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Bobbins

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Everything posted by Bobbins

  1. Facts - not attitude. God this site is littered with chippy people.
  2. I see how you managed to get to 33,983 posts.
  3. If it were all about global competitiveness, France would not exist
  4. Private sector wage increases are currently tracking inflation but about a percentage point behind. A year ago 1-1.5% was common, it's now more like 2.5-3%. If you are in the public sector it looks more like stagflation, but in the private sector it feels very muh like inflation.
  5. Well he's obviously a senior fcukwit, because if you can spell oil and gsa (tee - hee) you can land a job at the moment.
  6. Don't worry, I've had worse happen to me. Is that the I'm alright Jack attitude the one that wants to see massive house price crash falls, that see families evicted for negative equity and not being able to pay the mortgage, so that someone can buy a house more cheaply? Let's face it, a lot of people pray for house price carnage on this site, and don't give a damn for the personal consequences
  7. History tells us inflation eats debt, or are you going to argue that it's different this time
  8. I agree the public sector is struggling, but there'll be carnage soon. Just look what happened in the '70s. When you've had a £300 per month cut in mortgage payments, you are less likely to worry about whehter you get a 1 or 3% increase. Push up interests though and the unions will be screaming for inflation busting pay rises As for the private sector wage growth is already up near 3%. History tells us that inflation and wgae grwoth go hand in hand.
  9. Not all houses fall in value precipitously. If you wan't to aspire to a very desirable area then I think this image tells a good story. And don't come back to me with this in poncy craphole London. This gets mirrored in the nicer parts of Harrogate, Leeds, Bristol etc. Anyway, the person with the deposit will be stumping up for a 25 year (large) mortgage after the inflation has happende, while those with property will be a lot closer to being mortgage free, having had their debt inflated away.
  10. Not everyone is upset with the inflation figures. Being young (relatively) with a £200k mortgage and little savings, I'll take as much inflation as you can give to me. That is as long as my salary keeps up with it, and given I work in the oil industry that should not be a problem. Just look at anyone who bought a 5 bed stucco in Knightsbridge in 1970 for £20k. As long as your salary rises with inflation, then you may have a few of years of pain as interest rates kick up, but after that it's plain sailing, living virtually mortgage free for the rest of your life. Inflation hurts old people. Young people with massive debt is its friend, as long as you can bunker down and continue to repay during the high interest rate period. With high inflation but low saving rates, anyone who has a big deposit but no house is screwed. Inflation, bring it on.
  11. Thames Ditton Junior School has just received a grade 1 outstanding category in the just released Ofsted report. Thames Ditton Infant School has been grade 1 outstanding for a while now. Who needs private schools? That should keep property prices pretty firm in Thames Ditton.
  12. Assume you went along to the open morning, where the EA crams as many viewings into a two hour time-slot. EA will tell you that it's efficient to do it this way, whereas in fact it's a marketing ploy to get 5 ptoential buyers in a room together, and hence provide a sense of urgency. Works best in a bull market when you can be literally tripping over others viewing property. The sense of urgency forces up prices. I once went on a 'private' viewing to find many other familes viewing the property (it was a boom time). I stormed out and then gave the agent in the office a fvcking mouthfull.
  13. Hi Bob, Welcome back to the E&E thread. Guess prices must be heading south Even Rachman's stopped posting so things must be bad. It's been a couple of difficult years in the Elmbridge area, that is unless your a Granny downshifting from an Esher pile. I don't think there's a lot a forced sellers out there, and there's still the bonus season on the horizon. Expect a gentle decline of the market, but if interest rates ever do pick up, this has to accelerate. Hope I'm wrong, because I do fancy one of those piles on Station Road in Thames Ditton. Here's to renewed involvement from the old guard. Bobbins.
  14. I've looked at the map and there are 46, 4+ bed houses. At worst case if 20% have 11 year olds, that's 9 more kids on the list for the school (I've excluded 3 bedders, as anyone with kids approaching teenage years, will doubtfully be undertaking Hinchley Park as an aspiration move, given the size of the houses - although they may get stuck in later years). There'll be some who private education is only good enough for little Henry and Arrabella. With HW school taking 210 admissions per year, it'll make a small dent, which will be noticed at the periphery (e.g. the top of Thistledene & Claygate, which is suffering already). The development itself is a bit out on a limb, and I never trust an area that has a range of shops but doesn't have a single pub. Although I guess you can walk up to the Wetherspoons at Hook, if crossing the road doesn't get you first The HW catchment area is up for consultation and anyone west of Hampton Court Way (but still very near to the school, and a lot nearer than Claygate as the crow flies), is knackered. Good to see the thread's been resurected. Anyone seen the 4 massive semis they've thrown up in Ashely Road, TD? A great location (as opposed to Hincley Park), and my guess is they'll go on the market for any eye watering 1.1-1.2 million. In the same style but much bigger than the existing Edwardian houses which probably fetch 850-900.
  15. OK it was from the red line to the brim. But feck me it nearly as much as the weekly shop.
  16. 6% by 2030 is only because there's still buckets of oil around. As soon as oil starts to decline, CTL/GTL will become economic and take off as a substitute. As I said in my opeining statement there's enough coal/oil around to make transport fuels (gasoline/diesel etc) for the next 500 years. It may take 50 years to come to prominence, but as soon as oil seriously declines (which may well be beyond 2030), come to prominence it will.
  17. What's all the fuss about peak oil ? So what if it oil runs out in 20 years. We'll then be using coal to liquids (CTL) and gas to liquids for the next 500 years. Ok it'll make gasoline and diesel a little more expensive. US and China have enough coal to gasify, and convert by Fischer-Tropsch to transport fuel, for the next several hundred years. Same for gas. It's old technology too. The Germans started it in the 1930s and the South Africans have done it for the best part of 40+ years. Google the Pearl plant in Qatar and you'll see what I mean. Transport fuels are here to stay for for the next (few) generations.
  18. What's all the fuss about peak oil ? So what if it oil runs out in 20 years. We'll then be using coal to liquids (CTL) and gas to liquids for the next 500 years. Ok it'll make gasoline and diesel a little more expensive. US and China have enough coal to gasify, and convert by Fischer-Tropsch to transport fuel, for the next several hundred years. Same for gas. It's old technology too. The Germans started it in the 1930s and the South Africans have done it for the best part of 40+ years. Google the Pearl plant in Qatar and you'll see what I mean. Transport fuels are here to stay for for the next (few) generations.
  19. Time has told. http://www.houseprices.co.uk/e.php?q=14+weston+park+thames+ditton&n=10
  20. Rakno, Your name rings a bell as I disctinctly remember warning you the perils of STR around early 2007. I haven't checked the back-posts but seem to remember you were selling in Slough. I remember some comment like you'd seen it all before and knew it was time to pull out. Well, you played the property market, gambled and lost. Having been burned by this before, I comment to everyone condsidering STR, do not gamble with your primary residence. You wouldn't take £10k into a casino, but somehow think it's OK to gamble with £500k of house equity. You need to be very lucky to call the top of the market, and nobody has done so yet in London & the South East in the last 15 years as prices are at a record high, and going up. Now your Missus is p1ssed off and your going to overbid on some overpriced crap house you really don't want, just to get back on the ladder. Sorry to be harsh, but if you live by the sword............. Bobbins
  21. Wishful thinking. Given the completion of this house sale happened on the 24th July, I'm guessing the original offer was made in the first quarter of 2009. That's when the prices were depressed and I'd say 15% lower than they are today. Adding 15% to the sold price recorded above brings you back towards peak price again. Houses in Thames Ditton where I live are still selling very quickly at or above summer 2007 prices. Only the homeowners who are flying kites are not achieving a sale at the moment.
  22. http://www.telegraph.co.uk/finance/persona...ime-buyers.html The debate about whether house prices are on the way back up or will continue to fall is in full swing, but home ownership remains out of the reach of a large number of first-time buyers, many of whom are struggling with high rents instead. This is partly because mortgage lenders are applying much stricter terms and conditions before they agree loans – the toughest being a sizeable deposit. Most lenders now want to see a 25pc deposit from homebuyers; before the credit crisis, the norm was between 5pc and 10pc. SHARED OWNERSHIP Government scheme: New Build HomeBuy Buyers of any age may apply for this scheme, although key workers and social housing tenants are given priority. You do not have to be a first-time buyer, but you cannot already own a property when you apply. At the moment, there is no government funding available to buy older properties under this scheme – it is only available for newbuild. "This allows the borrower to purchase a share – between 25pc and 75pc of a property with a mortgage – with the share they don't own being rented from a housing association," explains Richard Morea, from independent mortgage broker London & Country. This means that even if you need a mortgage to cover your share, you only have to find a deposit of 25pc of that share – not the whole property value. Through what is known as "staircasing", owners can, if they wish, buy further shares later on until they own the property outright. These schemes are normally leasehold, where the housing association will typically grant a lease of 99 years. "There are different income levels for different areas, but generally if you are under the £60,000 mark, you should be eligible," says Sue Dance, assistant director of sales and marketing for Circle Anglia, a group that encompasses 10 not-for-profit providers of affordable housing in the UK. "People often think shared ownership properties will be low quality, but in fact they can be very high quality." Last year, Circle Anglia built 2,000 new homes; it manages 46,000 homes in total. Once you have bought your share, you pay a rent equivalent to 20pc below the market rate on the part you do not own, plus ground rent and service charges. These fees may be reviewed annually, but may only rise in accordance with rules laid down by the Homes and Communities Agency (HCA). Although the housing association will apply a rigorous affordability test to ensure you can afford to buy the property share, it is wise to remember that circumstances can change. Do not sign up to something you think you may have trouble coping with later on. As this is a shared-ownership deal, matters are not straightforward when it comes to selling. You will usually be required to give the housing association first refusal, and generally it will then market the property for you. In the case of Circle Anglia associations, they will do this for 12 weeks without a fee, although owners must pay valuation fees. If there is no sale within 12 weeks, the property is passed on to an estate agent, and normal fees apply. However, Circle Anglia say that more often than not it finds a buyer within the initial period. There are several mortgage lenders willing to provide loans to people in shared ownership schemes, including Abbey, Barclays, Halifax, HSBC and Nationwide – for a full list, see www.shared-ownership.org.uk. Jackie Lawrence, spokesman for Nationwide Building Society, which allows borrowers to select from its full range of home loans, says: "We anticipate that the numbers of shared ownership loans we are doing will increase. Age limits for our loans are the same as our mainstream mortgages – the repayment term must not take the borrower over the age of 75." "Buyers interested in shared ownership or shared equity schemes [see below] need to do their homework, as not all lenders support all schemes," says Morea. "Lenders who do support these schemes often insist that the buyer contributes a personal deposit, the size of which will vary." To find out which housing associations act as agents for shared ownership schemes around the country, see www.shared-ownership.org.uk. For more information about Homebuy schemes, see www.homebuy.org.uk, www.homesandcommunities.co.uk and www.direct.gov.uk. SHARED EQUITY Government scheme: Homebuy Direct This scheme is run under the same terms and conditions as New Build HomeBuy, but the Government funds an equity loan of between 15pc and 30pc. Rather than charging rent or interest on this portion, it instead benefits from the growth in value of its stake. "The borrower takes a conventional mortgage for part of the purchase price – typically 75pc – and owns the property outright, but the equity is shared with the loan provider," says Morea. "Most lenders will lend between 85 and 95pc of the share being purchased, so a personal deposit is still required." The Council of Mortgage Lenders (CML) reported in March that lenders tend to prefer shared equity schemes, as the equity loan helps protect both borrower and lender from negative equity. "The alternative of a shared ownership scheme is less attractive to the lender as it is more complex," says Morea. Private house-builder schemes Property developers can fund their own shared equity schemes. Barratt Homes operates Head Start, under which it provides an interest-free 10-year loan for 15pc of the purchase price, and Parent Power, where they will match any contribution from the buyer's parents, up to 5pc. Taylor Wimpey is offering Deposit Match, which is a variation on the interest-free loan/match-your-deposit approach. Some developers may insist on the loan being repaid after the 10-year period, so you must make sure you will be able to pay it. Repaying 15pc of your property value after 10 years may be a tall order for some families. And mortgage lenders may be unwilling to lend if you are borrowing your deposit from the developer, warns Morea. "Developers' own schemes, which offer interest-free loans or other incentives, may affect the lender's desire to lend, so make sure you understand exactly how the incentives work and get your lender's agreement before committing to the purchase." Government schemes for struggling buyers New Build HomeBuy Shared ownership scheme, usually for newbuild properties through housing associations. Available to households earning up to £60,000 per year. HomeBuy Direct Available to households earning up to £60,000 per year. This is a shared equity scheme, with the Government and the developer funding an equity loan of between 15 and 30pc. Scheme developed partly to help sell unsold newbuild property. Social HomeBuy A shared ownership scheme which allows council or housing association tenants to buy a share of their rented home. Discounts available to the tenant. Rent to HomeBuy Rent the property at a discounted rate for up to five years with the option to buy. Right to Buy Gives council tenants the opportunity to buy their home at a discount. Dependent on how long applicants have been a tenant and the maximum discount available in the area. For any of these schemes, the first step is to contact your local HomeBuy agent. As there is limited annual funding, your eligibility needs to be approved before you can take the process any further
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