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neilrich

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Everything posted by neilrich

  1. There's no link, it's a hypothesis. UK GDP Q2 2020 down 20% year on year, despite the UK Government paying the wages. There's plenty talk about a bounce/recovery, however I'd expect Q3, Q4 and Q1 2021 to be down year on year, therefore the cumulative total come the Spring could be circa -30%. Retail, restaurants, entertainment, aviation etc, all these different sectors on their knees. Not possible for Q3 to be higher than Q3 2019.
  2. It's going to be a long winter, with GDP set to remain negative year on year until the Spring, yet House Prices are to remain unchanged?
  3. Perhaps it's just me, unbelievable!! http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10787446/How-to-pass-the-new-mortgage-affordability-tests.html
  4. Should you wish to take your pension as a lump sum, my understanding is that you'll only be able to take the first 25% tax free, should you wish to withdraw the remainder then you'll be be taxed at the appropriate rate. Someone lucky enough to have a £200k pension pot would get £50k tax free, but would have to pay 40% tax on the remainder, that'd be £60k tax leaving you with a lump sum of £140k. It shall be a difficult decision for many, what is a typical size pension pot?
  5. Reed Rains They still don't get it.
  6. All those years we've heard the likes of Justin Anim and The Journal talking the market up, and now, it is they who are having to talk it down. How the tables have turned. Thankfully many of us who have previously posted on this thread had the foresight, with the exception of Smarter than the average bear last known to be living at City Quadrant NE1 4DP where nothing has SOLD since May 2008!
  7. Gateshead firm Dreamport Properties Ltd collapses The Journal
  8. Regent Estate Agents & Valuers, 221 Gosforth High Street - Have ceased trading, out of business? It's going to be a long hard winter for estate agents, they don't have HIPs to supplement their income this time around!! Mortgage figures/statistics speak volumes. This could be it?
  9. Here's the part that I like, Two minutes of research and we can find out that the Dunn's house is 12 Edge Hill, Darras Hall NE20 9RN. Interesting to note that despite the price being discussed in The Journal, the agent has it listed as price on application, f**k I hate that!! Best of all is the fact that the Dunn's purchased the house in November 2001 paying £305k, and just 8 years later they had it on the market for £1.1million!! They've "renovated almost every inch of the property," I don't give a sh*t...from looking at the photographs you've not added £800k worth of value to the property. Since the bubble burst it's very difficult to value property, vendors and those in the industry can't see the wood for the trees, they still look to 2007 valuations as being correct! As some of us have learned, the reality is very different, my view still being that our economy has been built on sand. Today in 2010 we have a bloated public sector with a £155billion PSBR, an economy that's on life support(base rate of 0.5%), higher unemployment than a decade ago. Yet here's Mrs Dunn thinking I'm going to pay a £650-800k premium to buy her f**king house. Just goes to show that we still have a long way to go, but at least we've turned the corner.
  10. Think this is now on to its third agent. The price has now been reduced to £250k.
  11. I work in a building that is circular in shape, the fact that no rooms are square is a really big problem. Average size rooms and the furniture can't go flush against the wall, or into a corner. There's so much wasted space!!
  12. It's so sought after that there's only been one sale in the past three years, and that was in May 2008!! City Quadrant is also the home of former poster on this thread Smarter than the average bear, it's no wonder he went very quiet. City Quadrant
  13. Pattinson Estate agents have a new trick - For each and every property listed on their website they now show Typical monthly repayment £350.96* with Mortgage Advice Bureau Of course, as you'd expect from such a bunch of professionals, they've got it wrong! They are describing interest only as repayment, misleading or what?
  14. I gave up on the Pattinson auctions after posting the above, their houses are generally sh*te, and the results are simply boll*cks!! In my opinion.
  15. UPDATE 29/05/2009 £205,000 Semi 4, Blenkinsop Mews, Newcastle Upon Tyne, NE3 5RN 19/12/2008 £275,000 Semi 4, Blenkinsop Mews, Newcastle Upon Tyne, NE3 5RN 25/09/2003 £262,500 Semi 4, Blenkinsop Mews, Newcastle Upon Tyne, NE3 5RN
  16. The price is up and down like a yo-yo, 24 hours on and the price has been adjusted upwards back to £310k! Like I said, astonished by the pure greed!
  17. Apologies, but so astonished am I by the pure greed, I believe the following deserves a thread of its very own, so that we can watch it over the coming months, and years. Flat 2, Howard House - 43 Elmfield Road, Gosforth If my memory serves me right, then the above flat was for sale with Sanderson Young for most of 2009, listed at a price of £198k. Good location, but the flat was pretty bland with white walls and wooden floors. It was never worth £198k!! Anyhow it SOLD in November for £152k 03/11/2009 £152,000 Flat 2, Howard House, 43, Elmfield Road, Gosforth, NE3 4BA However it's back, again listed with Sanderson Young, it re-appeared end of last week without pictures listed at £310k! Today the photos have been added and the price adjusted to £299k. It does not look much different, the walls are still painted white, perhaps a new oak floor, and some chandeliers! The kitchen looks weird, not what you'd expect in a victorian villa, I guess they found it in the B&Q SALE! £150k premium over just three months, and for what?
  18. They steered a similar course in Japan, a nation that has managed to maintain a trade surplus, and where goverment debt has been bought by Japanese citizens, the reason why they were able to maintain their base rate so low was they were not reliant upon the international bond markets. Japan was not able to engineer inflation, instead they simply sank under a mountain of debt, borrowing your way out of a recession does not work, you simply choke on the cost of servicing the ever increasing massive amounts of debt in vicious a downward movement that feeds upon itself. I can't see too many British citizens queing to purchase GILTS, therefore we either continue with the policy of quantitative easing or we sell them abroad. QE was a short term fix, to continue medium/long term would destroy our already damaged reputation. My guess is that the next government shall be forced to substantially reduce the defict in the years ahead, despite the pain, as with Greece and Ireland. At the end of January the yield on ten year Greek bonds rose by over 40 basis points to 7.15%, the repricing of risk, the trend is clear!! Rates are set to rise around the world, our banking system is dependent upon the bond markets, fractional reserve banking is now consigned to a text book! We've been living way beyond our means, this shall change, political will...or not!
  19. I can't see this, no way!! Jobs are still being lost left, right and centre. Big industry continues to move abroad, can't see the new owners of Cadburys offering their workers 10% in any year! Double digit pay rises in the public sector would do wonders for the budget deficit...NOT! Our currency really would be toast, especially if interest rate were held low. Deflation is still the most likely outcome in my book.
  20. What a fascinating read this thread has become in such a short space of time. I think we can agree that many of us are in the same boat, only, I'm not about to give up the fight...no way! Having a place of your own is not the be all and end all, especially if you require a mortgage. I guess it's safe to assume you're debt free, something you really should celebrate, live your life within your means as the best things in life are free. Can't believe that spending a 100k, borrowed money, on some semi would make you're life complete. I know you'd like to start a family, but you also tell us that you're single. Perhaps you'd be better concentrating your efforts on finding Mr Right? Once you've found him you could then look for somewhere together, surly? Continue to save and build up that deposit, things shall turn, this miracle recovery has been due to an unsustainable stimulus. After the general election, which ever party wins, the new government shall be forced to address the 178billion deficit, so things shall get far worse... the housing market does not have a leg to stand on. Just look to Japan to see where we are heading, and remember that the best things in life are free! Certainly don't let the situation get you down.
  21. The lost generation is starting to catch on, more and more are waking to the reality! The Observer
  22. The lost generation is starting to catch on, more and more are waking to the reality! The Observer
  23. The lost generation is starting to catch on, more and more are waking to the reality! The Observer
  24. Here follows a sign of how things have changed, 13 Nelson Avenue, Fawdon(a stones throw from the Northern Rock HQ) - completed July 2007(one month before Northern Rock collapsed) for £125k. It's clearly been flipped, I spotted it on the market last year with Sanderson Young, but can't remember what it started at, however the price was later reduced to £135k and now this week reduced again to offers over £125k. Sanderson Young Interesting when you consider the average salary of a Northern Rock employee, I'd guess £12.5k. I'd say in reality this property is worth £50k - £60k tops!!
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