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Everything posted by needle

  1. As have I, since 2005 you'll note. I spotted the potential for a continuing boom then and I was right and I got hammered for it here. I genuinely believe that a crash will occur, as I did then, but when is another story. I can tell you that in 2005 I couldnt have imagined that Brown would drop interest rates to fuel the boom, the banks would crash and basically finish the economy and sterling would be decimated to prop up speculators. But it happened. It actually happened. Here I am 7 (yes, seven) years later and this time I cannot see a way out. The bullets are spent, the money is gone and the loans are outstanding. There is no way out of this, only more kicking the can down the road.
  2. Cant believe some of the comments here. Does no one understand what is happening? Steed is (almost) right on the money - its homebuyers getting BTLs because they cannot afford houses on earnings multiples. C'mon people, this is see-through. The reason the numbers have dropped is because the FSA is cracking down on BTLs. Read this from March 2012 http://www.mypropertypowerteam.com/2012/03/26/fsa-note-rise-in-fraudulent-btl-mortgage-applications/ The reason the values are increasing is again because people are buying homes not low cost investment properties. This is the beginning of the end. As soon as fraudulent BTL/self-certs are removed from the equation the market will tank, it will tank hard and it will tank fast; in a matter of months. Remember though, be careful what you wish for. When it happens it will not be pretty. My own opinion is that the Tory/Lib Dem alliance will begin this 6 months before the next general election. Labour will win, it will be too late to stop it and they will get their just desserts.
  3. Stamford Brook is not zoned for Altrincham primary schools; I know that for certain. As for the secondary schools, the grammars are entry by exam so they take pupils from all over manchester. You dont have to live in Altrincham to get into one. In fact, if you do live in altrincham and your kids are not 'academic' they wont get in anyway. Save yourself 1/4 million and move somewhere else. As for the estate, its horrible. I dont live there but looks like a real 'new development' hell. Where do you park your car? There are hardly any driveways and the roads are so narrow. Im not lying when I say I wouldnt live there if I got a free house.
  4. Not strictly Altrincham but this one http://www.rightmove.co.uk/property-for-sale/property-37321895.html went on the market last year at 165-ish and sold for 166k http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=37321895&sale=46221191&country=england Now back on with minimal changes for 239k. Its been painted and carpeted and had a door moved. Thats it. F*cking joke is what it is. Everything getting sold to developers.
  5. Well, well, well. The BBC distorting the news again? Who'd have thought? According to this article a company called The Debt Advisor use CML figures to calculate that 58% of UK mortgages are interest only. http://www.estateagenttoday.co.uk/news_features/Repos-fall-in-calm-before-the-storm
  6. Let me put it this way, I know a family who are looking to buy. Spoke to the husband the other day and he cannot get a mortgage to buy a house for anywhere near current valuations - he's on an okay wage in a steady job. However, he can get (and has been offered several) BTL mortgages. Now the bank still wont loan the asking price but what they are offering is a far higher amount than a standard homeowner mortgage. However, the bank want a much higher deposit (i think he said 30%) and they want another 10% on deposit with them. This made me realise why BTLs are taking off at the moment. Its almost impossible to get a homeowner loan and, with the govt ensuring no one will lose their homes, prices are staying well out of reach of ordinary punters. A resolution of this situation is not inevitable nor, if it happens, is it close. Having dipped in and out of this site for the last 7 years I can say with certainty that this situation/standoff could continue for another 5 or 10 years. So, many posters who started out here in their early 30s could still be renting approaching their 50s.
  7. Look, this is the reality. These people are not going to go bust. They are not going to lose their houses either. Successive governments have shown that keeping debtors afloat is their sole economic policy; savers and small businesses get shafted while mortgage holders and banks get subsidised. Its time to accept that.
  8. 1 - how do you know how much its fallen in value by? Youre renting it, right? 2 - how much has inflation eroded your deposit in that time? Between 2005 and 2010 there was an average inflation rate of 3.1% in the UK. http://www.measuringworth.com/calculators/inflation/result.php On a PPP basis your 50k deposit in 2005 now requires 58k - an increase of 16% http://*******.com/7waerb7 3 - The price differential on your house is ~ -12.5% (from 400-350k) It seems to be a mugs game this, and I've been on this site long enough to know. It was inevitable, it was a sure thing but successive governments have intervened at the expense of every other economic sector to cripple the currrency and prop up the housing and banking sectors. I never thought it would happen, but it has. So it is time to accept that it is a deliberate and sustained policy of the all UK govts to keep property prices high - through currency manipulation, subsidies to builders and limiting supply.
  9. Thats outrageously expensive for a badly laid out cottage in Timperley. Get a grip.
  10. I'm seeing this too. Many of the buyers are BTL so while they require a large deposit the valuation is based on the rental income, not the value of the property. Houses are selling as fast as they come on the market in my area. Its very depressing. Well, thats fck all use to anyone, isnt it? You've been on here for 7 years and almost every one of those has seen prices increase. Now supply is constrained, the govt are subsidising mortgage holders, QE is pumping money into the economy and there is 'ingrained sentiment'. 'This will end' - is a fkn joke of a statement. Are you going to wait another 7 years while your deposit is eroded away and prices continue rising? We're getting shafted as a delibrate act of policy so that bankers, pensioners and debt monkeys can live the high life. Its a fkn joke this country.
  11. What do people make of these places - http://www.rightmove.co.uk/property-for-sale/property-33997643.html http://www.rightmove.co.uk/property-for-sale/property-34706600.html http://www.rightmove.co.uk/property-for-sale/property-32018191.html http://www.rightmove.co.uk/property-for-sale/property-31406005.html I have a mate who lives in this estate and he is thinking of putting his place on the market. They seem to sell like hotcakes. Unbelievable. I cannot fathom why people want to pay north of 300k for very average 3-4 bedders. More to the point, where is the money coming from? These 4 examples add up to £1.2 million in spending in this estate in the last few months. Who the hell has £1.2 million to spend in this climate? I just dont get it. A mortgage of 350k would need an income of 60-80k. Thats a very high wage in Manchester. So who is buying these places? Solicitors? Accountants? Really? Is this where the professional classes live now? I find that very surprising. (I do know that one sale last year went straight to BTL - that was something like a £350k!!!!!) I am gobsmacked that prices are still remaining this high especially in view of the fact that there are better houses available in Hale and elsewhere for less money. Can anyone explain this to me? If not, I'm afraid I'm gong to have to conclude that the crash is over and prices are on the rise again......
  12. No loss. Its open for business again now.
  13. Remarkably similar story to this thread - http://www.housepricecrash.co.uk/forum/index.php?showtopic=174357 by trickydicky79 who - remarkably - was the first person to reply to this thread. He has 13 posts in total (as of now) but has spent at least 4 hours browsing the site tonight alone. He put up his own post and.... 4 hours later.... responded to an almost identical post from a new user whos only two posts ever made are on this very thread. If I hadnt spotted it myself I'd never have believed it.
  14. Casting a critical eye over that post, there is nothing in it except you and an EA talking. Either youre a complete fkn idiot or an EA trying to feed crap to people. Firstly you made an offer. Then you raised your offer. Then you asked an EA how much did you need to offer. I mean, its the very definition of being played for a mug. All the rest - another party to the transaction, FTBs, not looking up prices etc etc - is all happening in your head. Heres what I reckon happened; the EA saw you coming. You turned up did a viewing, gurning like a giddy idiot and requested a second viewing almost immediatly. The EA knows he has you on the hook. You make an offer - really early on - before the EA even contacted you for feedback. The EA got you by the balls and he knows it; but you dont. So the EA throws you a line. You gobble it down. Later you come back for more. Gobble down another line. Gobble, gobble fkn gobble. EA is probably laughing his 4rse off in the office at the mug punter bidding against himself. "And," says the EA, "get this, he even asked me how much he needed to pay." You seem to think the problem is "idiots willing to pay whatever an Estate Agent puts in their window". But its not. Its giddy-headed muppets like yourself. I mean, you've already bid the price up twice. EDIT _ remarkably similar story to this thread http://www.housepricecrash.co.uk/forum/index.php?showtopic=174360 ......which was also posted by a new member and ponders upping his offer..... curious, eh?
  15. Another little trick I have come across is an agent putting his own/friends/employees house on the market near to another one. Thing is they put their 'own' house on the market at a much higher price and say the normal seller has priced low because they 'need a sale'. I've seen this done with one agents house 3 times in the one estate.
  16. The whole of Europe is laughing at the UK and this is one of the reasons why. That means that if an Irish property investor owes a British bank £1m then they just move to the UK, declare bankruptcy and the debt is gone. But you do realise that many of these people will owe money to the Irish arm of British banks? And these write-offs are also claimable against tax. That means that every Irish 'tourist' who claims £1m in bankruptcy deprives the UK taxpayer of the tax revenue on that £1m. So, the taxpayer is subsidising the Irish property market. Bankruptcy protection should only be made available to those resident in the UK for tax purposes.
  17. It is the same house, I was watching it too. Total fkn joke this market.
  18. Simpleton logic. You will be taxed more; thats a given. The aim of a transaction tax is to prevent HFT gaming the markets. (1) A 'push'? You mean a press release. You arent soft enough to fall for that, are you? (2) Having to wait for the UK to impose regulations that then get watered down would be stupid and show we have learnt nothing from the UKs failures over the last ten years. (3) A big pot to bail out the banks? Now where have I heard of that before? See, this is it. But there is a problem. If all those French up sticks and HQ in London, then their problems become UK problems. Implementing tougher regulations is like a game of hot potato; whos gonna end up with the burnt fingers? Dave does not want duff banks fleeing to the UK and looking for a bailout from the UK taxpayer; France does not want them to stay and wants weaker UK regs to encourage them to go there. The game is afoot.
  19. You could point out that while mortgage fraud isnt an issue for claimants of SMI, it is an issue for the taxpayer. Secondly, you could point out that what he 'feels' about a situation is of little consequence. If on the other hand he has evidence of such could he pass it to you or provide references.
  20. As far as I can make out this is a RM error not a PB one. Many properties changed to available from Sold STC on the 4/5/6th of October. Others changed to 'available' from other listings such as 'premium property' or 'must see' or whatever. Not all Sold STC properties changed to 'available'. PB simply copies whatever Rm have on their servers. This seems to me to be something on the RM servers where all of an EAs listings that were not removed were placed back as available. Could be to bump the RM numbers, could be an admin error. Properties that went 'Sold STC' are later tagged as 'Not Listed' when the EA bothers their ar5e changing it. Clearly some properties sold and the EAs didnt bother changing them. Obviously they are soooo busy at the moment. Go to this thread http://www.housepricecrash.co.uk/forum/index.php?showtopic=170064&st=0&p=3139719entry3139719 . . .
  21. Clearly there must be some concern about govt cost cutting, particularly Housing benefit, no?
  22. I dont see whats so revelatory about this article and I certainly dont think the Guardian had anything whatsoever to do with any turning pont. In fact I'd say the guardian and its readers are probably more responsible for the hyper-inflation in house prices than many other groups. A cursory search will show you that these facts were on HPC as early as 2008. If we had a complete search function I'd bet they were mentioned on HPC before even then.
  23. Great idea for a thread and a great list too. I'd add 3 bed houses with an attic conversion which are marketed as 4 bed houses with substantially higher prices. I know of one road where all the houses are 3 beds and usually sell for about £250k. A '4 bed' attic conversion is on for £350k. Laughable. Another pet hate is a an X-bedroom house where one (or more) of the bedrooms are in the basement. I'm not even sure this is allowed under regulations.
  24. This thread is for individual examples of desperation, waffle, misdirection or outright lies by EAs on Rightmove. Seen a property listed as 'Sold' but it has been removed from the market? I have. Many times. Seen a property that comes on to the market with a 'Sold STC' sticker already in place? Me too. Post em up here. Heres an example of desperation http://www.rightmove.co.uk/property-for-sale/property-20341272.html First listed on 14 October 2011 and marked as 'Sold STC'. Description reads 'New Instruction... Sold on first viewing' So heres a question, why would an EA pay to advertise a property they had already sold? Could it be bullshippery of the highest order? If you have any more examples of this sort of nonsense in RM, post em here........ (Dont forget all you Firefox users to download and install the property-bee addon from http://www.property-bee.com/downloads.php It allows you to see all past listings and changes made to properties - "A real eye-opener" - Me.)
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