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House Price Crash Forum


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About bingobob

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    HPC Poster
  1. Today's puff piece from Yahoo! My link It is a truth universally acknowledged that buying your own home is a wise move in Britain......
  2. Last month's average was £167,063 so a non seasonally adjusted fall of just under 1%.
  3. Indeed, I understand in Ireland it's the other way round as owners tend to be in massive negative equity.
  4. I really think the point of HTB2 is to increase the attractiveness of HTB1. I know of one couple, real 'go-getting city slickers' as Phil Spencer might put it, who have recently agreed to buy a new build about 3 or 4 miles outside of Herforshire market town. These are the sort of people who were expecting that HTB2 would at last allow them to buy a 3 bed, city centre Victorian terrace within a 5 minute walk of the city centre and a 10 minute walk to the mainline station for their daily commute into London. I think the advent of HTB2 has made them realise they have no chance of ever owning such a property and they've just capitulated. The property they've chosen is unsuitable for them in every way, and I think they will very quickly regret the decision and will continue to do so for a very long time to come.
  5. http://rightmove.co.uk/property-for-sale/property-41370223.html Any other examples out there? Nice mark up on the 2005 price as well
  6. 2.7 billion - give or take a few million - I think. I tried to work out the total US debt as a figure per head of population recently - the figures become mind boggling after a while.
  7. Here was the email response that I intiailly received from the agent: Dear Sir or Madam, Thank you very much for your e-mail regarding the Help To Buy scheme. Under the new build Help To Buy scheme, the purchaser contributes 5% to the deposit to purchase the property, borrowing 75% from the lender. The government contributes a loan of 20% towards making the deposit 25%. This loan is interest free for the first five years and then there after the purchaser will pay interest only for the remainder of the term. The loan is repayable upon selling the property. For example; The property in question is on the market for £350,000. The purchaser is required to contribute 5% at £17,500. The government contributes a loan of 20% at £70,000. The lender will lend 75% at £262,500. Therefore the customer is purchasing £280,000 of the house under the Help To Buy scheme. The full sale price is £350,000 which is why the property is marketed at this price with the Help To Buy scheme advertised within. Furthermore, assuming the property was to double in value to £700,000 come the time of selling and assuming the mortgage is fully paid off, the owner will be entitled to 80% of the sale price £560,000 and therefore paying the government back 20% which would be £140,000. I trust this clears up the matter and should you wish to further your interest in this property with a viewing please do not hesitate to contact me on the details below. Kindest regards, I've since had a personal exhange of emails with the agent in question and I put forward my view that they were being purposely misleading in their actions. The agent confirmed however that: I am happy to confirm that, following a conversation with my line manager, the Help To Buy price is to be removed from all marketing on this property due to the number of complaints we have received from this particular advert today. Our property portal uploads usually take place overnight so please give until tomorrow morning for any alterations to show. Will check tomorrow to make sure they are true to their word. A small victory in grand scheme of things, but a victory nonetheless.
  8. An hpc victory - they've agreed to change the adverts due to the number of complaints received!
  9. It gets worse. In the EAs email response, it gives details of the equity held and htb loan outstanding 'assuming the property doubles in value'! No mention that the property is more likely to fall in value than rise. Will post the full mail later when I'm not using my phone.
  10. It gets worse. In the EAs email response, it gives details of the equity held and htb loan outstanding 'assuming the property doubles in value'! No mention that the property is more likely to fall in value than rise. Will post the full mail later when I'm not using my phone.
  11. The sold price is on the land registry and appears on Rightmove's House Price data section, it's just that somehow the agents have prevented the information displaying on the advert. I guess the assumption being, that by hiding the information, any potential buyer won't realise the house has been marked up in price by 50% in 15 months.
  12. It's actually been available for a while. I noticed, however, on this insanely overpriced house in Cheshire that somehow the agents have manged to supress the sold price data. http://www.rightmove.co.uk/property-for-sale/property-40184782.html The house itself last sold for £290k about 15 months ago.
  13. Seems to me that HTB is all about new builds. The offering for second hand homes is nowhere near as attractive as it is for new builds and anecdotally I know of 2 couples who have done the maths on HTB1 and HTB2 and gone for a new build which previously they would never have considered. Any further diluting of HTB2 will just push more customers towards the developer friends of the government, whilst simply maintaining a token scheme for second hand houses for 'balance' (and, I suspect, to allow customers in arrears to re-mortgage on to a product which makes repossession in the future easier for the banks). From my point of view this is a good thing as I have absolutely no interest in a new build property and I'm more than happy to see demand for second hand housing fall.
  14. Funny you should say that, I remarked to my wife yesterday that every EA I've spoken to recently, without exception, has the manner of someone who either needs to get off the phone very urgently or is carying out some other activity in the background. It does makes talking to these people a very painful experience. It's obviously a ploy because they all do it, but what's the point? The sooner the internet removes the agents from the process the better imho.
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