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Mancghirl

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Everything posted by Mancghirl

  1. If its in the MEN, its FACT! Good news though. Very little is selling in my neck of the woods. The local paper was full of EA 'January sales'. I note my neighbours are still punting their 1 bedroomed house on a major A Road for 92k though - how can it not have sold???? But don't worry, FTB's this little doozie is still available for a mere 60k. Form an orderly queue......
  2. Well they were patently so dim that they were unable to understand that it was REAL money they were spending. I suppose they live in a world (as many do) where other people's money (i.e. the banks, the CC company's) is not seen as real - therefore it doesnt count, does it????? 'Feeeeeeerst tiiiiime buyers, pleeeese buy me 'ouse!!!' Hehehehe
  3. Excellent. I hate those 2 scousers already. They are a prime example of the morons sucked in by the lies of estate agents. Why, property developing is SO easy. Ooops we've lost 30k on our first property. Oh dear. Heheheheh. Hope come the crash, there will be more programs of this nature 'Buy to Lets from Hell' for example or 'MEW ruined my life'.
  4. That's got to be a wind up, surely??? 940,000 EUR??? The 'smart money' in Ireland has been busy buying up most of Liverpool and Manchester off-plan. I've just rented a new build from one for a (relative) song. However, there was a nice article in the Irish Times last week about how it is out of control and warning that oversupply will lead to falling rents, those who are overexposed should attempt to liquidate now. At least their press appear to be seeing the light.
  5. I worked until recently in the Head Office of a major building society and insurer. The majority of their insurance business for the past few years has been underwriting policies for those 'rich beyond their wildest dreams'. They were using their house as a cash machine by using MEW. All the 'gains' are those on paper. Bills skyrocketing, rising unemployment, no FTBs, all add up to bad news for the economy. If others want to fiddle while Rome burns, that's their problem. I'm just painting a picture of what I see - I'm old enough to remember how previous 'economic miracles' ended.
  6. Positive action.....good plan. Someone has to counteract the endless spin. We could also urge FTB's in areas of oversupply to contact their letting agents/landlords to get a rent reduction due to lower priced rentals elsewhere. Engender panic of void periods for overstretched amateur BTLs. They then try to sell up and flood the local market, having slashed their price to offload for a quick sale. Prices spiral downwards and local property market collapses. I'll take Manchester......
  7. If house prices to earnings ratio is at its highest EVER, I think that might just qualify as 'serious unaffordability'. The VIs and Gordon Broon are tapdancing on quicksand. The warning signs of a recession are all in place. The high street is already feeling the strain, the knock on effects will start to be felt sooner rather than later.
  8. Absolutely beautiful. Good post. HANG ON......didn't he say property always increases in value???
  9. I saw some dire 'property porn' on TV a while back. some 20 year old whose Mummy and Daddy had set him up 'in business' as a BTL tycoon. Was buying up half of East London on IO mortgages. The programme (wish I could remember what it was) took him to meet a bloke who had done same in the Eighties then lost it all when the banks called it in. Bloke was qite bitter and had a bit of a vendetta against Nigel Lawson. He was now living in France. Young Tarquin was astonished to learn that a) Property prices can go down, The government would let interest rates climb to 15% and c) Banks, when faced with a recession, asked for their money back. But he repeated his mantra (its different now - the government would never let it happen) and carried on regardless. Come the glorious day, people who failed to learn the lessons of history will be first up against the wall (or chucking themselves off it).
  10. "When a property is set up properly, you just sit back and watch the money roll in..." oh aye, all those folks in the early nineties were quids in when their houses plummeted in value. Especially when they lost their jobs and had to give the keys back to the bank. How they laughed....... I'm also willing to wager that the only thing this lad will be finding you is a back-to-back terrace in a street of boarded up crack dens in Burnley. It is, after all, a property hotspot.
  11. So she a radiographer and he's some sort of website designer????? Both fairly averagely paid occupations. Yet they aspire to a 'dream property' which is 275k. Live within your means, kids - a flat ain't a cash machine.
  12. 'Searching' for a property is not the same as getting a mortgage and completing. Searching for one they can afford, no doubt. I'm searching for a l5 bed loft apartment in City Centre Manchester, with free parking, champagne on tap and a Brad Pitt lookalike to do my bidding, thrown in, for 50k. As I am unlikely to find one, I won't become a buyer....... Rearrange these words into a popular phrase or saying: Straws, clutching, at......
  13. Good plan - maybe I am being too pessimistic! as for the comments re personal responsibility.......there is an element of her being foolish - but come on..... 1) There are no Council Houses locally (thanks Maggie)...most have been sold under RTB and the occupants are now selling them for upwards of £100k. 2) 2 bed back to back terraces which were changing hands as late as 2003 for 25k are now more than 100k (minimum) and they are quite grim - I wouldn't want to raise my kid in one. 3) Housebuilders have covered the village in new builds as it has a direct train link to Manchester and folk priced out of Manchester have moved in. Therefore there are stacks of new builds available, making the existing housing stock look shoddy. This is not the most affluent area and I do feel there is an element of exploitation of the locals, there is NO social/council housing being built - where the hell are they supposed to live??????
  14. NHBC g'tees 10 years. Whether they're worth it, can't help.......suspect builders try and wriggle out of any comeback (if the viewers of 'Watchdog' etc are to be believed).
  15. Quite. She is daft to take on this debt but I didn't have the heart to tell her too strenuously. She's a single mum as well - had to move to escape horrible relationship. All FTB properties in area bought up by BTLers so 120k seems cheap in comparision. Her mum is helping her a bit but she's a widow- I assume in 12 months time when she can't afford the repayments, the kindly building society which organised this whole shebang will turf her out. Should have asked her who she got her mortgage through...they want shooting. Who the hell is lending 9-10 times salary???????
  16. Tales from the North....... Development of unsold detatched 'executive' properties. A snip at £200,000. (Local average salary £20k). Builder is now offering £99 deposit and £99 'mortgage payments' (i.e. rent it from us) for 12 months. How kind of them to help the cash strapped first time buyer punt a load of overpriced paper thin new builds which won't shift. Bumped into one of my old school friends the other day. She is a nursery nurse earning about 12k. She has 'bought' a 120k two bed flat on one of these deals. What do you think will happen in 12 months time when she can't afford the repayments, do you think??????? FFS....
  17. Hang on in there. The end is nigh. 7% FTB's? A market without new customers is ultimately unsustainable.
  18. I'd no more buy a house at the moment than I would poke out my own eyes. Even 30% under the current valuation. I'm due 2 payrises Sept 06 and 07 which will take my salary to approx 35k. By then the crash should be well underway. I'm happy to sit this one out. I saw my parents (who bought in '73 at the height of the boom) try to sell in '91. Their house took 8 (yes, 8) years to sell. We are talking a nice 3 bed semi with large gardens and a garage in a 'sought after' village. Bubbles always burst. Vi's say this time its different....its NEVER different.
  19. Just read this article. If anything, its understating the situation in Manchester. There are scores of city centre EAs set up in the last ten years to 'promote city centre living' (i.e. flog new builds). They totally overestimated demand post Commonwealth games. Many of the landlords are clinging to the hopes that they will get students in, but the student market was already saturated.
  20. Good work!!!! Form an orderly queue, folks!!!!! hahahahahaha.........
  21. I've been viewing places to rent in manchester over the last few weeks. All brand new 2 beds, never been lived in. All BTL. Biggest laugh I had was viewing a new development near deansgate station. Landlord drove from London to show me the place. Has since rung me several times offering to drop the rent from £800 p/m down to £700. He wasn't happy when I told him I'd got a similar place for £550. The whole block had been sold to BTL-ers off plan. And it was totally empty. Looking out of the window of this (admittedly very nice) flat, what could I see? 2 more developments in progress.......who will be living in those I wonder?
  22. Openshaw? 100k? They are having one serious laugh. Who the hell is going to buy those? Most folk round there don't have a job and any Manchester FTB with half a braincell would laugh in an EA's face. Oh sorry, the BTL brigade will be steaming right in. Then they can get the DSS to pay the rent when the only tenants they can get are on the dole.
  23. Quite right. I've just moved back to Manchester for work after 15 years away. The city centre is awash with 2 bedders 150k plus. None selling. And still they build.......there are flats going up everywhere. Look in Hulme - its full of empty new build flats and houses. All sold to BTL landlords. Evert rental flat I looked at, the Landlord/EA was willing to negotiate. I've secured a 2 bed in the city centre with 2 parking spaces for 550p/m. Madness. I'm sitting tight. Keep on renting. These flats were punted to BTL mugs for 150k. If terraced houses in Moss Side and Gorton are being priced at 90k plus by EAs, then you know they're getting desparate. Hang on in there...........
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