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r thritis

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Everything posted by r thritis

  1. Well last time I looked, there was more than one bank on the high street.
  2. Yes it is! It is certainly their job - just because the current government have spectacularly failed to do this, doesn't mean its not their job to do it.
  3. No contradiction here. The government/central bank have the tools to prevent boom and bust (interest rates, taxation etc). But they cant start dictating to the banks which products they can and cant offer. The banks must be free to operate in the market. Why did they offer 125% mortgages but not 200% mortgages? Answer - because they figured they would make money (overall) on the 125% mortgage, but not on a 200% mortgage. They may well have been wrong - but this is how a free market works.
  4. Blimey - wasn't expecting that reaction. Wow. Try actually reading what I've said guys. Its really not that controversial!
  5. Really? What a fantastic incentive! So the lender would think he was only lending 85%. What a brilliant idea. What a cunning plan! I think I saw an advert for this on the telly. Panorama mortgages or something like that.
  6. The free market has to remain free. The reason that banks offered 100% mortgages (or 125%) was that they believed they could offer these products and make a profit on them. They were right, until recently. They, unlike many here, did not see the credit crunch looming and were too slow to slam on the brakes, before things went into reverse. Many are desperately lowering their LTV rates now to avoid getting too badly burned. Some are too late (Northern Rock). These 100% products will reappear again in the (possibly distant) future when prices are on the rise again, and it is right and proper that they should. There is nothing inherently wrong with them in a rising market. It is not for the lenders to prevent the boom and bust cycle, it is for central banks and governments.
  7. Just a word on the affordability graph - it doesn't tell the whole story. Affordability (payments as a percentage of disposable income) does not take inflation into account. If affordability now is roughly the same as affordability in 1990, this means the situation is very much worse now than in 1990, given the relative interest rates.
  8. Whoever voted "No change". You have chosen the only impossible answer.
  9. I would personally love to see the back of Inside Track. Is there any chance of them going away after the downturn? I suppose though, that they don't really own assets as such, they just sell seminars to muppets.
  10. With you all the way on this one Oldie. Some years ago in the days when I was a home-owner, a seller tried this on me. He tried to increase the price by a pathetic £2,000 on the day before exchange. He considered himself a man-of -the-world, business-savvy type and figured he could put 2 grand in his pocket. Despite having paid for all the surveys, many of the legal fees etc, I walked away, telling his agent that I could no longer trust him ahead of completion. I have never regretted this decision. (He tried crawling back to me at the original price, but it was then too late).
  11. This presumably refers to January's lending being higher than December's, when the banks were closed for half the month. In other news, the captain of the Titanic said of his brush with the iceberg, "The extra push that the berg gave us will have us in New York ahead of schedule. Passengers are flocking to the cocktail bars where there is free ice for everyone."
  12. Agreed - what a crying shame it is. It often seems that only those whith no hope of ever being in power are afforded the vision to see things as they really are.
  13. Leave her alone - Merryn's brill. I want to have her children.
  14. For God's sake do the maths woman! Work out how much you will end up paying for each of these 2 scenarios. The results may surprise your property-porn show conditioned brain...
  15. In the last 6 months or so, my area has seen a long standoff with houses remaining unsold, but the asking prices have remained stubbornly high. In the last few weeks, something has changed. Many prices have been reduced in the order of 5% to 8% or so. Its like the log-jam has suddenly cleared. For some reason, most of these are not showing on Property Snake. Mainstream reality has set in, I think.
  16. For once and for all - Cutting stamp duty for FTB's is not the answer. Any concessions given to the buyer are immediately consumed by the seller. The asking price just adjusts IMMEDIATELY to absorb it. The net effect is to take money (our money) out of the treasury and hand it to the developers. Whilst it is understandable that the director of the CML is a moron, please ensure that no one on here starts calling for stamp duty cuts. Be told! Thank you.
  17. They were very careful not to directly acuse Barratts of any wrong-doing - the BBC lawyers obviously put their foot down on that one. It is the buyers solicitors who are fiddling the LR figures - not Barratts. Hell no.
  18. And symptomatic of the collective mania is the firefighter. Whichever way I try and thnk about it, I cannot get inside his head to comprehend how he can possibly think its a good idea to borrow 6 times his salary and four times his brothers salary to 'get on the ladder'. It didn't even look like he had a family - I got the impression he was a single guy. Why does he consider it essential that he has to own a house at any cost? I just dont get it.
  19. Sentiment has changed, but there is a way to go yet. 2 years ago I was considered by most to be mentally ill for suggesting that house prices could ever fall. I find the majority now acknowlege that prices have levelled or even dropped 1 or 2 percent. But the worst case scenario in most people's mind is for a 5% fall or so. Lack of supply is quoted as the reason prices wont fall more than this.
  20. It seems like a strange time for Tesco to be going into the estate agency business. I suppose though in some way it is typical of their hyena-like methods - pick them off while they are weak and vulnerable. Whilst I for one wont be crying into my beer at the demise of EAs, in the long run it is not healthy for one organisation to dominate so much, in so many areas. Then again, think of the club card points on your house sale....
  21. This is my favorite bit. "It won't happen here."
  22. I have it on good authority that he was frog-marched out of the theatre and shot. Seriously, I think the change in sentiment is there for all to see. 'Falling house prices' were mentioned several times, the debt mountain, inflation fiddling and recession were banded about on the program when just 3 months ago words like these were only to be heard on HPC.
  23. http://www.theargus.co.uk/news/generalnews...ts_in_lurch.php I guess they figured they might as well just pack up and go home.
  24. I prefer old ladies with less miles on them.
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