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About cromarty

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    HPC Newbie
  1. 1) Bearish (20% fall) 2) OO no mortgage, looking to trade up 3) Hampshire 4) IT 5) BSc Economics 6) 34
  2. Kirsty is busy preparing a new series of her mind bendingly tedious Channel 4 show "The Property Chain", detailing the thrills and spills of being in a property chain. If you want to participate (ability to stay awake during filming a prerequisite) New series of The Property Chain
  3. Mervyn King tried to answer this question. He said that high oil prices would affect interest rates only if they resulted in higher wages. However, if this price increase led to a full blown oil crisis, I think it's possible that central banks would raise interest rates to increase the value of their currencies against the dollar - hence reducing the oil price in local currency terms. Competitive devaluations to help exporters may have to take a back seat for a while.
  4. I graduated in 1992 with a very good degree but found getting a job in London was next to impossible. It had all been so different a few years before. I ended up having to move back home and get a temp job as an "office junior". It led on to better things eventually. Some friends - Oxford and Cambridge graduates mainly - did manage to get accountancy jobs in London on about £10k. They were pretty much the only jobs going. The job market was really, really tough.
  5. Keefter - the following link suggests that, according to the Land Registry, the average house in Greater Manchester costs £118k. So it sounds like the £120k-£130k ex-council property you mention actually is the average house, or possibly slightly better than average. Remember 40 years ago the average person lived in a council house. I agree it should be more affordable to someone on average income, but the reality is that people are willing to borrow 3x joint income (say £40k) to buy. http://www.manchestercalling.com/pages/pag...PageID=46#house
  6. I voted for 2 - it's about money. People are obsessed with money and always want to find new ways of trying to make it, preferably with little effort on their part. Ten years ago there were hardly any programmes about property, because there wasn't enough money to be made.
  7. brainclamp - I don't have the figures to hand but I believe there was a big decline in mortgage lending from the same month last year, hence it isn't just seasonal. Also, the 20% decline was the biggest since 1990 and we all know what happened then. I do agree though that seasonal factors cannot be ruled out yet.
  8. Hedi - I agree and in fact I have never understood why surveyors do not value property at its auction value, or value to a cash buyer - rather than the market value which is artificially inflated by the availability of mortgage lending. It should then be up to the buyer to cover the difference between this price and the offer price - I think this is the system in Scotland. The current system has caused the previous booms and busts because of the ups and downs of the financing market.
  9. BBB - this happened to me when trying to buy in 1994 and to many of my friends. Big retentions for minor works were also the norm. If the valuation came in below offer price you have two options if you still want to go ahead and buy - renegotiate the price or find a bigger deposit. I think it's just a symptom of the softer market and consequently more nervousness around.
  10. ITYS - yes, posted this is another thread - sterling up, gilts down. Looks like a 0.25% November increase barring any very poor data between now and then. Nationwide and Halifax better start fiddling those stats.
  11. Those rates seem high, compared with 3.75% five year fixes available last summer. Also, the bond market is tanking today after the shock retail sales figures showing a rise of 0.6% in August - a 0.3% fall was expected. Looks like rates may not have peaked after all.
  12. I've definitely noticed this happening - three couples I know have STR'ed recently, and another looking to do so soon. All had to move for work reasons. None are trying to make a buck out of the market, or at least if they are they haven't mentioned that to me as a reason. It seems people are now comfortable about doing this and are certainly not worried that prices will skyrocket during their period of renting.
  13. BBB - as you say they must really believe in it all to bring their book out now. When the Oz property market came off the boil, sales of some property investment books dropped by 90%.
  14. Despite all this talk in the press of interest rate peaks, gilt yields have been creeping up over the last week or so - 10 year yield now over 5%, 5 year yield just under. It's not been close to 5% for a few weeks. Still lower than the peak of around 5.25% but significant none the less.
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