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About Blimeyocrisis

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    HPC Newbie
  1. Mike, I wish you all the best in your quest to find a property, clearly it's circumstances dictating you need a place to live, not reside in... I read this board occasionally & recently it seems to suffer from a lot of folk hell bent on either ramping the market down based either on their own experience & frustration or simply that it's the done thing to do so and remain in the clique. Clearly there are some people who know their stuff on here & some sage old people happily providing both statistical and anecdotal advice, but it does appear to have been infiltrated by people who are maybe striving for acceptance & are just keen to post against a topic because they have nothing better to do than disagree; and in doing so forget the reason why the OP asked for advice or welcomed comment on the post. Or even forgetting why these forums exist, to share information, experience, advice and have a craic along the way... If folk think I'm part of any anti-HPC brigade, then wrong, I agree that the market is still falling and certainly I can still see the local market is pretty stagnant with people still holding firm at asking prices that they pitched at 12 months ago and before... It is bizarre that some of the less established EA's are still standing, not sure if they're surviving off managing rentals? As for myself, we bought 12 months ago, after the 1st viewing & after only having spent a very short time in rented (designed to allow us to take advantage of the falling market). The property itself is half decent, needs work over time, but a location that is simply superb. I can say with almost certainty that this house would not have been on the market long, hence we felt the need to make an offer a couple of hours after viewing... We paid a fraction under the asking price agreeing what the vendor was happy to accept for it. This was pretty much the same approach when we sold our last house because we had a view of what a fair price was in a falling market. So as for advice, I think there are some sound comments here. As Monty said, if you think it's a daft offer it probably is, if you think it's a fair offer likewise & then it's down to the vendor to see if he's prepared to agree a fair price or wants to recoup some part of an investment. Failing that, then you have to ask yourself is the vendor simply someone who is trying to make his way up the ladder by shafting people along the way, a bit like them 2 obnoxious gay blokes who did that million pound property thing... Or is it someone who is in a NE position and simply can't afford to sell at a loss?
  2. Interesting how the local rag reports this as a £1m 'give-away' http://www.examiner.co.uk/news/local-west-...86081-24622030/ & then when you check out the website, it's termed as 10 x £100k 'investments', presumably so he has the chance to profit from no real endeavour again... http://7lawsofwealth.com/ (check out the million pound book page in the above link) + lots of other gash on there about himself... It does prove that there are either; a) 14,000 deluded souls out there... 14,000 raffle ticket buyers...
  3. Echoing the sentiments of another respondent... Many years ago, the wife & I looked at some new build plots, off plan prices etc. On the way up to the site we'd noticed a sign for some land nearby for sale for commercial development. When we questioned the developer (Redrow) about it, they said planning permission was restricted to 2 storey office units, 8AM-6PM business park style. To cut a long story short, we never went for it in the end, although the houses looked decent enough, it wasn't right for us for various reasons... Fast forward 2 years after we visited and the above mentioned business park was constructed... as an industrial estate with ruddy great distribution sheds, probably operating late into the evening if not 24/7. The 'plus' for the poor sods who bought was that they built what must be at least a 60ft banking shielding the development from these eyesores, however looking out of your window at what appears to be a replica of a slag heap... These houses are now going for anything between £220-300k... I can't recall the year they were built, maybe '98 onwards and selling for £90k'ish back then... As the other poster suggests, do your research on the local area...
  4. A local EA told me a few weeks ago that RM were hiking their prices significantly and charge per branch, not per EA, so it was easy to understand why some EA's would drop out. The EA in question was a very low key 1 branch operation who've been around many years, so I imagine there was a bit of old school jealousy to some degree. They marketed on globrix, so were obviously not going to push RM. It's like anything in a de-regulated market. For a few years, there's a frenzy of new and old boys making shed loads of cash, but eventually the big players who have been in it for donkeys years progressively wipe out the minnows. Unless you're called Lehmann, RBS, HBOS... If there are any sweaties on here, I imagine you are pretty pi**ed off at seeing your banking institutions wiped out by this aren't you? Crack open the Tennents Super and get yersen down the Spar in the morning for some Irn Bru for the sore heads....
  5. Just wondered if you would be allowed full access to todays bail out deals under the FOI act? You could see if there was parity across these deals, but somehow I doubt it. I'd just be interested in the firm facts as to the what, where, when that these banks are obliged to pay the money back & wondered if it will actually be in my lifetime? Although I suppose in reality it's a bit like a convicted burglar pleading poverty and then paying the fine at a £1 a week for the next 600 years... Interesting that Barclays are cancelling the divi and will recoup £2Bn from pi**ed off shareholders. I know it's probably been said before on here, but had the banks been prudent instead of student, then the vast profits they have made over the last 5-10 yrs would have dwarfed the £50Bn they're talking about now. I've not heard in any of the commentaries I've seen stating the facts of previously scandalous profits, or at least not reporting them factually backed up with real figures. Maybe they were just jumping on the bandwagon of the oil companies?
  6. Renting has worked for us and it's only been short term (just posted my circumstances on another thread). One big benefit is the flexibility it gives you. Like others we have 2 kids. The one thing that you do need to get your head round, seeing as I assume you're a normal bloke not looking at houses as way to make virtual money... is making sure you have the mindset that it's not yours and probably never will be, so don't get too attached. And that equity will go a long way to getting you a good deal and another mortgage in due course. Remember, all the late to market BTL'ers are not leaving with profit and re-emerging in later years. You'll be the one thanking his lucky stars in years to come... Good luck to you BTW.
  7. Asking price is irrelevant. Agree, but they have to market it at some level. We were lucky when we sold in july, but TBH, we also took what we thought was true market rate and accepted an offer just over 10% down from our original asking price (we went on the market late April). There were 2 other houses on our street, only slightly bigger than ours and up until last week or so, both were still being marketed 35-40k above what we sold for. As i type, they are still 25k & 35k above our sold price even though the HPC has now started to take hold in my neck of the woods. The one thing that accepting reality has alowed us to do was STR and we were then in the right place right time when a house (that will be our final house purchase - ie take me out in a box..) came on the market & being chain free put us in a great position. What i'm probably trying to say is, that being realistic worked for us and although we have probably dropped reasonably lucky with this house, we had to be in the right place to capitalise on the opportunity, because it's a location that rarely comes to market. One slight gripe about some of these posts though. Whilst i understand some on here take glee in visiting shed loads of houses and asking sellers to drop their pants all the time, seemingly in some form of twisted revenge plot.., can I just add that there are still genuine people out there trying to sell houses for age-old reasons and unfortunately they happen to be caught in a greed cycle. Good luck to these posters (some who may have been screwed over in the past), but do spare a thought for genuine sellers & buyers who actually want to move because they want to get on with their lives...
  8. I hope that 90% is a tongue in cheek comment. That would value the house at £20k and that's just plain daft... - what time period? 1-2, 5-10, 10-30 yrs?? I agree with a lot of posters on here, but 90% is just sheer stupidity. You're as bad as the media hyping the doom. Percentages are a great way to emphasise a negative or a positive - I heard a comment on the news last night in relation to this crisis (I forget about exactly what), but basically they said "???? has risen 125%...... over the last ten years". It's bad, but don't think it will ever come to the place where a £200k house is valued at £20k unless the currency is devalued to the degree that the £ is trading with Monopoloy money...
  9. RXE - in an almost identical position. Just in the process of buying. Sold in July with an early release caveat with our landlord for the rental property we're now in. Like yourself the property is in an ideal location, oak trees, private woodland (Center Parc style living etc...), plan to stay there until we're both in boxes (we're round about the same age as yourself), so long term, this is it. Vendor is chain free, can move quick so we keep 2+ years remaining of a 4.5% mortgage deal. Hasten to add that the value is nowhere near on your scale, but then I'm ooopp north... I think a lot of people on here have called the housing market exactly right, and as others have also pointed out, life is actually about skin & bones and making sure the kids are happy, healthy and have an environment that they will flourish in. This house fits the bill on all that for us. Had this house not come on the market, we'd still be renting until we did find the right place, because as said, there is a lot of sense spoken on here. But simply put, this is the right house. Thanks to STR we were in the ideal position to move quickly when it did turn up - we were the 1st to view & had the survey done about 10 days after it came on the market. We also stipulated that is was removed from the market as well, because although it may seem strange, there was competition.
  10. My first 'experience' of shares was 10-11 yrs ago when I started at an AIM listed telco, who, on the dotcom bubble made some people (generally those at the top of the company) very wealthy over the course of the next couple of years as the share price (of a non profitable company) rose to some heady heights. One of the best examples I remember from those days was the comparison of the market cap of LAstminute.com (at it's point of listing) versus Wallace Arnold, a large & well established coach company who had been profitable and paying divis for years. LM was well in excess of £1bn (maybe more if I could bother to research/google it...), WA was about £700m The bizarre thing about that market were the massive fluctuations in share prices on a daily basis that proved what a corrupt market it was. Shorting was also explained to me back then & I couldn't & still can't get my head around why this is not simply called fraud. I may be a northern luddite, but I can see what a complete load of cobblers EBITDA is. I've not heard that phrase for a long time, nor have I heard the term IRU. Expect we'll be learning some new financial acronyms in the very near future.
  11. Just read 'her' story. introduced to the secret millionaire producers by platinum property... say no more. Always have reservations that the SM is just a self promotion wagon, but why should C4 worry if it helps them sell advertising space on tuesday nights...
  12. NLN - I would recommend that if you ever use the M1 to travel north or soutbound, then take a short detour and visit some of these ex pit villages in the Barnsley, Wakefield, Pontefract areas etc. You'll think you're on the set of Brassed off or the full monty, even now in 2008. I kid you not, these are communities that even when you are just driving through them, you can almost feel the slow lingering death that they were sentenced to in the mid 80's.
  13. Did you listen to the end? - what's a 'classic' Wall St prank then.... Maybe some of you on here know what overpaid investment bankers do to let off steam???
  14. Radio ad I heard today with Barrat's stating that they'd offer buyers a 3 year period in which, if they sold it on for a lesser cost, then Barrat's would pay the losses. I'm sure it's not as simple as that and secondly, Barrat's will gamble on the fact that most people won't have the heart to move again in 3 years time unless it's brought upon them, as the costs involved in moving will put them off. And therein lies another sector that may struggle - the conveyancers. Although I'm sure the lawyers will get plenty of business from the 'domestic' dispute market that this market will be or is probably causing.
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