Hopeful FTB

A friend of mine has recently seperated with partner- they have 2 kids- selling the family home and splitting the proceeds and then they are both buying individually. Found out that my friend has self certified a mortgage- works part self employed for one company and on the books for another- earns about 30k a year and has had a 220k mortgage agreed without the need for any proof of income of any kind. I thought that this wasnt happening anymore- my friend is very pleased as they thought they couldnt get a mortgage - much cheaper than renting apparently. I didnt know what to say.

I have lived (and rented) in this bloody city of Brighton for 11 years (and will soon be leaving thankfully). Friends of ours split up recently and are having to sell the house they live in - it was valued at approox £350k a year ago- estate agents have advised them to put it on the market for £450k as a house on the street apparently tried their luck at the end of 2011 and sold it for 100k more than the rest of the houses were going for - thus napparently ramping up the price of houses on that street. Its a terrace, 3 beds, postage stamp garden BUT near a popular school (elm grove) What is it about this city? Its dirty, overcrowded, expensive, a crap place to bring up kids, employment is rubbish with average wages pretty low and its housing stock is fairly bad too- so WHY have house prices continued to defy the national picture. Rents are about 1300 for a 3 bed house per month too. I have waited, hoped, prayed for the mother of all crashes here but nothing has happened. WHY? :angry:

Proper.P*ss.Take. I have the misfortune to rent in an adjacent street at the moment and the area is really dirty, lots of students so noisy at all hours, rubbish in the streets and teeny tiny dolls houses that sell for crazy amounts. The world has gone insane and after 11 years of living in Brighton, being priced out and feeling like a kid with their nose pressed up against the sweet shop window unable to buy anything, I am getting out. soon. can't take it anymore.

http://www.wheelersestateagents.co.uk/property-search/1284/4+Bedroom+House+in+Hampden+Road+Hanover+Brighton/

There seems to be a phenomenon down here - prices seem to be going up as its as expensive as ever here- I think estate agents are putting prices up by say 15% and then putting price reduction on there advert thus reducing it to the original price if you see what i mean! I think that because prices have risen so much down here over the last decade, people wont accept less. Rents are also astronomical still and show no signs of abating. I have pretty much had it with living here! I want a "normal" life if such a thing exists and its virtually impossible for a family to live down here! Its making me bitter and I want to get on with my life- this country SUCKS!! Rant over :angry:

I was on the train this work and I heard this anecdote (I always thought people made stories like this up on here but I actually heard this this morning!)- man and a woman talking and she was talking about someone she knows who has a BTL mortgage & who didnt get it together to remortgage fast enough so ended up on the variable rate- his mortgage has gone up £500 a month!! His interest rate went from 4.19% to 7.19%. £500 a month is incredible- I complained when my landlord put my rent up £30 quid a month and that is the only rise in 4.5 years- £500 a month just defies belief in my eyes! By the way, this is in the economic miracle that is Brighton!

The amusing thing is that the BBC have now got this on their main page now instead of the 25% rise one- no confusion then!!

http://www.independent.co.uk/news/uk/home-...ees-878692.html Funny how this doesnt make the bbc news but that nonsense 25% rise one does!

I have been on this site since 2005 and been watching everything unravel as predicted over the last year - one thing I have noticed across the board pretty much is that whenever there is an article in the media that people can comment on online- say in the daily mail or the independent or whatever- the comments are pretty much always in favour of a house price crash- people seem tired of it all and just want some normality to return to the uk in terms of being able to afford a home without it being financial suicide- its very interesting as it also goes to show how deeply wrong and against public opinion Labour have it by trying to prop up this crazy market. Its also interesting that when there are articles about HPC which seem negative, the general consensus is that its not a bad thing anymore- that the media are wrong to portray it in that way. People are weary and maybe want a return to a simpler way of life. Just thought it was interesting and worthy of note......

Down here in sunny economic miracle land Brighton, the shops were packed yesterday! No problems down here apparently!

I was watching news 24 when they announced the inflation news- you could hear the news presenter in the background making a loud shocked noise- v funny!

Any pampered office boy who thinks they deserve more money than me just because they made it through university needs a reality check . I agree- I work at a Uni as a careers adviser and I can assure you that I see lots of students who have studied for a Phd but have no real work experience or life experience at all and often find it hard to get a job paying a decent wage after- sitting in a room on your own for anything up to 7 years researching often very specific subjects does not prepare anyone for the working world (Not all students are like this obviously but often those with an arts based sunject are!). Driving a lorry for a living is a stressful occupation and its true, they do provide essential services in terms of fuel and food delivery- wasnt the county 24 hours from a breakdown during the last fuel strike? Also, I wouldnt want to be stuck on the M25 or similar in traffic day in day out. Saying that, Nurses also provide an even more crucial service and look what they get paid but then you can say that about all jobs I guess!

I havent really been following what is happening in Brighton for a while- latest homes seems to have less property for sale in it and more to rent! But the BBC house price indicator reckons that brighton is still up 7% YOY which I do find hard to believe - I am still getting a lot of the "prices will never fall in brighton" speeches- anyone got any further insights?

As pleased as I am that the HPC is full steam ahead, I have to say that the adjoining pic of more soldiers mourning more dead in afganistan is somewhat sobering and does kind of put things in perspective a bit

Apologies if this has already been posted: http://www.independent.co.uk/life-style/ho...ust-838873.html What is a counter- cyclical market?!

Apparently someone has invented a method of converting water into hydrogen and has invented a device that can be used in cars to do this- has been researched and developed but the oil companies buy up the patents to these things and then shelve them! has anyone read Oil Apocalypse by Vernon Coleman- very dark but talks about the impending collapse of society- he says that houses will be worth next to nothing probably!

I was seething after listening to this although maybe I should laugh too as its such a sign of government desperation to keep this bubble going at all costs- however, I texted in (first time I have ever had the inclination to do this and it didnt get read out!) - WHY should people who have been stupid enough to take on more debt than they can manage be bailed out by the likes of me as a taxpayer, who, for the last 3 years, has been saving like mad for a deposit and paying off all my debts. My partner and I earn a decent combined salary but we havent bought as we didnt want to take on too much debt and basically couldnt afford much more than a poxy shoebox- so we have rented. You dont see people like us asking for government handouts because we have overstretched ourselves or cant pay our Bl**dy rent- its outrageous and makes me SO ANGRY :angry: However, on a positive note, I found this site in 2005 and have learnt so much from here- I now have a decent deposit and have nearly cleared my debts - so thanks!

Its getting really fascinating now- I too have been on HPC since aug 2005- ish and agree, its finally unravelling and starting to get interesting. I live in Brighton at the moment, probable candidate for UK's messiest HPC mess so keeping an eye on events down here!

I think there has been a lot of denial though since then- most people I know who own property down here are of the opinion that Brighton will never crash because of the london element- but then people who I have met who commute hate that too and thus its a vicious circle as they will never earn enough down here in brighton to pay their massive mortgages! The Argus has spent the last year doing its best to convice everyone that property prices are going to keep rising and rising- it just ain't happening anymore and it starts to sound ridiculous! As I said in the original post, its going to be such a mess!

Its surprising that The Argus is even printing stuff like this- just a couple of weeks ago they were ramping up the property market to an incredible degree! I have heard 3 tales in the last week of people unable to sell in the brighton & hove area- couple of the properties had been on the market for 9 months and a year respectively and one is in central hove! Its true what that comment says though, Brighton is built on credit and its all about to start crumbling!

The Argus front page today: http://www.theargus.co.uk/news/localnews/d..._bankruptcy.php Its going to get real messy in this town! (hope link works!!)

This article was on the IC wales site today: http://icwales.icnetwork.co.uk/news/wales-...91466-20079874/ What do they base this rubbish on? I was in wales at the weekend and had a look at the cardiff property pages- there are LOADS of new price signs on a lot of the properties for sale there. I guess though, 3.0% over 18 months isnt really HPI is it?! The other article I read yesterday was in the Independent but I can't find a link to it- basically a couple were asking a financial adviser if they were better off renting as they are paying £650 a month for a house in rent at the moment- the equivalent of £650 if they were to buy would be: 140k mortgage Interest only or a 121k repayment mortgage over 35 years- seriously, how is this good or sensible financial advice? What is the point of advising someone to take out an IO mortgage that costs the same as your rent in a market that is percieved to be dipping! It just amazed me- total media rubbish on both accounts that is starting to smack of serious desperation!!

"The £58k joint income argument works well in my opinion, it is a reasonable income, granted, probably higher than average, but it will enable the couple to get a joint mortgage for the average price of a house (£200k), but someone else on here posted that there are lots of couples who "aren't" on that joint income - but then again, there are lots of people who "don't" own a house (because they rent etc)." My partner and I earn about 62k jointly- however, I dont think that we can afford a 200k mortgage under any circumstances- we pay 600 a month in rent at the moment and that is enough for us! I would be reluctant to take out a mortgage over 100k to be honest with you- that could be why we are still renting as we would be looking at garage for about 100k in brighton which is where we live at the moment! And we have a child coming soon!

Things have happened so fast in the last week or so that I am finding it hard to keep up with whats going on- is the crash now cancelled?! Can I have an idiots guide please? I really dont understand what has happened - has gordon brown essentially ensured that HPI will continue unabated?

"Somebody get me the Mind Bleach!"