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House Price Crash Forum

Meg32

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About Meg32

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  1. I think you might be right there about the interest rates - keeps being little flurries about it in the papers but I'm now coming round to the view that rate rise not coming anytime soon. Agree about London weathering the storm better. Checking sold prices and comparing with prices of what's coming on the market and it's very patchy - some are letting instead and others seem to be determined to sell - friend been tipped off by another agent now about another property that can be had for substantial reduction that is not on the listing.
  2. Appalling - so they're looking for wheezes now to find 'affordable' loans to buy unafforable property - how about affordable housing instead. This is the kind of thing that confirms my view that the lending institutions are jumping on the short term gravy train yet again fees, sales commisions and the like. Makes me despair. This is all going to go pop big time in the future. Just like last time only worse.
  3. Frankly - no. There must be ways of verifying that mortgage holders have a fighting chance of actually repaying the mortgage.
  4. Bumping this up a bit - would like to hear what local (Ealing) folks think about what's going on in Ealing market right now, at the start of a tough year out there with job cuts and so on looming. For what it's worth I will put in what I know since a friend is currently house hunting (around 500k level). Agents seem to be indicating they don't know yet which way market here is going - one says they may see level market this year. Prices up to and exceeding height of market in 2007 by end of last year. (Not so in some outer London areas which came to a standstill last year, like parts of Kent.). Very few investors out buying right now. And whilst most properties in this range seem to be shifting reasonably quickly - unless unlucky enought to have deal falla through due to mortgage squeeze (not that rare these days) - there are some that are hanging about. Whilst most agents are advertising on details and listings any price reductions some agents are not - they are informing potential buyers rather than publishing it. At same time Londoners in general are probably well heeled compared to folks in other areas - quite a number of properties now for rent that didn't sell. And a number of the 'accidental' landlords from 2008 now selling up and getting money out now they've recovered the loss. And anecdotes from friends about some local London owners who are hanging on by the skin of their teeth with mortgages but will be in serious trouble if interest rates go up. So hard to figure out how much of a problem interest rate rises would cause in London. My own take is that this is going to be the year that will really matters in terms of which way the wind is blowing in the London market, especially as there might be a rise in interest rates. At the same time, I don't believe the government is going to do anything that will adversely affect house prices - they will avoid it if they can. And there are events that may go on outside UK that could influence house prices - what's going on in Euro zone is most immediate one. The sovereign debt issue in Europe is kicking off again and likely to get worse. Any thoughts/news from others?
  5. Maybe totally useless as I live in London. But one local agent that I know of does not recommend to sellers they reduce price on listings and details - if there is as reduction to be had, been on the market a while, then agent will tell indicate to potential buyers that vendors are open to offer and give some indication of amount. Presumably afgter agreeing this with vendors. I just wonder if this is a way of trying not to send out too many signals that some properties (not many, most have sold at or near asking price around here) are to be had for quite a bit under asking price. A way of getting these properties sold quietly without advertising to the world out there.
  6. Difficult one. I believe it is going to go down but it may take time. When Euro goes pop - which it will in some way or another - it will cause havoc here, and that will include hitting the London market. Not a lot coming on the market at the moment, and flats are proving very hard to sell - hit by mortgage squeeze for FTB's. So there are one or two bargains to be had if you are tracking price reductions. Transactions are well down now in Ealing/Hanwell area so not a lot shifting - big overhang of unsold flats - thousands - but so many sellers have convinced them selves that their property is worth what they might have been told by the agents who are toppy on price in order to get the business. It's a tough call - if you can get a bargain (more likely if you're looking for a flat) then you would have a bit of insulation from price falls, on the other hand no-one wants to be sitting on an assett that is worth considerably less than they paid for it. Especially if prices stagnate for years. I'm one of those who thinks that in five years time the house market landscape is going to look very different from how it is now - printing money to deal with the banking crisis has kept things afloat for a couple of years - but most people agree now that it didn't solve the problem. And the chickens are coming home to roost. Did you see Newsnight last night? if not, downoad it, worth seeing. And IMF produced another report last week on the ecomomy that (again) said UK property prices 40% over valued - but no sign of housing bubble popping soon. But something will push it off the edge - Euro debt crisis, interest rate rise, increased squeeze on mortgages. I think the only thing propping up the outer London market is some people's conviction that property prices can only go up and think they must get in/keep in in case they miss out. Brainwashed. Other places in the UK have seen big falls - with more to come. I am sitting it out now, after selling to rent in west London. At the end of the day, you need to make a decision based on what you think will happen - and I might be totally wrong. Who knows, when the well healed Europeans realise the game's up for the Eurozone they might all sell up and buy here to protect the value of their assetts - and prop the London market up like the rich Greeks did when they got into trouble. And, not forgetting that for some they would rather have a roof over their head, and having somewhere to live and not pay rent is more important than taking a hit later, especially if it's for the very long term.
  7. "unexpected..." - what planet are they living on? Do they actually read the newspapers?
  8. Wouldn't put him in charge of a raffle at a jumble sale.
  9. I only share my views with those who are like minded these days - or those who really want to know my views. Learned not to challenge those who are still firmly wedded to the fantasy that house prices only go up - normally folks who seem to consider reading the business section of a newspaper something for those with perverse tastes in how to spend their lunchtime. Unbelievable the number of folks who know full well the ecomony is in the **** big time - but think house prices are somehow totally detached from all that.
  10. Exactly right, the ECB will buy every bond from these countries if neccessary. They just are not willing to have a default. The only negotiation I can imagine is the ECB threatening not to buy unless the government comes up with some sort of minor austerity. But even that seems weak to me, because ultimately the ECB just politically will not allow a failed bond auction or a default. That's what they seem to have been doing so far. Worrying - how long can that go on for. There will be a default sooner or later, or something along those lines. The systems in place now, including austerity measures, are simply not going to be able to do the job. Euro's days are numbered, at least as we know it now. And UK banks are going to take a big hit on this as well, not pretty at all.
  11. The majority of London landlords would evict tenants if they underpaid their rent by more than £20 a week because of benefit cuts. http://www.insidehou...6511817.article Tough talk. Well, well, well............ if that many landlords are going to end tenancies and not tolerate £20 a week less - then they're just going to have to sell up, aren't they !!
  12. Even scarier, zero hedge seem to have answered my question. http://www.zerohedge...illion-previous So the ECB are just buying up these bonds. I bet they are the only buyer in town. Lord Preserve us, something very bad is about to happen very soon. I fear that's the case - something awful is about to happen soon. I just can't see how all the European massively serious debt mess is going to get sorted out - ECB buying up bonds is a short term holding strategy.
  13. Look at how much the UK taxpayer is in hock for. 244billion lent by UK banks. Scarey stuff - and the rest - Spain and the like. How long they can keep on bailing this lot out? I doubt the Euro as we know it is going to be around for long.
  14. Move on and look for a property where the seller knows the party's over.
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