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jimi

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About jimi

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  1. One thing that's almost certain is that in early 2010 David Cameron will become our new PM. When he is elected I think they should use the song 'Things can only get better'. Or has that been used before?
  2. Try Skipton and C&G for 10 year fixes. You can get 25 year fixes but I can't remember where - try a Google search.
  3. I can understand your situation - it sounds similar to mine. Don't worry though. Say you bought the house - you've negotiated 30% off - welldone; you can afford the monthly payments; you have a home you can decorate and enjoy; you don't have a load of money in the bank and some of the worries that brings (eg devaluation through inflation). What is the worst case scenario? - house prices go down but you can still afford your mortgage payments and you still have your home. I doubt you would ever be in negative equity with that size deposit so what's the worry? Or is it just the nagging feeling that 'you could have bought it for less'. People on this website have different priorities. If I were younger and single I'd stick it out and wait for the absolute bottom of the market. Since I'm a little later on in life, have a healthy deposit, and want to get settled in my own home so I can finally decorate my children's bedrooms, then I'm happy to take a hit if prices fall. 30% off would be good enough for me. It would be 60% too much for others on this website.
  4. Sort of, yes! About 13/14 months ago I put an offer on a new build property (large, national developer). It was a lovely 5 bed, 2 ensuite property (a decent one, walk in wardrobes, large kitchen/family room, double garage etc, ie you'd expect it to be desirable). It was up for £330k. I offered £250k. Of course, it was rejected. I called them every few months to see the situation, and gradually the "acceptance price" fell, until this week when the developer called me and said they had heard from head office that they could accept £267k, however she thought this could be pushed to £250k so long as I paid for Stamp duty (basically the local office have a personal acceptance threshold, but they need to go to head office for sales to go through at prices below that). I won't be buying it as my wife and I have since decided we would rather live in another part of town. Another property came on the market, new build by local builder. On market for £330k. I offerred £250k which was rejected. Was told £290k was the minimum otherwise they may as well let it. Today was told they'd accept £275k, as they would actually rather not let it! Still over priced for me! As for "used properties" price expectations vary tremendously. I'm looking to buy in a nice area, good schools etc, and some owners are refusing to budge from 10% below peak prices. Others are prepared to drop by 20%. Any more is hard to find. The larger drops are in 'non-prime' areas. What is interesting is that the number of properties on the market is increasing. 3-4 months back not much was on the market, and therefore it was very hard to know what the current prices were. As more and more properties are coming on to the market, and some selling, it creates a very real new ceiling to the prices. For example, a top property would market at £330k before (Autumn 2008). Now even £300k looks rediculous. I think the new ceiling will soon fall to £275k. When the best houses are down to £250k, we'll be back to 2001 prices and that's good enough for me!
  5. I haven't heard of this. Has anyone else? Any details? Thanks!
  6. Is this a joke? There are at least three contradictions in the one paragraph. If you are being serious and are not aware of the inconsistencies in your argment then I will post a decent reply. Welcome to the website by the way.
  7. Another catchy phrase is "if you're not embarrased by your offer then it's not low enough".
  8. Quite simply, offer £230k on the properties. They will either say 'yes', 'no', or will want to negotiate. If they say 'no', then you either wait a few more months to see if the market falls more, or turn to lower priced properties and buy one of those. Don't feel bad about making a low offer - if you don't ask, you don't get.
  9. Same here - just reduced my rent by 10%. I said I couldn't afford it and that I was looking elsewhere. Of course, they couldn't afford not to accept my offer.
  10. Sensible report. I noticed it wasn't written by Finuollallaluloaaaaa Early, but rather some bloke called Martin.... (see the bottom of the report)
  11. Sounds like these people will probably struggle to find a buyer at that price. Meanwhile, someone down the road who is willing to sell a similar property for £400k is going to find a buyer. And there is your HPC...
  12. Hi. I am hoping that someone may be able to help. I rent a house with my wife, and we have two children (6 mths and 2 1/2 yrs). Just before we went away for Christmas we noticed water dripping from our boiler, and reported it to the letting agent. 2 weeks later we came back to the property to find the boiler had been disconnected 1 week earlier. This was during the really cold period and the whole house was perishing. To cut a long storey short, it took two weeks to get the boiler changed. In that period we had no hot water and no heating. Fortunately a local church lent us some powerful electric heaters, so that kept the chill off. Our only shower in the house is still not working however a repair man is coming in 2 weeks. We will have been without a functioning shower for 6 weeks. What I am wondering is whether we are entitled to any compensation. The way I see it is that we are paying for a fully functioning property (at the cost of £1000pcm) and we failed to receive the full expected benefit for a period of time. Now I appreciate that it takes time to find plumber etc, but if I were hiring a car, holiday home, or hotel room, the repair time would be irrelevant - I would receive full compensation for the time I was inconvenienced, or most probably given another car/ hotel room etc. I did request a hotel or B&B, so that I could keep my children warm and we could actually wash, however this request was ignored. Is there any legal entitlement to refund of rent for the time we were inconvenienced? Thanks very much for all responses. J.
  13. I am seeing this a lot. I've looked at properties to buy where the vendors have said that if they can't get a certain price they'll rent out, because it'll all be okay next year. I've also viewed properties already to let where they are renting out because they believe that prices will return in a year or two and they can then sell. Capitulation will be the point where these people realise that they are wrong, and prices won't return to 2007 levels for another 10 - 20 years. They should therefore give in and sell. I can only assume that estate agents are partly to blame. Lots of people who are considering the 'do I sell or rent' question must ask the opinion of the estate agent, and estate agents are notoriously bullish. Also, I would imagine that an estate agent would see the income from letting a property as guaranteed and immediate. Over a few years they may make more money through management fees than through a sale. Best case scenario for them would be to get the fees from letting it out and then the fees for selling. So why would an EA encourage someone to sell verus rent? Anyway, I digress. Hopefully people are starting to get the message that the housing market is in downturn, and they'd better sell quick!
  14. The last year as been rather frustrating as the haliwide indicies have fallen significantly and yet where I live asking prices have generally remained at peak prices, especially in the specific area where I would like to buy. However, in the last week a significant number of decent properties have come on to the market, all with prices lower than the existing bunch. In actual fact, they make everything that was on the market look really overpriced. I don't know if it's due to unemployment, realisation that the economy really is screwed and therefore so are house prices, or if it's just a blip, however it has certainly provided me with a boost to optimism levels. In particular, the type of property I'm after, in the area I want to buy has finally fallen within my budget. I will resist though - the lower prices fall, the lower my mortgage payments will be for the next 25 years! Has anyone else seen any green shoots of capitulation, any increase in volumes for sale, or are prices still holding firm?
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