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pete.hpc

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Everything posted by pete.hpc

  1. You do know that my "Ruthless Estate Agents" title refers to their behaviour towards tenants, and nothing to do with prices?
  2. I hear ya bro, but let me put these counter points to you; Have mortgage interest rates ever been that high in modern economies? If, at the end of my fix, rates rocketed, then my payments would be about 50% of my take home at 9%, and 60% at 12%. Crippling, but not enough to bankrupt me. But then so would everybody's, and we'd all be fighting over rats in the streets. Banks just simply are not demanding 30% deposits, there are plenty of 90% LTV products on the market at fairly good rates, and there is at least one 95% product out there at the moment. I'm still bearish, but I don't think prices will fall much in nominal terms. So I can go on renting and fretting about global economic collapse and not knowing if I will be here in 2 months and in the same postcode, or I can think instead about conservatories and putting new flooring down and fitting a new kitchen
  3. Actually, just doing some sums has put me back in Bear mode. Can someone check this and let me know what they think? Last known sale price for this house was in 2002 Average house price in Slough has gone up approximately 33% in that time (£126,671 to 168,250 latest Land Reg data) This place is on for 65% more than it went for in 2002, that's a rip off, isn't it? Absolute peak average house price in Slough was 2007 around 50% up on 2002
  4. I'm near Slough yes, I'm not seeing huge reductions, but as I've mentioned before, it just feels as though some places are more affordable to me. As though I'm seeing the benefits of some nominal reductions and some inflation linked salary increases The place I'm hoping to put on offer in on is up for the same as the neighbours went for at the end of 2008, so I'd say prices nominally fairly stagnant from 2008 when they'd already taken a little hit at that point. The last time it changed hands was in 2002 for 40% less than what it's on for now Importantly, it comes in at just under 3.5x my salary, and it's more than I ever thought I'd get for my first home. So if I'm not really being that stretched (mortgage is 35% of take home), it's sort of making sense for me at the moment. It's a high interest rate due to the high LTV required, so it's not as though it's only affordable because it's on some super cheap rate. I think perhaps getting used to paying a couple of percent over their SVR might teach me some good lessons, but I can hear the claws sharpening on some of the more knowledgeable posters here who will probably tear holes in my strategy I'm finding it hard not to plunge headfirst! ultimately, I could have my own place for a couple hundred quid a month more than it would cost to rent it, with the mortgage hopefully coming down quite a bit at the end of the fix when I either go onto SVR, or re-mortgage at lower LTV.
  5. The lady's not for turning! Who knows, I figure it can't hurt to look right now. I just don't see much falls around here in nominal prices, I think most of the losses from this point on will be masked by grinding inflation, and renting just isn't working for me anymore. Whilst I don't think there is a house price boat that can be missed, there is the creeping passage of time and I'm heading into my mid-thirties Regarding this particular place, I won't be making an offer as it's blatantly just not fair on the tenants, and I've been on the other end for so many years I'd hope someone would do the same for me.
  6. Ok so, in contravention of the advice from the good people of HPC, I've started looking at places with a 3.5x single salary mortgage approval in principle in my back pocket, and am finding lots of stuff around here within that price. Feel free to tell me I'm insane. Just had a call about one place which was, rather frantically it seems, listed for "Sale or Rent! MY GOD, SOMEONE PLEASE GIVE ME SOME MONEY TO OFFLOAD THIS THING" A bad sign in itself, one would perhaps say. So as I come into the equation, it's just this minute been let to new tenants. But the EA's have insisted some form of clause was put into the agreement to have them out in 6 months, which would be a timescale I'd be perfectly happy to wait out. But this is where my conscience comes in. Having one foot firmly in the BTL are utter scum and should rot for the destruction those mortgage products have done to the lives of my generation, I surely can't make an offer on this place..... My hunch is it's about 15% down on 2006/2007 prices in the still very bubbly Greater London. I just don't think I could bring myself to be part of such an appalling piece of skullduggery in seeing probably chuffed to bits tenants told on the day they move in that their complete shitstain of a landlord has sold their home already and they need to start looking again I hate this country.
  7. Down £17 take home, what does one have to be/do to be "£3000 per year" better off as some are
  8. I'm young and perfectly fit/healthy and would definately buy a bungalow. It's all the benefits of a flat, but in house form with your own garden. What's not to like?
  9. What an I missing here, they've rejected an offer of around RPI this year, and over it for the next few years, and they're somehow martyrs? Sack them all, that's a great offer, not being matched elsewhere public or private.
  10. Well unless you know the formulas used to calculate such things, you won't be seeing these price falls. You need to be relying on an increasing salary to make the most of these price falls, so it will come down to your salary slowly edging you up towards affordability in terms of mortgage multiples.
  11. That's the key my good man, I haven't actually put off buying yet as I've been saving the deposit. Whether I can pull the trigger or not once it's in place is the big question. While prices are falling in real terms and my salary keeps pace with inflation (or claimed inflation at least) then I'll probably hold off, unless something really nice turns up. From what I can see, there's just not much on the market at the moment so it's not as though my area is inundated with anything other than shite right now. But certainly one or two places have come up at prices that I never thought they would, around 18% down I reckon, in nominal prices, so way more in real terms.
  12. Asides from the scientific measurements here, ask yourself, do you feel more capable of buying a house? I have to say I do, my wages have been RPI linked up until last year, and I can afford reasonable houses now in my area - Greater London. Nothing special, but as a first time buyer who was never priced out, I feel there are decent opportunities now around here. Just need to save for a few more months and can perhaps start actively looking. Sanity is returning.
  13. James is a VI up to his ears in BTL and a big mortgage on his primary residence, as he's admitted to on his LBC show in the past.
  14. We should get an economist like Gordon Brown run the economy instead.
  15. You should apply for "The Apprentice", you sound like every cocksure wideboy they've ever had on there Wow. Just........wow.
  16. Aye. I promise to turn that PC support cost to zero and provide a robust Exchange environment for half of whatever you're paying those sandle wearing Mac zealots you're foolishly employing to look after that lot.
  17. That was my intial impression, but I think they're going to a floor below -edit- no, you're quite right
  18. And what about those who don't qualify? they are then being price fixed out of the market by their own local authority
  19. At times like this, money should lose all meaning. The world can afford to give 100 crane drivers 100 million each if required if it meant they were able to stabilise this power plant.
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