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House Price Crash Forum


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  1. Hi there, I'm looking for some advice as to what I can do, what legal recourse I may have to deal with my new landlord and the agency of scumbags and deceitful thieves (KFH in London). We've just moved into a new flat which we are now paying an extra 20% over what the last tenant was paying for, and a bit more than what we were previously paying for our last place which was of better standing - unfortunately the last landlord needed to move back into their flat and we had to find somewhere else to live at the worst possible time of the year to look. The previous tenants totally wrecked the place with their dog, however when we saw the property we were promised that everything would be back in order and fixed up. Other than the smell of dog that lingered for a couple of weeks after we moved in, it had been kind of cleaned up, however a number of items in this "fully furnished" flat are missing, as well as some key items damaged and needing replacing. The only thing left of the vacuum cleaner is the tube, 2 of the 4 kitchen chairs are broken and unusable, light switches are missing their nobs, kitchen drawers are broken, the front door lock isn't working properly which means we have to rely solely on the deadlock which isn't safe at night in case of fire, the insinkerator (sink waste disposal unit) is broken and a foul smell emanates from it etc... We were promised these would be all up to snuff when we inspected the property and that these things would be provided. On the first day, upon receiving the keys I noticed these missing or damaged items and headed straight back to the agency where I was told "of course!" the vacuum and other missing items would be replaced and these things would be fixed. It's now been almost 3 weeks and a company is coming next week to get a quote to the landlord. My wife was told over the phone that these might not be replaced nor fixed depending on the landlord. Given how long it has taken to action any of this, I'm afraid I've landed a really shitty landlord who just won't do anything about any of this (some of the broken or damaged items have been on the inventory reports for quite some time now). If that is indeed the case, I've been ripped off and misled into signing a deceitful contract as many of the things we were told would be provided aren't there. What can I do? If the landlord isn't going to provide these items, I'll have to get them myself, which I feel isn't fair and is not what I agreed upon for the money I'm paying... Can I withhold rent? Can I get out of this contract? I really don't feel comfortable renting with this agency. I'm mighty p***ed off at the moment, I feel like I've just landed my family in a squat when I'm paying a very large rent when last year, for 10% less we lived in something of much higher standards and of comparable size. Cheers, Nick
  2. The sellers have read the headlines and are getting ready for a 25% crash. So they think if they up the asking price by 25% before the year is out, when prices fall by said amount they will end up getting what they were originally asking for their dump. Like jacking up the prices just before summer sales to bring them down to their original prices during the sales...
  3. The only planet left to align is Uranus - once Uranus is on the line, HPC will happen.
  4. That is EXACTLY why it is the worst time to buy. The banks request that you put down a 25% deposit, which means that when the shit hits the fan, you get to lose ALL your investment (a much bigger investment than you needed previously). If you could get a mortgage at 5% ltv or less, I'd say go for it, it's the banks who have everything to lose - if they repo your house, stuff it, you've lived in a decent place you could customize for cheap rent - 5% can be rebuilt in no time. 25% on the other hand is quite a decent chunk of cash. The banks are reducing the risk, which means that we're the ones taking it on and paying for it. Is now really the time to put EVERYTHING on green? Everyone seems to agree on the one point being that property won't be achieving the same kind of returns as they have been in the last 15 years - so is it really worth it?
  5. It's in Australia. Before leaving New Zealand in November they had savings accounts there at 6.5%, I was very tempted to move a large chunk of cash there.
  6. Given the current political and economic environment, I cannot understand why people have to set themselves a deadline to buy a house. Will it really make your life more complete to own a pile of bricks? Rents are going to come down, house prices are coming down, wages are coming down, taxes are rising, lending is grinding down to a halt... what's the rush? Right now, I have a 40% deposit (making a tidy 5% interest for just sitting in the bank) on the kind of house I want to buy in London but that'd mean pouring all my savings into buying something which I honestly feel isn't really good value for money, will most probably depreciate over the coming years and I'd be paying quite a bit more on the mortgage than on what I can rent now, hassle-free. At any time, I can move out, pick up my suitcases, grab the kids and move to other areas, following the work if need be. The thing is, if I lose 2-5% on my savings because of inflation (and no interest on savings account here in the UK), I'd still rather lose 2-5% on 40% of the value of a house than 2-5% (for inflation) + whatever other losses on the price of houses to come (10, 20 or even 50%?) on 100% of the value of a house! The bankers are getting enough of my money as it is, I'm in no rush to go and sign a piece of paper ensuring I will be working for the next 25 years to fatten up their wallets on my back. Besides, it's fun to watch the EAs squirm... nothing's moving around where I am, which means no commission for them.
  7. I'm finding the same thing also, in SW London too. The best being a mortgage broker calling me up recently to see whether I needed a mortgage, and when I told him I was waiting for things to unfold, he said that that was exactly what he was doing, that it was probably the wise thing to do, hang on and prices will drop. I've seen many a property come back on the market after being 'under offer' for a while, a whole bunch of price reductions and an awful lot of places that are going nowhere fast, been on the market for months and not a single 'under offer' sign put up. Finally, there is even one property round the corner from where I live that was initially asking 450K, now down to 390K and still no interest. I was interested but there's no room to extend, the lounge was a little too small and it's on a shoddy street... it will probably go for about 300K. Right now the owner would probably take 340K, because he'd still be better off now with that than later with the hike in CGT. I had made an offer on one place, the EA pushed me up further than what I was comfortable with, my builder advised me against it, I pulled out, and now that place has been discounted and boy am I glad I didn't go with it. The EA was a shark of the worst kind, the place needed so much work I would have been able to buy something all done up for a fraction of what it would have cost me to simply do the loft on top of the asking price. I'd have been stuck with something I'd have been sorely unhappy with. Is the best thing to just make lots of stupidly low offers on a bunch of properties that aren't moving? That way as they come through, the owners and EA would start getting the picture... I'm getting harrassed by EAs, surely that's got to be a sign of things changing, no?
  8. I was wondering about this the other day, the BoE lends at 0.5% to the banks who add a hefty premium before lending to me. Now, I was under the impression that that premium was justified because the banks that lend to me take on the risk, have to deal with the administration of my mortgage and make some profit to pay for the outrageous bonuses. Since the first argument has been entirely removed from the equation, the banks no longer take on any risk since in essence they get bailed out, the risk is passed on to the government or the BoE, I am not sure the premium they are asking is really justified. Hell, if they're just keeping tabs on my repayments, surely 0.1% should be more than enough to pay for the associated costs and still make a decent enough profit. I'm going to be paying off the banks debts through all these rises in tax, yet I'm still not allowed to go and get a mortgage directly from the bank (BoE) I'm financing, I'm certainly not getting any interest back on the money I'm being forced to hand out to help those very institutions who are making massive profits by lending me my own money at a massive premium. Because this is what is really happening isn't it? The banks are lending you your own money you are being forced to hand out, and taking a pretty decent chunk out of it on the way so they can buy themselves all the latest luxuries that are way out of reach to the rest of us. Something's got to give...
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