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House Price Crash Forum

Scooter

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Everything posted by Scooter

  1. Si, y tambien "beano ingles" es el idioma de los ingles en el extranjero! Hablan como personajes en una revista! Hablo en broma. Adios, El Scootero
  2. Well it is possible. Then again we are probably overdue and it may be you who is unhappy with the situation.
  3. I understood that a lot of British buyers in Spain used MEW on their UK properties (i.e UK bank mortgages) to fund their purchases, not Spanish banks. I would be quite surprised to find that the Union Jack shorts brigade by and large had the wherewithall to apply for a loan in Spanish. The ones I know are proud that they can (only) say "agua sin gaz por favor" S.
  4. No, the price felt high (as it turns out it was historically low) but I could afford it. I am not sure I analysed that much then but no one thought a boom or bounce back was on the way. S.
  5. I agree. I remember. Luckily I sold my small, first flat at a loss (bought 1989) and bought a bigger one in a better area in 1994 in the trough. It still feels very hard to see it happening like that again at the peak of another bubble though. S.
  6. Houses of molten misery in a Hell on Earth gone mad... Or is that just London?
  7. It is certainly an option. God but have you seen the price of houses in NW3 (Belsize Park/Hampstead Nth London)? Shocking...really. S.
  8. I probably can overtake house price inflation through saving but I remember the last crash and it would just be my luck, after putting off moving up for years, to go for the big one (much larger house/flat) just in time for the bubble to burst. Who can know? This could be the same or worse in a years time or the bears could all be celebrating. Hmmm... S.
  9. I do feel a bit like a cult member-where is the rapture when you want it?
  10. Too right I want a moan! :angry: I have considered renting mine but I am not sure I want the hassle of dealing with tenants and tax complications of letting a former main residence. Perhaps I will just leave it empty and watch it go up in value for ever and ever... S.
  11. That may well be the case but many people on here (myself included) have been saying that for a long while. It is not all media brainwashing that house prices have risen sharply in most areas over the last few years, however unpalatable. S.
  12. Yeah thanks but that does not really help that much because logically all the arguments for the bubble seem to me to stand but it just isn't happening. As it happens, I am "in the game" as you put it to the extent of being an unmortgaged owner just wanting to move up. S.
  13. I am a bit sick of this by now and really thinking I should have mortgaged up to the neck and moved up the ladder in 2003. I know all the arguments for a hpc and I believe them in theory but this bear has had enough. I am really now wondering if it will actually happen... S.
  14. House prices: a vicious or virtuous cycle? By Ian Cowie, Personal Finance Editor Last Updated: 4:22pm GMT 08/03/2007 House prices rise Most people's homes earned more than their owners did last month. The average house price jumped by £3,407 during February, according to Halifax, Britain's biggest mortgage lender. That's nearly £122 per day or equivalent to more than £40,000 a year, tax-free. By contrast, the average wage is less than £24,000 gross. advertisementSuch effortless wealth accumulation is, of course, highly agreeable for homeowners and utterly depressing for anyone who has not yet bought but hopes to do so in future. Wiseacres who say these gains are illusory have presumably never heard of equity release or noticed how the British love affair with bricks and mortar has spilled over into a second-home property boom in Spain, France and wherever you can reach reliable sunshine on cheap flights. Back in the overcrowded British Isles, the iron law of supply and demand has made fools of the house price pessimists once again. Only about 160,000 homes were built in England last year while the number of households is thought to have increased by 200,000. Part of this is caused by the trend toward more people living alone. Then there is immigration, with the influx of wealthy Russians in London providing the latest boost to the top end of the housing market. When rising demand meets fixed supply - and they ain't making land anymore - prices go up. The big question for owners and would-be owners alike is: can it last? A combination of high prices, relatively low mortgage costs - and the Bank of England left base rate unchanged in its announcement today - have encouraged first-time buyers to stretch ever further to get onto the property ladder. Lenders have relaxed terms and conditions, advancing up to five times borrowers' incomes and allowing repayment periods to lengthen to half a century, importing the idea of deathbed mortgages from Japan and Switzerland. Is this a vicious or a virtuous cycle? Once again, it depends entirely on your point of view. Homeowners - many of whom now say they see their property as their pension - are only too happy to watch easy credit and desperate borrowers chase up the price of their biggest asset. Anyone who does not own property feels doubly disenfranchised as prices soar out of reach. But both groups should beware that no market moves in a straight line forever. A trend is only a trend until it stops. While mortgage costs today are less than half the 15pc rate which precipitated the last property crash, we have seen three small increases since last summer and most analysts expect more to come. Unemployment, at 5.5pc of the workforce, is also little more than half the level it plumbed during the depths of the house price slump in the early 1990s. A sharp increase in either interest rates or unemployment could burst the house price bubble. If both jumped as they did 17 years ago the effect would be shocking. But there is no reason to expect either event any time soon. For now, while the housing market reaches giddy heights, it seems to be built on solid foundations; demand exceeds supply.
  15. I agree interest rates have been rising but whether by enough who knows...
  16. For the general principles you could look at the Motley Fool UK website. For specifics, you need a financial adviser or otherwise hunt around for professional recommendations, maybe the Hargreaves Landsdown one below: http://www.h-l.co.uk/fund_research/wealth_150.hl http://www.fool.co.uk/
  17. Sometimes sitting on cash and waiting awhile is not stupid IMHO. Right now you could perhaps stick some more (sadly unleveraged) into unit trusts in the UK, Japan, Korea-what I am doing currently-as they are down a bit but who knows...
  18. Fine in theory. Unfortunately even the many commercial property professionals, EAs, property fund managers (who are never shy to promote a rising market) are saying this is a brilliant idea you should have had 3 or 4 years ago. S.
  19. Me too-occasionally ridiculed by friends for saying houses were overpriced 2004 onwards and giving cogent reasons. I was wrong about the HPC (timing at least) sadly. Now I have stopped trying to guess when it will come. S.
  20. Now there's an accountant I could use!
  21. To be fair, the public sector was often poorly run and workshy long before PPP et al.
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