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grizzly bear

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Everything posted by grizzly bear

  1. The John example is probably closest to mine and I would imagine most of my friends, although not sure about the 3.5% each year forever. I'd describe myself as a middle earner. The report was written by a firm of accountants remember - thats what they consider to be a middle earner. Left uni (russell group) graduate job 1997 on £17k Was earning £35k by 2000 Was earning £50k by 2003 Was earning £85k by 2006. Hasn't really increased since then - mainly as I changed to a less demanding job when I had kids.
  2. I would just call agent back and say, I have seen that the house has gone SSTC on rightmore and we aren't interested in competing with anyone else, so probably best to let the other parties have the house and we'll not bother viewing at the weekend.
  3. I hope you are right, but we now realize that we made a huge mistake by not buying in Sept 2008, when we sold our house (we moved area to get kids into particular school, also old house too small). Basically people seem prepared to pay 30-40% more now that then, prices here are MORE than the so called 2007 peak. And no shortage of buyers. Very depressing as we could have bought then (we were influenced by this site and now we are priced out. On the up side we have a good landlord...
  4. Am I missing something. I am still v despondent. Doesn't look like any crash even a tiny one is happening here (outer north London). Do you mean its going to get interesting? Just spend this evening feel sad... came onto the site (haven't been on for a while) to cheer me up.
  5. what do you mean exactly????
  6. I know... although might jump ship for perfect house if affordable. Sometimes I feel really down that we haven't bought - because we could have done and prices here have held up. FWIW we have a combined income of £150k (I work part time as we have kids), but if we didn't have our (significant) STR money (first bought in 1997) we wouldn't be able to buy even a small family house in outer London. Also worried about inflation, ie that interest rates will be left low so that debts (and savings) inflate away.
  7. There was an article about this in this month's Cosmopolitan magazine. Basically saying that 25 year olds graduated with student loans, now no jobs and houses too expensive. I know not that surprising but was surprised to see it there!
  8. Part of me thinks now is a dreadful time, but then others are buying and prices have been resilient so far (not that thats any indication). Happy to stay in rented house for a bit long, but not for several years more.
  9. Basically STR in Sept 2008 because we wanted to move to different area/bigger house. Things still selling at peak prices (NW London, zone 3/4). Are we deluded thinking things will fall or should we bite the bullet and buy? TBH part of the problem is that nothing decent comes on and when it does goes for asking price often above what it would have got in 2007. Our rented house is fine, landlord reasonable, rent ok. But would be nice to have our own house.
  10. not sure that this is ramping - my 2 sisters in law both just sold houses and looking to rent (London) and this was their experience - anything semi decent going striaghtaway and agents wanting sealed bids etc.
  11. Really surprising, I got a letter through my door this morning from local branch of winkworth saying desperately seeking sellers/properties as prices have gone up, and that i would be be plesantly surprised to find up how much house worth. I am STR and was a bit to read their letter.
  12. good. hope all the available money gets lent to good businesses which can make profits and also employ people rather than to speculate in housing.
  13. Yes, it has been busy, but as others have said, its still not mainstream yet, although I did read both The Times and the FT today and both has bearish house price articles, as did todays Telegraph. I think as it becomes more mainstream, public sentiment will move more and helping to bring prices down further....
  14. What annoys me is that overseas nationals can avoid tax on buying UK properties. They avoid it on buying, they avoid it on selling. That's what I was getting at.
  15. See here: http://yourfreedom.hmg.gov.uk/restoring-civil-liberties/tax-on-foreign-owned-uk-properties Tax on foreign owned UK properties Info by evesacks on July 07, 2010 at 08:55PM Currently overseas resident individuals can buy and sell UK properties and avoid UK tax. It is possible for them to avoid stamp duty when they buy them (by using overseas structures) and they are not subject to capital gains tax when they sell even if it is not their main residence. The tax laws should be changed to: a) make it impossible to avoid stamp duty on acquisition make the sale of UK real estate subject to CGT even for non residents (like in Australia). If the individual owns no other worldwide property then the principle private exemption could apply. Why the contribution is important Because currently there is not a level playing field and rich overseas residents individuals treat the UK like a tax haven and are not subject to tax on transactions that a UK resident would be subject to tax on.
  16. My parents have just visited Beijing. Their tour guide told them he'd bought a flat a few years ago for USD250,000 and now it was worth USD500,000. From the sound of it, it was a shell, ie no kitchen and bathroom, and hence no tenants. My mum asked how people could afford these sorts of prices because wages are v low by western standards - tour guide responded that companies give their employees fake payslips!!!!
  17. According to a letter from Foxtons, the market is rising again, you might be surprised how much your house is worth...
  18. Public sentiment has turned since the election - as before election most people thought recession etc all behind us and forgotten. And now with the HB cap, makes BTL much less of a certain long term bet. Anecdotally, my BIL trying to sell house - they reduced it by 10%, then they got offer shortly after than, by buyer now pulled out. My other BIL trying to buy - they put in stupidly high offer on a house (because someone bidding against them) then they got cold feet, and guess what the person bidding against them pulled out too. They have got an offer on their flat at the same price they paid in 2004.
  19. surprising that its negative because of the time lag and the other indexes positive a few months ago???
  20. ok, then very broadly someone earning £50k isn't going to get any housing benefit, infact no one earning over £40k is going to get housing benefit. Sounds about right as families earning over £40k not getting any more family tax credits. So £40k is the amount that the government thinks for a family is an adequate amount of pay - I am guessing that this is roughly the median household income as well. Someone on £40k gets £2,500 per month take home. So could probably afford roughtly £285 a week in rent. So the £400 cap is too high. Someone on £50k gets roughly £3,000,So could probably afford roughly £350 in rent.
  21. + 1 I was thinking maybe prime property wouldn't be affected as much due to overseas impact and also the people often have big salaries and big deposits.
  22. I can't work out who is more stupid - the bloke with the credit cards OR the card companies who gave him the credit? Is it harder to get credit on cards now???
  23. Personally I think the cap is still FAR too high. I mean to afford rent of £400 a week, ie £1,733 a month (on the basis you'd not want to spend more than 50% of your take home pay on rent) you'd need a salary of £60,000. I am guessing that on such a salary even with 8 children you would not be entitled to any means tested benefits. I can't find out how much you need to earn before you are not entitled to housing benefit.... but if someone could let me know I would be interested.
  24. what I see is that we are at a defining moment. some of the stimulus has been pulled: a) housing benefit lots of money for shared ownership c) reduciton in SMI d) tighening of credit coming up at the same time: e) lots of public sector job losses coming up f) higher taxes (VAT) and reduction of benefit (esp for middle income families) but as interest rates are low unlikely to be masses of repossessions. will just have to wait and see whether next leg materialises....
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