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House Price Crash Forum


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Everything posted by ArthurHon

  1. Where do you stand? Arbitration by the deposit service is not contractual according to my AST, I was quite happy with this as I imagine a small claims court would take a dim view of someone who avoided an alternative to the courts. But where do you stand if your landlord is not UK resident? Is there any point in issuing small claims summons against them if the judgment cannot be enforced because they are outside the UK?
  2. We keep hearing about banks profiteering but there seem to be lifetime trackers at less than 2% above base rate available if you are a very low risk borrower, I know in the credit boom you could get below base rate trackers but that won’t happen again. Now that risk has been rediscovered by the banks I was curious if this is cheap, it seems cheap to me but then I am not old enough to remember what normal was. Does anyone happen to recall what trackers rates were before the credit boom and if so would <2% be cheap historically?
  3. A friend of mine's department, a groundsmen in local government, had a strike recently. They were allowed to use their annual leave! Even the shop steward did! Sell outs and ineffective managers. My mate refused to strike when he saw the shop steward had booked leave.
  4. The smallest haircut is mortgages, doesn't this make them the preferred method of lending money? They are better off lending money against houses than to business?
  5. What we are going to hear is the current spike in inflation couldn't work itself out of the statistics because of the VAT increase at the tail end of it. We will have moderatley high inflation and low interest rates unless there is some kind of market event which forces them to raise rates. With the coalition cutting expenditure like gooduns, unprompted, I think an 'event' is less likely.
  6. Although I'm not a fan of hers, if you want to buy a house then her advice is perfectly reasonable. If you don't want to buy a house because you think they are over priced then her advice is useless to you.
  7. Quick question I hope someone could answer. If your landlord is domiciled outside the UK are any profits made on the sale of property inside the UK subject to CGT? I ask as my landlord is outside the UK, I would buy this house if it were for sale although it would currently be about 25 - 30K outside of my budget and that amount has the potential to eclipse a non index linked CGT liability as he has owned the place for a very long time. I'm thinking there might be an incentive for him to sell it to us now at a knock down price. I acknowledge that buying now is probably a bad idea however a significant part of our deposit came from HPI so I think we could be comfortable with it disappearing with HPC as kind of karma. Could be squandering a good position that by luck we have found ourselves in but getting the timing right and a suitable place being available may well not happen (ruled by school catchment)
  8. We are in this position and my wife doesn't expect me to view anything as she fears I'll embarrass her again! Result! I care naught for an estate agents good opinion and if they wouldn't show me a house I'd drop a note through the door and give an idea of my 'drive by' value range. But I'd agree that the whole thing is a waste of time unless you intend to alienate EAs which has both advantages and disadvantages. Ultimately the vendor will just sell it to someone else who will be willingly come closer to their expectations, the supply of them seems to be adequate (around here) at the moment so it is a perfectly rational response. It would be irrational to accept your offer, if the vendor would take 70% of an EAs valuation they would just put the house in an auction and get the whole thing over and done with.
  9. The strange things I've seen which you notice with property bee are: 1. When a price is lowered the listing is canceled then the house added as a new listing. Which is a pretty smart move really. 2. House being put on added as SSTC. I thought these would be probably estate agents own houses making the numbers up as they are low on stock which I don't think is strictly allowed, I know fly boarding isn't. Or new instructions selling immediately which maybe true, though I think unlikely. 3. Houses that have been sold and the transactions completed not being removed and staying as SSTC. Some that have changed hands over a year ago, the entries are in the land registry! Possibly a sign of few new instructions.
  10. Not my fantasy, but admittedly I can be a glass half empty kind of chap. I probably am thick so please humour me, what major differences are there between Labour and announced Conservative policy at the moment?
  11. Government spending comprises 45% gdp http://www.ukpublicspending.co.uk/uk_20th_century_chart.html If spending is cut by say a moderate 10% is that not de facto approx 5% contraction in GDP? Luckily the public sector is still creating wealth....Still creating jobs... http://www.statistics.gov.uk/cci/nugget.asp?id=407 I believe the public sector comprises 20% or so of the labour force (though they stopped counting 2005 http://www.statistics.gov.uk/cci/nugget.asp?id=1292) I think it is different this time, turkeys don't vote for Christmas, and the majority are the clients of the state. Labour will be re-elected. Money will continue to be printed, they will change the law so their banks (your pension funds) have to buy their (non-indexed) soon to be worthless gilts. Old rules do not apply. The people that have been thrown out of work as a result of this government policies probably don't even bother to vote. Anyroad the Tories aren't radical, all their policy probably comes out of the same PR company as Labour. They are just a different brand. It is only the other parties that have something approaching a message and values you can like or not. To quote an alien in the Simpsons "go on vote for a third party and waste your vote" or just don't bother. What this means for house prices is anyones guess.
  12. There's an agent near me that if they reduce the price or a sale falls through they delete then relist the property there by out-witting the plugin. I'm not sure if it incurs any cost but it makes their stock as hard to track as the old days, well worth it for the vendors I would have thought.
  13. Doubt it. It's all think tank politics these days. Same policies different brand. In the article he is even backing away from cuts saying they'll start tackling the deficit in the new parliament, that is what Gordo, Ali & Mandy have been saying all along.
  14. I rent and would agree that being answerable to shyster letting agents and landlords is far from ideal owning would definitely be preferable. Unfortunately I can't afford to buy a house I like.
  15. Wouldn't hold on to the belief that the Tories will allow a pure market, seems Dave's changed his mind: http://www.telegraph.co.uk/news/election-2010/7118901/David-Cameron-Conservatives-will-not-make-swingeing-cuts.html The decision on QE which is due this week will be interesting, I suspect it will be extended.
  16. It says they should act when there are signs that house prices are overheating. "I will not allow house prices to get out of control" Clearly over the last ten years there were not any signs that the market was overheating then. This is not news, it is noise.
  17. That’s an interesting post Chartered Surveyor. It certainly would appear that the nominal bottom was reached around Easter last year despite everything indicating that there was further to fall. Perhaps we really are entering a new paradigm where the only people to enjoy security of tenure are the poor with council tenancies, wealthy property owners and people that were in a position to buy when property was reasonably priced ie not in school. People in the middle just seem to be condemned to a nomadic life, paying a hefty whack of their wages to someone who often just happens to have been born earlier. Out of interest what do you see as the problem over the medium to long term? I think all this talk of real terms is irrelevant with static or falling wages it is only the number that is important.
  18. Then you should bring your standards down. The objective is uniform mediocrity, not an academic elite! Perhaps you should get some guidance from the PLP.
  19. There should be a party member on any board that makes decisions, that way they can ensure that all decisions are in the interests of the people.
  20. A reality that I have heard of is at the end of the two years the council will make a decision based on the cost of rehousing the family. It may well be cheaper to continue paying their mortgage than move them into to what limited social housing is available.
  21. In this new paradigm could there be an argument that redundancies push up prices? You were going to sell but lose your job, DSS picks up the tab for your mortgage but obviously that means you can't sell. Therefore restricting supply, and as we have seen you can have HPI on depressed transactions.
  22. Yes they do, the majority of them have the nominal value of their largest asset protected which is fantastic because that is where the large part of any debt will be. Personally on reflection it's just my own stupidity that I didn't load up on debt at the age of 18. I thought it was wise to concentrate on getting a trade. Unfortunately, I was also too stupid to be born earlier which would have meant I could have got a trade and been able to provide a secure home for my family. Ho hum.
  23. Whilst the benefits system competes with the lowest paid jobs in the standard of living it offers this is the result. People who do not work, which is different to can not should be much much poorer.
  24. She is a consequence of a system that allows you to choose whether or not you work. It is our masters that you should be cross with, not her.
  25. What compelling reason is there for her to work? She will be housed and have sufficient money for food and clothes no matter how many children she has. Healthcare provided, education (to a fashion) for her children.
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