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Everything posted by spyguy

  1. There's a house a 100 yard down the me that came up for sale yesterday (friday). To my eyes, it was a little old lady falling down round their ears house. There have been builders in - rebuilding front wall, lots of stuff going on round the back, etc. Had a nose thru the window - all empty, magnolia-rised. Looks good - empty. Stepped over the road and looked at the roof - about two years down the road from falling in - tiles, slipping, etc. FFS even the most useless surveyor is going to turn up, look up and walk away. I'd loved to know the story. Out of money? Out of sight,out of mind.
  2. +1,000 20 odd years ago when I was in my late teens, I had to travel around doing a job - all cash in hand, so B+Bing. 10 weeks travelling. Staying in different B+B almost every night. God I still get nightmares about some of them. Before I started, I had ideas of busty young landladies daughters type thing - too many Robin Askwith films I guess. Apart from various man/man couples along the south coast the rest were just many different types of wierd - think 10 Rillington Place. Most didn't have kids - busty or otherwise. The majority of UK houses means you cannot have a family AND do B+B. No sane person would but a place with a mortgage and try and run it as a B+B - you just cannot make the numbers work. Avoided UK B+B since. Go to Spain. Get yourself a nice self catering apartment and just buy your food from the local supermarket. Urgh, just remembered quite a few had old stuffed pets in the dining room. I sh*t you not.
  3. They don't need to be. I can sell you a whole BTL, house, ostrich, name it. If an asset is sold to a single individual then I can make pretty much any claim I like - Buy this pencil. Fantastic investment - 30% return/year. Basically, buyer beware. However if I sell something to a group of people then it comes under security law. Aside from liar loans, which are well known + documented on this board there is another property area which I'm keeping my eye - individual rooms in hotels and the like. There is a loads involved with this - selling a hotel room form someones SIPP. The fallout from this will be massive. As the room is owner outright, the seller can loads of nuts claims - 30% return etc. Have a google for Skelwith group and its hotels.
  4. This could be a significant case. The courts are drawing a line on people trying to get compensation from suing the fine,. upstanding people involved with property. Basically - if you're a BTL muppet then you cannot cry and say the bank/surveyor made me do it. I would guess 80%+ of BTL bought since 2002 have a number of issues. I cannot comment of London but A few towns I follow are getting horrendous voids - 3 months/year. AFAIK, the shoe shiners went big on BTL from 2004-2007. It always used to make me cringe when EA's used the term 'ideal investment opportunity' Talk about opening yourself up to a load of legal grief a few years down the line.
  5. Its asking prices ... not getting prices. Could be a bear sign. I've lost count of the number of people who price their house by adding up all their debt, putting in a new car + holiday + deposit on the next place. Sellers are delaying and delaying. They have a very narrow, short window to shift their hosues before IRs start rising and things go rapidly down. On a connected issue, the local rag had an article about 3 EAs joining together to do auctions i.e. they hire the auction house for a day or so, bring some stock. And, to quote the EA: @auctions can see properties realise higher prices'. Suprise that as one of the EAs has trailing an auction for house near me for months. Come day after Auction - back to 'For Sale' i.e. reserve not met.
  6. Yep. Not selling much either. I would guess prices are about 2003/2004ish in nominal terms. But the number of houses selling is sooooo small that this is total false market. Its been like this since 2006-ish. I would guess there is 3 to 4 years of unsold stock in the market - normal stuff - debts divorces death. Plus most of the BTL from after 2003. IRs go up. Supply increases massively. S*d all finance to soak up the supply. Bloodbath.
  7. Isolate the orgnaisations. Tie them to the pension deficit. If they fail to pay the pension AND deliver the services then let them fail and a new LA take over. Simples. Worked in the private sector.
  8. About right with what I see - roughtly 20% to 30% down since 2007. At the moment. Remember the last slowdown lasted from 1990ish thru to 1998ish - roughtly 8 years. Rough rule of thumb is that this will will be twice as long - say 15 years. We are about 3 years in.
  9. Hmm, JC Flowers got lucky once and won big - japanese banks He's been a serial disaster and money hole since. FFS he was going to buy B+B. A serial exponent of if compnay X is now worth half the price it was 2 eyars ago than it must be cheap. He cannot differentiate between under valued companies are bust companies/falling knives. As far as input/value from the anyone high up in the FSA. God help you - thats the head of a useless, jobsworth public sector organisation.
  10. Yep. Comet and is b*stard retial twin, Dixons, are terrible. Don;t buy anything with them as they have a tendency to organise special production runs to get a strip down version of certain models. Just buy stuff from John Lewis.
  11. I'm not in London,or the East Midlands; I visit the NE a lot. The article just doesn;t tie up with what I know about in the NE and the SW. Asking rents are back to where they were in the late 90s - in nominal term. On my rouhg+ready calculator - about 250/bedroom, which was my old shared house value model when I was living in the SE in the mid 90s. I few places I know + visit quite well are beyond saturated with empty rentals - not just the dumb developer stuff but the stuff thts been rentals for years. Rental's asking may be up but the gettings must be low. Voids are horrendous.
  12. Oh FFS!!! The Irish really did go nuts. Isn't Ireland too wet for Thatch cottage? I know you get the odd thatched cottage in the North - Thornton-le-dale (just outside of York) But the bulk are in the South - where its a bit drier. Maybe the builders are not so daft - the thatch makes doing an insurance job pretty easy. Imagine the first person to have a bbq - the whole lot will be alight before the first sausage is cooked. What next - Tudor style high rise?
  13. You sure about that? Dhal + flatbread preferbably whole-wheat/grain/brown is a pretty OK diet. It'll get you 80%+ of your daily diet needs. A bit monotonous and you should add some fresh fruit + veg to it. Frozen peas are OK; canned veg - so-so. Monotony is not a sign of a poor diet. More a sign you're missing bacon, pop + chips. The 'feeling a bit tired' can be all in your head. A lot of people will claim to feel under nourished if they don;t eat half a cow a day when, in reality, people do not need to eat that much protein. Most people eat way too much protein - much more than is healthy.
  14. +100 The main benefiacaries of UK tertiary education are - drum roll - the people working within tertiary education. The coalition should grow a pair and start cutting hard + heavy.
  15. spyguy

    Darius Guppy

    +2 It's all a load of pub economics, written by someone with a massive chip of their shoulder that society have not recognised them i.e. paid them, for being the genius. As you get older and move around you constantly bump into these sorts of people - sent to a private school by their parents then go a do whatever low effort/high reward job that inevitably crashes down round their ears - Lloyds name in the mid to late 80s, hedge fund in the 00s. Anyone remember that Channel 4 play from years ago - Good At Games (or something similar). Besides if my ancestors where going to name a fish afterh them I would have insisted on somehting more manyly like a conger eel or a sahrk. Guppies are gay.
  16. So much for 2 years of ZIRP. The BoE's implicit wink for the overtly debted was: 1) Pay off as much of the capitla to avoid going bust when IRs normalise i.e. 5 or 6% 2) Sell house to someone who can afford it. Off the people I know, only one has followed this - paid of some of the capital to allow him to shift the house without the bank objecting. The other 5 or 6 have just spent the IR savings. Total nuts.
  17. +1 Classic low-burn buyers remorse ,all with a 30% APR.
  18. Without a bit more information, I would not agree with that. IMO, a degree is only worth it if: A) Its something you are interested in and you can afford it - money + time. Its something that we help you get a better job - I hesitate saying career - better earnings/better chance of re-employment. The majority of women study arts + humanaties subjects which are employment suicide esp. now the public sector is to shrink.
  19. Is that per year, or the full course? For 1 year I'd guess. Whats that - converting one trashy currency into another trashy currency - £4K-ish. Admitingly these fees are probably for students who come from within the state. Factor in much lower living costs and flights to the US, which can be bought for a similar sum as a Newcastle to London, and the UK university does not look too good. Outside of the real top layer, where there are large number of rich (as opposed to bright) students willing to pay, the only plus for UK universitty education would be the OU. Business op opening empty pubs + shops as OU study rooms?
  20. The UK economy is easy to explain: From 2002-ish to 2007-ish the personal sector spent 20 years of disposable income in 5 years. They are now paying back the interest. Meanwhile, in the public sector GB, in an effort to get people to vote for him probably went on the largest benefit spending spree ever in the developed world. In short, he tried to create a client state, assuring himself that the fianancial sector would generate enoguth cash to pay for it. While in the private sector, mainly the financial sector, they went absolutely f-ing nuts. The large wholesale operators - investment banks, etc - took advantage of the various ex-mutual CEOs types when they turned up and said' Hello, I'm Adam Applgate, Im a genius I am Hyuck hyuck hyuck'. So Mr Agglegarth, a genius like yourself will see what a great scheme this is etc etc etc. Cue 150 odd years of mutual's capital going !poof! in various cr*pholes like Ashford to some of worse dressed teachers I've ever. The 'ooh the cuts are too much for the economy are total BS. The UK state is taking in ~51% of GDP and still running a 11% deficit F!F!S!!!. These are figures from the Soviet Union in the mid to late 80s. The UK economy will contract. No point denying it. The choices are are 1) Contract or 2) Implode a la Greece, Ireland + Portugal.
  21. Hmm, Even ignoring the possibilty of capital loss - whihc you cannot - BTL gets the outgoings wrong. In the areas I monitor - outisde of London, SW + NE. The rentals have an average void of 2 months a year. Factor in EAs fees - most BTL mortgage insists (stupidly) on using an agent - another months rent gone. And maintenance - 1 month a year Giving an average return of 8 months rent to pay for your mortgage and take profit. Can't be done. I went thru rental figures in the mid-90s with a LL who bought houses for cash. He needed about 10%+ yield on the property to make it pay. I think most BTLer post 2002 are going to be skinned alive.
  22. B*lls to Greek's working long hours. A hefty percentage have public sector jobs where they barely turn-up. Then they have a 2nd cash in hand job. Then they retire off in their mid 40s.
  23. Just looked at the propertybee history. I like the attempt to increase the price. Doh! Looks like they've tried to save the EA fees by going for fixed price cheapo sale. we're noying EA fees. doing nuffin for putting up a photo in the window. This has all the looks of a properdeee developer. Blame Beeny's chest. The price is a bit - how do we say - ambitious? 2 years. No sale. Down to the Ea to try and get him to shift it. ps. whatever came of eddies hunt by the Falcon Inn? I was at a loss to who was responsible - a Porsche crashing into a Range Rover.
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