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Bruce Banner

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Everything posted by Bruce Banner

  1. A couple of weeks ago, I withdrew a substantial amount of money from Northern Rock rather than put it into a one year bond. They were offering a good rate of interest but the money could not be withdrawn, under any circumstances, until maturity. As the sum was many times the FSA limit, I couldn't take a chance of the government guarantee being withdrawn during the period.
  2. Hmmmm...there are a few sock puppets coming out of the drawer on this thread .
  3. My advice would be not to make an offer at all at the moment. But, if you must, don't offer any more than the current market price less 30%, for the reasons I explained in an earlier post.
  4. Well, yes, you possibly won't get 30% off asking price at the moment, but it makes no sense to buy at anything more than 30% off today's inflated prices. Let me explain: I expect prices to drop 40% over the next few years. For argument's sake, lets take a £400K house and say 40% off over four years. Now, 40% of £400K is £160K, which is £40K per year . And, 30% of £400K is £120K which is £30K per year, so the difference is £10K per year, about what I pay in rent... quod erat demonstrandum .
  5. I did almost exactly the same thing a few years ago. Asking price was £360K, I offered £270K and stressed that it was a non negotiable cash offer that would be on the table for one week. They said that £275K was their minimum, I spent the rest of the week hoping that they wouldn't drop the extra £5K as I'd changed my mind but would, of course, have honoured my offer had they taken it up within the week. A lucky escape. That was the last offer I have made.
  6. You are one lucky SOB. Whatever you do don't buy again for a few years.
  7. He asked for advice (on housepricecrash.co.uk)and I gave my honest opinion.
  8. I gave a sensible answer. I wouldn't even consider buying at the moment as I expect prices to fall in the region of 40% over the nest few years.
  9. Offer 30% below the asking price and, if accepted, keep you fingers crossed that prices don't drop too much more than 30% over the next few years.
  10. Of course they're fixed, all of them including the Land Registry. If they show 1% monthly fall it's probably more like 2%. http://www.housepricecrash.co.uk/forum/index.php?showtopic=130065
  11. I have about half of my net worth in EUR and half in GBP. I did this a couple of years ago as I was about to retire and not sure where, if anywhere, I may want to buy a house, or live, so it made sense to hold the two currencies that I need to spend as a hedge against failure of either currency. I was extremely fortunate as I bought my EUR at 1.5EUR/1.0GBP. We currently spend about four or five months of the year in Mainland Europe but have not, as yet, bought a house. Would I do the same at today's exchange rate? Yes, I probably would.
  12. Believe what you wish, nobody is likely to post audited accounts.
  13. Really? You get a feeling of power from owning property? . Would you not feel as powerful with the cash in the bank? . Oh, of course, you don't own the property at all, it's on the never never . This is one perverse troll .
  14. I'm quite happy renting and will continue to do so until this bubble deflates, which it most certainly will do. Renting insecure? Well yes, your landlord may choose not to renew your rental agreement, but I'd rather that than get chucked out of a house that I "owned", see Sipson near Heathrow. You may think that owning is the ultimate security, but you only own for as long as it suits the Government. Never underestimate the power of a CPO. What causes a poster to suddenly turn into a messianic bull overnight .
  15. I think not, I've posted quite a lot about my circumstances over the years, if you want details, check through my old posts.
  16. UK house prices are being manipulated. Those who bought early last year did okay (in the short term) and bought at about 20% below peak price. However, it is my considered opinion that those who wait another three or four years will buy at 50%+ below peak price. Time will tell, but I'm happily putting my money where my mouth is.
  17. It's just over a year since I wrote my sig, nothing's changed, I could have written it today.
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