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House Price Crash Forum


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Posts posted by righttoleech

  1. Had a conversation with a family member today. My cousin with his partner are thinking of buying a 2 bed house here in Liverpool and I couldn't resist getting into an argument. Usually I don't bother as nobody listens but I was in a bad mood.

    Apparently house prices are on the up and now is the time to jump on before people can't afford a roof over the head. :lol:

    • I pointed out that if interest rates returned to normal (say 5%) they wouldn't be able to afford the repayments. This was ignored.

    • I pointed out that the government (vie Help to Sell Buy) is pushing property prices higher than they should be. This was ignored.

    • I pointed out how strange it was that my cousin could only afford a 2 bed terrace when 2 generations ago a 3 bed semi-detatched was the norm. Apparently this is because my cousin is only restricting himself to a 80% LTV mortgage. He should get a 95% mortgage apparently and maybe think about interest-only.

    • Finally I pointed out that the economy was screwed as the government struggled to pump more money (debt) into the system and that with government borrowing costs rising we might see desperate times in the not too distant future. I pointed out that as both my cousin and his fiancee worked directly for the government (most people do here in Liverpool) they did not exactly have job security. Apparently I need not worry as the economy was booming. :blink: This is news to me. :P

    and when it all goes tits up you cousin will deny your conversation took place.

    Then I gave up. Usually I pull out the old "no asset always rises in price and that you have to buy an asset when it is undervalued and sell it when it is over-valued" but I couldn't be bothered.

    This merry-go-round cannot go on forever. UK government borrowing costs are rising. Borrowing itself has not be reduced. Pension companies are in real trouble. We are coming to the end of the road. Patience is all you need my friend.

  2. I had to turn over after 15.

    Describing two young people buying their first place - after putting an offer in after seeing it for ten minutes - and describing this as 'brave' was just too much.

    Just watched bit of homes under hammer.

    EA Says if place done up to good standard - and attic converted - could maybe sell for 350.

    Cue 3 months later. Same EA. Place done up to good standard and attic done.

    Valuation ? Would put it up for 425k

    Its actually fiction. Pure fiction.

    HUTH.......the closest this propagandist filth ever comes to showing a property leech come unstuck goes something like this.........'So you did not even see the property before bidding?'......'no it was so cheap....we could not lose with that yield'. I am a bit worried about this sloping floor......did you read the legal pack?.......'what's that.......no I already have a portfolio in this area.....Wow......'how many properties?'. Fifty one......I want to have a 100 by Christmas'......'Oh well.....you have experience with pwoperdee....but we would always recommend that viewers look at a place before buying it.........lets see what estate agents have to say........'.I would rent this studio slavebox for £800 per calendar month'.............'.well they are not far off.......we had a tenant the day we painted over the mold....but they are paying £850 per month..........'oooh congratulations.....in five and a half years they will have paid for your property......onwards and upwards'.

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