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About may89

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    HPC Poster
  1. Sorry - should have made clear that was an answer to the OP, not the last post.
  2. I had the same problem last week. Turned out to be related to a new computer system they've just put in. According to our payroll department there have ben a lot of errors at our place this month. In my case I just called up the tax office and they sorted it out in 5 mins.
  3. I think he means that inflation is coming, and though house prices will continue to fall in real terms, in nominal terms (denominated in sterling) it is possible they will not fall much further. I'm sure carseller will butt in if I have the wrong end of the stick.
  4. I think you are being too pessimistic actually. The housing market turns far slower than the stock market, and from what I can see this crash is already moving quicker than the last one. I know there are still some buyers out there, but they are mostly buying with cash, or with large deposits, and this money will run out. The market won't reach a bottom until banks are offering 95% mortgages again and that is a long way off. Just put your money somewhere safe, and be patient.
  5. Just out of interest, were you an EA during the last crash?
  6. You're very wrong you know. It is very rare to meet a non-smoker who smells as bad as a smoker, and pretty much impossible for a non smoker to stink out a room in the way a smoker can. You are one of a minority who doesn't realise it, because your nose can't detect it anymore. What's more a non-smoker isn't likely to hospitalise your children with asthma. When I was renting I always stayed away from places that had smokers as previous tenants, and the easiest way of doing it was to look out for adverts that had non-smokers only. I didn't mind paying a slight premium on the rent for that - it was worth it. Similarly I would never buy a car from a smoker, no matter how cheap it was, and when I do buy my next house it probably won't be from a smoker.
  7. I think the OP has a student loan but he didn't mention any other debt. Not sure this matters in the same way as other debt, as there is a limit to what the govt can do to recover it, and there is no collateral. It's not like they can repossess your brain is it? My advice is to stop worrying so much, invest in skills that will make you employable in the future, and enjoy yourself.
  8. As one of the previous posters pointed out (DB?), you have to distinguish between real and nominal. FWIW, I'm estimating 40% nominal with the trough in 18-24 months, 60-80% real with the trough in 5-7 years. That does not mean that a £400k house will cost £120k, or even that it will feel that cheap. Wages will not keep pace with inflation for the great majority (including the public sector), and interest rates will rise so mortgages will be more expensive to service. This is just based upon my reading of the data posted by the more informed posters on this site, plus various other financial sites. I'm no economist though, and if anyone thinks that my prediction is rubbish, and has some data/logic to back that up, then I'd like to hear it.
  9. To be fair, that bloke (Bilamoria?)was the only one who kept pointing out that it was low interest rates that got us into this mess. Didn't seem to have much clue what to do next though.
  10. Excellent post. You are clearly a very intelligent and astute individual with a clear understanding of how markets work. Please send me a PM, as I have a property investment proposition I would like to discuss with you. I wouldn't offer this to any of the other numpties on this board, but as you are so clever I am prepared to share it with you. You will make a fortune, honest.
  11. Don't know about dentists and orthodontists but I have enough friends and family who are doctors. Most salaried GPs are on £40-£60k and consultants on £70-90k. What the government is doing to doctors at the moment is similar to what was done to teachers 20 years ago, and for the same reasons. You don't believe the government spin when they tell you this is a minor downturn that started in America, so why do you believe the spin about doctors salaries?
  12. He's going to suffer for years with or without abuse from fellow posters. Don't see any point in kicking him when he is down. Best advice I can give you mate is to go and speak to the developers. Tell them they can keep your deposit and you will just walk away. Alternative is that you will go bankrupt and they will waste money on lawyers just to get pennies out of you (but don't phrase it as a threat - just you have no option. That's assuming you really don't have the money - if you do, then even my sympathy disappears. PS. I'm assuming you only became a bear after the train hit you.
  13. The "master" bedroom is 10ft by 12ft. What possesses developers to build places this small? Can you imagine trying to raise a child there? If I was a banker in my mid to late 20s and I was expecting to keep my job then I don't think I would be buying a place like this. I would be renting in W1 or WC1 (or maybe Notting Hill) and spending the rest of my money on wine, women and fast cars (or alternatively just wasting it).
  14. OMG I can see how that would work in some scenarios, but for a bust bank in this environment? How did someone so dim manage to accumulate so much money in the first place?
  15. sorry to be dim, but what does "averaging down" mean?
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