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relax

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  1. ITV starts a bignew project tonight, tracking house prices as they crash. All the ITV regions in England and Wales are watching the price of a lot of houses as their owners try to flog them. It's all at: http://www.itvlocal.com/wales/news/?player...amp;void=232694
  2. A nice piece on the house market in wales. The interview of the estate agent is particularly good. http://www.itvlocal.com/wales/news/?player...amp;void=205144
  3. This is a link to a 3 minute interview with an estate agent, Rhodri Morgan of Morgan Lloyd Williams, in which he says that it's a buyers market but sellers are still refusing to lower their expectations... ... you won't have heard that out of an estate agents mouth 12 months ago! http://www.itvlocal.com/wales/newsextra/?p...amp;void=204925 The interview was done by ITV and is hosted on their broadband video website ITV Local.
  4. ITV did a thing on the Land Registry figures - down up to 30% in the first quarter in Wales. The report is online at: http://www.itvlocal.com/wales/news/?player...amp;void=186604 AND they did another report on repossessions: http://www.itvlocal.com/wales/news/?player...amp;void=186682
  5. ITV did a thing on the Land Registry figures - down up to 30% in the first quarter. The report is online at: http://www.itvlocal.com/wales/news/?player...amp;void=186604 AND they did another report on repossessions: http://www.itvlocal.com/wales/news/?player...amp;void=186682
  6. My guess: The gilt rate is the borrowing cost of government, not bank. By buying gilt, bank pays money upfront and get payment later. It is the same as lending money to house buyers. ( pay a lump sum first and get monthly payment later ) So the two cash flows can not match.
  7. If STR were gamble, then sitting tight would be a safe strategy, right?
  8. Gamble is different. If he does nothing in casino, he wouldn't lose anything. If he does nothing in house market now, he might lose his deposit in 2 or 3 years.
  9. Hi, my boyfriend is in a similar situation to you. He bought in Nov 2003. The estate agent valued it 10% more in Jan 2005. Then he decided to sell to avoid risk. He started selling from Jan, dropped price once and recieved an offer in April. But until now he still hasn't exchanged contract! The current market is very slow. If you decide to sell, price it realistically (lower than all the similar properties in your area) and all the best! BTW, if I were you, I would sell now. Assume you paid 100 for the property in 2003; you will achieve 105 if you sell in 2005;your deposite is 31.5 (30% fall to reach negative equity);your mortgage is 68.5;you pay back 2 to your lender per year(you owe the lender 64.5 in 2005);transaction cost is 5; if you don't sell now, you will want to sell in 2008(in 2008 you owe the lender 58.5);if you sell in 2005, all the proceeds goes to saving;saving rate is 5% p.a.;the price falls by 20% from now to 2008. If you sell in 2005, you will recieve 105 from buyer; spend 5 on legal fee, mortagage redemption fine, agent fee etc; pay back 64.5 to the lender. You will end up with 35.5. In 2008, it will increase to 40.8. If you sell in 2008, you will reieve 84 from buyer; spend 4 on transaction cost (no mortgage redemption fine); pay back 58.5 to the lender. You will end up with 21.5. After a 100% increase in the last 5 years, a 20% fall in the next 3 years is likely. Good luck!
  10. That is what I thought before as well. But as many people have pointed out, it's not guranteed that people who owns downstairs won't cancel the insurance in the future. Thanks. It's a good idea!
  11. But our neighbours believe "you never lose on property". And we have a very bad relationship with them. One of them nearly refuse to speak to us.
  12. Yes, we have taken it off the market when we recieved the offer. Our buyers are a young couple. The girl's mum has cash and wants to help them settle down. Their solicitor is the one who has asked a lot of questions. She or he has also raised the concern about the crack on the wall. But in the end it was the estate agent who hired a builder to check it. Of course, the builder said nothing wrong with it. There is no flat above us. Our solicitor is quite useless. She told us about the request about the insurance document three weeks after buyers' solicitor sent the letter out to her. Now she rings our neighbour every day to ask them about the insurance document and reassure us there won't be any problem.
  13. The flat is not in a building block, but in a converted terraced house. The owner of the first floor flat holds the first floor leasehold and ground floor freehold. And the owner of the ground floor flat holds the ground floor leasehold and first floor freehold. I don't know why the buyers want to know it actually. I'll find out tomorrow. Thanks a lot for the advice!
  14. My boyfriend and I started selling his first-floor flat in January. After cutting price once, 13 viewings, we accepted an offer in early April. Since then, he has filled in lots of forms about the property and answered several questions from buyers. But to our surprise, we still haven't exchanged contract. Finally, we found the reason 10 days ago. Since our flat is on the first floor, our buyers want to make sure the downstairs flat has been insured. So they wrote a letter to our neighbours who own the downstairs flat right after the offer was accepted back in early April. But our neighbours completely ignored it and didn't mention a word to us either. We are really annoyed. We have cut several thousand pounds to speed up selling. But in the end we still wasted one month because of our neighbours' fault! This nightmare is getting worse, and still not finished. After we found this out, my boyfriend went to see our neighbours to ask for their help to post the insurance document to the buyers' solicitor. After another four days, our neighbours told us that they couldn't find that document!!! So they have to ring the insurance company to make a new copy. First, the insurance company promised to fax it to our solicitor within 48 hours. But they didn't do anything. Then they promised to fax it within one day. But again they didn't. Finally, they promised to do it the first thing this morning. But until now we haven't recieved anything from them, no document, no explanation, nothing!!! We're really frustrated now. We've done all we can to sell this place. But the situation has beyond our control. Any idea to speed up the transaction? All advice appreciated.
  15. Exactly. Renting IS dead money only when the house price is going up. Take the transaction cost into account, 'renting IS dead money' is only correct in the long run. I'm always amazed that some 'sensible' people reply on conventional wisdom without even knowning the underlying assumption and accuse people who know it speculating.
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