ones that are going down the most. Um, there is some precedently overvalued. Exactly. It was overvalued. So according to one expert, there were several decades when it was a divine right that you would see 5 to 10% capital growth every year on your home. Yep. Uh and now this is long over and the consensus of the experts is that the peak was around 2014 for some prices. But then there's the the assumption that the sort of mid-level of the market, the one that families would be interested in and be able to afford as opposed to just the millionaires, uh that that would be at least hopefully more stable. But I thought I'd share this clip with you, a very short clip about what's been happening to the prices in that mid-segment.
The original asking price to this flat was $450,000. And there was a moment on the phone with the agent where he just said, "I can't, I can't share your offer with the seller of £250,000." Like the last time a flat sold in this building in 2016, a small one-bed, it sold for £310,000. So, how can I explain this to my client? I said, look, here's the ONS data. Prices are down 15% year on year in Prime London, Kensington specifically. I said, the market's collapsed. The reason why they will accept this offer is because they got no other option. They're on their offers. They want to get out. It's a distress sale. So, the guy put forward the offer and accepted it. £250,000. People cannot believe to the extent central London's collapse. And what it marks is is a tipping point of where so many people out there believe that that asset is worth a certain value and really it's not. And it's only when they really come to sell it. This guy starts at £450,000, ends up at £250,000. This is remarkable because you would have expected that, you know, this would be driven by the millionaire class, uh Rachel Reeves' policies, the uh consensus that was from the Conservative government through the Labour government that nondom should be abolished, that taxes should be put up, uh the the actions of um the previous chancellor, what's his name? I I I forgot, who raised the stamp duty on the upper end of the market quite significantly. You you would have thought that this was going to sort of only affect the richest classes, but in reality, what's happening in this case, and this guy knows his stuff about real estate, to say the least, um the middle and lower end of the markets are also crashing. And then the question becomes, well, why do people don't want to live in London? Because if it's a £450,000 property, you would have expected uh an offer at £400,000, an offer at £350,000, an offer at £300,000, but then the offer that was accepted was for £250,000, which is an enormous reduction.
I mean, if if these London house prices are getting cheaper, you might wonder, does that make me want to come back to London, you know, now that I could buy a million-pound house, say half that, would I? It's like, no, no, because London is still an absolute cesspool of of crime and villainy. So, no, no matter how much you lower the prices, I'm not going back.
So, the thing is, prices shouldn't be falling because there is so much restriction on supply. Uh you have a big amount of uh social housing and according to Reuters' uh fact-checking, it's not 76% of the uh social housing going to foreigners. It's only 48%. Oh, it's just 76% in some areas. What are we worried about then? In some areas, but 48% are going to foreign-born people. So, you know, I I mean, I feel like a mug for not having abused the system. Uh, unfortunately, I wasn't raised that way. I should have come in by by boat and demanded, you know, five-star meals uh all the time. But this is this is insane. So, even with restricted supply, you're still seeing houses crashing. It is. It's certainly a thing. I mean, I know London very well. Until just a few years ago, three, four years ago, I lived and worked in London my whole life. Yeah. Somewhere like Kensington, you mentioned Kensington, didn't you? Somewhere like Kensington, somewhere like Pimlico, very, very exclusive, very, very historically very, very nice places to live. Extreme, the best places to live. Um, Regent's Park, anywhere like that. Um, it was it was always the case that, well, you're paying lots and lots of money not just to live in a beautiful property, but to live in a a very, very nice neighborhood. Well, it's just not the case then. Now, you go to Pimlico, say Pimlico or V around Victoria, um, you're next door to a Somali family. Yes. Yes. So, I don't want to pay £1.6 million to live there. Even in Kensington, you walk two minutes up the road and you're in a trashy area again. Yes. Yes.
And so in order to restrict supply of housing further, uh the council at Westminster, they were exploring ways in which to make more social housing available. What did they decide to do? They decided that they were going to give people who were already in social housing lifetime tenancies. So they were going to subsidize, so so social housing is now no longer based on need. Once you're in, that's it. You're part of the aristocracy and of a privileged class. And you get to live in Westminster. Yeah. Forever at the expense of the taxpayer. Absolutely crazy. And so over I quite like the idea of turning Westminster into a hell hole though. Fair enough. They they do deserve it. They do deserve it. Um, and then you see this kind of figure and it tells you that the economically inactive portion of those who are living in social housing is something, you know, 20%, 30%, 40% people who aren't working in any shape way or form, who are doing absolutely nothing, and they are getting the best housing in Britain in the heart of London, but now by doing so, they are destroying the value of the properties of everybody in London who voted for this nonsense. So there's a sense of poetic justice to it.
Uh and then you want to ask, well, why aren't families snapping up these properties that are coming down in prices in London and moving back in all of a sudden? You could live in one of the greatest cultural capitals of Europe. House prices have gone down. The reaction from the market should be, well, we're going to move in. Yeah. I would argue that one of the answers was given to us in 2012 where it was revealed that British people were a minority in London's classrooms. Now this was known in 2012 and the situation has become so bad that one in every four schools, closer to one in every three schools actually uh has a non-British majority, and that is especially the case in places like London and Birmingham and Manchester, where I think that that is one explanation as to why people aren't moving into London. They don't want their children to be that culturally enriched. Yeah. Uh I'll tell you something else interesting as well. If you ever look at the because you might think, okay, I'll just stick my kid in a private school then. Well, if you go and look at the uh the first tier of private schools in London, almost overwhelmingly black. Yeah. And the reason for that is black parents know, but no way is my kid mixing with those street hoodlums. Right. So, so the so at least the first tier of of private school is almost entirely black, right? Um, if if if you're looking for something which is a bit more traditionally British, you're going to have to pay significantly more. Right. Right. Right. Right.
So, basically, you're seeing this dynamic whereby the capital of Britain is literally falling apart. Um, colonized. It's colonized. It's partly because of the tax policies that have been followed. Uh the net result has been at least 30,000 millionaires leaving, of which 11,000 left in the last year. Hi Rachel Reeves. Thank you. Uh and this is equivalent to losing one and a half million taxpayers. Do you want to guess how much the tax burden in this country has gone up since before COVID? On 70%. The amount of money that is collected by the government, state used to collect £650 billion, is now £1.1 trillion. It's up 70%. It is madness the amount of tax and and then you see what it what it's going for and how it's being spent or wasted. And then you see that the capital is falling apart. And I thought just to sort of emphasize here, um, 70% of Met Police officers haven't arrested anybody in a year. They not have Twitter or something. What What's going on? Complete dereliction of duty. We did a segment on this not too long ago about specifically car theft in London. Yeah. The police don't do anything. Yeah, they don't do anything. They look, they make a little number, give you a crime number, and that's it. That's the end of the story. It's contacting the police is a purely administrative process just so you can claim insurance if you have it, and if you don't have it, good luck. There's no point in contacting the police, or if the crime is not against something that is insurable, good luck. That's it. Uh I recommend this clip from uh Alex Wilson where he tries to talk to Sadiq Khan about the policing and the situation of the policing, and he points out that on every single metric, the performance of the Met Police has just gone completely downhill, and most of it is either needs improvement or or inadequate, except for one that is I think average, which is that they treat people with respect. Now, this comes after one of the best police officers in Devon was sacked because he called somebody he was arresting a [ __ ]. Um, so they do treat people with respect because if they don't, they get sacked, even criminals who frankly do deserve to be called some name sometimes. Uh, shame is a powerful motivator, but policing in London is collapsing.
And so when you're looking for the answer, why is we have an answer as to why is the top level uh housing uh becoming cheaper? And the answer is Rachel Reeves' tax policies, the end of nondom, which was a point of consensus between the Conservatives and and Labour, um, stamp duty, things like that. Fair enough. But then what has to be explained is why are cheaper properties not being snapped up by British families once you can live in London? And the answer is because there's no police in London. Yes. And because if you send your children to a school in London, they will stand out as being a minority community that is largely loathed by. They're lucky they get the other community if if they don't get stabbed, if they don't get on drugs, if they don't get into all kinds of social ills that have become prevalent in London. Another way of saying it is that it's simply not desirable. It is simply not desirable.
The problems in London have become so severe that Greggs are actually putting sandwiches and soda behind the counter because you see these kinds of incidents. Gangsters, man, say, "Yo, [ __ ] that man's grabbing everything today, you know? He's not even playing good. He wants to steal. Work." You know, work. Yeah. And the criminals know there's not a damn thing you can do. Exactly. Do anything. Well, they will if you try and stop. Police will arrest you if you try and stop. By right, you should be able to hurt this man very much. Yes. By right, you should be able to physically harm him quite severely. And he he just knows he's going to get away with it. And he knows he's going to get away with it. Theft should be punished by the pillory, perhaps flogging. Yeah. Yeah. Yeah. Yeah. It it it it should be punished instantly. Justice needs to be seen to be done, and people need to be deterred.
So we have a situation where one of the most desirable cities in the world is having its property values collapse because there is a collapse in values. Yep. Uh that's that's the fundamental issue. It was overpriced to begin with and now it's not desirable. I mean, yeah, the prices are going to go down then. I've never regretted leaving for a minute. Yeah, it was overpriced but desirable. And now they've successfully made it absolutely undesirable to be in London. And I I mean, do you see a way out with this crew in charge or tactical nukes maybe? Not with this crew in charge. No.
If there was a program of mass remigration and native Brits took the capital back demographically, uh then then maybe nothing's irreversible. For that to happen, there needs to be a defining of what is British. And that is a material and spiritual question. And that is a material and spiritual question. It's not a purely material one. As in, if if if it's ethnically British, but then we're going back to the values of the of the Vikings, you will see at least some looting as a result of that. Um, so the spiritual dimension has to play a role here. Go back to the 9th century. We could go back to the values of the 1950s, say, okay, fair enough. don't have to go back to and and and that would mean a Christian Britain, and and that would necessarily imply a Christian Britain. Maybe we could have a bit of 9th century. We get back to the day where it's like, oh, these people are causing trouble and it's like, son, get my battle axe. A little bit of that. I'll take 1996. I'll take that. Right. Fair enough. You know, when we talk about a demographic reversal, demographic change, and leftist traitors say, "Oh, what do you want? What do you want?" Like I'll I say 99% ethnic white. I'll take that. Let's start there. Yeah. They think they've cornered you when they try make you try and put a number on it. No, I'll happily put a number on it. The the as close to 100% as possible. The trick that they play is to make you point out that the British are white, and once you notice that, they are automatically a racist. Uh I I think I saw this gentleman who goes by the name Otto English try to play that try to play that game where, sad [ __ ], that that guy is sad. That guy is sad. I I I just recently interacted with him for the first time. Uh I I didn't I didn't know who he was. I genuinely thought he was a sort of university student kind of or a parody account uh or or a parody, you know. Um, but they try to corner you with this admission that uh Africans are black and Europeans are white. And once you notice that, oh dear, how dare you notice? Uh, but you then see, well, okay, these things are having an impact on life, and we're seeing how it's playing out, and it's not really going well. I'm happy to be accused of being a noticer. Yes, noticing is good. Noticing is good. Yes, noticing is good. Noticing is definitely good. If you haven't been called a racist by this point, you're doing something wrong. Yeah. Yeah. Yeah. Yeah. Definitely. Definitely.
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