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House Price Crash Forum

Smousie

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About Smousie

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  1. Of course I'd be happy to scrap a £20k diesel car and receive £2000... What planet is he living on?!
  2. I don't foresee property prices crashing. The government will do everything possible to prevent it, as too many people (i.e. voters) would end up in significant amounts of negative equity. I've watched the housing market for a decade, waiting for a crash so I could buy. All I've seen is the government propping up property prices and bailing out homeowners and banks, because they have a vested interest in preventing a crash. In the long term they're probably aiming for house prices to stagnate until wages catch up. I'm now looking to buy a house myself - I want to be on the side of the people w
  3. The seller lives with a partner, I'd guess she's around 45-50 years old. She wants to move to a different style of house; her house is Victorian with period features (which I love) but she feels it's old fashioned and wants something more modern. So I think she wants to move but doesn't need to move. It sound like she wants a nice clean new build so isn't bothering to do anything to her current house, hence the dated decor and carpets soaked in dog urine. As a non-forced seller, I doubt if she'll accept less than the £190k she paid. To be honest, that would still be a good price for a house i
  4. The seller bought the house for £190k around 2002. It's been on the market for 3 years priced £211k but hasn't sold. I'm debating how low I can offer while still being reasonable enough so the seller might accept. What would be a reasonable offer considering the state of the house?
  5. I'm interested in a house which is currently for sale in my local area. Originally priced at £235k, it went on the market in 2010 and didn't sell, so a year later the seller reduced the asking price by 10% to £211,500. The house has now sat on the market at this reduced asking price for the past three years with no further reductions. When I viewed the house, the seller said I was the only person to view it in over a year. She is keen to move, has a location in mind and her bedrooms are packed with stuff she's bought for her new house. She actually told me it's cruel to view someone's house
  6. Mum is a disabled pensioner aged 68, so she doesn't work, and therefore she can't get a mortgage by herself. I want to buy a home for both of us so we have some security; Mum will live with me for the rest of her life, and then I'll continue living in the same house alone. The way that Right to Buy works is that only the tenant (i.e. Mum) will own the house, but anyone who lives with her can share the mortgage (although in practice I'd be the only one paying it). So I could pay the mortgage but she'd own the house. This seems like a very bad idea to me. If I bought another house instead, Mum
  7. Yeah, but my point is that I could make those repayments on another house instead (one that I own), and I could be on the housing ladder and not lose the money. Over a number of years it adds up to a sizeable chunk of cash that I would lose. The repayments would cost a lot more than the rent does; if I'm not going to own the house at the end of it then I might as well just continue renting as it's cheaper.
  8. I would lose every penny I'd paid off the mortgage so far, plus my deposit. Let's say the house is worth 100k, and Mum gets 10k discount, so the house price is 90k. I put down the 5k deposit I've saved and get an 85k mortgage, then I pay £500 a month off the mortgage. Next year Mum goes in a home and the council takes the house (because she owns it), sells it for 100k, pays off the mortgage and has about 15k left. At this point I have spent 5k deposit, plus £500 a month for a year which is another 6k. For my investment of 11k I get absolutely nothing, plus I'm homeless. I could have invest
  9. I am currently living with my elderly mother and looking for an affordable house to buy. My mother has been a council tenant for thirty years, and I pay rent to the council while I'm living with her. Mum has suggested that she should apply to buy her house under the Right to Buy scheme, and I could pay the mortgage. While I don't have any objections about continuing to live with her, I am worried that I'd be throwing my money away. The problem is this: even if I pay the mortgage, Mum will still be the sole owner of the house, so I'm effectively paying for a house I don't own. If Mum gets ill
  10. Smousie is still renting and waiting for a chance to buy As I said before, house prices in the area I want to live in seem to be stagnating at 2006 levels (around £100k). There were no sales for a couple of years, and then in 2009 houses started selling for 2006 prices again. In 2010, one house in the area did sell for £85k, but as of today (Jan 2011) a couple of other houses in the area are advertised for £100k. I don't understand how sellers can justify advertising their houses for £100k when a)That's what they were selling for in the 2006 boom years and it's now 2011, and b)An identical
  11. What annoys me is that I left university in 2003 after having spent a great deal of time and money on education (masters degree, because I couldn't get a job with a bachelors degree). The older generation had told me "Work hard, get an education, and you'll get a good job and be sorted for life"... but that didn't happen. I spent four years being broke and living in crappy halls, working a bar job to cover my rent, in the expectation that my hard work would pay off when I got a job. But when I graduated I couldn't get any job at all despite having two degrees (science and computing), and in th
  12. 2015? I'm pushing thirty already - if I wait till 2015 I'll be in my mid-thirties and still living in crappy rented accommodation like a student, paying somebody else's mortgage with my rent money. What a depressing prospect. At this point in my life I want to buy a home, and maybe get married and have children... I want a home of our own that I can decorate and make nice, somewhere permanent that a landlord won't kick us out of on a whim. Waiting until 2015 is kind of pushing it in terms of how long I can expect my fertility to last!
  13. I don't necessarily foresee massive pay rises - if anything I think that salaries will stagnate (or even decline). Unemployment results in more competition and it's an employer's market; it's so competitive that people will accept lower wages just to have a job. Plus employers can't necessarily afford to pay higher wages anyway, given the recession. I can't afford higher interest rates though, not unless my mortgage is for a much smaller amount. On a 70-80k mortgage I could manage, and could probably cover an interest rate rise, but on a 100k mortgage I'd really be stretched and an interest
  14. I want to buy a house in the area where my parents live, because it's a nice area with decent schools and amenities, and they're getting older so they need me around a bit more. I'm a woman aged 29, and I'm single so I can't afford a huge mortgage. In 2006 I priced houses in that area and they were going for roughly 100k, which was way more than I could afford, so I rented a place elsewhere and I waited. Four years passed. In 2010 I priced houses in that area again, only to discover that they were still 100k! WTF? Surely house prices must have dropped at least a little bit? There are current
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