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DWM

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About DWM

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  1. DWM

    Surrey

    I suspect that the history behind most families with million pound properties is usually rooted in the early eighties, when it all started and/or folk moving out from central London to affordable south of the river. I recall when I started work (mid seventies !) people in the office were demoaning the fact that they could not longer afford Chelsea and had to move to Wandsworth/Battersea. Luck has massive amounts to do with how you end up property-wise. If you bought a 2 bed flat on Wandsworth Common in 1984 it would cost you GBP37,000. Today? Who knows, half-a-million? My figures are accurate 'cos I was that man. Sold it a year later for GBP74,000. Bad move? Maybe, but it was my choice and I'm doing Ok here in Surrey. Made some good moves and several less so but I'm still here a wife and two kids later and happy with my lot. Hey, you're 31, indestructible and lovin' it - what's not to like?
  2. DWM

    Surrey

    Oh dear. Sorry but I cannot let this one go by. If you cannot see why Kingston is more appealing than Sutton then you aren't trying. Sutton is perceived as having a real yob problem - whether it has or not is irrelevant - people see it as being dodgy. it is a London borough and as such because it ain't trendy, it gets all the bad press and little of the good. I agree Kingston isn't the be all and end all but it is a much much more desirable place to live
  3. DWM

    Surrey

    I think you are all getting hung up on the top end of the Surrey market. The evidence is that the Wimbledon/Wandsworth-ites are priced out and have to look down the "line" - these guys have monster money from three bed semis in Putney (I saw one at 900k) that fetch 350k or so down here. There are plenty of opportunities elsewhere - Epsom, Ashtead, Dorking etc. and to be honest it 's a lot nicer further out. There are really nice properties here for families where the prices haven't gone bananas. Primary schools are excellent, secondaries - less so unless you can afford to pay although there are a few around. Not so quick into town as the train stops everywhere, but do-able. Good bargains around at the moment - anything remotely overpriced sticks badly so offers are worth trying.
  4. Can't let that one go. 1 hour 40 minutes to City from within M25 (just). Worked 38 years and always had over an hour door to door. As someone said - horses for courses, the money is worth it and I am now mortgage free. Once you're over 50 jobs ain't that easy to come by (and decently mid0range paying city jobs haven't been for many years now). You find that people who work in the city just tend to commute without thinking too much about it - mad? Who can say? However, the trend is changing - technology allows home-working and companies are realising that it saves bums-on-seats in town so is good for saving rent per square foot. I am hoping to work from home for the balance of my career a long way away soon - company has agreed. 'Bye suckers... (if I can just sell my house, but that's another story)
  5. That presupposes a definite link between salary/wages and house prices, but house price inflation since mid 90s was mainly caused by cheap money offered to silly sods at daft income multiples who couldn't possibly pay it back rather than everyone being paid shedloads.
  6. Hmmm. Interesting point, Also the USA economy is doing considerably better now and an interest rate hike there must be on the cards within maybe 12 months? Once that occurs, how do we resist? Never have in the past. Talk of base rates at 0.5% for the next 3 years is pie in the sky, but since Banks over here are now increasing interest rates independently of the base rate the effect will be the same. How much further has that to go? Incidentally, one could argue that there has been a "crash" in house prices since 2008 - merely standing still is an effective crash when set against the house inflation since the mid-nineties.
  7. I agree. Trying to sell my house at the moment and locally there is lots of interest - unusual for Feb. but that tends to mean EAs suggest silly prices. Fact is though there is s dearth of quality stuff out there so the good ones shine out. We are encouraging offers - should be interesting at Easter time, assuming the buyers come out to play. I am mindful of the fact shown on Rightmove that 50% of houses last year failed to sell due to silly prices, poor presentation etc. It is amazing how many sellers do not realise you have to make an effort - buyers don't like toys all over the place and paint is a wonderful thing...
  8. I agree totally, but what is the answer? EU politicians are so obsessed with their EU "project" and avoiding looking daft we cannot look for guidance from them. Cameron talks a good fight but is overly worried about his own backbenchers. Clegg is a clown and Miliband? Please...
  9. If you honestly believe that Banks will not put up their mortgage rates the day after the base rate increaes then I have to ask where you have been for the last 25 years? What possible empirical evidence do you have for this extraordinary assertion?
  10. This of course will result in a fresh bubble Sorry, Crutchster, simply cannot see it. Where's the mortgage funds coming from following decline of RMBS's? BoS and RBS redundancies (plus Scottish inevitably declining public sector jobs once Eton Dave gets in next year) surely mean that, notwithstanding loads of interest, there ain't sufficient funds for the average punter (absent 30% deposit of course). All this talk of spring bounces seems to assume that Banks are going to increase lending and ignore LTV, silly income multiples etc. - forget it, it won't happen.
  11. I have read a goodly few of Hamish's posts, and I have to say I don't agree with all of them (or even understand some....) and I know he ain't everybody's cup of tea, but I think he is spot-on here. 25 years ago when I took out my first mortgage with the Abbey Nat. they restricted me to 3 times salary and 78% LTV. I had been employed in the same job for 10 years with a regular salary. Point is, there was no compulsion for them to keep the loan fairly low, just that their risk managers decided that they did not want the chance of a default. Three years and a 100% pay increase later, matters changed somewhat with the Chelsea BC, but that same management of the risk was evident. Surely we can leave it to the Banks etc to regulate the LTV/LTI themselves now that they have been so badly burned? I see no need for knee-jerk reactions which will lead to inequality as Hamish opines (and incidentally to lousy law). Of course, human nature being what it is, it will all happen again one day, but why deny an entire tranch of people on that level of pay the possibility of home ownership?
  12. I am the only person to boggle at this woman's utter, utter stupidity? She would have had a problem with a GBP235,000 mortgage even if she kept her job. GPB 20k plus car loan, no doubt huge credit card debt, two teenagers plus train fares on GBP55k? There was no way she would ever have paid that back by retirement at 65. The lack of imagination of some seemingly intelligent people amazes me. One can blame banks for lending the cash, but what happened to personal responsibility? Now I suppose we will all have to bail the daft tart out via hand-outs. Ye Gods....
  13. Depressing scenario, but surely true. The situation in London is truly dire and it's coming to a middle-class job near you in 2009. RBS/HBOS - the clearout will be brutal. I have not seen this like in 34 years and the consequences for property prices in Scotland will not be good - unless you have the cash and don't need a mortgage of course.
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