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About olliegog2

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    HPC Poster

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    South Shroppie
  1. the RBS chap on R4 this morning made the point that SMEs want overdrafts but are less keen on long term investment plans. This is a classic double bind situation - would you take out a loan that is offered for investment if you were not sure you could sell your goods and services to the consumer (who is either hurt by savings income being cut, already over indebted and/or in danger of losing their jobs.)
  2. to be fair I think the mutuals are in a difficult position. They have not been bailed out for a start, they have stricter rules on the balance between savings and borrowings, they can only charge higher mortgage rates for new business or remortgages otherwise they are stuck with the people on trackers and fixed rates. Principality BS have just reduced my e-savings account rate to 2.55%
  3. just an anecdotal - last October- ish I was looking at houses having had an offer on mine (still here but I like the place) and was shown round a house that the vendors bought at the top of the market Dec 2007 for 425K (too much even then) - they had put in new Kitchen, gussied up the garden and now wanted 435K. I said it was overpriced and should be about 375K. Last week it was reduced to 385K so think the message is getting through. Still overpriced though.
  4. suspect it is the inheritors (i.e. the ever loving kids who are waiting to get their hands on the money) who are going down this route. The elderly relative knows they can never go home again but agree to this because they have the misguided view that they are saving the house for the children. Which of course they are not and the kids don't want to live in it anyway.
  5. avoid Telford and anywhere near Wolverhampton, communications are quite good and I think the original inhabitants of Shropshire are quite used to incomers by now and not at all ignorant. House prices near Ludlow and in the surrounding AONB (beautiful unspoilt hill country) are quite high and houses for sale few but probably cheaper than Cornwall as Shroppie has not been on the 'second home' radar for city folk. It is still an undiscovered gem. Certain areas of Ludlow are to be avoided (the price will tell you which.) Bridgnorth is nice too.
  6. ah..... but does the 13 weeks after losing your job and the taxpayer will pay the interest on your mortgage have anything to do with why the banks are holding off repossessions? the banks will get the interest payments without the hassle of repossessing after only 3 months and up to 200K mortgage which would cover most peoples liability. Unintended consequences and all that.
  7. why does this come as no surprise. The banks have cut the savings rates and will protect their mortgage rates at all costs. So much for forcing the banks to lend. Also who are these 'hard-pressed homeowners' they are 'mortgage holders' (some of them may be BTLers....... aaaargh)
  8. easy way to shift the fields full of cars - reduce the price - same logic that applies to the log jam of unsold houses.
  9. from the figures in the cases quoted - they are all still ahead of the game as they will get back more than their house was 'worth' in the late 1990s. They are not the only losers from the ridiculous HPI and they still have their houses and an interest free loan at a time when they wanted to splash out. It was always paper money promised to the banks and it will be paper money paid back (unless we go back to 1998 prices ) and another thing - two of the 'victims' were in their 50s when they signed on the dotted line - hardly vulnerable victims. The war veteran is different case.
  10. there was a Sir Bob Kerslake from the Homes and Communities agency on Radio 4 this morning suggesting tax breaks and planning laws relaxation for corporate private rented housing - i.e. pensions funds and the like- as there is apparently still an under supply of houses and 3m new homes are needed. This seems to me to be tackling the wrong end of the situation, rental housing is needed but with tenants rights i.e. long term leases as in other countries, to the fore. Oh and remove the tax breaks from buy to lets run by amateur landlords (they are not a business). Interestingly the HCA was formed in Dec 2008 - good timing as things go pearshaped . bring back Spitting image - there would be so many good satirical threads they could bring to the masses.
  11. this is just the normal reversal of the ' my house is increasing by x pounds a week' that so many believed they could go out and spend. It was money only on paper going up and unless you sold at the right time to some poor sap, it is paper money on the way down until it reaches the point where it becomes real 'debt'. It is sad that so many have been fooled by this (especially those who had not seen this scenario before). For each speculator who made thousands out of the property game there are others who have lost thousands.
  12. if you are tired of renting and want a 'home' go for it - if you can afford the payments if interest rates rise, if you can get a good deal on a mortgage, if you can factor in a discount for future falls in the offer you make, if you are buying in an area and a house that will suit you for a good number of years (in case you are stuck there for that long) and you keep some of your savings just in case. Life is too short to try and get everything right and most of us 'muddle through' and learn from our dodgy decisions.
  13. the market will not go there that quickly - the speculative confidence has gone, people are not looking to move up the 'ladder', the banks will be factoring the falling values if they do lend on a property (unless they are seriously deranged) and insisting on a large deposit as a cushion against further falls. Most people do not have a large deposit, even their supposed equity in their current house if they are not FTBs is evaporating fast. I have lived thru other house price crashes and this will be longer and steeper because of the insane HPI bubble over the last 8 years.
  14. and how will it look if some of these bad debts result in repossessions and bankruptcies and the govt (i.e. the taxpayer) is accused of being mean to 'hard working families' or 'struggling businesses' in pursuit of their money back. The banks meanwhile unless the premium they pay is sizeable will be 'laughing all the way to the bank'. They have got rid of the toxic loan and the feckless borrowers are bailed out and the government is stymied.
  15. the interviewer on Today asked the burbling Beckett if this was not unfair to the many potential homeowners who cannot afford a home (or words to that effect) Ms Beckett waffled on but did not answer the question. Given they estimate it will only prevent about 6000 or the anticipated 75000 repossessions cannot see it having much impact. yet another futile attempt at 'the right thing to do' :angry:
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