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House Price Crash Forum


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Everything posted by tokenpunter

  1. Will freezing of income tax bands start to put some some brakes on hpi as net pay must factor in affordability calcs? All the stamp duty and 5% mortgage props are unwelcome, let it crash please.
  2. News from Reading viewing. Would you buy this 3 bed semi? Internal door just off the main hall agent says that is the annex, the vendor is selling it separately door will be bricked up later, same with a back door to back garden it will be bricked up later. The front garden will go with the annex. From what I could ascertain on Reading council planning portal no planning permission for separate dwelling only for granny annex, no plans of where the boundary will be, title not yet split and actual bricking up not done yet. No idea if there is separate electrics, water gas etc. Part of your house will overhang the annex. No mention of any of the annex splitting plan on right-move. Only £450000. Wonderful opportunity. WTF!
  3. Agree re peak we have been trying to sell since mid 2017 with one collapsed sale late 2017 and very unexpected offer late 2018 (shortly before we would have dropped the price again) The market is very slow and we need to move (growing family) no way of seeing a chain through the way the market is hence the rental. First time buyers can pick and choose st the moment and those that are around want no chain. Not ideal to spend money on rental but we are hopefully in a better position to make an offer when we feel the time is right. Signs of more desperate times in listings. See below for somewhat stretched definition of not having an onward chain, how long can they keep their seller on the hook? https://www.zoopla.co.uk/for-sale/details/47969712
  4. Just sold in Reading to rent. Very tough sell as very few first time buyers for small older properties as all doing help to buy on new builds. Opportunity there to negotiate big discounts on old places at the moment. Happy to be out of the game at the moment and wait to see. Anecdotes from driver Domestic removal business in area dead but said they are very busy doing office moves to EU. Jobs leaving for abroad. Keeping an eye on Rightmove, still plenty of kite flyers (not selling) but definitely some more value than 2 years ago. Looking to buy family home for life this year or next.
  5. Our situation, living in second step property a two bed Flat in Berks with mortgage paid off after 17years and some savings, looking at additional borrowing between £150,000 and £200,000 to upgrade to a very modest 3 bed family home. Partner and I over 40 with newborn baby late in life but very happy! Waiting to see what happens this year, houses not shifting as fast in our area. Hoping for some significant price drops as not keen on another lifetime of mortgage payments. Just don't see how £350 to £400k for modest semi is justified. Some ex council houses asking for this kind of money. This market is broken even for home owners with equity to move up! Anyone in similar position? Wait and see or take the plunge and sign up for another 20 years of debt? Would like to see a 30 or 40% drop
  6. I am seeing prices in my street in Reading approaching peak again. This is a bitter pill for those waiting for the mythical big crash so I understand a degree of scepticism from readers. The system is unfortunately being propped up by government policy (your future taxes) and Bank of England. Non home owners don't have enough political clout to be considered. It was not worthwhile staying out of the housing market, don't kid yourselves.
  7. For those of us waiting for a crash, government intervention has meant that price falls are modest at best. My neighbour is selling his flat for the same price I bought mine for in 2006. Personally I would like to see prices drop to 1995 levels. If the government hadn't rescued banks and the Bank of England had maintained reasonable interest rates, maybe we would be there by now? Was it worth waiting for?
  8. I took out a fixed rate mortgage in 2007 and have been paying off 10% of my loan capital as often as possible ever since. Initial payments were £750pcm, payments for next year will be £550pcm. The process is painful initially but becomes easier each time a payment is made as more income is available for savings. Cost of the mortgage is now much cheaper than renting a similar property. I do not own a 50 inch plasma TV, apologies to Gordon Brown.
  9. The sad thing is that the sensible folk with substantial savings will be expected to spend them if they lose their jobs while those who have lived beyond their means will be bailed out to a greater extent. Interest rates are also on the way down to discourage this sort of saving. Despite this if you can stay in work through the recession, I would hold on to your savings for a year or two before buying, with price deflation you should come out of it well.
  10. Cost of renting a two bedroom apartment in a half decent area in my town (SE england) is around £700pcm. I dream of owning a detached house like most folks I guess. Currently own a small flat, but could not afford to move back home at the moment unfortunately. Hope houses become more realistic in price here.
  11. Currently living in south east England where rental prices are about 70 to 90% the cost of buying. Ultimately this will provide some cushion for the crash. Back visiting Ulster for xmas at the moment and noticed in EA window that rental price for large detached houses appear very cheap, would estimate 40 to 60% cost of buying. Is this generally true in Northern Ireland?
  12. So house prices appear to be teetering on the edge of a cliff, but why have prices shot up over the last few years? Could the decline in the old fashioned family model be partly to blame. Instead of working dad and stay at home mum and 2.4 kids, the family of today is more likely to have two salaries, may be unmarried and may be waiting until later in life to have children. There are now also more unconventional families, including a large number of singletons. The conventional "average family" can borrow more money now than they could in yesteryears based on two salaries and low intesret rates, pushing up the price of detached houses at the top of the market. There is also an increased demand for singleton accomodation, pushing up the price of flats. The biggest losers in the process have been the singletons like myself, as our single salary can never compete with a couples. To add insult to this, the labour goverment taxation system is propped up to a large extent by working singletons. I have spent seven years living in a shoebox until I could afford a modest 2 bedroom flat. I earn a salary which is well above the national average. I would guess that most peoples ultimate aim is to own a nice detached house, whether they are married or single. At least for those of us hoping to join or move up the ladder, a price crash will bring the first or next rung on the ladder a bit closer.
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