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r thritis

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Everything posted by r thritis

  1. I don't see the big deal here. As I see it the self-cert mortgage was 'invented' for those who could not easily prove their regular income. In return for offering this, the lenders charged a premium to offset the increased risk they were incurring i.e. the risk that the borrower would lie about their income and get into difficulties. If they are unable to make the repayments, the repossession process takes its course. From the lenders point of view its just another great way to make more money, but I don't see this as anything fraudulent on their part, its just another way for them to take money from the stupid.
  2. ... think you'll find they already did that!
  3. They seem to have really b*ll*xd up the search facility. I think the data is still there - try searching on partial postcode - but other searches e.g. on 'town', often don't seem to return any data. Also the links from the summary --> detail often go completely haywire. There is a general enquiries section in the 'Support' section of the site. You can report problems there and who knows - maybe, they'll fix it.
  4. Good to see this one: "Third, Mr King is nervous that homeowners may not realise that although low interest rates make mortgage repayments affordable, high inflation will not erode the value of their borrowing, as it did in the 1970s - and when they do catch on, house prices will plunge." This has always been my personal favourite argument for a HPC. I reckon people are starting to catch on just about now...
  5. I don't believe that there's a conspiracy, but this practice does happen especially on new-build developments. Where there is an entire development of unsold houses a few 'sold' signs around the place helps create the impression that they're selling like hot cakes.
  6. Aha! a fellow Swindon resident! Yes I noticed that we're bottom of the land reg league table. Long may it continue...
  7. Yes, that Property Guru eh? -what a genius! If only the rest of us could have one tenth of his intellegence... Ah well, thats it then. HPC off. It makes me want to give up and register as a new user named Property Genius or something...
  8. I read this as good news. The upward turn that Halifax has reported in the last 2 months has now returned to zero. The yoy figure has increased due to the negative from October 2004 dropping out of the annual figure. It's grossly misleading for the BBC to sumarise this as "Pace of house price rise quickens".
  9. I admit it - I am a conscientious objector. I refuse to pay twice as much for a house than someone paid for it just a couple of years ago. Thats it - thats the bottom line.
  10. The figures are weird with most of the indices ticking up in the last couple of months. No ones fiddling the figures - its just an effect of the low volume. Believe the evidence of your own eyes. In my village in northeast Wiltshire, there are 19 properties for sale, most of which have been on the market for over 6 months. There is an estate of newbuilds, already reduced by 7% from when they first went on the market 9 months ago, but still way overpriced and standing empty. The only 'sale agreed' has been on a bungalow that went on the market at £350,000 and offer accepted at £300,000. There is only one way that the market can go from here.
  11. I totally agree with this - the letting agent agent's sole aim in life is to screw the tennant for as much of the deposit as possible. They then pass this back to the landlord and say, 'Look - aren't we great, we got all this money back for you! You will use us again for your next letting won't you? And by the way, would you like to sleep with me?"
  12. It will be quite interesting to see how the transistion from the old to the new system will work. Will all owners already on the market at the switchover date suddenly have to go out and get a HIP? What if you are 'Sale agreed' at the switchover date? I think this will create downward pressure on the HPI during 2006/2007. It is totally different from the MIRAS change back in 89 which put pressure on buyers to complete, forcing the market higher. This time, the boot is on the other foot -the pressure will be on the seller to complete before the deadline. Then again- shouldn't get carried away, the change is probably only worth about a grand in total, so the effect may not be significant.
  13. "Of course if house prices weren't astronomical people wouldn't need to borrow such silly amounts." If people didn't borrow such silly amounts house prices wouldn't be astronomical.
  14. er - no it wouldn't! The plunge is better for homebuyers - their houses will cost less. This is a no-brainer isn't it?
  15. I like that bit. Surely its true value was what the tenants were prepared to pay for it, not what the seller is asking for it!
  16. Did I dream it or did I see a preview last night of a forth-coming Panorama which looked to be along similar lines to the "Tonight with Trevor Mc Donut" thing last week? I can't see any mention of it in the listings. Maybe it was just wishful thinking.
  17. As I understand it - Stagnation (of the economy) + inflation = stagflation. It means that the economy is up effluent creek without a paddle. The BOE needs to raise interest to stem the run-away inflation, but at the same time it needs to cut rates to stimulate the economy.
  18. Did you see that bloke on the news last night. Said something like "I didn't know there was any problem until I was driving past the petrol station and saw the queue. So I thought I'd better join the queue and top up the tank." Yeah that really helps!
  19. Yes - it does become an obsession, doesn't it? It's like having some strange perversion! I don't tend to talk housing market outside of this site - basically if you mention that you think there will be a crash, I find that you get treated like some sort of demented moron - so I tend to keep quiet, and keep my wierd HPC views in the closet! I basically came to my own conclusions about the future direction of the housing market after returning to the UK in 2001 (ok - so I was wrong for 3 years). Until I discovered this site a couple of months ago, it seemed like I was the only person in the world with these views - it was good to know that there are others out there!
  20. Me neither, but people have to take responsibility for their own actions. If you choose to take on a massive loan, the buck stops with you. Its no use wingeing about EA's, lenders or valuers - they're not the ones who have to pay the money back. There is almost an attitute of it not being real money - but it all suddenly becomes very real when it turns into a negative equity.
  21. Have you ever heard of a bank's appointed homebuyers report that didn't support the valuation? I haven't. The only time it would become an issue for the bank is in a reposession situation. Statistically it is in their best interest to lend as much as they can. What a muppet.
  22. Not only did Alliance and Leicester reduce the rate for their online account from 5.35% to 5% they back-dated it to April. They were advertising 5.35% right through to July and presumably gained a substantial amount of business (including mine) on the strength of this rate, which turned out to be ficticious. I haven't checked the small print, but surely they've broken some sort of rule here?
  23. For many young FTB's the late 80's crash is just something they heard their parents talking about, like flares and the Beatles. Since they've been taking an interest in the market, the only way has been up. Even many of those who were homeowners at the time seem to have very short memories. When I happened to mention at a dinner party recently that I thought that there was a very real prospect of a 20%+ fall in the next couple of years, I was regarded as some sort of demented fool. If I'd said that I'd just been abducted by aliens, it would have gone down better! Many people have just been completely blinded by the feeling of comfort induced by the large equity they think they're sitting on. That coupled with an incredible 'lemming' mentality.
  24. I think it has yet to dawn on many property owners that prices are in fact falling. It is only when the Annual figure goes negative that we will see this realisation - and only then will the downturn gather momentum.
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