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#316 bland unsight

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Posted 14 March 2012 - 10:46 PM

Jeeze, 300 grand and bedroom 2 is 6 by 9!


Is the unspoken message here that it was definitely a mistake by the purchaser who got in at 370k?
Wendell: It's a mess, ain't it, sheriff?
Ed Tom Bell: If it ain't, it'll do till the mess gets here.

#317 bland unsight

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Posted 17 March 2012 - 02:52 PM

East Herts Council moves into mortgages market


I used to think that these tin pot schemes were just aspirin for cancer but I'm starting to think that they are helpful, in a perverse way.

You need transactions on the way up, so the signal of rising prices comes through, and hence banks find idiots and lend to them as if house prices will always rise rapidly.

You also need transactions on the way down and now the banks only want idiots with enough skin in the game to bear the loss [b]and [/b ]repay the debt. At this point it becomes necessary for the state to put up the money for the idiot to lose, but the transactions put liquidity into the market helping show that prices really are still falling. Also as the government sponsored idiots are coming into a falling market too high, they are meeting the privately sponsored idiots half way, making it easier for the privately sponsored idiot to accept the relatively small loss they have already made rather than hang on longer for a larger loss.

In the absence of forced sales, this kind of transaction is better than nothing. More conservative lending policies hopefully mean that these people still can't stretch to enough to give nominal rises, let alone above inflation rises, (That's a big "hopefully", I'll accept.)
Wendell: It's a mess, ain't it, sheriff?
Ed Tom Bell: If it ain't, it'll do till the mess gets here.

#318 bland unsight

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Posted 18 March 2012 - 11:03 PM

The negative social and economic implications of a whole-making exercise now rather than nearer the bottom will be quite significant.


Is that making-whole in the bond market sense, as in redeeming early and paying the coupon streams that were still "in the future" when you, the bond issuer forced the early redemption by paying back to the lender? I don't follow. [Pleads ignorance - at least I googled whole-making first!]

Are you saying that the mortgage borrowers are redeeming early and that's the analogy? And instead of having to pay up the future coupon, they are having to realise the loss. It then sits on the lenders balance sheet, (with interest being charged, of course), and the borrower gradually pays off their realised loss.

If the "whole-making" happened later, no-one would pretend the made up money was ever going to be repayed. The bank would write off the loss, taking a hit to P&L and reducing capital so that they couldn't lend as much, reducing profits. But with the government behind them, they wouldn't go to the wall. The borrower would have acknowledged that they were never going to be able to pay it back and then gone through some kind of insolvency process. Their credit rating would be impaired but any money that they earned that was left over after the rent would feed into consumption, rather than making-whole fantasy losses that only have any reality because someone made a ledger entry and some fool signed on the dotted line.

Do you think the government will at some point want a crash? Without wanting to be to obviously seen to have precipitated it?

And how reliable is the Land Registry data. Can it be gamed, or did someone really pay 370k for a room with a view of the River Lea and a cupboard making out it's a box bedroom?
Wendell: It's a mess, ain't it, sheriff?
Ed Tom Bell: If it ain't, it'll do till the mess gets here.

#319 bland unsight

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Posted 24 March 2012 - 09:20 PM

Think the agent responsible for this property in Dolphin Yard, Hertford is going to give me a few laughs before they manage to unload it on some poor sucker. Now down from 295k to 290k. Only another 40k to go before it's down to the price that the last similar one sold off plan went for in October 2011.

Still now he's got the street name right and brought some attention to the fact that the "development has been constructed to a high specification using traditional construction", they'll have that sale in no time...
Wendell: It's a mess, ain't it, sheriff?
Ed Tom Bell: If it ain't, it'll do till the mess gets here.

#320 Killer Bunny

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Posted 13 April 2012 - 09:10 AM

Heydons in Broxbourne High Street gone plus heard from a good source that Breakaway Properties also on the high street will finish next week.

HAYDENS themselves took over failed EA Cursons. No doubt H seeing if they could do anything in Brox as they are a Cuffley area firm. Obviously stupid idea.

Breakway were idiots and sharks of worst order. Good riddence.

Now, who's next? I see big move to online agencies. Short term support.

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#321 Killer Bunny

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Posted 13 April 2012 - 09:14 AM

East Herts Council moves into mortgages market
council webcast

Oh come on! The councillors have to do SOMETHING to keep their BTL p/f values up. Show some generosity to our poor political masters.

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#322 Killer Bunny

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Posted 30 April 2012 - 01:15 PM

Does the government want a crash? Any answer to that depends on ones politics and perception of the state and its balance with the person (corporate and individual), as well as the assessment of what comes first - policy or events, so not sure theres much value in affirming my own bias really.

Not really. Tories don't want a crash. Labour doesn't want a crash.
Even George Galloway deosn't want a crash.

They're all the same. Keynesians one and all.

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#323 CasualBear

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Posted 04 May 2012 - 12:18 AM

Hello E Herts, W Essex,

Looking for a shorter commute and it seems roydon is a well placed station, 30 mins into liverpool street:
http://www.commuterg...ordshire/roydon

Presumably, every other mug has thought of this, so can you advise on the area? Anything to avoid? Is the commute overflowing with other people doing the same (don't think I could take the Cam->Kings X line, far too busy)?

Also,

#324 Killer Bunny

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Posted 04 May 2012 - 10:19 PM

Hello E Herts, W Essex,

Looking for a shorter commute and it seems roydon is a well placed station, 30 mins into liverpool street:
http://www.commuterg...ordshire/roydon

Presumably, every other mug has thought of this, so can you advise on the area? Anything to avoid? Is the commute overflowing with other people doing the same (don't think I could take the Cam->Kings X line, far too busy)?

Also,

Roydon is very nice. I seem to recall 2 trains ph. It's fine.

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#325 Killer Bunny

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Posted 08 July 2012 - 09:58 AM

2 stories about this market:

5 bed det in top top road was 2500pcm for weeks. We were 1st to view. Not worth it we decided, even though priced at the mkt level and wld have achieved last year.

Up with SEVEN agents.

All of sudden reduced to 2100pcm. We're taking it.



Fab property for sale over last 2 years reduced from 750k to 550k, with, and I quote, 'absolutely final offers above 550k by 27 June' blah blah.

Now up for rent.

That isn't the whole story.

The property is 3 bed + annex of two more rooms and bathroom witb AMAZING views and quality and heritage (goes back to 18th C).

We went to view at 2500pcm.

During viewing owner says annexe not part of rental. We immediately said not interested then.

At 2500 for the whole, about right, probably 2250 is right. But at 2500 for just the main house - 25% overpriced.

Think about it - these f***ing delusional agents and owners haven't sold the house in 2 years and massively reduced yet they think its worth X++ for renting. You should have heard my language as we drove off.

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#326 Si1

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Posted 08 July 2012 - 10:07 AM

2 stories about this market:

5 bed det in top top road was 2500pcm for weeks. We were 1st to view. Not worth it we decided, even though priced at the mkt level and wld have achieved last year.

Up with SEVEN agents.

All of sudden reduced to 2100pcm. We're taking it.



Fab property for sale over last 2 years reduced from 750k to 550k, with, and I quote, 'absolutely final offers above 550k by 27 June' blah blah.

Now up for rent.

That isn't the whole story.

The property is 3 bed + annex of two more rooms and bathroom witb AMAZING views and quality and heritage (goes back to 18th C).

We went to view at 2500pcm.

During viewing owner says annexe not part of rental. We immediately said not interested then.

At 2500 for the whole, about right, probably 2250 is right. But at 2500 for just the main house - 25% overpriced.

Think about it - these f***ing delusional agents and owners haven't sold the house in 2 years and massively reduced yet they think its worth X++ for renting. You should have heard my language as we drove off.


Did you say to them

"Do you know who I AM!?!?!"

(you shoulda done)

#327 mrtickle

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Posted 08 July 2012 - 04:42 PM

Think about it - these f***ing delusional agents and owners haven't sold the house in 2 years and massively reduced yet they think its worth X++ for renting. You should have heard my language as we drove off.


You could have given him a dressing down before you drove off, I hope?

#328 Killer Bunny

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Posted 29 September 2012 - 09:09 PM

Did you say to them

"Do you know who I AM!?!?!"

(you shoulda done)

Yeah, that worked well for Mitchell - Tory Chief Whip...

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#329 Killer Bunny

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Posted 07 October 2012 - 07:30 AM

Mercury property presstitute changing her tack this week.

Talked about friends who are 'selling' ie trying to. Quoted RM stats how taking longer to sell than 2007. Also price is an important issue...

No doubt her EA paymasters have told her to get people to reduce askings.

NB Saw 50k off 1.4m house in Hoddesdon. They'll sell at 950k I reckon.

Edited by Killer Bunny, 07 October 2012 - 07:32 AM.

In 1931 they did not know yet that they were in The Great Depression
Cap'n, you cannae change the laws of... Economics!
"If they raise rates we're toast. If they don't its BECAUSE we're toast" Pundit: Sky News March 2011
"That which is unsustainable will not sustain" Milton Friedman


#330 Superted187

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Posted 10 October 2012 - 07:02 AM

I'm in the Midlands, but thought I'd share this with you guys.

A colleague has just bought a 4 bed new build in Worcester. The house builder has the exact same house for sale at 2 other sites. One is in Wolverhampton, priced at 60k less than the Worcester house, and the other is in Hatfield, priced at 220k more than the Worcester house!




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