redmen9

Not so much Homes Under the Hammer nowadays as Derelict Buildings Under The Hammer / Building Plots Under the Hammer / Garage with potential to be converted into flats Under the Hammer etc etc.

Table's turned eh? Like it!

Have a look at this and have a play with the slider and watch as the dark clouds form over Britain. BBC Jobless Tracker How you can continue with your optimistic twaddle is beyond me.

This is quite entertaining, could this be the beginning of public opinion turning against nu Labour en-mass?

Ah old Ozzie, he's never been the same since spliting with Sabbath.

Bought a house in 2003, had previously tried to obtain a mortgage from my bank (HSBC) but they would only offer 3 times our combined wage. The house I wanted to buy was 30% more than HSBC was willing to lend but I managed to obtain a mortgage through a financial adviser linked to the estate agents that were selling said property. I was concerned about it as our earnings weren't enough to justify the loan in my opinion, but the adviser reassured us as he was putting a lot of these through at the time and was not encountering any problems. Seem to remember that he said we could have borrowed more. This all happened before the ridiculous rises in house prices that occurred right up to 2007. Bank staetments and pay slips weren't required throughout this period because the banks didn't care. PLEASE PLEASE PLEASE Hamish, tell us what your vested interest is because it's obvious to all of us apart from the few young naive new members that you're here for a reason. What's the reason Hamish, looking out for all the young FTB out there eh, you feckin martyr!

Crucially with Liar Loans, the more you could borrow, the more profit you stood to make, because in days gone by, house prices only ever went up which meant you could be on a £15k salary, self certed yourself a £500k pwoperdee and then within 6 months, sold it for £750k making yourself a tidy little sum of £250k for your trouble. Hmmmmm, now I wonder why we're in this financial sh*t storm?

If people feel that they have to buy, let them buy, fools and their money..... A few months into a recession that will probably last a few years, some people are very very naive.

I agree that very few people commit to downsizing if they don't have to. They get used to having the space, that is until a partner dies. I know of several people who have sold their houses to buy smaller properties after losing a partner

It's a funny old game this isn't it. Some of us just come on here for confirmation as to the speed and severity of house price reductions around the country and for thoughts and advice as regards financial issues in general. I can't really see the logic in Bulls coming on here particularly since the events that have unfurled since September 2007. What do they stand to gain other than to try and cause doubt in our minds and force us into buying. Personally I'm confident in my belief as towards where house prices are heading. I feel no need to argue or counter argue with anyone about the future but never cease to be amazed by the persistence of the few remaining Bulls on here who in the face of absoloute confirmation are still not seeing the elephant in the room.

You're making an assumption on past trends. People are losing their jobs, people have less money to spend, people are fearful of what the future holds and are tightening their belts and cutting down on spending. The annual tourists you speak of, are they sustainable in the current climate. All the rules that were drawn up in the boom years will need to be torn up, we are facing a long drawn out global recession/depression, there is a huge tax bill for most nations to be paying for a long long time, I can't see this as the best time for 'property speculators' to be making a shed load of money. Things have changed, and they ain't ever going back.

Just been to Tescos and my weekly shop was once again in the £90-£100 range as it has been for the last few weeks. 6 months ago it was £60-£65. Now I purely base inflation on my weekly shop as that is where the vast majority of my 'expendable income' goes. 3.2% you are having a laugh!

Oh if only that were the case. We had a meeting at my place of work yesterday, all staff in my department were called to attend. Cuts are having to be made, initially voluntary redundancies and early retirements but if this doesn't cover the costs........ As has been mentioned, we're only at the start of the recession, things undoubtedly will get worse. I thought my job was secure but obviously in the current climate very few jobs are. To think that my employer is the major employer in my local area too. Sibley dear boy, if only what you said were true.

When you read sentences like this it makes a complete mockery of the lack of houses / pent up demand argument doesn't it.

What people are asking and what people are receiving are two completely different sets of figures. People are pricing their houses inclusive of a potential 20% reduction so that when a potential buyer manages to 'haggle' 20% off the asking price, the vendor are getting what they asked for. As has been mentioned above, the houses that aren't being priced realistically and the vendors who aren't willing to negotiate price are the ones who aren't serious about selling. House prices ARE coming down, just look in the local press and see how many 'reduced' properties there are weekly.

Signed up, just hope this builds and builds. We need to show on a grand scale that we're not prepared to just lie down and take it.

There was an article in the Daily Post yesterday going on about a house with a guide price of £35k in Bangor that had sold at auction for £70k double the asking price, gasp! Green shoots were mentioned! To put it in perspective though, similar properties in Bangor are n with agents at £135k with some STC. Bangor has a student population ripe for potential BTLers so a house selling for £70k at auctio is hardly grounds to be pronouncing 'green shoots'. Daily Post Article In terms of Rhyl and Colwyn Bay, it's a real shame how these former grand victorian towns have been left to decline in such a way. Former hotels and guest houses been converted into flats and bedsits. Unscrupulous landlords touting there properties in prisons etc. Local authorities being forced to accept problem families from other towns. Rhyl has lost the fair and apparently the Sun Centre which is its only real remaining tourist attraction is also faced with closure. Fortunately, West Rhyl is being redeveloped in the hope the former crime hotspot can be turned around. I can't really comment on house prices in Rhyl per se, but house prices in North Wales as a whole don't seem to be moving much. As someone mentions above, there are a few Sold and STC signs going up in the Conwy County area so possibly this little flurry might prevent prices coming down any quicker in the short term.

As an aside, I'd suggest that you think carefully about your future plans before you commit to buying this house. You sound like a young couple and young couples do what young couples do ie. produce children. This is a 2 bedroom house. House prices are continuing to fall. If you commit to buying this with a £100k mortgage, it may be unlikely that you will be able to move home for a long time. This might not seem like an issue at the moment, but a 2 bedroom house and a growing family aren't exactly compatible. Just think it would pay to think about your future needs before anything else.

No 5hit Sherlock!

Bit harsh that. I know that there are many STRers with huge savings and are waiting to make a killing when the house prices come down (see thread about becoming a BTL landlord when prices reach bottom). Personally, I sold my tiny 2 bedroomed, no garden home in Sept 2007 as I was desperate for a larger home as my family was expanding (2 young kids). The only reason I sold to rent was that I saw this as my only realistic opportunity to purchase a home fit for purpose for my family to live in with the ridiculous levels that houses had reached. I suppose I took a gamble, yes, but if I wanted to buy, and the property I wanted became available, my position would be much more favourable with no chain and funds ready in the bank for a sizable deposit. Not that I'm looking for anyones sympathy, just surprised that someone on this site would be happy to see people in my position suffer.

Update from yesterday's paper:

That sounds like a film I've seen in the past, only it was a hostage situation and each passing day would result in a finger being cut off!!! There was a house near me on at £350k that me and the missus were interested in, went to see it, had all the details e-mailed from the EA. We left it for a week or two, then my missus got a phone call from the EA saying that they'd accepted an offer (strange she thought, why phone me to say they've accepted an offer) anyway the EA was asking to see how much we were thinking of paying, my missus said no more than £230k as the house needed a lot of work doing to it (bad I know, she showed our hand!). Anyway the EA's response wasn't particularly good but he said that it was his obligation to tell the vendor of our offer. My missus told him that it wasn't an offer, just a statement as to how much we would go so the EA said he wouldn't mention it. The house now has a Sold sign nailed to the EA board. We initially assumed that the EA was playing games with us, that they hadn't had an offer and that they were fishing for an offer from us. Now I can only assume that the buyer made a low offer and that the EA was hoping we'd bid in excess of that amount. Either that or the amount my missus mentioned we would be willing to pay, that wasn't passed on, might have got us the house.

On the plus side: Alcohol-related deaths 'falling' from the BBC Alcohol-related deaths 'falling' The number of alcohol-related deaths has started to decline after years of steady increases, figures from the Office of National Statistics show. There were 8,724 such deaths in the UK in 2007, or 13.3 per 100,000 people, down from 13.4 the previous year.

Got a pineapple from Tesco today for £1.00 They were over £2.00 during the Summer. That's seasonal goods for you. I also bought a case load of Bulmers cider today from Netto for 99p a bottle......hic...... My weekly shop cost about £20 more than usual today. Er the reason being, al the scare stories on here have had me buying extra tins of beans, tuna and dried pasta! Bloody HPCers!

Leafing through the property section of my local rag this week (North Wales Weekly News) and I came across Beresford Adams Countrywide's 2 page spread with a large heading proclaiming " Then a couple of large panels on either side of the page Granted, they're just trying everything they can to increase sales in a case of personal survival, but spouting lies is more than a little naughty isn't it. Anyone fancy giving them a call for the free appraisal? Number is 01492 875576