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House Price Crash Forum

We're all dooomed!!!

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About We're all dooomed!!!

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  1. Yeah, I would like to see Brown interviewed by Paxman but he's too scared. Watched Andrew Marr interviewing him on Sunday and he got off the hook far too easily. In fact he basically took over and used it as a Party Political Broadcast!
  2. Absolutely, Labour allowed the market to have its head for 10 years and the result was rampant HPI. But they don't like the idea that the only genuine way out of this crisis is to allow the market to correct the problem itself. Without allowing people to pay the price for their stupidity they are creating a dangerous precedent for lenders and borrowers - ie. the government will allow you to speculate, but will then step in to stop you losing. In the long run this can't work as the government will run out of money to bail lenders and borrowers out.......
  3. Fair point, but does seem its cutting your nose off to spite your face. With another 5 years of the one eyed Scottish idiot they'll be nothing worth saving in this country.......(anyway, even with 6 million unemployed, inflation at 20% and the country bankrupt he'd still be deluded enough to think he was an economic genius!!!) I hope Labour keep him though - absolutely no chance of them getting in then.....
  4. .......that's a good one....keep 'em coming...I need a bit of entertainment at work......
  5. Yep, I agree on the Costa Brava. I think the falls there will be much more limited due to less development. Its quite sad what has happened on the Costa Blanca. My neighbour sold in Torrevieja before buying in Majorca because of high crime/break-ins, although I reckon he saw the potential for a big fall in prices as well. Even north of Alicante (places like Calpe/Denia) have been progressively ruined by too much development.......
  6. Well, I'm afraid I can't agree that there is a 'glut' of properties in Majorca (certainly not compared to the coast from Valencia to Gibraltar) or that all areas of Spain have been transfored into 'rubbish'. Obviously you are not a big fan of the country and you're entitled to your opinion, but I think you'll find its still a v. popular destination for many. Personally I think prices will fall in most places (Majorca included) but crash in areas where the developments got badly out of control (ie. Costa Blanca particularly). There's a difference in the scale of the damage.
  7. No experience of Lanzarote I'm afraid. Gran Canaria I didn't like - resorts were like concrete jungles and desert-like between them. Tenerife was nicer in my opinion (as long as stay away from Playa de las Americas). Inland it is very mountainous and quite spectacular. I've heard the north of island is nice although it rains a lot more. All very personal opinons though - you'd have to go there and see what you think.
  8. Sorry, misread your post. See you are going to Canaries. Don't know much about prices in Canaries. If you don't like mountains/hills then I thought Tenerife / Gran Canaria were both pretty mountanous in places when I was there though.
  9. Can I ask two questions :- i) Is it a very old apartment? Building regulations no longer allow high rise in Majorca and it's been that way for quite a while. ii) Is it in Magaluf or near? Hate to be snobbish but this could go some way to explaining a fall that big. Could be the same if its in 'the German Magaluf' El Arenal as well..... Personally I think anywhere on Majorca away from the lager louts corner is hard to beat. Weather in winter is not hot but rarely exceptinally cold and lots of winter days sort of like Spring in UK. Wherever you go, spend at least one holiday there first though - biggest mistake is buying without knowing the area. As for prices there's no pressure to buy straight away - I reckon prices in Balearics will be fairly static or will fall slightly.
  10. I don't need or want to sell, the small mortgage I had is now paid off. I agree if 'financial armageddon' strikes Spain, everywhere will fall (- maybe I'm missing a trick by not selling now and buying back later do you think?) Frankly a huge crash in prices all over Spain is not a done deal. Each area has to be taken on its merits - looked at property on the Costa Blanca before buying on Majorca and knew that it was a bad investment, as well as somewhere I wouldn't want to spend leisure time. Skyscraper apartments, development as far as the eye could see, not enough local infrastructure - fine if you want to spend your life/holidays on a building site. The islands are very different. I didn't buy to make enormous profit so if prices fall 15% I can handle that - I bought for the lifestyle. If prices fall 15% on the Balearics you can guarntee the fall on the mainland will be at least double (as I personally hope it will be in the UK!!).
  11. I own a half-share of a property in Majorca (bought about five and a half years ago - very frustrated at UK property prices, the property in Spain was much better value, I love Spanish way of life, plus may want to live there/spend lots of time there when I'm older). I don't care if values go up or down (within reason) as I get a lot of pleasure time I spend there and a get a very small amount of income from lets to people I know. Anyway, the point is that the falls aren't universal in Spain. Development on the Balearics has been better controlled, the resorts have better infrastucture and property is not as over-supplied. Therefore prices haven't really fallen much there (although new builds are not selling). Agree that on mainland Spain it is a bloodbath.........
  12. Sorry, I want a HPC as much as the next man but its pretty nasty to say that its 'great new' that 25% of people in Spain will be unemployed!
  13. Very enlightening and on some things quite worrying I have to say. Occupation : Every occupation is given a rating, if you are unskilled you will receive the best score. EH?????????? Which numpty wrote that rule??? Do you have a personal loans : Yes over £20,000 will be the best score. There seems to be a paradox here. On the one hand you could argue it gives them a good idea if you can manage debt. But on the other hand wouldn't you think that being £20k in the red already might possibly mean less chance of them being repaid themselves????? Do you hold any other credit cards : Yes and over 6 will almost guarantee you the best score. Do you want ppi (payment protection insurance), if you answer No, then you get the best score. - GOD, ITS NO WONDER OUR ECONOMY IS IN SO MUCH TROUBLE!!!!!! I'm starting to agree with others on here that lots of these people don't want people who can pay up regularly and on time......
  14. With all due respect, the Agent isn't buying the house, you are! If he thinks your offer is too low it's his problem and to be quite frank, he's not the one who's going to have his life affected by paying over the odds in an over-priced market! Agents are two a penny and I doubt very much he's seeing enough business to throw a strop and not show you anywhere else. If he does he's an a**ehole anyway and you are better off without him! ps. In my opinion pretty much everywhere is between 20% and 40% overvalued. On this basis houses up for £400k are probably worth no more than £320k at best, but try telling the vendor that......would be very surprised if they'd drop below £360k. So pay over the odds or wait -its up to you.
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