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House Price Crash Forum


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About shark99

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  1. Doesn't 50% over-valued imply a 33% correction? e.g. if true value is 100k, but price is currently 150k, then a drop of 50k which is 33% of 150k needed.
  2. 18% of gross income, 28% of net income. Not counting council tax. Renting in West London.
  3. A mapping project to work out who owns every part of Scotland is to be completed within 10 years ... http://www.bbc.co.uk/news/uk-scotland-scotland-politics-27555854 Apparently this is one of the less controversial recommendations from the Land Reform Review Group - full report (200+ pages!) at http://www.scotland.gov.uk/Resource/0045/00451083.pdf [PDF]. Seem to remember reading that fewer than 500 people own most of Scotland somewhere - perhaps this will confirm it.
  4. Well, this rental price crash doesn't seem to have reached Brentford in outer west london yet - modern 2-bed flats seem to be going for £1500 to £1650 per month. An increase of £100 per month compared to a couple of years ago. This despite plenty of new similar flats being built in the area. Typical example: http://www.rightmove.co.uk/property-to-rent/property-41060194.html . To buy a similar flat would probably be £320K - £380K, giving a rental yield of just over 5% though once you deduct service charges at around 2.5K / year that drops to more like 4% ...
  5. Maybe I'm missing something (did the advert change?), but £1,385 per week / £6,000 per month for a 7 bed house in a so-so part of Ealing doesn't seem that much of a bargain? That's still £850 per bedroom per month ...
  6. Hmm, thanks Starla, that's interesting. I'd always assumed Chiswick was out of my price range, might need to expand my Rightmove search area when our tenancy renewal comes up
  7. Yes, 561 sq feet is absurdly small, and yes, it is right next to the M4/A4. In absolute terms, £235K does seem pretty crazy. But a decent size (say 750+ sq feet) 2 bed flat in Brentford with a river view will set you back around £350K to buy, so it's not overpriced compared to the rest of the market. Besides, it is handy for the Piccadilly Line and trains to Waterloo, the area is safe enough, and there's a fair bit of greenery around - Boston Manor Park and the Grand Union Canal are nice. Perhaps I've become too used to crazy prices - I'm renting an admittedly much bigger 2 bed flat in Brentford for £1500 / month, so viewed on a short term basis a monthly mortgage payment of £1100 / month doesn't look too bad. Wonder what the service charges are like though.
  8. Here's one example I found recently that proves that money (or at least £1.35 Million) does not buy taste ... http://www.rightmove.co.uk/property-for-sale/property-40731470.html
  9. It's been on the market for a while judging by this thread from Nov 2011 ... http://www.housepricecrash.co.uk/forum/index.php?showtopic=172278
  10. Yes, that would be interesting. I guess the problems for someone trying to do something like that as a serious business are: you'll fall under the scope of some sort of money laundering / banking / money transfer legislation, which is probably an expensive hassle the price is crazily volatile - the "float" bitcoins you hold could change in value by 25% in a single day (though perhaps it will steady down eventually)
  11. Ah yes, this confused me at first. Here's my understanding having bought and sold on localbitcoins.com a few times ... Don't forget that technically, there is no one true "current exchange value" - there are £1000s of bitcoins being traded all over the globe every minute for various prices. But since the MtGox USD exchange is so big, people tend to rely on the price there as the nearest thing to the current exchange value. When offering to buy or sell bitcoins on localbitcoins.com, you can choose: a specific price a percentage above or below the latest (last) MtGox USD price converted into GBP a percentage above or below the daily average MtGox USD price converted into GBP (can be quite different to the latest price 'cos the price is so volatile) a custom pricing formula An advert to sell bitcoins might demand a high price because: the seller is willing to trade very small amounts (but in return wants to be compensated for the time taken) the seller is willing to sell for payment methods like Neteller, OKPay, PayPal where there is a high risk of the buyer cancelling the payment afterwards. the seller is hoping to take advantage of confused buyers the seller is willing to meet up for a cash transaction in a rare location On the other hand, an advert to sell bitcoins might demand a low price because: the seller wants to sell lots of bitcoins very fast the seller has poor or no feedback the seller set a specific price days ago (when bitcoins were half the price) and isn't actually available any more the seller is dodgy The localbitcoins.com site is a bit schizophrenic - it can't seem to quite decide whether it's about online selling or face-to-face selling. I think it started off as the latter but now most people are doing the former. Other than country, location is irrelevant for online sales - but some sellers put in a location (and a cash advert) anyway because the localbitcoins.com search seems to be designed more around face-to-face cash sales. The localbitcoins escrow system makes cash sales fairly practical - how it works is: the seller puts his bitcoins in escrow with localbitcoins buyer and seller meet up once the seller has seen the buyer's cash, he sends a text to the localbitcoins.com number localbitcoins.com texts the buyer to let him know the bitcoins are now in the buyer's localbitcoins.com wallet they both leave the McDonalds / train station / pub / park bench without stabbing each other. Definitely beats bringing a laptop somewhere and sitting around awkwardly making small talk with a stranger for 30 minutes while the bitcoin transaction confirms, which is how I originally imagined it working There don't seem to be many cash sales going on though - I've got an advert on there to sell for cash but I've only had one sale. I guess advantages of selling for cash are: it's irreversible (well, unless you're mugged on the way out!) - I'm not sure just how irreversible bank transfers are (e.g. if the buyer has hijacked someones bank account - maybe the bank can cancel / claw-back payments?). not going to set off any fraud/risk/money laundering alarms with your bank when they see loads of payments going in and out (might be a problem for guys making 100s of trades using their current accounts) feels more underground and anarcho-capitalist There aren't actually that many active UK traders on localbitcoins.com, which either suggests that bitcoins are going to fizzle out (because it's reached its maximum penetration), or go to the moon (because there's still a huge supply of "greater fools" to buy them), or that there's somewhere better to buy/sell bitcoins in the UK (I'd like to know if there is!) ...
  12. Church's shoes look quite cheap compared to John Lobb (UK) - their prices start at £2960 + VAT http://www.johnlobbltd.co.uk/main/pricelist.htm Mind you, they are unique to you and are entirely hand-made in the UK - which takes six months!
  13. Here goes with a quick play at devils adocate ... I've heard that the average cost of an unfair dismissal tribunal (whether successful or not) to an employer is about five thousand pounds. Often employers will try to settle with the employee for a little less than this figure to avoid hassle. Presumably Oldham is going to be laying off lots of people shortly as a result of central government reducing their funding. Suppose that without a compentent People Change Officer, the council manages to seriously piss off 30 of those laid off employees, who go on to bring unfair dismissal claims. If Oldham manage to hire a People Change Officer who somehow ensures only half those employees bring unfair dismissal claims, they've more than paid for their salary ...
  14. Looking for 2 bed properties for rent on Rightmove today, I can see: 126 properties going for more than the LHA Rate 10 properties going for around the LHA Rate no properties below 95% of the LHA Rate (!) The 10 properties going for around the LHA Rate all seem to have some huge flaw (e.g. underneath the M4 flyover, next to a fried chicken place, never renovated since the '60s, not really available at that price - just there to drum up business for the EA). I've never seen anything appear on Rightmove for much less than the LHA rate. However, I'm not sure that Rightmove is really the whole picture at that end of the market - I suspect if I wandered around looking for advertisement cards in corner shop windows I'd find several more properties aimed at folks on benefits ...
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