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threetimesdead

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    Offerred 22% Above Asking Price

    in House prices and the economy

    Posted

    An interesting house came up recently, loads of potential for extension and conversion of outbuilding, had it all checked out by a surveyor relative. We finally ended up offering 20% above initial asking price, cash offer, knowing there were lots of other interested parties (yes, yes, I know).

    Anyway, they went to "best & final", we weren't even close to being the winning bid. (agent indicated +40%!).

    It's mad out there folks. Any decent house for sale is getting interest from 10+ miles around.

    Mrs VMR has agreed we wont get involved in this sort of thing again, the only plan is to wait until a place has been unsold for a couple of months before even going to look at it.

    VMR.

    Did you send a copy of your bid to the seller with your address/phone number on it?

    Haliwide Current Lending Limits

    in House prices and the economy

    Posted

    These figures are only shocking to anyone that has secured a mortgage in the last 9 years - pre 2000; these are normal lending figures. You are missing some vital points though:

    Firstly, 8.2x single income is meaningless statistic. Mortgages have always had low lending multiples for multiple applicants. For example, 3.5 x single applicant, 4.5 x dual, 5 x tripple etc etc.

    Secondly, affordability is also taken into account - i.e. your existing debts. If you have any, your score (that is your lending multiple) drops. The average mortgage, after taking debts into consideration works out to about 3.5 - 4x

    You didn't bother to follow the links - they will prove your statement above wrong

    Haliwide Current Lending Limits

    in House prices and the economy

    Posted

    Nothing scary about that ...

    In my first job after graduating: Gross pay £130/week, Tax £50/week, leaving £80 net. London rent £55/week, and that just got a grotty shared place, without luxuries like hot water that worked.

    If 3.5xsalary mortgages had been available at the time, I'd've been able to buy a flat. Or rather, probably not: with higher mortgage multiples, prices would've been correspondingly higher too.

    ...one income lost - do not qualify for income based JSA (only contribution based)

    - do not therefore qualify for mortgage interest support payments

    - default and possible repossesion

    Watch The £

    in House prices and the economy

    Posted

    Both $ & Euro beating up on it, Ok i expect a "Euro bouce" with Merkel win, but never the Less. I wonder what it will do when Gordon (Pain killer) Brown gets up to talk?

    ;)

    Mike

    http://www.bloomberg.com/apps/news?pid=206...id=alLuTtnhdh2A

    "Exceptional measures of 85 billion euros ($124 billion) lifted spending and subsidized jobs, helping keep unemployment below levels in the U.S. and France, even as the economy suffered its worst post-World War II recession.

    “We’re through the worst,†Laurenz Meyer, economic spokesman in parliament for the CDU, said in an interview. “But the second wave of this crisis has yet to hit us.â€

    Faced with such gloom, Merkel will have few tools to deploy. Net new borrowing will almost double next year to 86.1 billion euros, according to the government budget. "

    Bank Calls 'crisis' Meeting For Experts

    in House prices and the economy

    Posted · Edited by threetimesdead

    Also, the UK economy has IN NO WAY caught up with the housing bubble (the bubble that the BOE are trying to re-inflate). This is a disaster, there are no fundamental reason for pricing anywhere near here, nor the knock-on costs associated with it. Massive wage increases and increase in the price of goods and profitability are required to support such asinine distortions that again the BOE is blatantly trying to maintain. Currency traders smell the rotting fish. If the currency goes so does the gilt market and with it the BOE's "investment in it". Just think of the headlines if that position needs bailing out or not marked to market!

    There you go - you have answered it

    The BoE are playing the idiots game - "we will not be prudent until and unless the markets twist our arms to the point of breaking them, we just hope that the markets are full of ignorant idiots"

    Well frinancial markets are not akeen to UK housing market and the game BoE is playing is a very dangerous one - it is pushing it to the limit

    Does Merv really want to go down in the history as the chap who presided over and organised the demolition of the pound or organised a debt default?

    I don't think so, but he is pushing to that limit and is hoping that markets will warn him early enough that he has reached the borderline of their limits

    Bank Calls 'crisis' Meeting For Experts

    in House prices and the economy

    Posted

    There is no gilts market, the Bankrupt of England ARE the market.

    Going on a printing spree to tide Browhshirt/Nulabour over till the election is doing a lot of damage and that is being reflected in the currency, the mess the next crew get is rapidly approaching insoluble (economically or politically).

    There is always a solution

    It is just that the longer you put it off the more drastic the solution will eventually be

    Politics inherently suffer from short-termism

    Prudent economics on the other hand require a long-term view

    And the two don't go together - the country needs a snap election and a way out of this stalemate the sooner the better

    C B I : Recession Over By Christmas

    in House prices and the economy

    Posted

    Now I know this sites finished.

    Even Realist Bear is a broken man posting the truth and trying to spin it into doom and gloom.

    This credit crunch bad news period is over. Thank god for that. Now lets move on.

    You didn't get a bargain house. You got shafted and you're now in a worse position than before.

    Until you personally have sold and moved on to Costa del Bravo this site will stay open to help you rump up the market

    and help you achieve the highest possible price for your pile(s)

    Vince Going On A Big House Tax Raid!

    in House prices and the economy

    Posted

    The Abolition of Slavery:

    "The newly-returned Stephen approached Wilberforce, suggesting a more subtle approach. A law was put forward, riding on the tide of anti-French feeling, that no British ship should trade with any French colony. The law was passed comfortably, since the majority of the pro-slavery lobby were unaware that the bulk of the British slave trade was with French colonies. Further, since these ships carried the neutral American flag, they had no protection from being boarded and seized by the British navy."

    Labour To Ban The Bomb

    in House prices and the economy

    Posted

    Well, i guess if you can kill a million in Iraq without using one........

    http://www.timesonline.co.uk/tol/news/poli...icle6843561.ece

    Help pay for the EXTRA 1,000 troops off to Afgan

    Mike

    The banks robbed the country and now it cannot afford any toys any longer:

    "The government's overall debt now stands at £804.8bn, or 57.5% of GDP, an increase of £172bn in the past year.

    The massively increased levels of debt are due to the government bailing out troubled banks and its efforts to stimulate the economy during the recession.

    "

    http://news.bbc.co.uk/1/hi/business/8266266.stm

    http://www.telegraph.co.uk/finance/finance...56-billion.html

    "The papers show that the Treasury expects to pay out £193.4 billion on social security benefits in 2013/14. Paying interest on the Government’s outstanding debts will cost £63.4 billion.

    Total Government spending in the same year will be £758.3 billion. Welfare and debt interest will be 33.8 per cent of that total.

    Around 6 million people in Britain are estimated to claim some sort of employment-based benefits, and the figure is set to rise.

    Official figures released on Wednesday showed that unemployment reached has 2.47 million, the highest since 1995. Most economists expect the total to peak at around 3 million early next year.

    In his 2000 Budget, Mr Brown described money spent on debt and welfare as “the costs of failure†and lauded Labour’s record in reducing those payments.

    He said: "Our promise was to reduce the costs of failure – the bills for unemployment and debt interest – in order to reallocate money to the key public services."

    Now, Mr Brown’s own figures reveal how those costs are set to grow dramatically.

    Already the largest single item in the budget, by 2013/14 spending on social security will dwarf every other item of Government expenditure.

    For example in 2010/11, total spending on the NHS in England will be £107 billion.

    Total spending on the Ministry of Defence will be £36.7 billion.

    The welfare bill will also absorb more money than every worker in the country pays the state in income tax. In 2009/10, the Treasury is expecting to take in £140.5 billion in gross income tax receipts."

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