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House Price Crash Forum


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About runforthehills

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  1. There's no way anyone would give me a mortgage anyway, even with my 10 years of savings and HPI equity, coz even though we are at average london wage each, we are both self-employed, and are very good at having small profits by ploughing back into the business! So I will just here stewing and 'getting on with my life' while paying for my fat shit of a winkworth twit landlord to move up trouser sizes.
  2. Yes I agree. It's horrible. But things have always been like this! And much much WORSE! It makes me sick, and it's very worrying. I have just looked at the land reg for greater london and from 95-00 prices doubled, from 95-03 they TREBLED, and from 95-2007 they QUADRUPLED. Guess where they are in June 2010, after a wobble down 17%ish and then back up. Yes, still QUADRUPLED. I don't care about what all the other indices say, Property snake has all the undesirable property on it, let's see how it pans out over winter, because I have seen this elusive HPC come and go 3 times now, and it's taking far far too long to continue justifying sitting out of the market and renting. Interest rates are going nowhere, and even when people lose their jobs they will be able to cover their mortgage, as it will be the same as renting. 5% drops per year is my guestimate. You could pay your capital off in that time, absorbing the Negative Equity as you go.
  3. Of course, it would be wonderful if all mortgages were banned. But I think you meant IO mortgages. The thing is, personal opinions don't really help those of us living in these crazy, competing times. You have to work with what you got, and the reality is, this country is in no fit state to be allowing the market to drop and bankrupt all the controlling institutions. It's time to think of some solutions instead of waiting like lemons for the big fast drops.
  4. I know a lot of people that have made good use of IO mortgages. Even in a flat market. Seeing as the capital repayments only really begin to kick in after a year or so (and then only gradually creeping up to a bigger percentage each year, until by the final years it is mostly capital repayment), it makes sense to only pay interest off IF YOU ARE PLANNING TO SELL WITHIN A YEAR OR 2, which for a lot of us looks very likely, as prices are unlikely to drop to a point where we can get into our ideal home. This really works when you are buying a property to 'modernise' under £250k (stamp duty 1%). It seems pointless to pay off the capital in the early years of the loan, as it is minimal, better off using it for other investments/purchases (round my way, there is still a good return for adding rooms, loft conversions, nice gardens, modern kitchen/bathrooms, even if you are paying someone to do it). In a rising market, where you have bought at the trough, it makes even more sense(just think about 95 prices and how easy it would be to pay off that baby,EVEN WITH A 50% DROP FROM HERE). They are a very good idea in certain situations, particularly when the interest on the loan is less than the interest you receive from savings. (them were the days!) Obviously very risky in a falling market, that's why it is important to be buying 30% below market value and getting in and out quick (making sure you don't get stung for CGT). Replies very welcome, as this has come up before, and really gets everyone fired up!
  5. I went to secondary school there. I really liked the area, lots of woods, horse riding, nice schools.....alright for bringing up family.
  6. http://uk.finance.ya...5ae3d4.html?x=0 More than 17,000 readers of The Daily Telegraph have signed a petition urging George Osborne, the Chancellor, to scrap plans to increase the capital gains tax rate. Vicars, former members of RAF Bomber Command, teachers and doctors have all written to us expressing their dismay at the proposed changes. Many are lifelong Conservative supporters, who have threatened never to vote for the party again if the changes go ahead in next week's emergency Budget....../ One letter, from an M Anderson, in Bath, reads: "I am a widow aged 90 with a single woman's state pension but no other pensions. My savings are mostly in shares I would suffer greatly if the CGT were to be increased.'' * To read the article you would think that 17,000 was somehow representative of the more than 60 million people that live in this house-price bubbleland. No mention of the ones who really do not want CGT raised: BTLers and multiple homeowners. Don't you mean 17,000 RB? you posted it yourself the other day!
  7. Who was the person a few days ago that provided the template to send to the local MP? That was excellently worded. See. I couldn't do it. I write like a teenager.
  8. We need one too! I'm not the right person to word it though. But if no-one else is up for it I will do it.
  9. Been posting -as Anna- lost my temper a few times today already. We need a revolution! Need to go out for a walk now.. Those DT readers are far more odious than the DM readers. Only the Inde left for me now. GOD KNOWS what I am going to do if DC backs down from this. I don't think i will be able to bear it. Has anyone started a petition on the downing st website yet? We need a voice. March anyone?? Or we all too 'embarrassed' because we aren't rich and successful and somehow feel we haven't tried hard enough? Edit- posted on the Simon Heffer thread http://www.telegraph.co.uk/comment/columnists/simonheffer/7779988/Capital-gains-tax-and-the-politics-of-envy.html
  10. Yes, I am beginning to lose the plot now with all these spoilt fecckers. Made 3 comments there in an hour and even facebook linked to it. I think I am beginning to realise just how deep and corrupt this system is, and am not afraid to rant to as many young people as i can. I have a few rich friends, and am not bothered about offending them now either. This whole thing stinks to high heaven!!!
  11. Daily Telegraph are squealing too- i just added this The government should be encouraging us to invest in business and jobs by not raising CGT on profits on shares. This has always been a strong Conservative value and it makes total sense. However, how can high house prices caused by speculation be healthy for a country? Raising CGT to income levels on house price profits would bring several benefits(not forgetting that 18% has only been in since 2008 anyway). It would create tax revenue,stamp duty and business as the 2nd home owners off-load their hopelessly over-valued properties. It would bring house prices down for young families, reducing private debt, giving people more money to spend on goods, business. Profits gained from housing ONLY BENEFITS the seller. It does not create jobs, it is paid for by the young, it sucks money OUT of the economy as we have to save and borrow unprecedented high HP ratio to wages housing money. Also, it is the person BUYING the property that has paid tax on the seller's profit, as they have to pay the house price inflation, caused by speculation. So the money gets double taxed, but not the 2nd home owner. Please can someone explain how profits on housing is in any way entrepreneurial? One more question- If you had to buy your own house again today, on your current wages (without your BTL/shares/interest income) or on today's wages for your job (if you are retired) could you do it? Now do the same with your first starter flat/house that you bought. Now factor in that the housing ladder has disappeared, higher interest rates are coming and negative equity looms. It may help you understand what it is like to be under 40 in this country and trying to raise a family. I am very interested to hear people's views on this.
  12. On Dispatches last night they were talking about the Conservatives' way of funding their campaign. Yep, you guessed it, property empires! It's a no for them. This house price thing is ingrained in everyone, I don't think anyone is free from it. I think hung parliament and market generated high interest rates are our only hope now.
  13. Thanks everyone for your replies. It has helped me gain some perspective. We are living in loony land and the next few weeks are going to be even crazier, if Labour don't get in, we will never really know how their economic experiment pans out, as the new government will take the reins and if anything negative happens it will be their fault. Labour know they're not getting in this time, but they want to make sure people remember that they' steered' us out of recession before they got booted out, so they get in next time, the crafty buggers. I really hope the people of the UK realise the full extent of what this current government has done, but they will only see the new gov as the baddies that put us back into recession (double dip). I really miss some of the old timers that used to be here in the early days. My friends, colleagues and family are still amazed how I predicted all the stuff that happened(barring the gov intervention of the last year). I have learnt so much about investing and markets, but am just a rookie! What's the next scandal? The selling of the gold reserves in '99! GB announcing it so he could get the price to rock bottom and bail out AIG. I think this bail out is almost going to eclipse the one we had in the last year, and it passed so far under the radar. The courts have ordered a full explanation before the election....why isn't the press on this? Again, thanks for the attention, even the negative stuff.
  14. With respect, property here in the south-east is very close to 2007 prices again (nominally), but with low wages and no interest on savings, this is bad news for us STR and STMers. I look forward to laughing at this post in 6 months to a year, but this is getting soooooooo old now.
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