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Maynard

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Posts posted by Maynard

  1. I'm considering moving out to Dubai in the next 12-18 months. The plan is to work out there for a few years, enjoy the tax-free lifestyle and when I come home eventually (if I do) I'll have a nice bit of bunse saved.

    Question is.... do I bite the bullet and buy something over here before I go and let it out?

    I have been a great believer in the forthcoming HPC for a couple of years now and I think that it is inevitable that it will come.... eventually.

    If I was to buy something, there is no way I would be willing to pay the sort of asking prices people are looking for. I would be looking to offer 30-40% less. Question is, who is gonna accept that kind of offer???

    It has never really been my intention of going into the BTL market, but if I bought something now and could get a guarenteed rental income which would pay the mortgage and then when I return to the UK had a sizable deposit to put down on another house to live in, that would be my pension taken care of.

    Has anyone else done something similar, buying before moving abroad?

    Before anyone shoots me down... I know it's not that easy, I'm just talking hypthetically at the moment.

  2. I am becoming increasingly anxious as to the price we shall all have to pay when the payback comes.

    Cheaper house prices were trigged in the early nineties by a catastrophic recession. Whilst I didnt have property then, I was seriously affected by the down turn in construction industry activity (I was a trainee Engineer at the time). The industry literally shed over 400, 000 jobs in 4-5 years. This also affected other associated industries as well.

    What I am saying is, I can see the signs all over again. If the crash is as big as some on here predict it will be painful. This time I have a stash of cash and a smallish mortgage but if the impact is too severe I see no alternative to leaving the country.

    How do other people see it playing out?

    We need to be careful what we wish for.

    What are your views on the state of the industry at the moment, BP?

    I'm also a young guy in the industry (Q.S for a main contractor) and there is so much work out there at the moment for us.

    Do you think we'll see a downturn in the industry this side of 2012?

    I went to see a mortgage advisor yesterday and was told i could easily get 115k easily. I told him I was waiting for prices to fall and he was adament prices won't go down.

    Personally, I think I will wait another year or so and see what happens, ideally I'd like to do a self-build.

  3. Showing my age here but can you be a Quantity Surveyor at 21.

    When I was in the building industry you would have to be a grad to become a member of RICS.

    Or are you someone who does the site measures, not really a QS?.

    Well to be more concise, my title is "assistant project surveyor". I do everything that a main contractor's surveyor ten years my senior would do, i'm just not as experienced.

    I am finishing off my HNC (on day release), so I am getting exactly the same education as someone who has gone to uni full time. And if I so desire, I can go to uni next year on day release.

    Well yes, when required I go out on site and do some measuring. Then I arrange the meeting with the subbie and their final account is settled between him and me.

    I have only been doing it for 2 years and am surprised myself of the progress I have made. But that's the nature of the industry at the moment

    Everyone tells me i'm a QS, i've been offered other jobs (higher paid) as a QS. Maybe I should call the RICS tomorrow and find out if i'm really a QS.

  4. I hate to state the obvious but many of these mates of yours are in construction or related industries.

    ....these have been in demand for the last 10 years,particularly so in the last 5.

    ...high demand for workers like that leads to much higher pay.

    the opposite is true on the way down,they will find out.

    lots of you folk in IT know this is true from the dotcom days.

    give it 3 years and half of them will be out of work,and the other half working for 15k.

    This is very true, but there will always be a demand in construction for good professionals and tradesmen all over the world.

    I'm 21, i work for a large construction firm as a Quantity surveyor, haven't been to university and i earn 23k plus car and bonus (and final salary pension).

    Times are good for us surveyors at the moment, i know it won't last forever, but when it ends i'll just go to work in another country.

    The problem is that there are too many people going to uni to do "mickey mouse" subjects. That's why we have such a shortage of tradesmen and that's why sparkys are earning 50k.

    I know for sure that 20 years ago, half of my mates who are now at uni, would have left school and become sparks and chippies. Not gone away to "study" some mind-numbing degree like media studies.

  5. They're..................abbreviation of ''they are''...........................

    Their.....................possessive pronoun..............................

    There.....................over there/there is.................................

    Mr. English teacher, to which post are you referring?

    It is nice that you are taking an interest in peoples' grammar. You must be bored!

  6. im 24 and could afford to buy but im waiting on the sidelines. i have 50k savings and earn 28k. i only have student loan debt of about 10k which takes £100 per month from my salary but unnoticeable. id be willing to get a mortgage of £110k at about 4 times earnings which is the max id go to. now this gives me £160k but the properties i like are closer to 200k. when it comes within reach i will go for it depnding on future pirce expectations of course. im not about to waste my hard earned savings

    Have you been to view any houses as yet? Although there is no way I would pay these ludicrous prices, I am thinking about going to view a few this weekend, get a taster and see how desperate people are to sell.

    I think houses are overvalued by at least 30%, I think a vendor will swing for me if I said that to their faces!

    Any advise?

  7. A large amount of debt is now held by people in their 20's and 30's..

    Speculation that people are waiting for prices to drop does not reflect how many out there now hold too much personal debt to embrace a mortgage.

    The debt crisis has not only hit homeowners..

    Who out there believes that most out there waiting to buy would be in a financial position to do so even at normal house prices??

    Has the debt burden started to cripple the market for people who have not even entered it yet...??

    You can't argue that in times of managed low inflation that those holding massive interest only mortgages are not doomed..

    but those who don't... are they also saturated in debt?

    It does appear that most people, home-owners or not, are carrying an increasing amount of un-secured debt.

    Personally, I owe very little on my credit card and in the past year have managed to save a good chunk of my disposable income. I'm am just about to take a nice pay rise, so effectively, i could go out tomorrow and buy a 1 bed flat with a 95% mortgage, but no way! That would mean i'd have to borrow about 5 times my income!

    I'll hold out for another year or two, have a very nice deposit and wait until someone is begging me to buy their home!

    I'm only 21, so i'm not in a great hurry.

  8. So why don't you go and sit in the corner and count your money and stop boring us with your suburban blandities.

    :)

    Well said rent girl.

    Landlady, why do you begrudge the oppourtunity for young people to buy a home at an affordable price?

    I don't really give a damn about your opinion anyway, you just enjoy the power you have over your tenants. I'm sure you get a real kick out of it.

  9. There hasn't been a great deal around the last couple of years, but I seem to be noticing more on the market at the moment.

    I don't know if it's because people who were going to develop are getting cold feet and are opting to sell the land instead of building a house then selling it.

    There are a couple of new builds around my area which have been built and put straight on the market at ludicrous prices.

    One such has been lying empty for months. 3 bed chalet det bungalow priced at 275k (east kent). The builder hasn't even made it look tidy, all overgrown weeds on the driveway!

    I'm thinking about building my own house when the cycle reaches its low. Bring on the cheap plots!

    I hope they come down as the value of the house you *could* build on them decreases.

    Is this the best way to get your "dream" home?

    I'm not planning on building it myself btw.

    I'm also looking to do the same in a year or two. My dad has done a couple of self-builds (brickie by trade). I've grown up living in temp accommodation (a caravan on site!).

    It's definately the way to get your dream home. You can design the house to meet your needs. Have what you want where you want (finances pending).

    My Dad was 26 when he done his first self build, he has challenged me to beat him on age (i'm 21 at the mo). I'm in the industry (Q.S by day), so finding subbies isn't a problem.

    Best of luck Adam, i would definately say go for it!

  10. Having lived and worked in Australia for a short time a couple of years ago (for an big electrical goods retailer), I can see big problems ahead.

    Those Ozzies are big consumers. The amount of goods they were buying on credit... Bar-b-q's (i'm talking $3k barbies!), plasma tellys and cinema projectors etc. American fridge freezers.... Holden Ute's, 4x4's.

    Madness!

  11. Hi Pye, welcome to the forum.

    Not too sure what i'd do in your position, but it sounds like you've thought it out and if you can afford it, then go for it.

    How much was the flat originally? Could you get it any cheaper? Be as cheeky as you possibly can be. You may be able to knock off another 10k.

    I am not going to try and persuade you to change your mind, if I had the money and could get the mortgage and liked the property I expect I'd go for it. But only if I thought I was getting value for money.

  12. Second that man!

    I have moved to Oz and back again. Been back almost 2 years now.

    Once the rose tint on the specs has faded and you try to find a job, you realise it's not all it's cracked up to be.

    Everyone I know who has moved there may go there and be mortgage free, but you can't live off the equity from your UK home forever.

    I was in WA where HPs are much cheaper. The BTL brigade were in full swing there and snapping up anything and everything. I remember hearing a stat that 12% of the population had a BTL in Oz compared to 2% in the UK.

  13. Sorry guys if someone has already asked this, but with all this talk about interest rates in the states going up, what does everyone think will happen here?

    Do you think the MPC will raise IRs this side of christmas? Surely that would be no good for the high street?

    Your comments please...

  14. How can people say that house prices will rise when interest rates are cut.

    All the people that had MEWed and fuelled the consumer-led economy over the last few years are in debt way over their heads.

    Surely they cant borrow anymore and therefore cant spend anymore?

    In my opinion, this can only led to job losses on the high street, which will lead to job losses in the factories and so on...

    The housing market is not moving (well it's definately not in east kent), this may be due to the fact that EAs are still advising vendors to ask for unreasonable prices.

    But there will come a time when people start losing their jobs and are forced to sell their homes regardless of interest rate cuts or not.

    Maybe i'm wrong. But I can't see much else happening. The economy has boomed and where there is a boom, surely there must be a bust?

  15. Still cant admit it can you guys.

    Be adults. Admit there are opportunities EVERYWHERE.

    Unfortuantely, we're not all budding property moguls like yourself.

    Some of us just want the oppourtunity to buy a house. Hence, why we want the market to correct.

    I don't disagree that for some people there is still money to be made, but at this moment in time, that's not my concern.

    Well done you. Pull the ladder up Jack, I'm alright.

  16. I am too young to remember the last crash, but from what I have heard and read, the market was always being talked up then, as it is now. ie "House prices will rise by 7% next year", "the market will not crash" etc etc.

    I'm trying to ignore all the bull**** talking up the market, but it's very hard. It's makes me angry that people can believe that high prices are here to stay and that "youngsters will never be able to get on the ladder".

    I can't wait for the forthcoming correction, just to see the look on some people's faces when they realise that I was right.

  17. It all makes worrying reading for myself as a wannabe FTB.

    There is no way I could afford to get on the ladder now at current prices. Something has gotta give over the next couple of years, I think prices will drop 30-40% (well I hope so). If all goes pop, I'm hoping to buy in late 2007, and will have a nice deposit.

    I know a couple who bought a two-up two-down house in late 2003 for 80k. They have just put it on the market for 125k. And they are looking at a house that is on for 235k!

    Bear in mind, their combine gross income is about 35k and they have 40k equity (if thy get 125k for their house).

    This is just pure madness. Unfortuantely, when I try to explain this to my missus, she says not to be so horrible.

    Am i right in thinking a £200k mortgage costs about £10k per year to service alone?

  18. Hi

    This morning I have heard someone assert the view that all else being equal (to the extent that two properties can be compared), bunglalows command a premium over houses.

    I must admit this was news to me.

    Firstly, I'm interested in whether this is a widely accepted view.

    Secondly, I'm interested in any reasons why this is (or might be) the case. The possible reasons offered in my conversation this morning were:

    - Lifestyle advantages

    - Better structural integrity versus a house

    - Demand created by people not wanting stairs (e.g. families with disabled members or people of more mature years).

    - Desirability of not hearing people walking above.

    All views/analyses welcome.

    Thanks in advance,

    Richard

    It does seem that bungalows do command a "premium". My dad is about to build a new bungalow (in south east), the area is very popular with OAPs moving to live by the sea and they all seem to want bungalows.

    The plot could have got permission for a house or chalet bungalow, but it is likely to prove much easier to sell a bungalow, due to the fact the it attracts the "grey pound".

    Also, build costs tend to be cheaper, so the margin is more attractive to builders'.

  19. Evening everyone,

    Not too sure if this has been asked before (apologies if it has), but are there any EAs posting or lurking around? I'd really like to hear what an EA really thinks the market is doing. I know a couple of lads my age (early twenties) who are EAs, and they really got on my ***s when I ask them what they think the market is doing (haven't seen them out for a while, they must be struggling trying to pay off the finance on their brand new Audi A4's!)

    I've now been coming onto HPC for about 18 months. When I first started reading, it was extremely bullish, but as the days and weeks have passed, it really has become a bear's paradise.

    What's happened to all those bulls from pre- new forum? Have their PC's been repossessed by the baliffs yet?

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