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House Price Crash Forum

gmang

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Everything posted by gmang

  1. You can make your own index from the relative difference between the rightmove index and your sold price index of choice. There are offsets because they build their baskets differently, but the relative shift in that should give you an idea of the "over-pricing index".
  2. It does. Housing benefit is currently set at the 50th percentile (i.e. the median) of regional rent. This is changing to the 30th percentile from next April. The figures banded about on the Daily Mail are the absolute maximum cap, regardless of which area you are in. Having a regional average is what allowed slumlords to charge crazy prices for their run-down flats in London and also for people to get £2k a month in rent in the west end. Personally, I think the move from 50th to 30th percentile will have much more impact on people, and will be country wide. I'm not sure why the absolute caps are being concentrated on so much - they will affect a tiny number of people. -G
  3. It's just down the road from me, I'm tempted to go over there and get some photos to remind me of these crazy times once the HPC is over!
  4. My worst experience was moving to London to rent a place at the end of 2006 - pretty much the height of the craziness. It was a small one-bed flat in East London. Fees were: "Admin" fee: £165 + vat (one week's rent plus vat apparently) "Contract" fee: £117.50 + vat (that's not a typo - it wasn't £100 + vat!) "Reference" fee: £60 + vat So that came to £402 to move in. Then there was: Tenancy extension after 12 months: £100 + vat Moving out fee (inventory check): £80 + vat So in total the f*kers got over £600 in fees. The EA for the place I moved into charged no fees at all. They even apologised when they told me that my bank would charge me £10 for them to do a bank credit check! In this market I would negotiate down to zero fees for a rental. If they won't budge just tell them you're not bothered and start to walk out the door - it's worth more to them to get it rented out.
  5. At first glance this place doesn't seem so bad: http://www.rightmove.co.uk/property-for-sale/property-16820883.html But then take click on the Street View link to see the lovely area, complete with expletive graffiti and cars rusting away in overgrown driveways! Who would turn up to such a place and then spend a quarter mill on a house???
  6. In terms of mortgages, it seems quite unfair that many of the borrowers who stretched themselves with self assessment mortgages a few years back managed to get deals at below-base-rate levels such that some are still paying nominal amounts of money on their mortgages on their albeit nequitied property. However, I can't help but agree that a big shift in base rate will cause massive problems with the economies as the number of repos increases and the banks lose billions more. Our only hope is that the debts get inflated away before that happens. As many people have already noted in the last HPC, the prices themselves shifted very little, it was inflation that came to the rescue. I think this is likely to be our saviour again. Whether or not 10% YoY inflation is possible with 0.5% base rates remains to be seen.
  7. << First post http://www.rightmove.co.uk/property-for-sale/property-30450539.html Where's the rest of the "house"?
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