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plummet expert

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Everything posted by plummet expert

  1. I can't say I am surprised. We,the electorate should stop voting for liars and start listening to those prepared to tell the plain truth. Promises should be truthful, not just to get your vote. So come on Cameron; lets have afair EU vote.
  2. It's just perfect! There is one near me and it's fantastic. Much better than B&Q where u can't find anything and no one will serve you properly. You can pop in here and can ask for just one screw of a particular size and they will have it in stock. Not everything is better on the net. I suggest the owner of the 115 yr old shop makes it an attraction and opens it to the public and puts a cafe out back. http://www.bunce-co.co.uk/steyning.asp
  3. Sorry to disappoint Masked Tulip, but these mortgage deals are always changing and there is no difference between now and the last 2.5 yrs. Those deals at 75-90% ltv are out there and some covered by govt electronic made up funny money. The world remains on the edge of an economic ruin, but the thinnest ice is still holding up! Maybe in the autumn with borrowing budgets coming to an end in the USA and with a more likely than forecast change of President, there may be a change to the current fairyland economics presiding. It is incredible that markets would even pay any attention to the ECB announcing it will buy up any EU govt debt....WITH NON-EXISTENT MONEY. Does anyone really think this is even an answer worth the electronic credit paper it is not actually printed on?
  4. The main issue is that easy 5/6 x income mortgage finance went out of control up to 2008 and sent prices to a place they should not have reached before 2025. Prices would come down if proper controls were now put in place and particularly if base interest rates were put where they should be at 4% + . Unfortunately the FSA is still very weak. Morgan of Redrow is only thinking about current sales and current land bank prices, the latter being nutty. The current policy is only affording quite modest falls in price, although the downward prime property price news is encouraging.
  5. I think there are alot of fixed mortgages around these days. If rates did look to be on a proper rising pattern then fixing would become a frenzy. We must also add that the banks are currently on the biggest margins in history, for the excuse they must rebuild their capital bases. They are paying ultra low rates to borrow funds themselves but actually still charging several % more on almost all mortgages. They start at about 2.95% for a 40% deposit mortgage and soon reach 4.5% for lesser deposits. I think base rates of 4-5% are required to properly see the cart tipped up. Lower than that and banks may decide to absorb it by lowering their margins. This is why the policy is SO wrong and simply the biggest rape of savers in history. It is not even helping, in the broad brush sense - your examples aside, the market is stagnant and held back from functioning and falling to normal income multiples; rents remain too high; housing benefit bills are huge; the cost of living is driven by housing costs and these are too high for our wages making us feel very poor, particularly young people AND yet they want to prop it all up. Lots of people with paid up or small mortgages could easily put up with 5% base rates and 6.5% mortgage rates. So, although a small rise would have an effect, it would only cause a definite and lasting change at the 3-4% mark where banks could not afford absorption.
  6. Make sure the link to application form is put on this website please. Just like PM, no qualifications or experience needed. Obviously there is little you need to know looking at the last few incumbents of either post. Who on here thinks I could actually manage to do a worse job than Merv?
  7. Their only policy and that of almost all western govts, is to inflate the debts away. They knoweth not what they do. The problems and distortions being created now do not bear thinking about. LOOK AT THE FT ARTICLE. COPY AND PASTE THIS - it will then let u see it......... F.T,: Mean reversion awaits London property
  8. Sports direct of course! they must be feeling real groovy.
  9. Lots of people are not into economic news and websites like this. They just go to work and then visit a broker or bank. If they are told they may borrow 6 times their income many will assume it must be OK!! This is why it is essential that lending is tightly controlled on a permanent basis. If you look at some of the cheapest plces to live in the western world it becomes plain that property markets can perform perfectly well (in normal times) even on lending multiples of income far lower than people here are used to. Look at Atlanta USA. The average multiple of salary neede to buy is only 1.7. We could easily have lending at no more than 2 x income and 0.5 times second income. That would stop distorting the market properly. No subprime lender should lend more either. No remortgages for spending except on the house as extension or proper refurbing. This country has been so stupid over the property market for 5 decades - it has been a serious contributing factor in doing away with our manufacturing base aswell - ie we have made ourselves a high wage uncompetitive nation which needs to earn vast salaries just to put a small box of a home around us.
  10. IT'S THAT GREAT BIG LIE PUT ABOUT BY MORTGAGE LENDERS WHO SHOULD KNOW BETTER! THE IDEA THAT LOW INTERST RATES MEANS REAL AFFORDABILITY OR PROPORTIONATE HOUSE PRICES IS ABSOLUTE RUBBISH. IF INTEREST RATES WERE 'NORMAL' THEN AT CURRENT PRICES THEY WOULD THEREFORE SOAK UP ABOUT 50% OF DISPOSABLE INCOME - AND THERE WOULD BE AN IMMEDIATE HP CRASH. WHAT PLANET ARE THEY ON?! WE DESPERATELY NEED A SUSTAINED AND MEANINGFUL CORRECTION. YES, I WANT TO LOSE 30-40% OF MY EQUITY PLEASE. I WANT TO SEE REAL AFORDABILITY BACK, RENTS DOWN, HOUSING BENEFIT COSTS FALLING, MARKET ACTIVITY UP, HOUSE BUILDING WITHOUT SUBSIDY UP AND ECONOMIC COMPETITIVENESS ON THE RISE, WAGE PRESSURE WAY DOWN AND AN IMPROVING ECONOMY PLEASE.
  11. A friend of mine in IT services has had a huge fall in business over the last 3 months. Against my advice he just moved upmarket taking on a substantial mortgage. He is worried sick now! 3 more months of this and he will be falling behind with mortgage payments - even at the low rate he got. Another friend in construction - 30 employees - very grim - been holding on by a thread - 4 day week may not hold much longer. Last really good order completed 18months ago. Just bits and pieces since and endless quoting for jobs that get put off are are undercut by people who are virtually working for nothing or even a loss, 'just to keep the men ina job'. We have a substantial Euro crisis looming. Everyone knows it and it has now sapped confidence. The latest printed money lending spree announced at £80 billion will not really touch the problem. You cannot kick start an overborrowed economy with yet more borrowing that in itself will not even generate enough activity to service the added borrowing cost. Debts are so high that Keynesianism will not work. It's like anti=biotics which have little curative effect if used too often. The disease has bwecome resistant and will be even more so with each new injection of pretend, made up, printed money.
  12. The sorts of policy we need are far reaching reform of taxes and investment vehicles into manufacturing and exporting business. At the same time we need to purge ourselves of malinvestment into propety and land which has quite literally sucked our lifeblood away, masquerading as a demand and growth spur. It has actually made us much less comptetitive over many decades and now caused so many distortions only a crash and resettlement can put it right. Then we need to take control of banks in a way not seen for decades - separate the casino from the retial and ordinary merchant banks; have many more banks and stop obsessing with mergers. Small is beautiful in may cases. We should never have allowed our banks to become about 6 big players - there should be about 50 to choose from as consumers and dozens of commercial sources. Any of them could go bust in bad times like any other business, without wrecking the taxpayer, just the shareholder. Then , we should re-direct education resources to meet the needs of the economy - have places at colleges and Unis which are actually training what industry needs, not just what people 'fancy'. Same for apprenticeships. Inflation would NOT cure our ills but provide another sticking plaster then actually make the wound worse in the longer term. All this high wage economy talk is crap - we nee to compete and get back our industrial base.
  13. It's all to help Americans to move into their cars now that they cannot afford their homes and with foreclosures moving apace.
  14. No inside pics!!! £30 per week rent...?? not worth the hassle unless you believe in more property bubbles and fairy liquid won't do the twick...sowwy.
  15. ABSOLUTELY RIGHT. THE PRECIPICE IS EDGING CLOSER DAY BY DAY. IT MAY BE SLOW, BUT THE CLIFF EDGE CAN BE REACHED SLOWLY AND THEN FOLLOWED BY A RATHER SHARP FALL WHEN THE EU CAVES IN. SUGGEST SAVE AND RENT. JUST FIND SOMEWHERE A BIT BETTER TO RENT AND REMEMBER YOU WILL BE HAPPIER WHEN YOU SEE WHAT A BURSTING BUBBLE LOOKS LIKE. SEE THE ARTICLE ON SHIPPING - WHO WOULD HAVE THOUGHT IN 2008 SHIPPING COULD LOSE 99% OF DAILY INCOME VALUE..?
  16. YOU ARE SO RIGHT AND IT'S THE BEST POST ON HERE TODAY. NAIL ON THE HEAD MATE ! IT IS NOT BEING FAIR TO OTHER TAXPAYERS NOR HEALTHY TO SUPPORT THIS FAMILY IN THIS MANNER. THEY SHOULD HAVE LOST THE HOUSE, GONE BACK TO RENTING AND SORT THEMSELVES OUT OVER TIME. BENEFITS FOR FOOD AND GENERAL WELFARE - YES, BUT NOT AT THIS LEVEL . HOUSES SHOULD FALL OFF THE CLIFF AND SO MANY PROBLEMS WOULD RECEDE INCLUDING THE HOUSING BENEFIT BILL.
  17. If he is on benefits he pays no council tax - or prescription fees....etc.
  18. There are a surprising number of graduates doing jobs like serving in McDonald's whilst thise fit for such work get benefits... It is all becoming very sad. The national debt; the structural debt and high living costs, mainly property/land, upheld by foolish govt policies are all to blame. Until we stop this pump prime of land/property we will not see real growth in the UK. The govt are at it again with a flood of £80bn of non-existent electronically created mirage funds to rty and 'kick start' the property market, as if that will actually be some sort of good thing!!!! Only a a healthy market based on real wages in sensible multiples of borrowing will impress me. That would then stop mal investment.
  19. You would need to ultra slim to get down the side! What a price for a few old victorian bricks on a small plot Wimpy would be proud of!
  20. Well I may have no brain, be over 45, optimistic, with a degree and economics pedigree, I say house prices will fall a great deal in this country at some point and it it will happen quite ferociously and maybe unexpectedly when everyone is still saying 'they haven't and they won't now'. To allow that fall of 50% or more is something they have right in the USA despite th pain. They will reap the rewards in future if they handle it correctly. THE NEXT BIG THING - this autumn the US national debt will reach its new armageddon maximum allowed by law. There is an election afoot. There may be stale mate at the Congress and Senate at a time shortly before an election in November. Spain and Italy are going to fall this autumn. The damm cannot be held back. Our growth figures could remain negative, although our massaged unemployment stats suggest otherwise. The level of employment is actually falling since most jobs being lost are full time and most created are part time and low paid. The fact is a great big crash is actually what is needed to stop all this phoney money, print it, bail out mirage which can lead nowhere except curecny debasement and probable high inflation. Sure, it will bring pain and misery. But a bigger ballonn with a bigger bang will bring a greater misery. You can only blow a ballon up so far and then it will pop. The gravity defying property market here is a balloon being gently blown by govt policy and about to land in failure. Osbourne is proving to be an idiot. Shapps is an idiot. Cameron is a bystanding mouthpiece who does not see what economic history teaches. The reform of benefits and some of the education output is right, but little else is good about current govt policy. Base Interest rates of about 4--5% here would be much healthier, bring down rediculous property prices, reward savers and the elderly who will spend their income. Rents would fall along with housing benefit bills. Eventually there would be growth and renewal. The young would breathe again. At present they cannot afford to live in Britain and most want to get out. How is that healthy?
  21. The next plan is to print crack cocaine vouchers or even distribute them online instead of wages for the public sector. The private sector will then grow and we'll all be saved.
  22. Excuse me for butting in , but there are EU rules ON SUBSIDISING industry. I suppose the French may not bother with those as with anything else they need to alter. They'll no doubt still trumpet the benefits of the EU club and some rediculous dream of a US of Euroland, whilst causing fear about any idea of leaving for a better life without the EU. Give me the free trade area and nothing else option please. Sick of all Eurozone crap.
  23. An EA has to put any offer forward to a vendor by law! So, if they try and fob you off that is actually unlawful, even if the vendor has refused an offer of the same sum already. Different people of different financial positions can be a greater or lesser risk to a vendor wanting to offload. Auctions never let you bid unless you register in my experience. The process invlolves ID but also some info on ability to go through with a purchase. No point in a hammer going down and the winning bidder cannot complete. Lots of auction properties are not mortgageable due to condition and may otherwise involve a retention until certain works are completed. It is not an easy way to buy unless you have cash, have checked the legals and know the state of the building by survey. It is a risk but can pay off handsomely.
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