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Everything posted by Van

  1. I've always got time for FP - he's a good bloke. I do think however that 10% YoY nominal fall isn't going to happen. More like it'll be down 3-5% for the next 3 years and general inflation will take care of the rest. We've had the spectacular blow-off in 2008. Now it's just a slow and painful grind to the bottom over many long and protracted years.
  2. I have mixed feelings about this. While I supported the minimum wage introduction, now I feel it is too much of a burden on a struggling private sector. Some jobs aren't worth £6ph. 2.5% increase is more than most people are getting, at a time when a lot of us are fearing for our jobs, and increasing the wage bill is only going to result in more redundancies. I'd like to see the NMW frozen for 12 months.
  3. Well duh. The 250k limit means it's virtually impossible to legally sell a house in the 250-280k deadzone, so houses that should be in this area get marked up nearer 300k. Don't see how that does buyers any favours.
  4. It's entirely the (last) government's fault that this happens, and they deserve losing out on all the tax revenue that they do because of the stupid stamp duty tax structure. A FTB going over the stamp duty threshold will suddenly need to find an extra £7500 in cash to pay the stamp duty,in addition to their deposit and solicitors' fees. No wonder buyers struggling to amass a deposit try everything they can to avoid it. I'll give you one guess who introduced this stupid 3% tax threshold at £250k.
  5. Like it or not deals of this kind are common practice, and so long as it's a private agreement (ie does not appear on the contract) then there's nothing the inland revenue can do about it. A workable practice for the seller is to instruct the EA not to release the keys to the buyer until the cash funds have cleared.
  6. Subject to Conclusion of Missives http://www.acronymfinder.com/Subject-to-Conclusion-of-Missives-%28UK%3B-real-estate%29-%28STCM%29.html lol.
  7. It's a fair point, but it works both ways too. Sellers are just as likely to switch buyer if they can find a better offer. It happened to me recently - had my offer accepted, but a week later the seller says that he wants to sell to someone else. Fine, I said - so I raise my bid, raise it more and more, and outbid the other buyer. The seller cackles with glee. 2 weeks later I pull out of the transaction - I had no intention of buying from him once he started d1cking me around. I wanted to teach him a lesson. Point is, I would have been happy to proceed at the original price, but his greed got the better of him, so I decided to shaft him. Whether or not he can now negotiate a sale with his other jilted bidder is of no interest to me any more.
  8. Yeah, 110% mortgage taken out at peak means they are definitely in negative equity now. No chance of remortgaging to a better rate. A lot of people who bought at the peak are now being moved onto uncompetitive variable rates and cannot remortgage.
  9. Just watched it on IPlayer. Blanchflower is a total knob.
  10. They may be a 1/4 of the way through their mortgage but they would not have paid off anywhere near a 1/4 of their debt, as in the early years you are paying mostly interest.
  11. the 20k figure is net of taxes, NI, pensions and potentially a few other things. Would work out to around 27-28k gross probably.
  12. sorry there's already a thread on this here: http://www.housepricecrash.co.uk/forum/index.php?showtopic=161596 can a mod delete this?
  13. http://news.bbc.co.uk/panorama/hi/front_page/newsid_9436000/9436026.stm The mainstream are finally starting to get their head around the idea that we are back to the 1970s. Strikes, Inflation, falling output, and falling living standards. No new paradigm. It's the bust that comes after the boom.
  14. The overall sales volumes mask a HUGE drop in the FTB level activity. Look at pages 12-13: England/Wales 100k - 150k -39% 150k - 200k -45% London 100k - 150k -44% 150k - 200k -54%
  15. You will generally pay a high price per sq/ft if buying a newbuild. The builders will build the rabbit hutches as small as they can get away with, as it's a question of simple profit for them - manage to 40 flats onto the same plot instead of 30 flats and you'll make more money. In my experience most newbuilds are nicely laid out, but are very poor in terms of storage space simply because of the reduced floorspace.
  16. Why doesn't he take the train like most other people? Massive "D'oh". Honestly, £35/ph in banking is not enough for most people in banking to even get out of bed for. He wants the lifestyle but sounds like he doesn't have the earning power.
  17. Hmm. Well maybe not quite 75 years, but >55 years looks more common. http://www.leaseholddoctors.co.uk/lease-extension-mortgages.html
  18. Most lenders require a minimum of 75 years remaining on the lease (so 50 years by time the mortgage is over) otherwise they will not lend on the property. If you want to proceed with this, you will either need to be a cash buyer or you will need the seller to extend the lease themselves before they sell it to you.
  19. Fuel duty stabilisation system. cancelation of petrol price escalator.
  20. Income tax & NI to be combined? WIN.
  21. He's saying all the right things imo. Outlining how big a hole in the UK economy is really in, and how bad a job the last administration did.
  22. This should be "Chart Of The Day" every day.
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