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Scarlet

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About Scarlet

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  1. From the number of times Osborne made reference to house builders in front of the TSC, my impression was this scheme suits the house builders very well. It's widely known a lot of the big firms overpaid for land at the peak in 2007/8. This is a great way for them to keep their profit margins in tact. It's a deal. The house builders promise more supply and Osborne keeps the market afloat for them. He refused to acknowledge that supply needs to come online first to prevent a situation where even more buyers are chasing currently constrained stock levels. What kind of world are we living in where
  2. To answer your question. The two people I know who do BTL intend to sell their 'investment' at the end of the 25- year loan so there is no concern on behalf of the borrower or the bank because the owner won't be living in it and over 25 years the profit is enough to repay the original loan and allow the owner to retire in 'luxury'. Maybe this is stupid, but I often wonder what will happen when a glut of BTL properties hits the market in the future with everyone cashing in at roughly the same time? Isn't this move due to the general nervousness (brought about by FSA?) re; owner occupiers not h
  3. I watched George Osborne on TV in front of the Treasury Select Committee earlier this year and it was painfully obvious he couldn't reveal much detail on the scheme because it had not been thought through in sufficient detail. Nothing has changed. I have written to my local MP in Westminster, Mark Field, regularly on the subject of housing and found it difficult to do so on the subject of Help to Buy because I am not clear on exactly what the Government is proposing. Estate agents and the general public do seem to think it's a straight 20% loan so the last few posts on this thread have been en
  4. This is true , nothing very radical is going on from what I've observed. I can only speak about central London (I suppose 'prime') as flat-hunting there (tale of woe posted in other London bubble thread). Although central London might have a lower benefit bill per head spend it's still a significant factor. I viewed a two bed flat rented out to HB tenants. Westminster council was paying a rent of £1500 per month for the flat. When I asked the agent 'how come?' given that the new cap for a 2-bed flat was supposed to be £290 per week she said they're paying lots of tenants' rents as the only oth
  5. That is a truly shocking figure. Based on my experience of looking in central London I would have said property in W2/WC1 and NW1 (Euston) had jumped between 10% - 15% (asking) in a year. If overall it's 25% then I hope this does hasten a correction as it's madness.
  6. Always interesting to read other people's experiences of trying to buy in the capital - I too need very strong coffee before I can look at RM alerts these days. On your last point, two of the three sellers I dealt with were people who already had homes elsewhere in the country so weren't trading up. Their London flat was their first home which they hung on to as an investment (rented out) and both had outstanding mortgages of less than 100k so they could have afforded to take a hit but after consideration (and wasting my time & £) didn't want to. The third vendor was a company which accept
  7. Just wanted to add my experience of trying to buy for myself in central London in case it is of interest to others on this thread. I joined this forum a couple of years ago as I had just began looking for a home in central London and felt then what I was seeing price-wise was unsustainable in the long-term but was determined to find a home I would be happy to stay in for at least 5 years and hoped I'd find a 'bargain' if I looked hard enough. I have had three purchases fall through and in every case each flat has been remarketed at a higher price than I could meet as the vendor realised they h
  8. Well done, I hope this gets enough exposure and everyone who signs forwards it to their address book with some arm-twisting note!
  9. If you are going to ask about the benefits cap, I would like to hear a firm assertion from the coalition govt. represenatitive on QT that the govt. are NOT going to do a u-turn on this policy (given all the recent bleating in the press) and have the courage of their conviction to see it through.
  10. Do any of you know who the author/s is/are? Can't find a ref. on the site. Read the section/chapter on 'The Housing Market'. The author is bang on with his/her analysis of the utterly complex and totally useless plans each governement comes up with for solving the housing crisis and trying to meet future demand - they never will be viable or even helpful because they (the powers that be) simply don't want them to be. Taking the content of this site as a whole the author makes a confident and convincing assertion the UK is in terminal decline with little left to sell that any country would w
  11. I'd say those 99 purchases are significant if they are concentrated in a locale, where stock levels are lowish. I suspect this is what is happening but of course I can't prove it. I don't know if accurate data exists which breaks down purchases by postcode and the nationality of the buyer.
  12. There's a website called homecheck.co.uk, by searching using your postcode you can find out the make-up of housing in your borough. Mine has just under 30% of total stock as private rented accommodation. In spite of what local EAs say about professionals being the main customers in this sector there are 2 housing benefits tenents in my building of 6 flats alone. One has not worked for 10 years and both have told me after the cap changes come into effect in January they will no longer be able to afford to live in their flats (apparently the landlord has already refused to lower the rent, confid
  13. Hope it all works out and you don't look back Out of interest, would you share with us the percentage below asking price of your accepted offer?
  14. I take the points about keeping things in perspective. But, London being a series of micro-markets with not enough stock up for sale on a regular basis then this activity does have an effect. I believe, from what I've read, the Chinese like to buy /live near water, so I bet the areas they are actively buying in, Canary Wharf etc, have felt a significant boost to two beds and upwards properties, much to the annoyance of professionals or whoever else can afford and wants to buy those properties. Hence a cash injection starts to feel like a tidal wave very quickly at a local level. This is anec
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