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House Price Crash Forum


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About KickThemInThePant

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  • Location
    Deepest Darkest Yorkshire
  • About Me
    Whippets, flat caps and black pudding. <br /><br />Being polite and friendly to complete strangers.<br /><br />Saying "By eck!", "Ruddy ell!" and "Eee by gum!" whenever possible.
  1. Similar thing has happend to me recently. Sold a house with estate agent 4 years ago in east yorkshire. Suddenly have been receiving unsolicited phone calls from the same agent to see if I am "still interested" in buying a property. Must have dug through 4 years worth of records to get my number! Sounded desperate on the answerphone messages. Sounds like it's going to be a bleak winter for estate agents and car salesmen.
  2. Not sure which country you live in? Can you seriously imaging that a 999 call to report "someone writting rude words on a temporary estate agent sign" would result in a police fast response decending on 21 Acacia Av? To clarify: It is big and it is clever! Even the fuzz agree!
  3. Class! How about adding: "Closing Down Sale"
  4. I recommend carrying a marker and white masking tape to change TO LET signs by adding an i. I also recommend defacing other estate agent signs: e.g. SALE AGREED ...simple alter to: "SALE AGREED by thick s**t" or "XXXX AGREEDy bas***d" or FOR SALE ...simply alter to FOR fu** SAkE Adding the asking price gives an even better effect: £195,000! FOR fu** SAkE Anything really that: (1) gets on the estate agents ti*s (2) brings the neighbourhood down (3) causes people to think twice. Other suggestions please.
  5. Not sure on the voting, but recon there was probably a concensus that a rise 0.5% was need, but that some bright spark suggested staggering it over 2 successive months to avoid panicking the masses. 0.25% next month is a done deal. Following Blairs departure announcement can anyone think of another smokescreen for next months MPCs decision? How about "PM answers questions from War Crimes Commission?"
  6. Or otherwise: "Softly, softly, catchee monkey" Catchphrase of Mr Moto [aka Peter Lorre] e.g. The Mysterious Mr. Moto (1938) Knew that my late night (i.e. too tired to even get off my bum and go to bed) TV viewing would count for something one day!
  7. I know of just such a place in the Scotish Highlands. It's a bit hard to find on a map, but it's called Brigadoon.
  8. Deep down, I think you know the answer to that question. Certainly my opinion on the topic has always been plain.
  9. Variable rate, fixed rate the issue is the same. Sure people who took out a fixed rate mortgage a month ago will not be affected in the near term, but what about people considering a new fixed rate mortgage now? Repayments will be more now than they would have been if they took out the same mortgage a month ago, meaning that a ftb or anyone else can now afford to borrow less! There are really 2 issues here: 1) the effect on house prices, if people can now afford less then they will have to offer less. 2) protection against negative equity. A fixe rate would be sensible but on average people move house after 4 years, so where does this leave somene who bought a house for £100,000 which could be worth £75,000 in 4 years. Negative equity prevents people from trading up as there is no capital left just debt. Personally I can't think of a worse investment at the moment, except perhaps a timeshare in Lebannon.
  10. The media have downplayed the impact of rate rises, by stating that a rise of 0.25 will add about £16 to the monthly mortgage repayments of a £100,000 loan. Lets assume a ftb could have afforded a £100,000 mortgage based on monthly repayments of £576, given a mortgage rate of 4.75% (i.e. 0.25% above base rate). Now given a 0.25% rise in their mortgage rate (to 5% again 0.25% above base), the same ftb can now only afford to borrow £97,500 based on equivalent monthly repayments. Similarly with another 0.25% hike in the near future the same ftb could only afford a mortgage of £95,100 given the same monthly repayments. It is this figure which is critical not the amount extra a person will have to fork out each month. Money is finite, it doesn't grow on trees! In short, with just 2 interest rate hikes the average ftb will be able to offer about £5000 less for their first home based on their monthly salary. Surely it is the amount that ftbs can afford to fork out of their wallet each month that counts, which if anything has fallen recently (given the price of petrol etc.) and not the amount that banks are prepared to lend. When buying a house the first question is "how much can I lend?", the second and more important is "how much can I afford each month?" It is the second which determines house prices not the first. Of course the same also applies for people wishing to trade up. Comments welcome
  11. I think your colleague is bang on the money here. Personally I don't give a stuff whether some of the images were staged. The fact is that the 'actor' depicted in one of the photos was holding a dead child. Whether or not he is an actor is largely irrelvant, the fact is that this kid is dead. Just checked out the link for this expose, the website is simply a Jewish resource site which propogates hatred and antagonism of Muslims. The lates addition being massive series images of the prophet Muhammad. Undoubtedly intended to cause offence and outrage. Personally I'm agnostic so no axe to grind here.
  12. A few key points from the meeting: "official interest rates....modest rise in rates over the next 2 years" MPC may take "whatever action is necessary" (not to be constrained by fears regarding house prices) Regarding impact on first time buyers: current ratio between house prices and earnings to blame, raising interest rates will have a secondary effect "prevent runnaway house price inflation" "great deal of uncertainty about stability of house prices relative to earnings...might be some downside adjustment relative to earnings" (but not concerned as bad debt currently relates primarily to unsecured lending not mortgages) "next few months up to the Christmas period...50:50 chance (of change in rates)" To summarise: 1) We are now warning the markets that we intend to increase rates again before Christmas, but may change our mind if peace suddenly decends on the Middle East and oil price fall. 2) We currently intend to make further rate rises over the next 2 years and have already factored this into our forcasts. 3) This is likely to have an impact on the housing market but this not our primary concern nor responsibility. 4) As long as the masses can still meet their mortgage payments we will not desist from increasing interest rates. Problems with unsecured debt are likely to increase and should be resolved between borrower and lender, the MPC are not to blame for their stupidity. 5) A correction (crash) in house prices may well occur which will benefit first time buyers in the long term. Let the media try to put a positive spin on this one!
  13. Absolute rubbish! How can you be onto a winner if you are stuck in negative equity for 10 to 15 of these years, therefore cannot sell in order to chase better jobs elsewhere? Most first time buyers can now only afford poor houses in poor areas, if they are lucky! Which if they do buy now will probably be stuck in for the best part of their working lives, paying a rediculous mortgage each month, unable to move around, unable to fulfil their true potential and having to make do with dead end jobs just because they are within travelling distance of their sh**ty 2 up 2 down house. The futures dark, the futures a house price crash.
  14. Glad that it was pinned. Yes, the graph I put together is based on figures from Nationwide which is the same source as the 'you are here' graph. Both use exactly the same data for average house price, although my graph simply divides this figure by average earnings during each quarter. Very simple, no frills and not open to manipulaton. To be honest the results were not what I wanted to see as I would like to buy my first house in the next year or two. However it looks like the crash has a long distance to travel before we reach anything like the average price to earnings ratio. Perhaps 3 - 4 years of continual falls before it reaches an end, even though it has already started. For a first time buyer to buy a house in then next year or two would be foolish in the extreme. Sorry for anyone else in my position but that's the simple truth.
  15. Ohh.. burgeration! It's time to leave the country me thinks.
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