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House Price Crash Forum


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Everything posted by teddyboy

  1. Why is it, when you offer UNDER the asking price its SILLY and when they over price by 30-40% its NOT!???????? Why not ask - "Cmon, whose been offering REALISTIC prices?
  2. Just look at my signature - it says it all! I believe that the EA's are getting found out when they GROSSLY overprice asking prices. The clients expections are falsly high. If they put them on at last sold +/- market conditions there would be a drop from 10-50%!!!! The truth is - a house is only worth what someone is prepared to pay for it i.e. the last sold price. Its all a load of bllox. The houses that are dropped 30% of asking haven't lost a penny as the expectations are too high. YOu have lost nothing at all - and dont forget when you guy your house use the same philosophy - seller then become buyers you know. That drop of 0.1& is probably based on the selling price - not the asking price so if a house was 20% overpriced in the asking price then its actually dropped 20.1%. CRASHING? - Put your house on the market at the highest valuation or even lowest and see what offers you get - expect MASSIVE REDUCTIONS!
  3. Hard to judge with it being the Euro but from what people are telling me - Southern Ireland is a beautiful place. I think this is contributing to the high prices. With the horror stories we hear about buying property in Spain and France I would be interested to know what proportion of house sales are for second homes? I agree that if interest rates are rediculously low then this promotes spending NOT preventing it. The arguement is weak that if you put up interest rates it will stop spending and be damaging. But if you bought on a credit card you are spending money you dont have anyway?
  4. Love the way it is worded "Prices can go down and up. So you could pay MORE to buy extra shares. You may be forced to SELL at less than what you paid initially. SOunds to me that they are on a win-win and the buyer is on Lose-Lose! Not only are you paying a Mortgage AND rent you also pay a SERVICE CHARGE!!! The even keep it at £120,000 instead of £119,950 so you have to pay £1,200 Stamp Duty! ABSOLUTE RIP OFF!! Stay well clear!
  5. Believe it when I see it. I think the best Investment will be a franchise of McDonalds, coz there will be loads of cheap labour when the economy goes tits up!
  6. Id say its probably marketed for £270,000. So pay £200,000 maximum. In in my area did exactly this - dropped 70k in 9 months - well didnt drop, the EA's got FOUND OUT! Best advice is get autoroute or an AtoZ and get prices off www.houseprice.co.uk for all houses sold in a 1 mile radius - this should give you a getter idea of what its worth. You DONT have to offer more than the last sold - its a declining market!
  7. Theres been a few shootings and stabbing over the past few years - shooting was in Belgrave Street and some poor sod 3 doors down had their house up for sale at the time - think it was withdrawn in the end. Anyway I have seen some of these all along the top end of Aigburth Road ranging from £125,000 to £175,000. These houses are small terraces FGS. That's not the point I was making though. How can the different EA's have a price difference of £50K on a TERRACE, in an area that is literally 2/10 of a mile? I know the prices will drop and I know I will get a house for a "fair" price. But certain EA's are starting to wind me up big time - If I see a house that I like with a certain EA I WILL NOT GO AND BUY IT. If I like it I will go and visit the house myself - I personally don't want anything to do with them. They are destructive to both the buyers and sellers imho. Dya know what really gets my back up tho? They over-price by 40% on last sold and its OK but if I put in an offer of -25% they say its cheeky. Keep getting the Liverpool ECHO coz I think you might find me on the front page soon with the headline "Estate Agent needs operation to remove testicles from anus!" Man arrested. :angry:
  8. Just been reading parts of the Times supplement "Bricks and Mortar" and had to read a few things twice. Not coz Im thick (although thats a matter of opinion) but because I didn't know how to interpret a comment. I will type is VERBATIM and you decide. P2. FOCUS ON THE FACTS BEHIND THE FIGURES House prices fell by 0.2% in the South East last month The counties of Beds and Bucks were the worst hit with 0.5% falls. House prices in Ingatestone, Essex, have dropped to realistic levels to motivate buyers. Previous overvaluing of properties has led to this reduction. (Hometrack) WHAT ESTATE AGENTS SAY: Prices have fallen in the past few months, improving the number of sales. However, buyers are still offering 5 to 10% under the asking price. OK the starter for 10 - Just concentrating on the bold text. Hometrack saying what we all know that prices are overvalued. But the Estate Agents remarks could be read in 2 ways. 1) However, buyers are still offering 5 to 10% under the asking price. (They are surprised that people are only offering 5-10% under the asking price)? 2) However, buyers are still offering 5 to 10% under the asking price. (They are disgusted the people are asking this much under the asking price when they've already knocked 50p of the asking price)? Whats your take on it - explanation 1 or 2? 2nd quezzy! Page 21 FLAT RACE WINNERS I presume this section is a tipsters - your on a winner here section. Chelmsford Essex 1 bed flat for £169,995 with rental returns from £130 a week. I worked out that on IO at 85% it would cost £566.53 2 year discounted rate 4.74% then £669.32 at 5.6%. the rent at the starting stage would be £563.33. This does not sound like a good investment to me or am I missing something? Also where would you get any profit to maintain the flat and also put aside for the purchase after 25 years? This is IO mortgage? My brain hurts
  9. I cannot - for one reason only. The dont give a damn about us - they are happy seeing us pay 30-40% over the last asking price and get into another potential £50/60K worth of debt so they can make a couple of hundred quid! They have made their bed - NOW sleep in it!!!! Should have shitloads of cash saved anyway, the money they have made the last couple of years! BUT, there are 1 or 2 honest EAs but they certainly AINT in Liverpool! You comment on stocking up in good times? They have continued increasing prices in my area for 4 years through nothing but greed. They should price according to market conditions - they dont seem to understand that price CAN come down. I just hope they realise that their income WILL come down to state handouts unless they correct the market. Its up to them, as I said earlier If they can't price correct then let them all go to the wall!
  10. I believe the 400% is distorted because a lot of wasteland or run down areas were bought for buttons and renovated into "luxury apartments" therefore a massive price hike. We must not lose view of the fact that EA's are still in denial and trying to ramp prices up ALL the time. I'm with R_F_D on this - a 22 y.o. salesman who does not even know the meaning of life. This is not SPIN it's ignorance. But, why oh why oh why do they only get the views of EA's? Surely someone from the planning office in Manchester is far more qualified to give a reason for these figures (which I do not doubt)? But as R_F_D says "its better to be talking about it than not at all" - I think this will shock more people and substanciate the view that prices are a joke.
  11. Can't see this being a bad thing myself. As long as there is a criteria. IF they are choosing low risk borrowers they are obviously sensible with money and would not borrow based on the monthly payment but the debt as a whole. If it was open to every Tom, Dick and Harry then the houseprices will rise because silly people will borrow based onthe monthly. I shall be keeping my eye on this one.
  12. Sorry guys for breaking a rule but as I said in the post - it's really making my blood boil now! :angry: Was very wound up yesterday. Actually sent a complain to the ASA over a misleading advert, so was already on a rant! I will try to restrain myself in future. (Remembers: Engage brain before I start typing)
  13. I just CANNOT believe what robbing b*****ds some estate agents are - on the link below there are a multitude of houses that are quite frankly having a laff!!!!! Hope these feckers go under big time - the branch that these are from has already closed - wonder why. Bear in mind its Liverpool - Average wage about £19K (approx) and according to the latest figures from Septembers Rightmove  Avg. Price Sept 05 £166,510 Avg. Price Aug 05 £168,183 Monthly Change -1.0% Avg. Price Sept 04 £154,463 Annual Change 7.8% But this is from a Hometrack report I PAID FOR in June 2005 on the area of this EA. The house in Elmar Road - One has just sold for £199,950 - It is extended side back and front and has a conservatory - absolutely spot on house. This one for sale is still the 1930's build and apparently the front room is a bar (I sh*t you not!). http://www.worrall.co.uk/AigburthWeb/AIG200.html try these as well - all f*****g RIP OFF!!!! I try not to swear in my posts, but these b******s make my blood boil!!!! (apologies if I offend but if your an EA? - **** OFF anyway!) [ Unacceptable text removed by moderator ] Unless someone can do better.............?
  14. Interesting theory Dicky!!! Will look into this - looks like all the people who borrowed at the 3% low are struggling with the crippling amount they borrowed. Unfortunately people look at the monthly repayment and not the whole picture. GOOD SPOT!
  15. Agree totally - see this post on thisismoney for my recommendations Re: House prices - who to believe Posted by: Teddyboy on 29/09/05 at 10:15 PM I agree with all of the above but ther are a lot of things going on that can be interpretted differently by some 'bulls' and 'bears'. I come under the bear/realist category. The number of mortgage approvals are up. This is because of a few things. There are a LOT of remortgages from 2/3 and 5 year fixed deals coming to an end. I have got a mortgage approval so IF I see a house I want I can go in with a low price and entice them that it could be completed within weeks (A very good selling point). As it stands I probably WONT buy yet, but sometime that little gem pops up. People are buying houses - YES there are sales, but only for the ones who are prepared to lower their prices. As it stands there a lot more holding out for a better price (dont believe they will get it tbh). Housing selling is not an indication of the market picking up. It could actually be the opposite. More people are selling their houses at REDUCED rates (realistic prices more like). This goes down as a sale. From a BULL point of view you will get "demand is strong - lets put the prices up". From the bears you will get "Yeah, but 1 sale in a month - big deal what about the other 65 on your books?" From the realist point of view - this is good. As a bear I know that the only way to get the prices down to the level I believe they should be at (-20/30% of ASKING PRICES) you have to buy the house at reduced rates and FORCE the market down. The best indicator you take is this: What are they asking? £180,000 What was the last sold and when? £155,000 (Jan 2005) Whats the market condition? POOR Whats the Indice that reflects the true selling price? LR maybe? My view is I WILL NOT BUY AT A PENNY MORE THAN LAST SOLD. The market has been declining for 18months - how can you justify the 25K difference in a falling market? I would then say that the last sold was q1 2005 then if there was a drop of 0.1% in q2 and 0.2% in q3 then I would offer £154,000 as a ceiling price. I then would look at other similar properties for that area on www.houseprices.co.uk and see if that initial £155,000 sale was irregular. You dont have to pay the highest ever price for every house. If this house is extended or a 'bit special' then that is probably a fair price. You will know what is fair. My opinion (of course I have one) is that house "selling prices" will fall about 10% over 2 years. The asking prices, in my area anyway are still 30-40% over the last sold price. So EA's in my area (L'pool) need to get their act together. When you hear people say they will fall by upto 40% - in my area thats just putting back to the last sold price and therefor the house has actually not dropped at all. People will say "40% they will never drop that much?" Yet when EA's put an asking price 40% above last sold - nothing is said. Funny that aint it?
  16. Pretty clear after reading the article today - its in relation to the Nationwide press release and tbh is nothing to write home about. I believe that this is a PLEA of desperation to get an interest rate cut. I actully had the paper on a work desk where loads of people passed and the amount of people who's eyes nearlyy popped out!!! "HOUSE PRICE SLUMPS!". The room smelt unpleasant for some time I can assure you I still got the usual - "well they aint gonna drop much" I just replied. "And that opinion is based on what?" 60% answered "Property always goes up" (KNOBHEADS) 20% said "I read/seen that Mortgages are up and its recovering" (BELLENDS) and the rest said "It just wont" (F**KWITS!). I then spouted to one about the economny, debt, inflations, asking prices, Market conditions, Offers from builders, Reductions etc. She walked out with tail between legs It's gonna be a long road ahead - the worlds full of sheep!
  17. This sums up Britain today!! :angry: Just Borrow and if it goes tits up - never mind I'll be unemployed and just claim benefits. How the hell can they borrow £9m on property and say £52,000 a year is a good return. Im going down to NATWEST tommorrow and borrowing £9m and putting into a high interest savings account - bet that makes more! The fact they have borrowed that much is amazing when a FTB when asking for £100,000 has to get a 125% mortgage over 30 years and questions are asked? The banks are gonna get stung - the basts will pass it onto us though!!! What a F00KED UP COUNTRY WE LIVE IN
  18. No offence taken mate. I agree though there are so many threads on this board lately we do need to keep them better organised. Did not want to promote a messy forum Thanks for the links though - can read them myself now
  19. I think its quite sad really. Although I am MADE-UP that the building trade is suffering (Only because its a great indicator of what's going on) I would also not like to see anyone out of work. I am being DEAD HONEST NOW - That statement is true, but if an Estate Agency went bust I would p**s on the owner once he locked the door. He does not give F**K about their customers when he is putting them up-to-the-hilt in debt, so why should we reciprocate? Anyway, apart for EA's. I genuinely do not like to see anyone out of work. There is a small point I would like to make though. All this could have been avoided if it were not for GREED. All new builds could be sold for 50% of the asking price and the builder STILL make money (IMHO). All Estate agents could do the same (A £180,000 house at 1.5% fee is £2700 if it sold for £90,000 they would still make £1350) If we use YoY figures I bet that's a bigger fee than 2002/3, so their money has risen. Greedy basts want loads more though. Unfortunately, I find it hard to sympathise with these greedy b******s - they have got what they deserve but there are so many other normal workers who are suffering. As far as I'm concerned this greed means their businesses are at risk - they got us in this mess and I believe they can get themselves out. If they can't be arsed dropping prices then let them rot on the dole!!!! (AS far as the builders/working class people go - you have my full support - Good Luck to all of you)
  20. This relates to SIPPS - whilst in theory it looks like a no brainer. Insurance and Pension companies are complaining about this and the general concensus is - Its a bad move!!! There is a link on this board somewhere about it. Might be an idea to start a thread - What is SIPPS and is it a threat to the FTB? Im sure Dr. Bubb and co will know a lot more about this - but from what snippets I have read only a fool would release their pension to property at the moment. Problem is we have a world full of dickheads
  21. Could well be this?? DAILY EXPRESS But there is also lots of other NEGATIVE press ... sorry HONEST reporting. BEAR CANDY AT ITS BEST!!!!!
  22. I have not got an issue with the housing market and the rate at which it is declining/rising. I would love to see the housing market healthy again - BUT AT SENSIBLE PRICES. These prices are putting on 'hold' the lives of hundreds of thousands of people. If the prices pummetted 50% at 12 O'clock tonight it will affect quite a few people but I believe it would help A LOT more. We dont really WANT this scenario. Reading BULL**** websites, sorry BULL websites - The BTL brigade are waiting for the prices to drop and buy up all the rest of the stock so as far as I see it we need consistent drops. If BTL was BANNED then I think we can get it healthy again but Investors are buying all the cheap stock. We need a massive flood of cheap housing, consistently dropping so as to scare off a percentage of the BTL vultures. The positive side to a massive drop is that it will then be CHEAPER to buy than rent - therefore getting rid of most of the vultures. But this AINT gonna happen. IT IS HAPPENING! I JUST HOPE THAT THE PUBLIC STOP BELIEVING THE VI HYPE!
  23. Sound advice!!! Will look at a settlement figure. As far as their ISA - not sure they do one but their savings account performs a lot metter than my ISA :angry: Is there an ISA that has better return than this savings account? I havent seen one tbh. I am saving on average £1,000 p.c.m. on a regular basis often a bit more if I have overtime. I know this is a bit silly but If I paid off my loan - I would be £221.00 better off each month. But I would feel as if I was going backwards would jump from £11,000 savings to about £7,000. This means I can save £1,250 a month. Its psychological I know but I am hoping to buy around summer next year. I like the fact that IF I have a big deposit (GF has about £13,000 also) I would be in a strong position to offer a really low price if I get a mortgage in place at 80-85%. Any advice on investing £11,000 would help but I have £6,000 in an ISA and have used my allocated allowance this fiscal year. TIA
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