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House Price Crash Forum


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About jimjones

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  1. No - he stole it from me :-( I'm not trolling.. just current societies over deserving attitude irks me..
  2. I know I'm being contentious here.. but 13k a year on child care? When exactly did it become your "right" to be able to afford to pay someone to bring up children you chosen to have? So if you're on average wage at 32k per annum, didn't have childcare costs (ie one parent stayed at home), cut your luxory items out (petrol, internet, mobiles etc) then you'd only be spending about 50% of your income on living expenses, which leaves plenty for food and some treats.... What I'm saying is welcome to the realworld.. 50% of the worlds population CAN'T afford adequote food on a weeks wage - yet your complaining about what exactly? that you don't have much money left for luxories? suprise - an average wage supports an average family without much left over... I think we've all got a bit too used to being spoilt.. it's not that everything has become too expensive.. it's just that we've got used to it being cheap- as a society, we all think we've arrived because we have good office jobs etc.. the reality is that all we've done is created a new "working class" - but we've been sailing on the high value of the pound for a long time.. Did your parents expect to bring up 2 children and have money to spare? a new tv every 2 years? foreign holidays etc.. That's what everyone expects now - why?
  3. I live just down the road from both renishaw sites... I've already spoken to 2 friends who are scared shitless about losing their jobs (both engineers/designers).. I know this is happening everywhere.. but it was only 6 months they were "bucking the trend" and showing record profits... The area where they are based, is small and they probably accounts for 50% of local employment.... On the other hand, house prices around here are massively above where they should be (even compared to 10 miles down the road), and prices haven't dropped off a lot - but I guess that will change... They've been told that those given the chop will recieve statatory redundency pay only... So if you need an army of electronic engineers I think they're will be a more than few available and cheap soon.... It's all very sad..
  4. I bought £5k of RBS at 11p and sold at 22p - which was all luck - but made me 5k! Unfortunately I'm about to lose the majority of the 1k I have in lloyds (which I "invested" out of the rbs money!)..
  5. Ermm.. that was kind of my point.... devilsadvocate: But if house prices are averaged at 160,000 then I'm not sure where you get 130,000 from.. So we look at the average house (which believe it or not currently has 1.5 wage earners living in it), at average salary (24k each) we get a combined household income of 36k... now 3.5x36k = 126k which is still 22% less than the current average house price of 160k... I imagine that when the average house price (for whats a 3 bed semi in a reasonable area) comes down to 126k most people on this site will be happy... Which will be 40% off peak, and where most here are predicting..
  6. nice work janube... But that's all tax payers.. as opposed to the ONS weekly earnings which is just fulltime employment, which might explain the difference...
  7. According to halifaxes own figures.. they suggest a mean in nov 2001 of 31k - so they have jumped 6k in last 4 recessionary/deflationary months!! http://www.dwp.gov.uk/asd/hbai/hbai2007/pd...full_hbai08.pdf Bizarely, the DWP seems to have different statistics again.. saying that median is more like 19k.... I'm wondering whether they do or don't non full time workers.. or whether the ONS data isn't annualised (ie it looks at a working week - and doesn't include holiday/leave, so rather than 500*52 it's more like 500*45).. even so.. something is a foot..
  8. Not according to that ONS article - the MEDIAN average male wage is current;y 27k! The median across men and women is 24k.. I've not idea what the mean is but I'd guess it is around the 32k mark, though it's less relavant.. I suspect the halifax use something like "the average salary of a male who we have given a mortgage to in the last 3 months" - so then it goes without saying that it's going to be on the high side.. One thing strikes me as strange looking at that ONS graph - if salaries are going up >5% every year, then how can inflation be hovering around 4%
  9. When you say "most people earn more than 30k" - you are very wrong.. According to the office of national statistics then the median (for full time workers) is aroun 27k.. So at least 50% of fulltime workers earn less than that.. They don't have a complete breakdown of statistics but I'd estimate that around 75% of people earn 30k or less..
  10. Whhhoooops.. just realised it was this statement you were picking up on.... It's actually very poorly worded, and I mean't that people weren't putting down knowingly false information of their forms and therefore weren't commiting any form of fraud.. My point being that these people should be mocked for their stupidity (and greed), but most weren't committing fraud or putting down false information on their forms.. better?
  11. Because I was never asked to put false information on a form to get a £180k mortgage. If I filled it all in geuinely (annual income etc etc), then in the box where is says "how much can you afford to pay each month" I wrote £1000 then I wouldn't of been lying.. I could afford to pay that at that time but if something went slightly pairshaped and my income dropped for a couple of months then I'd be screwed. I even pointed this out the broker who told me about "repayment holidays" and assured me I'd be fine.. I never took the mortgage because I figured it would be insane... but I'm not sure I'd call completing the form in that manner lying, a bit unrealistic maybe - but it's not lying.... The mortgage company should of flagged up that things would be a bit tight on £8k a year and therefore the mortgage was unaffordable... but because I would of been self cert, then they wouldn't bother with those checks - if I say "yeah should be ok" then that's fine in their opinion.. and with the mortgage broker standing over you convincing you that everything will be ok it's easy to get carried away....
  12. Bingo's replies are fair enough - no point in gloating and all that. I actually have sympathy for people in this kind of situation - we can't expect everyone to up on economic theory, and while it might of seemed obvious to us on here the general populous wouldn't of had a clue about the impending HPC, even those which did only though it terms of small drops - 10% maybe. Remember people were the fed the constant stream of "houses only ever go up", "the market might stagnate - but not crash, the fundamentsl are too strong", "Lowest interest rates in years", "housing shortage", "low rates of unemployment" and so on... But where I do have little sympathy for the original poster is that the crux of the problem isn't the HPC - she has fixed her mortgage so her mortgage hasn't gone up, she hasn't lost her job - so basically she made a commitment to pay a large sum of money which she could never afford to pay. That's more than a bit naive, it's not some horror story about interest rates flying out of control, or having to sell the flat because of a change circumstances.. Even without a HPC she would be in the same position as she is now (albeit she could sell the house) - she's simply taken on too much debt. And while I feel a bit of sympathy for her, taking on a mortgage that you can't afford to pay every month (when everything else remains the same) isn't naivity - it's irresponsible..
  13. Good work.. but you forgot to put "Liar Loans" in big red capitals.. Seriously though, a lot of people who took out the Liar loans weren't really lying, they were just taken in by the hype.. They didn't set out to lie on their mortgage contracts, they may bent the truth a little (and I realise that's a contentious point), or been talked into it by their mortgage advisors - I know that's what they tried with me. I was self-employed (geuinely) and every mortgage broker I spoke to talked in terms of any mortgage should be the maximum I was allowed, and as I would be self certifying then essentially the sky was the limit. If I could scrape together a grand a month they would happily lend me £190k as I had a 20k deposit - there was no lying involved, I just had to say "yes - I can pay that every month"... As I was only earning about £20k after tax at the time then it's easy to see that it wouldn't take much (a quiet couple of months for example) before I got behind in my payments.... Yes, I would of been foolish to take them up on the offer, but I don't think I would of been lying (but the mortgage advisers were certainly lying - to ME). My point being that these people should be mocked for their stupidity (and greed), but most weren't committing fraud by putting down false information on their forms..
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