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Whats Your Opinion. 1St Time Buyer, Buying At Low End Of Wealthy / Saught After Area Near London?


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#46 goldbug9999

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Posted 25 February 2012 - 02:20 PM

Ill make this really simple ... the fact that you are concerned about a possible negative equity situation means you are going to be sailing close to the wind financially. So thats a categorical "no" in the current climate.

Edited by goldbug9999, 25 February 2012 - 02:20 PM.

.. instead of supporting productive industry by extending credit to increase tangible capital investment, the banking system has extended credit mainly (about 80 percent in the United States and most English-speaking countries) to buy real estate and load it down with debt. The result is that rental income is used to pay interest to the banks rather than to pay taxes. This forces governments to tax wages, profits and sales. That increases the cost of living and doing business, on top of the interest charge.


#47 Sine270

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Posted 25 February 2012 - 02:39 PM

Prime SW London? That could be anywhere from brixton to Richmond. Wont you even give the borough or zone?


Its got to be Richmond. The other prime London areas I know of are not green and tranquil.

#48 saving since 2005

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Posted 25 February 2012 - 05:59 PM

Its got to be Richmond. The other prime London areas I know of are not green and tranquil.

Wimbledon is also quiet and green in places, bar the monthly commuter from Richmond to the city that decides to end it all on the lines..

#49 darkageahead2

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Posted 25 February 2012 - 08:30 PM

HI
I don't have a family etc but I guess I am in a similar situation, sort of.

My own opinion is that I would not buy a house in your scenario. The only way you can really protect yourself against negative equity is by not borrowing huge sums of money from the bank to invest in a hugely volatile housing market, in the middle of a massively uncertain economic situation.

#50 islington_n7

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Posted 25 February 2012 - 10:06 PM

Prime south west london. Have visited area many times over the last 10 years.


This post seems ridiculous to me on so many levels - I'm surprised so many people have bothered to respond!

I'll echo other posters by saying it's impossible to even attempt answering your question without knowing:

What on earth do you mean by prime? Where on earth is the property?

For the record, IMO, the only prime parts of London are parts of SW1, SW3, SW7 & W1, W8, W11, NW8, NW3 (i.e. Belgravia, Chelsea, South Kensington and Mayfair, Notting Hill/Holland Park, Kensington, St Johns Wood - which I personally don't get - and Hampstead).

Everything else can be described by many pretty and not so pretty adjectives, but they are simply not prime enough - that's not to say they are 'sub-prime' of course ;)

So, if you have found an area neighboring any of these mentioned 'prime' areas that are pretty and green with good schools within your budget you have a DUTY to let use humble folk on HPC know!

#51 Sine270

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Posted 25 February 2012 - 11:09 PM

Maybe we could say Prime is where prices are going up right now and non prime is where they are going down.

Prime might be where people live when they have a choice. Non prime where people live because they cant afford to to live where they want.

#52 islington_n7

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Posted 27 February 2012 - 01:39 PM

Maybe we could say Prime is where prices are going up right now and non prime is where they are going down.

Prime might be where people live when they have a choice. Non prime where people live because they cant afford to to live where they want.


Urm - that doesn't work - it's not precise enough! I want to live in Barnsbury but can't afford so live in Holloway - prices moving up in both. Want to live in Chelsea but can't afford so live in Fulham - again prices going up in both.

#53 Sine270

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Posted 27 February 2012 - 02:05 PM

Urm - that doesn't work - it's not precise enough! I want to live in Barnsbury but can't afford so live in Holloway - prices moving up in both. Want to live in Chelsea but can't afford so live in Fulham - again prices going up in both.


I think thats too precise.

How would you like to define prime? Surely you can't just list a number of areas and say they are prime. There has to be a reason for the primeness IMO. ie Price and/or desireability.

#54 Crashman Begins

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Posted 28 February 2012 - 08:19 AM

Posted Image
precious-metal-investment.blogspot.co.uk

BBB @ Dec 5 2004, 05:30 PM: some credit crunch guys....not my idea of a credit crunch......is it yours?
''first this will happen, then this will happen'' you all said..kind of throws all your baloney theories out of the window doesn't it?

They will do anything to avoid suggesting that the size of the pie is not the real problem, it's the way it is sliced.


#55 Crashman Begins

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Posted 14 September 2013 - 01:40 PM

Bought in Prime South West London


Mortgage has to drop by 200.00 per month. Were going to start overpaying by roughly 400 / 500
per month as costs of a few other things have recently dropped.

We should be near to 80% LTV very soon

Other flats for sale in the same place, now being advertised for 310-335K :o

Edited by Crashman Begins, 14 September 2013 - 01:44 PM.

precious-metal-investment.blogspot.co.uk

BBB @ Dec 5 2004, 05:30 PM: some credit crunch guys....not my idea of a credit crunch......is it yours?
''first this will happen, then this will happen'' you all said..kind of throws all your baloney theories out of the window doesn't it?

They will do anything to avoid suggesting that the size of the pie is not the real problem, it's the way it is sliced.





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