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the_dork

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  1. this was on in Hammersmith around 2020, highly recommend to most readers on here and I'm sure it will come back No spoilers but memorable quote "I want you to buy me a house"
  2. yes, sorry for not posting link My understanding is they won't update you (not allowed). I guess providing your details as reporter is just contact info in unlikely event it was required. I do wonder how underreported landlord income is, seems an easy way to help the taxpayer pot but I doubt looking into any reported cases is much of a priority for the Tory govt
  3. There is an HMRC link for general reporting. Has anyone reported landlords who they suspect don't declare? I know you wouldn't hear back but does anyone have any idea how effective this is? Due to my job, this is something I could quite easily report on a lot...
  4. My understanding is that surveyors definition of market value is simply the price paid at valuations date in normal market ie. not the owner next door who would pay more or the seller in a hurry who would accept less this is an entirely circular definition that just rubber stamps 99% Of the prices paid and leaves banks free to base their lending decision on other criteria unlike say a company valuation that considers income streams, likely market conditions in future , bit of sensitivity’s analysis etc they will stick their head in a property and find a few in the area at a similar price to tick the purchase price box unless anything fundamentally wrong with the property or unusual sale eg not marketed normally I had our flat valued formally for a family dispute where there wasn’t a transaction to go on. The guy valued low to limit his liability which was actually in our favour but was amazed by how little work actually done, just happened to be a basically comparable flat on at the same time at 400k when no other sales within the year below 450k. Could equally have ‘proved’ 500k, say if his instructing party had wanted this figure as there were sales around that level too. Basically very little rigour and only heavily caveated and safe report But what do you expect for a £600 fee with potentially ruinous PI cost?
  5. This is a popular and common sense position but I just don't understand it economically (morally it does make sense). We had a few decades where it was true in this country for various reasons (a key one was that at least 1/3 of families lived in social housing outside the market system BTW) but it's not a law of nature or history.
  6. I wanted to do this but was vetoed by my wife who has no interest in house prices/finances etc, again kids was a major factor too. My wife has the view of renting being throwing money away, I'm an 'opportunity cost' minded person. Called the top of our inherited flat a couple of years ago, it was at least 10% down in real terms at start of year so at least another 5% down now. The much smaller amounts I have in global diversified funds have returned at least 10% pa over last 2-3 years so we would be well up assuming a rental cost of 4-5% So in pure financial terms I was right then, now it's probably more marginal. I am still planning to move from a high value area in London to a much cheaper commuter town in next couple of years so I guess that's a halfway solution (assuming London doesn't crash disproportionately)
  7. I saw that and it was so obviously nonsense that's why I'm asking for a better source (I used to think Islam was a good commentator too)
  8. can anyone recommend an online source that ACCURATELY explains what QE is, its goals, effects and differences from plain old money printing? The scale of it dwarfs my mind but the left don't seem to go after the government on this, perhaps it's too complex for Joe Public to get a good handle on and use as political ammo To a dumb layman than me it seems the worst of all worlds, rather than just giving money to people who would spend it as they wish, it's designed to prop up specific asset prices through making it easier to buy them through set intermediaries unlike a UBI type stimulus
  9. https://www.mortgagestrategy.co.uk/news/brokers-grapple-with-down-valuations/ what the brokers don't seem to grasp is that valuers don't robotically just repeat outdated sales transactions (rather, they shouldn't) but take a professional view on the direction of the market.
  10. Bingo, the forum should more a accurately be called 'land price crash' as that is the main issue IMO Not sure when you left school but I believe as late as 1980 around 1/3 people were in the social rented sector, a system with its own problems ( though better than current system overall for me)
  11. Ok thanks, just can't agree that the 'should' matches anything realistically economically. Half that for an average property elsewhere is 125k, probably half the actual build cost,I just can't see it regardless of the 'sense' it makes in relation to wages
  12. Scuse me jumping in and generally lurking but what do you think would be an accurate price for the average London home? It's such a special case in terms of (global) demand that I just can't see 3-4x even joint earnings being a law of nature there
  13. That's interesting but has not been my (limited) experience of the upper classes who have been just as grasping and avaricious as anyone else. Though perhaps not all with 'airs and graces' actually have that much net worth. It takes about 3m household wealth to be in the top 1% of UK now and many of these are probably immigrants. So anyone 'comfortable' with say £1m to split is likely to not be rich enough NOT to argue/fight over bequests
  14. My wife's grandfather won the football pools and bought two small flats in now fairly desirable Zone 2 parts of London with the winnings in the 60s, worth around 500k each today. He lived in one and family in the other. My wife inherited both as her father couldn't accept her brother's gay lifestyle. She gifted one straight to him around 10 years ago and with hindsight the father made the right decision on how to bequeath as the money (MEW powered) has been frittered away on substance abuse and transient consumerism. It's very sad and she has no choice but to be judgemental about him having previously been very close. The family were not well off in terms of income and had been mainly killed off by a combo of Stalin and Hitler, all wealth and security came from the flats. I've seen another thankfully more distant family member spend a considerable inheritance on lawyers arguing over how to split what was left, the lawyers ended up the only winners. TLDR Moral of story: it's natural to help your kin but will always lead to judgement at best, and vicious arguments at worse. Money means power and this will generally bring out the worst side of humanity
  15. Thanks for taking the time to explain to a simple lad like me! As you say a yield is just a ratio, income v price. By this comment do you mean they capture the implied capital growth over the 25 year period? Hence why London's yields have dropped so much? Author says : property yields have collapsed by a third in London over the past 14 years. The main driver of divergent prices around the country therefore appears to have been growing global demand for London (and potentially other major UK city) housing assets, but not growing demand from people to live there. but this surely just begs the question, why would there be such global demand if not based on underlying fundamentals which does ultimately include 'demand from people to live there'? People don't invest/speculate for the sake of it Why would there be such a different yield across regions, say on similar student lets as you mention? Surely this shows that whilst IRs are a key factor, the supply and demand of other things (namely properties and people/households) also has some impact on prices and explains why both rent is higher AND disproportionately the capital values are higher in say Surrey than Burnley just to use my example. This would factor through with IRs at 5%, 10% etc too
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