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House Price Crash Forum


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About voiceofreason

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  1. The banks have been desperate to lend to these people, valuers have used specious methodologies to value properties. Such an unholy alliance has supported such a risky approach to portfolio investment. The Wilsons have essentially created the market in their locall area, in the same way as a developer of city centre flats has done (which is now well evidenced and documented). Indeed, the strategy goes against all basic investment principals. It's great when values are going up, the converse is true when they're going down. 12 or 13 years ago, you would have been considered crazy to invest in
  2. Judith Wilson: "The number one rule is: Never use your own money." In other words, refinance the equity in your portfolio to accummulate assets. In other words, her portfolio will be practically 100% debt-financed. In other words, increasing interest rates and falling values will ultimately signal disaster. Unfortunately, these snake oil salesman are exactly that; they preach to us all based on experience gained in a market they've participted in which had only ever risen. The most risky approach to property, or indeed any other investment, is exposing yourself to financing risk, which Judi
  3. National average of 108.89 / litre, 4.55 litres to the imperial gallon, £4.95 per gallon. The £5.00 gallon is getting pretty close................
  4. I'm not suggesting that the banks are in "luck" at all. My intimation is that banks in possession sell at true market levels, rather than an irrational price level that is set merely to preserve a borrowers actual or notional equity in his house . Accordingly, the more assets that are repossessed and sold in the market, the more likely the average house price will fall, which at the end of the of the day is what this forum is all about. There are various definitions of market value, although the generally accepted definition is the price achieved between a willing seller and willing buyer, al
  5. The term "Commercial" relates to commercial properties. It matters little whether the asset is owned by an investor or not, if it's residential, then it's included. There is a grey area where there is a mixture of types, for example a shop with a flat over, but then this should rightly be excluded because the commercial element will add value and is therefore not comparable. I would say that the majority of properties sold by the banks will be as "mortgagees in possession". In other words, the bank has gained possession of the property through the borrowers breach of contract i.e. it's taken
  6. This whole site really does make me laugh! I never bought and I am quite gald I didn't (not least beacuse there is going to be much more choice in a couple of years time at very competitive prices!). I, instead, worked aboard during the late nineties/early noughties getting highly specialised skills and now earn £100k per annum base - some 2.5x my piers (I am a chartered surveyor in in property finance). Without the experience of working aboard and building up my CV, I would be lucky to earn £40k, so I am VERY happy. My future earning capacity is such that it far outstrips any equity I woul
  7. Most residential estate agents are not Chartered Surveyors (of which it takes 5+ years of continual examinations and assessments to qualify plus ongoing professional training), more likely they are NAEA (fill in the coupons on the back of the cornflakes packet) or ARLA (merely required to grunt incoherently). There are 120,000 Chartered Surveyors, a minority of whom work in residential property agency. I'm up for more regulation in the residential sector, as this will actually remove the unprofessional practices employed by non-RICS members. Voiceofreason BSc (Hons) Land Management, MRICS
  8. I've been advised by a well known Shropshire agent that he has more properties for sale than he knows what to do with. And Shropshire is no where as near as propserous as Cheshire, even though it borders the county ................
  9. To be fair, it is the commercial side of the business that brought Chesterton down - I used to work for Chesterton and it's been on a downward slope for the last 10 years. Issues over the last 3 years - mainly centered on business finance - were it's eventual downfall. Whilst the residential market hasn't helped, it is by no means the cause. Why is Savills - a competitor to Chesterton - sharing a £70 million bonus pool amongst its employees this year? VOR
  10. Let us all accept that Mr W is just performing his job - he works for a Building Society. He is a vested interested. I am a bear, but realise and accept that it would be stupid for him to do otherwise, unless he had some other job lined up or he was planning to retire. There have been numerous posts on HPC detailing newspaper articles and building society forcasts calling the bottom of the market during '89-'94 that proved totally eroneous. Why should it be different this time? There will be a crash, but it will take years to work out. Remember basic ecomonic theory and the elasticity of pri
  11. Midterrace I'm a Chartered Surveyor and used to act on behalf of mortgagees in repossing assets - both business and private (the latter usually provided as security for business loans). Provided you show that you are working actively to sell the property, have appointed an experienced agent and that the asset is priced to sell (VERY important) - and all this can be proved to your bank - then you should be able to provide enough comfort to the Bank. Remember, repossion is not as straight forward as it sounds and certainly increases the costs to the mortgagee. How long have you been talking
  12. What a muppet! Mrs Veronica Joly de Lotbiniere (made up name?) uses the Claremont Group. As a Chartered Surveyor (i.e. a real expert), these types of companies annoy the hell out of me. Check out the following page on why you should invest in property:- http://www.claremontgroup.co.uk/why.htm Quotes from this page:- "Property remains a year-on-year strong performer. Every analysis indicates that this is not a trend but an underlying certainty." .......... then it goes onto say .................. "No investment is a 100% certainty. It would be imprudent to suggest otherwise." Eh? How co
  13. Hi I've been reviewing this site and it's very interesting. As backgorund, I am a Chartered Surveyor, having studied real estate investment for 4 years at college and spending the last 10 years specialising in real estate finance. I currently hold a senior position (head of department) within a real estate finance team of an international Bank. I have worked in the the UK and lived in New York for 2 years where I specialised in real estate capital markets. I live in London, although I don't own as renting is far cheaper. In fact, I rent in the West End, as the rent I pay is cheaper then mo
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