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House Price Crash Forum


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About Statistician

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  1. the most intelligent and articulate depiction of where politics is today and why the system so desperately needs replacing http://www.youtube.com/watch?v=c_IAI5THd-E
  2. We moved to Bromley more than a year ago. We even had a look at the properties in Trinity Village - shoe boxes. It depends which part of Bromley you choose to live. Chislhurst, is a very nice area but expensive. But Petts Wood, parts of Orpington, Green st Green, and Chelsfield are very nice too. The schools are exceptionally good, most are rated Good and Outstanding by OFSTED. Transport link to central London is excellent - only 15 minutes from Orpington to London Bridge on Fast trains. But, the prices (as well as rents) are generally 10-20% cheaper than comparible properties/area in the other outer boroughs of London. I genuinely do not know why.
  3. It is the same problem and exactly the same massege with the RBS.
  4. Why???? I wonder what is happening? Perhaps we do not live in the real world. http://www.nationwide.co.uk/hpi/historical/Oct_2011.pdf
  5. Yes, I appreciate your point. But at the same time I have to live somewhere. If I do not buy I have to rent. I have a repayment mortgage and make use of low interest rates. Imagine the prices go down another 10% (this is just an ASSUMPTION some might think it will go down more or less). I would lose around 25k. On the other hand if I rent I would have to pay almost 10k more on my rent compared with my interest payments for the same property. In this case, yes I will still lose around 10-15k given these ASSUMPTIONS, but instead my family will be in a better position than we are at the moment. Plus, I can afford it.
  6. Just to report on my house purchase. First just to clarify that I believe that house prices are still in bubble, but I could not wait any longer. I have been watching the market for almost a year mainly in zones 5 and 6 of the Greater London, inside M25. The areas I have been watching are known as middle class areas. Even in these areas I have seen great reductions in the last couple of months, sometimes up to 10%, in places like Bromley and Orpington which are mainly middle class. However, I have noticed that most of properties coming onto market in these area are those of the deceased or the one’s that want to downsize or move out of London. So, I seriously looked around for a few weeks and finally found what I wanted. I needed a 3-4 bed property within a price range of 250 to 300 thousand pounds near good schools and within walking distance of a train station. I found a house which is in good condition (only required some decoration) near a school that is rated as outstanding in the OFSTED report (a have a 4 year old kid) and is within 5 minutes walking distance of a mainland train station. It provides the space I need for my little family. The house was advertised/prices the same as the peak time. But my final offer was 10% lower than the peak time, around 2005-2006 levels, which I could comfortably afford. All in all I am satisfied with my decision. I know that the prices are going to go down further. But because I found what I wanted and know that I can afford it even if the interest rates go back to their long term average, I could not wait any longer. Here was my story. Just to point out again, from my observation even prices in the nice areas of London, middle class areas out of central London, in zones 4, 5, and 6 are coming down.
  7. I was wondering how/where I can find a solicitor who can do conveyancing properly without being a waist of time and money. I appreciate any comments/suggestions. Thanks guys.
  8. Go here to Radio 4 Prog Moneybox on the UK Housing scam http://news.bbc.co.uk/1/hi/programmes/moneybox/9538647.stm
  9. There are no hard and fast rules about this. Your approach is reasonable and common, but it does not mean that it works for every house/area/time. I, personally, take your approach, but do my homework/research before increasing my offer. I would suggest you to research recent sold prices of similar properties in the area. if you are rentling, calculate whether you would be better off buying or continuing the status co. If you are buying in a reletively good area, then the prices are more robust compared with the prices of properties in the less appealing areas.
  10. It's 2 minutes walk to a (mainline) train station, Southeastern Train, where you can get to the centre of London, Canon Street, within 30-35 minutes.
  11. This house, a 2-bed Bungalow is on the market by two EAs, look at links below to the relevant rightmove ads, but the price suggested/advertised by the EAs are ridiculously different. http://www.rightmove.co.uk/property-for-sale/property-34204124.html and http://www.rightmove.co.uk/property-for-sale/property-32908421.html?premiumA=true
  12. Very wise comment, I can not agree more with you. That is why I like this website
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