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House Price Crash Forum


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Posts posted by KevinTheGerbil

  1. Depending what u call a bargain? Lot of sheeples bought dump houses.. Since i am living in uk i haven't seen yet a bargain because i guess we haven't the same definition of what should be a HOME...

    The fact that you (and many others) refer to the general public as 'sheeple' shows a huge amount of arrogance.

    The 'sheeple' have done OK out of property so far, haven't they?

  2. Excellent piece from the ever reliable FT Lex column (click on link for full article):


    Well, there’s a surprise. UK mortgage lenders cannot contemplate life without government support. The Council of Mortgage Lenders warned that the nation’s banks will have to slash mortgage lending and raise rates if Whitehall insists on prompt repayment of the £300bn of guaranteed debt it has received since 2008. So be it. The need of the hour is less for the government to prop up a spivved-up housing market than for the UK’s overvalued property prices to return to earth. With a recovery underway and house prices rising again, a public subsidy of this sort is indefensible.

    Won'y make a jot of difference mind. Doesn't matter who gets elected. Tories / Labour won't let the property bubble burst.

    We need a Land Value Tax now!

  3. If I was foolish enough to be buying this early in the crash I suppose it makes sense to keep up with falling prices, especially if the house you are considering is dropping at the rate of £1,000.00p every week.

    Great article, thanks.

    I dropped into a local EA last week to enquire about the 'market' (what market?)

    Got the usual BS from the EA.... 'prices holding up well in this area', 'great time to buy' etc.

    I stated would not be interested unless 25% came off the asking price - as I wanted to protect myself from future price falls. I'd rather get the sale price correct at the outset instead of having to re-negotiate price downwards later on in the transaction.

    The EA then actually agreed with me..... I think reality might be sinking in with EAs. It's the vendors that need to wise up.

  4. The Guardian has been as culpable in HPI as comics like The Express. BTL, leveraging, endless appreciation - they've swallowed it all in the past few years.

    I don't think that's been true for a good while.

    Their chief ecomonics writer, Larry Elliot, has been bearish for a long while. IMO, it's the Times that's been the more bullish broadsheet with Anne Ashworth and the fkn Bricks Chcks!

    Looking through the Observer this morning it has a 12 page pullout on the Credit Crisis, bearish articles throughout. In context this 'house prices to soar' article looks ridiculous. I just don't think people are fooled by this bull anymore.

  5. Now I know that they are both essentially two sides of the same coin - both full of incompetent ego obsessed spivs whose main concern is their own self promotion.

    Absolutely spot on.

    IMO, if the Tories had been in power during this house price boom we would be still be in a reasonably similar position today. I doubt that the Tories would have chosen to regulate the market any more effectively that Labour.

  6. Brown has just stated that the system of regulation we have in the UK to control the banking system is the best in the world

    I'm speechless...............

    What fekkn planet does this imbecile live on?

    I couldn't believe it either - he is an absolute idiot!

    When Snow asked him about the glut of buy-to-let and self-cert mortgages that got out on control "on your watch".

    Brown ignored the question and started prattling on about short selling.

    His refusal to answer the question shows what an arrogant get he is - I can't believe I ever voted for this shower of idiots.

    Rant Over!

  7. Thanks Dragon. Excellent article, great post.

    Can't believe some of the idiots in this article...

    One of the first deals to complete was the two-bed flat in Sunderland. When she came to let it, expecting to receive £700 a month, her hopes were dashed by a local agent. The same happened with the Manchester flat. 'The agents literally laughed,' Katherine recalls.

    £700 in Sunderland.....what the fook was she thinking.

    I have absolutley no sympathy for this woman or the thousands of others. They deserve everything that's coming to them.

  8. 1/ Is it wise to buy in the Solihull area and surrounding (Sheldon, Yardly, Shirley etc)

    Solihull and Shirley are decent areas. I grew up in Sheldon, as I kid I loved it. However, every time I visit the place now it's getting worse and worse (same for Yardley). Spend an hour in the 'Sheldon' pub on Cranes Park Road....if you make it out alive it might be your area. :P

    Mate just sold his place in Shirley. he sensibly reduced the price to sell now, knowing he'll get less in 12-18 months.

    2/ Should we rent for the rest of the year and look to buy in 12 months?

    Definetley. If Land Rover starts shedding jobs (a possibility) then prices in this area will start to drop like a stone.

    3/ My girlfriend has her heart set on buying somewhere (house not flat) and has been to see a mortgage advisor he is offering to lend us a stupid amount of money should we look at just borrowing 3 times our combined salary like they used to lend?

    He/She is a salesperson. They only have their own interests at heart (no matter what they say otherwise)

    4/ How much % wise should we try to get knocked off the asking price?

    Like a previous poster. Start w/ 20%. I'm looking to move into Shirley when prices fall. There are properties that have been on the market for months....I truly believe a lot of sellers are in denial or have been 'brainwashed' by the media. This will change in the next 6-12 months!

    Good luck.

  9. It was so cool and calm and matter of fact - 4 million sub prime martgages - disaster ahead. Not a single good thing to say about the FSA who have fiddled while the property market raged.

    Couldn't agree more. The reports about trouble in the housing market was nothing new, thanks to HPC.co.uk. However, the impotence of the FSA was an eye opener - I thought they were supposed to have teeth!

  10. Hey there, my first post, apologies if this has already been posted. It's well worth a read.

    It looks like we're in for a bumpy ride over the next couple of years.....buckle up!

    Prepare for the credit crisis to spread

    All historic bubbles were accompanied by a sharp rise in leverage. A salient feature of modern bubbles is the emergence of innovative financial products. No matter whether we are talking about junk bonds or modern collateralised debt obligations (CDOs), as Galbraith has pointed out, such products boil down to variants of debt secured on a real asset
    By historic standards, our credit bubble is probably one of the largest ever, given the sheer size of the market itself and the degree of euphoria that was characteristic in the final stages of the boom. While the fallout was initially concentrated in the financial sector itself, it would be surprising if the ongoing problems did not trickle down into the real economy. The availability of credit affects house prices and numerous studies have demonstrated the interlinkages between US house prices and US economic growth.
    We should remember that the subprime market is not the only unstable subsection of the credit market. Once US consumption slows, we should prepare for a crisis in credit card and car finance CDOs. And once corporate bankruptcies start to rise again as the cycle turns down, both in the US and in Europe, we will probably hear about problems with collateralised loan obligations. The credit market is very deep and offers significant potential for contagion.
    In this sense, the debate about whether this is a liquidity or a solvency crisis is beside the point. Banks may look at their CDO investments as a source of temporary illiquidity, but may sooner or later realise that they are sitting on a pile of junk

    P.S. HPC is a great site! Glad to know that there are others out there not engaged in this property ramping madness!!

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