Given Up
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Posts posted by Given Up
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Actually it does the opposite. By having such a vocal lunatic fringe anyone finding this site gets the impression that it is far from unbiased and they probably go away and just get on with buying somewhere. Everything I have read here has just convinced me that we are doing the right thing (buying & selling) the only thing I am worried about is whether we have accepted too low an offer in our property and should pull out of the sale now and put the property back on in April when the weather is nicer.
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I missed the beginning so I couldn't work out exactly what they had done to lose the money, or how much.
I couldn't believe they chose Ham as it's a really expensive area and there are places much cheaper.
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Because the FTB's want to buy places over 250k apparently.
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To be exact, half the population have below median intelligence.
frugalista
And more worryingly, half the population have above mean intelligence. Now, which ones are the home owners in?
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If your salary is too low, change jobs. I moved and got a 50% increase.
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why are u lot wasting your time repeating the obvious to this pair of brainless morons??? OimOopNorf and DumFvckSunTosser are clearly estate agents with NOTHING to do except bait you guys...
Yawn.
Another of your brilliant well constructed posts, adding such value to the debate.
Finished your homework then?
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I was trying not to retell the entire story so missed out a few important facts, he bought for £50K but he has remortgaged a few times along the way. He also has various loans and credit cards. If anything I think it's an admission that he knows that unless he earns X amount he will be stuck in this situation forever and therefore is realistic in what he needs to earn to get himself out of the hole he is in.
It's not my buisness (despite the fact I offer it up for consumption here
) so I don't tend to ask too many questions. Having said that I don't think he really relates the situation he is in to the one he could be in had he been just a little wiser. In fairness to him in the first instance he took voluntary redundancy and had another job lined up, the smart thing to have done would have been to use his redundancy money to clear his debt and pay off a big chunck of his mortgage, but he decided to pay a little off his debt and spend £8k on a trip on concord, the rest of money he just spend on insignificant tat. It's easy to criticise in hindsight but given at that point he was already in debt he should maybe have thought about getting himself even.
If he has mewed to buy "stuff" then more fool him. That's not the same as someone who mewed to buy more property. If he is a forced seller it's by his own complete incompetence and someone will be very happy to relieve him of his home.
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You can't really compare shares with property as shares are just bits of paper traded between like minded punters. Property involves emotion and falling in love with somewhere which could be your home for 25+ years.
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It seems to be regional. Those in the South East and London post about rises and those in other parts of the country post about stagnation.
I spoke to our EA today, one of the two who were selling our property, and he keeps asking if we can go with his buyer not the one from the other agent and he says he has loads of other people lined up. That's why I am worried that we have underpriced the place.
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Are you being serious?
If not:
Very funny post.If you are: :angry: This is the kind of greedy "me me me" attitude that has got us into this mess. If this is your opinion then I seriously suggest you pull out of the sale, screwing over your buyer who has undoubtedly spent money on searches, surverys and legal costs, and then put your house on the market for more money. I then hope that the same buyer comes back in 12 months time (when your house is still for sale) and then gazunders you for £30K less that what they are offering now. A taste of your own medecine is twice as bitter...
A house is worth only what someone will pay for it. You are ignoring the very high proportions of sales that are falling through now - and the stuff that is sticking around for ages and ages because of the mickey mouse pricing.
Apologies for lack of reply had to go out.
Yes it was serious. What is the difference between me being worried that I may lose a huge amount of money by selling below the current value of the house and people worrying about buying something which may drop in price? Everyone here is me me me. I haven't heard of anyone selling their house and giving it all to charity or the homeless.
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These figures have got me seriously worried. We are selling our property (have not exchanged yet) but 2 houses in the road are now for sale at 8% and 30% higher asking prices than we have agreed. Makes me wonder if we should pull out and put the property back on at a higher price.
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http://today.reuters.co.uk/news/newsarticl...RITAIN-BANK.xml
BoE seen holding rates steady
Tue Mar 7, 2006 4:25 PM GMT
LONDON (Reuters) - Interest rates will almost certainly stay at 4.5 percent this week and economists areno longer so sure the Bank of England will cut borrowing costs again in the next few months.All 40 analysts polled by Reuters last week predicted the central bank's Monetary Policy Committee would keep rates steady for the seventh month this Thursday. Many said slow economic growth will prompt another cut as soon as May.But more news showingthe economy picking up speed and house prices once again risinghas got people thinking that the next rate move may well be up, even if not for some time.Bearishness wins the day. TTRTRates.
er is this why rates will go up?
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It would be odd not to negotiate. Most people try to haggle (don't they?) but it just depends on supply and demand. Nice place, new on market, priced right will probably go for full asking. Something not so nice, hanging around and overpriced will probably go for less than asking or just hand around.
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Are you serious? He needs to earn 28k to service a 50k Mortgaga? What is he doing paying it off in 5 years?
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Let's do the maths again with all the numbers in this time.
Cost of staying out of the market
Rent: £40,000
Cost of housing market
moving against him: £40,000
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Total: £80,000
Cost of being in the market
Interest payments
(assuming 5% on the full £440,000 cost): £44,000
Maintenance of the house: £5,000
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Total: £49,000
So he's lost around £31,000.
You need to add on the cost of selling to STR and the cost of buying which includes stamp duty and the cost of 2 moves. He has lost more than 31k.
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Some people prefer to buy a house to a flash car. That's certainly been our attitude. Very old cars but nice house. Each to their own.
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Ok, lets do the maths.
An IO mortgage on 440k would have cost you about £1,700 per month or £40,800 for the two years you have been renting. So you are nearly £1,000 up.
Of course,you can't put a value on the emotional side of it, but don't blame the maths. This hasn't been an expensive experiment at all.
He says it is expensive because he has seen his desired house go up by 40k so he has lsot 40k through bad timing.
How much would a repayment mortgage have been?
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We managed to haggle around 200 cs off the place we are buying but it needs a lot of work and we agreed the purchase late last year. On the place we are selling, we ended up with the buyer paying over the asking price because it was well priced and doesn't need much doing to it.
So from that side it looks as if the haggling strategy works if you are trying to buy something nobody else wants but does not work if it is a desirable property.
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How about................ The exchange date on my property has slipped by a week? Signs of catastrophic loss of confidence in housing market?
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They can tax smokers no problem.
[Edit] Just to clarify that statement, I personally believe first time buyers should be protected in the same way European manufacturers are protected from Chinese textile producers. Europe can't compete with China on cost, so the EU puts quotas on imports.
Simple.
You are missing the point.
Yes they can tax smokers, and do. What they can't do is tax people who own tobacco company shares differently from any other shares Similarly, you can't tax BTL owners diferently from other businesses.
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Children move back to parents
Children cause friction between parents
Parents split up
Demand for more rented accomodation
????
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I don't know the answer to your question but I think it would be seen as a device to avoid tax by the Inland Revenue. Although in theory you can sell something for whatever you want (I could sell my house for a £1 if I chose to) it would probably be viewed as a device if the transaction was to a relative. There must be a way to do it but only an accountant (or someone who has done the same thing) could advise.
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It's hardly surprising they're reluctant to tax BTL'ers is it?
BTLers are taxed exactly the same way any other investment is. The Govt can't legislate against specific assets within a group, for example extra tax for peopel who own shares in tobacco companies?
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I'm selling mine too.
Couldn't settle on where to pitch asking price. Some agents valued much higher than others (almost 8% spread), so went with one of the middling ones. Less than a week on and some repeat viewings already. Seems v.buoyant. Can't believe that it at these prices. But I was saying the same in 1999.
Did you price yours high? Or slightly lower in the hope of generating more interest?
We priced ours at 10% above last price paid 2 years ago and we thought it was cheeky as it needs quite a bit of cosmetic work. We got offers at full asking within 2 days and 3 offers above asking! We went with one offer but have 2 sitting waiting.
Relocation, Relocation
in House prices and the economy
Posted · Edited by Given Up
Disagree.
Shares can be sold very quickly and you do not live in them. If you buy a house to live in you can still do that regardless of its current value. If people have 1 house it makes no difference to them if it goes up or down as they can buy the same thing if they want. If they have more than one then it does affect them but if they are getting a return they will happily wait until the price recovers. Shares are just speculating on the performance of a company and if they fall you lose money. They may recover, they may not.