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red

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Everything posted by red

  1. They will all buy their own places when the crash comes! It's all about AFFORDABILITY.
  2. I agree - lenders have been bending the rules to throw money at people for so long now (exceeding imcome multiples, giving out self-cert/non-status deals, etc.), but that party is definitely over!
  3. Indeed...and when people realise they won't get self-cert/non-status mortgages in a packet of Cornflakes any more, there'll be even more interesting reading in the New Year...
  4. Why plumbing?! Not that I have anything against plumbers, of course... No, I work in the entertainment industry. Nuff said!
  5. 1. Basic Salary (self employed) between 80-90K 2. Non-regular/other annual income - nil 3. Income from Dividends - no more than 200 p.a. 4. Annual Rental Income (if landlord): nil 5. Income from other investments: nil 6. Capital currently in property: 280K 7. Capital currently in shares: £300 8. Capital currently in commodities: nil 9. Capital currently in other investments: nil 10. Cash in bank, savings, ISA, etc £50,000 11. Annual gross interest earned on savings (if significant, e.g. STR's) 2K p.a. about to STR...!
  6. Hmm, same old bull hysteria claiming that this site is full of people wanting a crash and that we're all nasty, money grabbers profiting from the misery of many. Thankfully another poster points out that the same accusation can be levelled at those responsible for the boom, profiting from absurd price rises, so why should they complain when prices fall - lack of punctuation in the post very annoying, though!
  7. damn, missed her. What did she have to say for herself? Did she open her Sloaney mouth and put both trotters in? I still await the hat eating she promised us...
  8. Thanks, I TOLD YOU SO, but I think selling my house, moving tons of gear into a small, rented flat waiting for a crash to happen is a big enough gamble..!
  9. Ah, if only. And Arsenal will win the Champions League...!
  10. I agree - I was proposing a scenario that BLTers are hoping will justify their investment during a crash. However, you do acknoweldge that rents may rise a little..?
  11. I was thinking more about BTLers dumping stock, not O-Os. I ancipate a glut of properties onto the market in Spring accompanied by price drop as sellers panic.
  12. I will (hopefully) soon be sitting on cash from sale of my house and just wondered if any of you chaps could suggest a good way of maximising return on it. I'm a top rate tax payer which will hurt, so best rates would be appreciated! cheers in advance, red
  13. But what if BTL ers start dumping stock and STRs increase waiting to buy back in? A decrease of rental properties available and an increase of potential tenants=RENTS GOING UP. THis is where I feel some landlords will be looking to make the most of the forthcoming 'slowdown...'. Yields could go up, softening the blow of Capital loss. I speak as someone about to join the STR legion, by the way!
  14. I am experiencing a perfect example of vendors in 'denial phase' right now! My house went on the market last week for 245K and I've just accepted an offer of 240K. Not bad, I reckon. However, 3 DOORS AWAY, the vendor of AN IDENTICAL HOUSE, on the market for 3 MONTHS, is sticking to his 259K price, determined to get a price he may have been able to command 6 months ago. (Nobody in their right mind would cross the 250 thresh-hold, so he is prob. holding out for 249..) I think this amply demonstrates the refusal to accept that prices are on the way down and this guy will be lucky to get 240 in the New Year! Any other examples of such denial out there..?
  15. It seems to me that this current situation is not driven by interest rates alone; it's essentially about affordability and FTB simply can't afford to buy property. Also, the confidence factor has evaporated - the mode of thinking has been: "buy while you still can", "don't miss the boat", etc. fuelled by bullish players like Allsopp & Spencer. Now, the buyers are drying up as they simply can't afford it and the thinking is: "Wait till prices drop", "rent a bit longer." So even if rates stay the same, I expect the market to fall...
  16. the other possibility, of course, is that there are a few wannabe STRs out there!
  17. I had a valuation A YEAR ago with a local agent and have recently gone on the market for EXACTLY the same asking price. I live in Southgate, a popular London suburb...good schools, tube, etc. but even I feel that I have slightly 'missed the STR boat', now. 3 months ago would have been better!
  18. ...because you're paying at 10 but where can you go from there..?
  19. I look forward to seeing: FOR SALE - fleet of Mini Coopers, 2000-2004. Only 180,000 miles, all urban driving. British racing Green (currently carrying 'FOXTONS' graffiti style emblem). Cherished by 19 year old public school boys who didn't get into Oxbridge so decided to jump on the 'upper end of the market' property wagon and have now fallen off. Will accept £3,000 for each car. No, £2,000. Oh, go on, £1,500. Oh god. It's a crash.
  20. As someone who is considering joining the legions of STRers, I feel that some of the criticism levelled against them on this website (not least by those claiming to be Kirsty Allsop/Phil Spencer) is grossly unfair and hypocritical. According to these critics, it's OK to be a BTL investor, speculating and benefiting from a rising market while leaving many FTBers unable to get on the ladder; yet when STRers look to anticipate a fall in the market, they are branded cynical and 'trying to manipulate' a crash. If you're going to play the market, be you a BTL investor or STRer, accept the risks of rising or falling prices and please, BTLers, don't try and claim any moral high ground on the issue - some of us just want a decent place to live, not 30 flats let out to students!
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