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House Price Crash Forum


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  1. Area is OK - "edgy" compared to Islington but quiet compared to say Stratford. Pros - Lidl; transport good.l; next to canal (nice walks); near river and some decent pubs/restaurants, cons - noisy road, bad views no-where to park I suspect
  2. Talking to a solicitor friend of mine whose specialism is helping foreigners buy properties in London, the market in that area is underpinned by people from the far east buying a 2 bed apartment for their offspring to live in whilst studying in London; that area reminds those from HK/Shanghai//Singapore of home as its clean, safe and modern. I'll bet they get the shock of their lives when they discover Chrisp Street market on their doorstep...........
  3. It would be a flatshare for a few younger city workers at best but I rather suspect more at the student/recent immigrant end of the market. There is a massive underpin to the price of these properties in that the council/housing assocs are desperate for them, because all the formerly council owned ones are now all privatised - I live in the area and get regular leaflet drops stating that if i want guaranteed rent for X (usually 3 - 5) years with no voids, housing assoc A would be more than willing to accommodate..............
  4. I bought a house in east London near the centre in 2006 for £395k. In 2007 next door (identical layout as they are terraces, but next door in slightly better nick than ours) sold for £470k. Next door but one (again identical layout to ours but in terrible condition - probably needs £15k spending on complete redecoration, new kitchen and bathrooms, new boiler, etc) sold about a month ago for £465k (they had dropped the price from an eyewatering £550k though!). So not booming but certainly no crash where I live.
  5. In 2008, I told my pa in law to take out all his funds from his bank. He arranged to take half in cash (he bought gold bullion with it, as was recommended) and put the rest into an Aussie$ deposit account (my partner, his sprog, has taken Aussie citizenship, and we will all eventually move there so it isn't pure speculation................). He thanks me every time we meet for this advice At the time the bank were f***ing furious and pretty much suggested to my partner that he should be sectioned. We cut all of our ties with that bank shortly after, and it was nationalised shortly after that...................
  6. I could explain it but haven't got time. Suffice to say, Monbiot knows not what he is talking about. Oh and by the way, this was a Labour party policy which the coalition inherited, not a Tory one as he alleges.
  7. An area I know well and the subject of a huge bubble, my ex wife's father was a builder there from the mid 60's to the mid 80's and he made a packet from the fact that the nearest big town is Liverpool, and the scousers decided to emulate doughnutting in Detroit.......... In my experience Boris Johnson had it exactly right about scousers; Americans daren't criticise Detroit, for fear of being held up as racists. We should have no such problem with scousers, who are plain chip on the shoulder entitlists (I should know; I lived there for 7 or years).
  8. Replying to my own post again. The one referred to in my post above has now appeared on the sold prices section of rightmove. They matched the best price ever achieved on our street (achieved 3 months earlier in what must have been a private sale as I never saw it go into an estate agent's window), and pipped the previous best price in 07 by just over 6%. Another has now gone up for a little bit more and I expect they will sell out for the same price in the end too (SDLT thresholds and all that). Utter madness. We are going to wait for the next one to go then sell ourselves, I think.
  9. I am a tax accountant by trade and know what I am talking about here. The problem with CGT is that it is a very difficult to predict how much will be collected as you need 4 things to happen; someone to have an asset, want to sell it, find a buyer willing to pay a price that will produce a profit and finally the seller actually has to declare his or her gain, which, absent a UK fixed asset register, is an entirely voluntary activity and many gains are never declared at all. Whereas income tax is payable, and relief against it given month after month, year after year. Trying to use an increase in a lumpy, unpredictable and easily evaded tax to fund a relief against a regular tax was always stupid in the extreme. My guess is that since the libdems have got closer to the levers of power they have realised this and dropped their second most cretinous tax policy under cover of being forced to by those nasty tories. I suspect Laws was behimd this climb down - a great pity he has gone, and I hope to see him back soon - he seemed to have the stomach to do the necessary dirty work. I doubt Alexander will and Cable is certainly not going to.
  10. Replying to my own post here..........the f**ker sold. And they never dropped their asking price so assume they got close to it. I can't remember if I am neither or a bear but medium term neither long term bear now...........
  11. Sorry to hear that mike. Probabably no consolation but its the same all over the country. My ex in laws in the northwest are in all sorts of trouble in their building business - the landlording part having troubles too and had to take equity in a couple of their bigger tenants in lieu of rent. The ground rents end of their business is obviously holding up, but it can't feed 10 of them.
  12. Really? I did biochemistry (not at Oxford) and from what I remember it was pretty tricky stuff. The real difficulty back then was the speed of change caused by new techniques for DNA sequencing and amplification Edit to add (not at Oxford)
  13. If you mean late 20s vs mid 40s then I agree - most of my friends in their mid 40s have paid off their mortgages in the last few years. If you bought pre 99 on 3.5x your then income and have had a couple of promotions since and the mrs has returned to full time work and the kids no longer need child care, its not that difficult to do.
  14. See my post. Anecdotally from a friend in the property trade, a lot of people moving in these areas actually don't need a mortgage - they are overseas cash buyers, or they are downsizing from larger properties, or they bought before the mania and have repaid their mortgage. So no chance of NE. For many I rather suspect that they figure that, as most of their cash is profits from property gains, it doesn't much matter if it is lost due to the value of the property reducing, especially if they never intend moving again anyway.
  15. Can confirm this. A friend of mine sold her place in Chiswick within 3 days of putting it on the market for £20k over the asking price after a sealed bid auction. She sold to the second highest bidder as that person, and the lowest bidder out of the 3 or 4 who had made offers, didn't need a mortgage. She sold at well above 2007 prices.
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