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House Price Crash Forum


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Everything posted by spyguy

  1. When I was a kid, going to for a take away from the Chinese on the Parade was exotic. To be honest, I would not choose to live along Love Lane. The bulk of the housing is old RAF stock, built to house Fylindales workers in the 50s. Its very exposed and the wind whistles in a fair old bit. I prefer the eastside. More cozy and you just need a bit of (illegal) razorwire to keep the Hereldale Rd scum off your TV. Whitby, like all seaside towns, has an amplfied boom. It also has an amplified bust The amount of unsafe, leverage lending that has been pored into Whitby means that there is a vast stock of housing looking for an exit. When rates rise it'll be a bloodbath.
  2. Balls to 'itl'll be cheaper'. There'll be work-fare in place by the end of this year. They have to be housed + fed - OK shared house + porridge + beans.
  3. Roguht maths, I always use 10% for a bad (not worst) case mortgage. Even if BoE rates do not go that high - say 6%, I think we are going to see quite a spread over funding - say 2 or 3%. Remember there is s*d all competition in the mortgage market. Mainly because 70% of it has gone bust, basically by grossly mispricing credit ( margins too low) and risk (BTL + Wilsons anyone?)
  4. What did you expect? Its always the woman who go over the top with property prices. With this its a lesbian couple therefore twice as bad.
  5. Let me reword the article for you: 'Millions of home owners are now stuck as there is nobody to buy their houses off them' Kev + Sharon, homeowners from Wolverhampton said: 'We bought this house as a home and an investment. We now find that there is no-one to buy the house off us. Who do we sue?' And so it continues .... I presume this article is in response to the still collapsing number of sales, which are truly awful if you are trying to sell a house - there only appears to be a 20% chance of a house actually selling these days. Properties just stick in these long chains, going nowhere as there is a massive under-supply of people entering the housing market compared to the numbers looking to exit it.
  6. Southern Cross' problems are down to the half witted private equity. The obught the business, sold off all the free-holds - for the cash, and then replaced the free holds with rentals. Never take on a commercial rent in the UK - the terms belong to some sort of nutcase alternative reality - upward only. SC's issues are down to out + out asset stripping. Never buy a ex private equity company. If you want to take a punt then short it. You'll make money. Same thing happened with Debenhams. Bought the company. Sold off the freeholds. Leveraged up. Left an absolute dog of a company.
  7. Nuts isn't it. Whats clear are all the articles is that Menwith Hill have a standard tenancy agreement allowing only 30 months notice. Menwith is al large site an will 100s of American personnel changing over every year. The lease should not be a suprise to a supposed lawyer from Knaresbrough - just down the round for people who do not know the area. The risk for any LL is 4 months max - 1 month rent up front, 1 months notice. At 3K/month thats rents probably 1K more than renting to someone local. And again, the tenants have been there for 2 years for FFS. The lawyers comments are nuts: 'Mr Everingham’s solicitor Linda Greenwood of Greenwood’s in Knaresborough claims she has seen “not one single shred of evidence” that Daniel Herring has orders to relocate, and without this the Herrings cannot legally end the tenancy agreement. “They are leaving the Everinghams high and dry for two years rent, and they are laughing in Mr and Mrs Everingham’s faces. “If these people go back to America without paying, then the Everinghams have had it.” ' MiLud, these people are laughing in my clients face. Send them to Australia ... What evidence is needed FFS? We are off. 30 days kicks in. What do they expect? A letter from Obama? A quick google for the lawyer comes up with this: http://www.yorkpress.co.uk/news/1250747.smoking_and_spiking_fear/ 'Knaresborough solicitor Lynda Greenwood, who co-founded the Roofie Foundation in 1997, claims she was raped after her drink was spiked by a male friend in a York wine bar.' This was the start of roofie madness. After a few years of evidence it was found that women claiming to have had their drink spiked had just been absolutely sh*t faced - too many cocktail jugs at Weatherspoons on an empty stomach. I would guess she's just anoher another drunken, useless solicitor, drumming up business of ambulancechaisng and covering her a** with comedy lease claims. jeez.
  8. Sort of. Self cert has gone. That powered the majority of morgage sales from 2004 onwards. You can get a 95% mortgage. Whether you'd want to actually pay for a 95% mortgage is another thing. Younger brother proposed to big boobed GF. 'Get on the housing' from her very thick dad. 180K house (down from 220k). But worth oly 90K tops considering the area is a job less public sector town. Over 12 months they've saved 5K - that's about £200 each per month! My mums stubbed up 5K. Her dad cannot find wallet. Left it somewhere. 95% LTV 2 year fix with Yorkshire BS - 7% FFS!!!!! They're renting a really nice house in a farmyard @ 500 month. I pointed out to my brother that there IR payments alone are 1K a month. Never mind repayment. Never mind maintenance + insurance. God knows what the SVR will be at the end of 2 or 3 years.
  9. Do Nationwide care that much is there is a crash? A combination of Brown, the recession and stupidity has seen all there competitors wiped out. Not a single de-mutulised BS us left solvent.s Nuts isn;t, considering that Halifax, as HBOS was, is one of them. AFAIK NW lending is pretty tight, and always have been. Saying that, they are vert concentrated around the South East and, despite what people say, London is going to be very bad.
  10. The article is lfited/syndicated from The Economist. I know, I'd just read the article in paper version on the way home. Case-shiller comments indicate that - roughtly - US housinh is where it should be. It's not cheap. Its not expensive. Shiller mentions that they could see another 25% fall. I guess he's expecting an overshoot on the way down. Buy a house now and you'll pay the rought historical price. Wait a but and you may get a bargain. As far as the UKs long dated gilts + genius Merv. Well, we've been lucky, that's all. If Merv was a genius we would not have a financial mess like we have. In fact the long dated hilts are due to the private pension industry not the BoE cleverness. The long dated gilts just give us some time - 5ish years. Bond refinancing was a 'don't care topic; countries never go bust issue'. Its not now. I was reading a lot of PIIGS have pretty short maturities. Oh fun fun fun. The big story is the UK deficit. The figures were never going to great but todays were terrible.
  11. Yes. They would have a discount on XP. Then they would get a promotional 'budget' for Windows - which would work out at $40 per install. People should never underestimet how devious and desperate MS + Intel can be be. You didn't think they got so big by being good did you? (ex-Intel - thank god)
  12. All the mobilty scooters in the city where I currently live seen to come with the essential fag holder accesssory. 90% should have a 'Wide Load' sign on the back. The worse case is a 3 generation - 50 odd grandma, 30 odd mum, teenage daughter trundling in a convoy. Its like watching 3 lumps of jelly. Anyone of a certain age will remember the Judge Dredd cartoon where they had loads of grossly obese people in trundle carts.
  13. The changes are alos running at the same time of the soon-to-be-announced IDP benefits changes. Basicailly a household cap and work-fare, whichwill have a bigger affect the HBchanges as it will shake so many people out of the benefit tree.
  14. There is a likihood that, apart from the banks going t*ts up, the low number of FTBs may be down to demographic changes. The boomers have hit 65. The busters have now hit peak 'house buying' age - 30-40. Its a triple whammy - banks gone bust (no cpaital = no lending), end of SLES + demographics changes. The number of people trying to sell is about 3 times larger than the number of buyers. Imagine what will happen when sellers realise this - big cut in price or no sale.
  15. To misquote Jack Nicholson, Foget it si1 its Harrogate-town. Short chinless wonders, short yellow cords, short housing.
  16. Does the idiotcracy of the publci sector know no bounds? And all middles aged public sector women. To be honest, by the time they've sorted out their diversity policy and half of them have signed off sick with ME or fibry-whatsit for 2 years, they'll probably not sell a house.
  17. No puns? Who cares? My 3 y/o likes the fish in the kiddy area. And its nice for kids to browse and choose. But ....
  18. What MojoRIsing say -when you're so far down even down looks like up. in reference to the US housing market, just not falling like a brick is a positive sign. The sea + sand states have been totally gutted. Hard to get figures but 70% off 2006 is not uncommon - $1M -> $300K
  19. If he was an employee then this is illegal. If he was a contractor then tough. That's life. The film indistry is nuts. Too many people chasing too few jobs. Saying that there are a couple of media jobs id intern for free for - Hollyoaks bra fitter, stunt c.ck in Megan Fox up coming pron flick, victoria secret gusset adjuster.
  20. Yep. Just tunred on the telly, saw a quick preview with some scnaky looking woman saying 'buy with friends'. f.king nuts. Its bad enough buying with your gf - and then you get a sh*g in bargain . . but friends!!!!
  21. Jordan's are new - optimistic. How old were the agents? Whites would have gone thru the last SPx slowdown - 89->97, which was a really bad time. They also have a lot of skin in the game - only marcus's dad would employ marcus. Whites probably realise there is no point getting overexicitd about selling a house when the buyer is going to get a 'No' from the mortgage company.
  22. I very rarely go under the railbridge. I have to visit someone up, off devices road soon, so ill let you know. The EA sign man is eanring his money at the moment. There are big waves of For Sales + To Lets going up wihtin the ringroad. Not sure if the EAs are trying to priorise sales over rental as there are a couple of empty rentals near me that have no sign up. Theyve been empty for a couple of months. job wise SPx goes from bad to worse. What was James hay became santander and has now been sold to someone who's running off the books. FP - Friends Life - are going from bad to worse to terrible. Their entire strategy (resoltuions) has gone wrong. They are looking like toast. The HSE (porton) still look like getting shoved to Essex. Shame John Glen blotted his copybook on telly (re: doleys) and the mail (re: im too white + middle class). He's too new to pull in any favours to get the investment in the HSE to stay in porton. No sure what's happening at the Capta site (HPL/winterhur that was). I no longer see large number of indian sub-contractors going. The number of empty shops - like the rest of the uk - is getting very noticable now. I guess the lack of business will be blamed on the parking charges.
  23. When did he buy the Weymouth flat? I ask because I've come across a number of post2002 LL's who are getting totally reamed by their voids. Apparently they never factor voids into their plan. Their business model operated along the lines of rent = (mortgage interest / 12) + agents fee + 100 'profit'. These are all people who claimed to 'understand property'. OK, I'd say, what do you know about the rental market? Have you ever rented? Have you looked in the paper to see what places actually rent for? Have you made an offer on a rental to see if the agents takes it? Response: blank looks. Never buy a rental in a place where there are s*d all jobs i.e. weymouth. Never rent to DSS in these places - seaside town's attract junkies like t*rds atract flies.
  24. And a contribution from the other side: http://www.yorkshirepost.co.uk/news/at-a-glance/main-section/us_family_in_row_over_rent_tell_of_block_in_ordeal_1_3393157 "and has rented the property, where Mr Everingham’s flat and business is also based, for more than two years." "The Herrings also claim the tenancy agreement on the property allows them to terminate the lease on one month’s notice, in the event that they are, as US government employees, relocated to America." I would guess they leased the house on SST. If they'd been there 2 years, as stated, then they only need to give 30 days notice to quit. Forget about the relocating to the US bit. "Mr Everingham, 54, who has owned the property for the past 22 years and had never been a landlord before, says that at a hearing on May 6 at Harrogate County Court, he was told the five-acre property was to be repossessed in 56 days after he claimed he was plunged into debt as a result of irregular rent payments from his tenants." A reposession order is the final step in a very, very long legal process. Not sure what the quickest a bank can take repossion but 6 months is pretty quick, so the LL would have been notified about the repo proceedings at least in Nov 10, probably even earlier. The LL is lucky not to be repo'd AND jailed
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