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House Price Crash Forum


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Everything posted by Mickey

  1. What the hell else is a bod to do regarding pension provision? Damned if I am working to 70. Bit concerned that my final salary scheme may never pay out. Cash savings would suffer from erosion due to inflation. Need asset based income that is rooted in the real economy when I retire. BTL empire it is then . Best think about saving up to purchase that holiday let in a few years time .
  2. Richcrashman is correct. Most of our UK nuclear reactors are not the sort where failure of the primary coolant circuit would cause a major accident. However, the health of the concrete pressure vessel providing primary containment and loss of graphite from the core itself are life limiting. Unfortunately many UK politicians seem to think that we will just extend the operational life for 10 years as they have in the US for the pressurised water reactors. By 2015 they will have found out they were wrong !!
  3. Not as simple as selling to avoid further drops. If the property is owned outright then the rental gives a better return than keeping the money in the bank. My Dad and his wife (boomers) own several properties outright which are rented out. They are only interested in gaining an income in retirement which is linked to the real economy (i.e. to average wages) and not movements in the underlying value of the houses themselves. They know house prices are dropping but have no outstanding debt and their private pensions are not linked to RPI.
  4. We have just sold and traded up at 15% below peak. (I expect house prices to continue to drop but we needed the extra space now and the only money we will lose is money we made on the last house which was bought in 1999). The only houses selling in the area are desirable/quality houses where the owners have already dropped the price. IMO potential buyers (me included) think this indicates a willing vendor who has equity and who will negotiate. Overpriced properties are not attracting any viewers at all.
  5. Been reading this site as a guest/ghost since late 2004 when I followed a link from the old FT housing forum. Since I am based in Cumbria, I wanted to say that we have just sold our house and traded up for what is 15% below peak price or rather 2005 prices. It has taken 8 months to sell. In my experience, offers more than 10% below asking are not currently being accepted. We have a downsizer/cash buyer propping up the bottom of the chain and the people at the top have already moved out of the area due to a job relocation. All vendors were happy to take a slightly low offer because all have plenty of equity. For what it is worth, I still think prices have a further 15% (ish) to drop. However, in our circumstances it made sense to move and I promised my partner we would sell in 2008. Back in 2005, I thought the crash would be well over by now .
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