Jump to content
House Price Crash Forum


  • Posts

  • Joined

  • Last visited

Everything posted by streamingfreedom

  1. Century of the Self was a superb documentary so I will definitely watch this. Hope as some commentators have alluded to that Curtis hasn't lost his form...
  2. Wouldn't be surprised if it is a ssite company of Romans. As you say they are also available to buy "at the full price" which from what I have seen is always way over current prices. I believe this is pretty much a scam to sell properties for more than they are worth to older people, perhaps taking advantage of those wishing to cash in equity early to provide BOMAD funds to their kids. I did write to the local MP about this a while back and basically the reply was can't comment on these financial products.
  3. I see. Wouldnt have believed it but unfortunately I have seen first hand that new builds are still selling very strongly in the SE.
  4. Something is happening as builders shares have just jumped up between 5 and 10% today. Crest Nicholson up 10%, Taylor wimpey and Bellway up 7% Savile up 6.5% Persimmon up 5% Is this before US and Japan central bank policy decision tonight on top of strong US housing data?
  5. It won't necessarily work like that. Negative rates could mean slightly higher mortgage charges to borrowers to subsidise saver's deposits. The bank would only be forced to pay negative rates on mortgages if the mortgage is linked to base rate such as some Swiss mortgages which pay 0.7% above libor, which has gone to -1% now. If we do into negative territory here then banks would adjust their product range based on the new scenario and you wouldn't be able to take out a new mortgage that paid your debt! You would still see low rates offered to borrowers but not negative rates. We are at all time low's for mortgage rates; either IRs go up and mortgage rates have to go up, or rates go Negative and mortgage rates (for new products) have to go up. Correct that it is all falling apart though. The hope is that the collapse of the current system brings about a much better and fairer system, hopefully without a world war in between...
  6. Crazy prices. That area has lost touch with reality completely now, anyone who doesn't have a couple of hundred grand for a deposit will, like us, need to move away from the area. It's become like a London suburb. Anyone looking to move out of London will be looking at these areas because they are rated so highly, top ten UK postcode, schools etc. Sadly we've now given up and looking at moving away in the next six months.
  7. I Have seen that sort of thing happen and it's often due to commission, they will put offers forward to sell to someone who has said they will use the estate agents' own mortgage advice and solicitors as they get a nice little wedge for that. If they start to push their services at offer stage say yes yes I'll be using your people then once offer accepted say oh actually I've found my own solicitor and mortgage now thanks.
  8. Ah Winnersh nothing there except a sainsbury and little train station but somehow commands silly money. To be fair we lived there for 3 years and did like it. That 2 bed flat for 285 is ridiculous money. They were expensive at 210 two years ago - We tried to buy one nearby and pulled out due to cold feet and being stuck in temporary accommodation! Did get an email from a new build in Wokingham today 3 bed semi at 475k offering stamp duty paid and a flooring package. Odd to see the incentives coming out as most are selling very quickly. Not this area but I looked at a new build site in Basingstoke today as was in a very good location just 14 houses in very close to my work place and was told they had all sold in ONE DAY on release last Thursday.
  9. Sad. This bubble has a way to go yet. It is going to bring down the financial system when it goes.
  10. It's Twitter... everything is vague. You've been living in it for about 15 years. Single incomes as a ceiling for house prices died in the 90s. I don't like it but that's the way it is.
  11. I would agree with her in that there's too much regional variance now. London compared to somewhere like Nottingham are totally different markets with totally different levels of affordability and will likely see totally different types of correction.
  12. Over the weekend seen quite a few go sold STC on rightmove. Things I thought wouldn't shift. Seems like buyers were holding back and have jumped in. Last hurrah? Fear phase is not here yet
  13. What a ducking shambles. If S24 gets repealed despite this sort of MSM stuff we know who's side the new cabinet are on.
  14. Exactly. On the contrary, places with a high level of inequality often have relative high house prices. As the in-equality gap widens so do your chances of owning valuable assets decrease, if your on the poor side.
  15. If they bit off more than they can chew in the current scenario, where mortgage rates have been falling for a few years now, then they've really taken a big bite! Many double income no kids with higher than average salaries are taking a huge risk that one of them won't be in full time employment or have to take a lower wage job. Many are seeing mortgage payments drop when they re-mortgage due to HPI improving their LTV. Friend of mine bought in 2013 on a 3 year 4.99% fixed and just went onto tracker at 1.3%. Now overpaying mortgage significantly. Will be in a very safe place in equity within a few years. He was sensible as has a family and bought on one wage. Wife could work part time if need be. Didn't overstretch. Quite how many double income no kids who have stretched to buy are out there I don't know. Don't know if there is data out there either but if the numbers are high then we may see enough distressed sellers to affect prices.
  16. I agree the majority of people who have bought will sit it out. However there may be a few BTL who bought over 3 years ago before the boom that may choose to sell before tax changes. Although they may have enough equity and such low IRs that the yield doesn't force them to sell... I agree totally that we will need to see distressed sellers to see a meaningful correction.
  17. I know what you mean regarding this area. Prices did not drop between 2008 to 2013 they just stagnated then took off. We would like to buy in Wokingham near the good schools and station, where we rent now, but we would be looking at a very small house if we did, massively overpriced crap basically.Only last night I showed the Mrs a place on rightmove on st pauls gate near the station, £340k 3 bed terrace, I stated look I think these will struggle to sell at these prices let's make a low offer and look at the end of the year they might drop. Gone SSTC today after 4 days on the market. Can't see +40% appearing though.
  18. What will happen next? On the current trajectory more inequality, sadly. There's a long way to go before there are riots in the streets in this country at least but that's probably how it will end. Look at the world, it is full of terrible inequality, greed and instability. In terms of living standards we've had a good run in the West and particularly in the UK. On comparison with many countries it's still pretty good. This forum is about more than just house prices and there is much noble and intelligent commentary here however thinking things will go back to how they were mid 90s is blinkered. Living standards of the boomers will probably die with them. When the monetary system collapses we will do well to avoid another world war.
  19. Correct although London is an outlier where affordability and multiples have seperated from the rest of the UK. For the rest of the UK, affordability is about the same as it was in 2003 for those that have a mortgage. Of course this is due to BoE policy; should they decide to raise IRs or incomes drop then things will change but until then I agree the facts are people can afford these prices albeit at very low transaction levels. This is only half the picture though as affordability of rent to income for renters may well be much worse. Have you ever wondered why in countries which have a large level of inequality such as China or South Korea property prices can be so high? It's because owning property or a large amount of equity removes that huge monthly bill from your life, and the bigger impact owning property has on living standards means the value of it is higher. Government policy to boost asset prices has directly increased inequality. Look at the UK. People owning property outright are driving around in range rovers with a ton of disposable income. Those stuck renting or with a huge mortgage are struggling. It is chicken and egg because high house prices and rents have caused the inequality in the first place. However just because prices are high does not mean they will come down. Only when people cannot pay the asking prices will things change, and that's down to government policy or a liquidity crises in the banks. If they make the cheap debt available people will take it. We need a liquidity crisis similar to Lehman to have the impact to crash HPs. Brexit wasn't it. Edit: By 'crash' I am talking 50% across the UK type stuff.
  20. True and it will be the credit drying up that will bring about a crash. Nit the other wayvaround imho. As long as people can get the debt they'll spend it. Witnessed new builds my way sell out within a week post Brexit...
  21. Are you talking nominal or inflation adjusted? Wasn't 2006 a touch higher than 2012 in some parts? East Mids was down about 10% by 2012.... Certainly was down slightly the UK average, not sure about SE.
  22. That would coincide with the scheduled end of HTB. Thinking about it, since HTB is non-recourse lending, if prices are known to be dropping then really it should be pulled rather than throw good taxpayer money at a falling market. Oh wait, they already did that.Somehow I don't think you'll have to wait that long for the London bubble to unravel, hasn't PCL been on a downturn for almost 12 months now?
  23. Hearing you on the sick of renting bit. I could hang it out another 3 or 4 years before starting to run out of years on a mortgage, but my better half won't wait that long. Not unless renting conditions improve or rents drop significantly. You mention the potential falls being the cost of securing before the crash, so I guess you expect lending to dry up leaving a market for cash buyers only?
  24. That would be nice. So I guess you're looking for around a 50% drop then. Might see that in Central London in the not too distant future.
  25. Quite a few people on here believe the correction is happening, so what's your plans? Everyone has a different idea about how far it will fall and how long it will take. Some don't believe it's happening. So here's the question, when do you expect to buy? And what's your conditions interest rates etc? I would probably buy if we returned to 2013 prices in SE, which would be about 20-25% down.
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.