vip

I have been getting it this week from the inlaws - me and the missus and 9 mth old nipper live in a lovely 1930 artdeco 2 bedroom flat top floor 4 storey - ok it's not ideal lugging baby upstairs and has drafty sash windows but all for the lovely some of 470 per month , the bonus is you have to be over 30 which we are marginally and almost all the other tenants are old dears or single mid 30's professional ladys (cat women) . Both siblings bought houses at the peak late 2007 for ludicrous prices and invariably when in the family setting i get constantly asked - why not but now , don't want to miss the boat etc etc - when hpi was about to crash i said (with the help of this site) market is gonna collapse - zero response as prices have plummeted i said they will continue down for the next 5 yrs approx due to affordability / lack of credit / forced sellers / BTL - zero response . Now we have hit the bull trap and apparent stagnation with very low transaction volumes , the occassional + and - month and i explain this but the still don't get it . Then last week conversation goes ... better look to buy now , it's hit the bottom and prices will rise soon - so give them the blatant economic facts - worst reccession fo 60 years etc etc ad infinitum - they still refuse to get it ...... People just don't get it .... this society has been completly brainwashed and common sense has gone out of the window ... seemingly intelligent people cannot seem to connect the dots .. i only want a simple life , work 9-5 in an ok job average salary , spend time & raise my daughter , have some free time to enjoy myself and not have to worry where the next bill is comming from because the mortage sucks up all my income !!! What people seem to want is massive mortage , no spare cash and be a slave to a job you have to work at because if you miss a payment your house will get repossed .... lower mortgages = better quality of life ... why don't these idiots get it!!!!!!!!!!

According to the BBC http://news.bbc.co.uk/1/hi/wales/7687284.stm perhaps we will eventually see these falls in swansea ... I think vendors are holding on for grim life at the moment but reality will hit sooner rather than later .....

http://www.thisissouthwales.co.uk/news/Est...il/article.html lets all post really dire comments and see what response comes back - i have posted a realistic assessment but hasn't appeared yet????

This looks like a repo ???? http://www.rightmove.co.uk/viewdetails-169...40&tr_t=buy According to the HIP bought april 07 170k and then put up again 1 yr later for the same price and has now dropped by 30 k ouch - probably will fall quite a bit further too . Glad thats not my mortgage.!

Having lived in swansea for the past 8 years or so i find it hard to believe that people can reasonably expect to get over 80 k for properties in penlan , townhill etc I personally wouldn't stretch myself to 5 times my salary to live in these areas and i could see these areas taking a real hit when swansea west comes back down to a realistic level. Given that the average wage in swansea has to be around the 16k mark anything above 80 k will be unreachable for alot of FTBS and single people . My chosen area to buy would be killay area towards three crosses but currently these areas are vastly overpriced - average semis 160 k , i may look to buy when they hit nearer the 100k mark which is far more realistic but i feel sorry for all those people who felt compelled to buy in the past 4 years or near the peak because it will take them a long time to repay the massive mortgage they must have taken to afford these properties . The vast council estates in swansea were built orginally because a large volume of the city's population couldn't afford to buy and there isn't the employment to support them and with the past 10 years of right to buy and HPI the social housing stock has flooded onto the market and they will fall fastest and hardest , dragging with them the fake mumbles , derwen fawr false affluence . Roll on sensible mortgage multiples and repossesions as i can see areas of swansea going down the pan especially the marina where all the BTL'ers are going to take massive hits especially if they bought at the peak - rightmove shows prices dropping by well over 10% - the new ghetto it will probably be the new daffaty flats in 5 years lol :- Have dawsons stopped all their listings due to cost ???