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House Price Crash Forum

Papitogrande

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Everything posted by Papitogrande

  1. Don't know if you recall that a couple of years ago Jon Hunt was allegedly in talks to sell Foxtons to a private equity firm, the rumour was for about £400m. Not sure he'd get that much today.
  2. Not quite, but their salespeople who you see riding around in the minis are on a £10k basic + commision. That's why the majority of their sales force are trust fund babies, who else could live in London on £10k for 6 months until your first bonus? I used to work for Alexander Hall which is their mortgage arm. I recently spoke to a few friends I have from Foxtons (I'm not ashamed) they said it was dead. Their phone pitch is now 'There's no real slow down in the market, it's just that other EAs are winding down for Christmas - not us, we are WINDING UP for Christmas' Lovely sense of humour that.
  3. I live in a flat that the developer bought for £350k last year. He's done it out really nice and he wanted to create a 1bed and a 2bed flat but didn't get planning permission in the end. Hence I got a massive 3 bed 3 bath flat with an office that would be £2k per month interest only. It makes me feel warm indeed that I pay £750 per month.
  4. Hopefully your folks will be able to pick it up for around £450k or less within a couple of years. Provided the developer hasn't made a total pig's ear of it then it would be quite a good result for them.
  5. Not necessarily. If he originally lived there and since decided to let it out but not informed the mortgage company then it's a breach of the T+Cs, no-one is going to call it fraud though. If on the other hand he bought it with a residential mortgage with the full knowledge that he would only ever let it out then a fraud could have taken place. This however is not viewed as seriously as doing things t'other way round, i.e BTL mortgage but live in the house - you'd have a non-regulated mortgage when the law says it should be regulated.
  6. That's a drop in the ocean. EVERY lender has changed their position on sub-prime. There is, for all intents and purposes, no such thing as sub-prime self-cert anymore. More interestingly IMO is that at least half a dozen lenders have slashed their workforce by aroung a third. Clearly not expecting a quick improvement in the market. Obviously this was thge smaller outfits, WAVE and edeus are two recent ones
  7. http://www.mortgageintroducer.com/story.as...&navcode=44
  8. Exploited by their financial advisors? How is it their adviser's fault, did he force them into taking a loan? I would imagine that they contacted the adviser because they wanted to release some money which they have since spent, rather than live within their financial means.
  9. Although it would be utterly wrong to do so, don't rule out some attempt by the government to bail out OOs. Never before in history have we had such a spineless, opinion poll driven political climate. If there's votes in it Gordy will try to find a way. If that were to happen could you see Cameron challenging it and having the guts to tell the country to take it's medicine?
  10. It does seem to me that there are some users of this forum who take a slightly perverse pleasure in all their doomsaying. A lot of talk of riots and social collapse which I think is taking it too far. Maybe those who think that the very worst will happen are correct. Myself I would rather be optimistic and positive about all our futures and be wrong than adopt a position of 'It's economic armageddon, chaos and disaster to follow'. Time will tell I guess, and although we should all buckle down and realise that times will be tough for a while maybe, just maybe, the world be a fairly similar place in 5 and 10 years. I do have a question for any 'End is nigh' believers out there. Did you spend new year's eve 1999 in your cellar with 600 tins of peaches and a crossbow?
  11. (1) I should have said they LOOK underpriced. (2) That is what I meant by it being a risk. All this talk of technical issues could be bull's hit to cover up for more fundamental problems. Even so - Northern Rock 2 they aint
  12. They now look underpriced, 536p I can see this falling more but should recover above 575p. I was contemplating having a dip but it still looks risky.
  13. Right up until the begining of this week I would have said a cut was on the cards, just to put a bit of confidence back (as well as money) into the economy. However inflation seems to be holding up quite well so I think rates will hold until the end of the year.
  14. Look at it this way. These advertisers are paying for the running of this site - for what return? I doubt they get much business, more fool them I say.
  15. I thought about that before I agreed to work with them, partly because I consider myself ethical and partly because I didn't want to be on watchdog. They are providing a good and transparent service, and are genuinely interested in long term tenancies, of some 280+ properties they've only had to evict one. There are some real sharks operating in the sector though and it should be regulated.
  16. I went to oe of these seminars a couple of weeks ago. Essentially bexause my business partners were going and I didn't want them to sign up for anything (It took me 10 mins after to persuade them not to - and they're not morons). It was predictable stuff - a couple of obvious shills in the room. What struck me was that at no point did they open it up to Q&As. Also amusing was their constant message of how a proper investor doesn't even need to see a property. If you join up a nice man will call you up, tell you about a luxury development in Portugal and how much it's worth - then another man phones up and arranges a mortgage for you.
  17. There really should be a special thread where we can post such examples of EA's fine creative work. Personally I like to think that some junior first wrote this description and merely listed 'car parking at rear; Then in walks his tosspot boss and says "Nah mate you got ta sell it - rear vehicular access - exotic like"
  18. I know some fellas who work at Foxtons, both fairly senior too. I met up with them for lunch the other day as I was really curious about what the company line was and what their thoughts were, and I knew they'd be honest. In answer to my question about what chat the negotiators were givng buyers/vendors they said it was along the lines of (when someone mentioned price falls "No chance of a crash, things are slow because most estate agents are winding down for Christmas - not us, we're winding up" Nice they have a sense of humour I think.
  19. I'm a mortgage broker and I can tell you this happens very often now compared to a year ago. I do a lot of mortgages for a particular client who is buying below market value houses as 'sell and rent back' schemes. Approximately twice a week I call him to say "x property has been down valued by £20k" He always takes real exception to this and claims the valuers are out to screw him - I have tried pointing out that maybe the ex local hovel he's buying in Gateshead isn't actually worth £125k but usually to no avail.
  20. I agree with your terminal decline sentiment. I once read this excellant analogy between our society and the last days of the Roman Empire. How a once great and productive society (us in the industrial revolution) becomes, vain self-obsessed and hedonistic. With them is was the gladatorial games, with us it's X-Factor (not pop idol though which was fascinating and ground-breaking tv).
  21. Some due diligence as this is my first post and I'm jumping straight in with a topic - I work as a mortgage broker and rent my home. (Feels just like standing up at that first AA meeting). I've been a lurker on/off for a couple of years. As the fall in house prices is now happening, I just wondered what general opinions were on the extent of the fall in prices. I think that it will be a 20-25% (in £s so more in real terms) fall over 2-3 years, which probably qualifies me as a bull in the current climate.
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