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Once Bitten x2 Shy

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About Once Bitten x2 Shy

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  1. Correct, basically most mortgages with LTVs of more than 75%/80% were sold with Mortgage Indemnity Guarantee (MIG) (which the mortgagees paid for!) which meant that the mortgagees insured the lender against the circumstance where if the property was reposessed and sold for less than the mortgage amount, the insurance company paid the lender the difference. Most of those who handed back the keys thought it was the best way to get out of this dismal situation (running away) but did not read the small print which allows the insurance company to track down the mortgagees and demand the differenc
  2. Got more viewings in 1 month privately than we did for 12 months via 2 different estate agents and this was in a slow market in the SE at the time. Again I think that listings on rightmove is an absulte must. Have heard of some agents doing an excellent job in selling for some, but these do seem to be few are far between. You pays your money and takes your choice!
  3. Sold by using The Little House Company back in 04 after had a nightmare with estate agents. We had listings at that time on Rightmove through LHC but I am not sure as to whether that is still the case. Private sale for us went very smoothly and would opt to try and sell privately first and then move to estate agency therafter if no luck. IMHO the sale was made much easier without the involvement of an estate agent. I think listings on Rightmove are a must and doing it yourself at least you get feedback directly from those that view. Hope this helps.
  4. £1,200 per month on property worth circa £500k. 2.88% gross yield before maintenence etc. Nice house in a nice town in Sussex. Rent comparable to other similar properties
  5. Marina, to answer your question yes I have along with many others who are savvy business people who are not in the habit of throwing away their money. I suggest that you investigate Japan for the best examples in regard to Modern Methods of Construction where it is deemed a higher quaility product than traditional build. Most people in the UK are ignorant of this and IMO are blinkered from it as developers over here have never been tasked by the buying community to be innovative and to produce anything that mirrors what other more advanced nations are doing in this area. Once the factory built
  6. I am involved in a business which will be launching in mid October 2006, where the housing units will be manufactured in factory conditions, in the UK, to high specification. These units are made from steel and are very robust and are not of poor or inferior quality. Other nations have been using Modern Methods of Construction for decades and the UK is still obsessed by "bricks and mortar". These units have been designed by high end architects and look modern and stylish. They cost the same as traditional build, however the savings that are made are by reducing time on site by between 25%
  7. Or maybe the government is looking for a way to tax the gains made on house price increases in the future?
  8. "Oh, and by the way, can we get it straight that in the 89/90 'crash' house prices went down only slightly - the damage was done by inflation. 10% total reductions in price over 4/5 years was all I saw." Bought for £68k in 1989, sold for £54k in 1996 (-20% and very, very nice unique flat) Friend bought for £54k in 1989, sold for £28k in 1996 (-50% studio flat in reasonable area) Both in London, and both very personal and uncomfortable experiences. Add the inflation as well and see what you get in terms of real losses! Please do not generalise, many went through hell!
  9. Sentiment is a very subjective and fickle friend. I still maintain that city bonuses affect very few and for that reason is very unlikely to affect the fundementals of the market which are largely driven by normal people. When a precious painting comes up for sale the rich will always fight and pay through the nose to own it. It has rarity value. Art for the masses however gets sold at much cheaper prices.
  10. I would like to ask the question as to whether you are selling your property at this moment in time, because if you are not you may not be totally aware of what the market is like for those who are. The market is made up from those who want to buy and sell and not those who are sitting on their assets. From what I can see at the moment and from what I am being told, selling is becoming a nightmare with broken chains, offers coming in at 10-20% + below asking prices etc etc. Also when you compare average salaries in the UK to average property prices, put yourself in the position of anyone
  11. Even if City bonuses are good, how many people do you really think are going to benefit from them. Yes there may always be demand for some unique properties, but the real volume of properties will not be affected by the small %age of those who are lucky enough to receive these bonuses. The market will be influenced by the volume of those who are employed in normal jobs with no prospect of huge bonuses, and the market will be driven by greed and fear. At the moment I think fear is becoming a more and more dominant feature. We will only know the reality of where we are in hindsight, but IMO
  12. Less spending on the high street = lob losses = less money spent in the economy = more job losses from other supporting industries. Can I ask are you employed or do you work for yourself? What is the chance of you being becoming one of those unemployed?
  13. I agree. I think a majority of the falls will come by the beginning of 2007, with the bottom being a couple of years later. The effects of higher actual inflation, increased indebtedness and the prospect of recession (whether it appears or not) will now start to show its effects on levels of confidence and all markets are driven by greed and fear.
  14. Totally agree, The only people I hear talking about Sipps leading to the next demand boom in property do not understand the facts. If they actually ran through a scenario they would see in most cases it is a no go. How do you get sufficient money into the pension in the first place? Who actually owns the property? What happens when there are no tenants to pay the mortgage? What happens when I want to sell? Who would want to invest in an asset that is likely to fall in value over the next few years? Even if you can borrow money, why erode the equity within your pension fund due to the
  15. Just remember who these people socialise with. Within their social groups they will generally talk to ABC1s, who have good jobs are intelligent and are generally wealthy. Most will have a nice regular comfortable income coming in and few will be at the short hard end of where the actual money is generated and where they can experience the real economy. They will currently be quite comfortable and reasonably divorced from the reality of what the economy means for most. How often will they come across the small builder, mechanic, shopkeeper who is struggling to make ends meet. For this reason
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