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House Price Crash Forum

krosfyah

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About krosfyah

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    Camberwell, SE London
  1. Does anyone know what i mean? I once found a link to all these headlines detailing in the late 80's/early 90's that basically was saying much of what is said now - FTB's priced out, serious lack of supply, spiralling HPI etc and then the subsequent HPC headline stories too. Does anyone have links to these historical headlines/news stories please? I can't find them for the life of me. Thanks
  2. Asking price of £1,750,000 Spacious three bedroom flat situated on the basement (with rear paved garden), ground and first floor of a red bricked house. The flat is ideally situated in this beautiful garden square within easy walking distance of Harrods and the shops on Sloane Street. Leasehold with approximately 47 years remaining • OWN FRONT DOOR Oh well, jeez, it has it's OWN front DOOR. I guess that makes the 1.75mil and 47 year lease understandable
  3. I read the Guardian and have been lurking here a year or so, posting now and again and more frequently over at the other place now.
  4. Typical of an amateur BTL LL. No sympathy for them whatsoever. If you are going to make it your business to own more than your share of property you better be successful at it, because the social repurcusions of failing in a market where it denies others the right to own THEIR own house means i have what is approaching negative values of sympathy for anyone in this position. Let em all sink to the gloomy depths in their own ill managed property portfolio wet dreams is what i would wish for.
  5. 1) Private 2) £850 3) 2 4) London (Zone 2, Camberwell) 5) £230k (est)
  6. thanks for sharing all, and special thanks to munimula for those interesting links
  7. Between my wife and my own joint net income of £3700, we are saving £1000/month for our deposit, approx 27% of our joint net income. According to this report: Firstrng article FTB's have been worked out to be saving £300/person/month, or at least that's the variable they have used. I personally don't know of anyone else saving for a place now (many of my friends bought already). Anyone care to divulge how much they are saving so i can work out if the Firstrung figure is accurate? It's probably been aggregated for a national savings figure, rather than London. I'm specifically wondering about who is living in London and how much are you saving for your place, for when/if you want to buy after a correction takes place. Edited to add: if mentioning a specific figure makes you (understably, i guess) somewhat uncomfrtable, perhaps we could compare monthly savings/net income as a percentage?
  8. Is it because she thinks HIPS will lead to a slow down/stagnation of property and as a result, the knock on efect is she is out of a job? What's the REAL reason she isn't in favour of HIPS?
  9. If we saw a repeat of the last crash - massive falls in price due interest rate hikes, when would you buy if interest rates were again to shoot up to over 10% say, and prices of everything fell by 30%. What signs do you look for when interest rates are high, with regards to getting back into the market after a IR hike and property price fall? Thanks
  10. http://money.guardian.co.uk/news_/story/0,,1786649,00.html House prices rose by just 0.2% in May and a likely jump in interest rates may lead to a further slowdown in the market, Nationwide building society said today. Although the "sluggish" rise in prices this month was slightly up on the 0.1% increase in April, the society said it was significantly lower than March's 1.1% rise. Prices have risen by an average of £20 a day for the past 12 months, and at £164,632 the average stands £7,500 higher than in May last year, but the annual rate of inflation has slowed to 4.7%. Nationwide said the number of mortgages approved for house purchase remained historically high and that house builders and estate agents continued to report strong demand for homes. However, the society's chief economist, Fionnuala Earley, said there were signs the market may be starting to cool. "Not all drivers are supportive of rising house price inflation," she said. "Apart from well-known concerns about stretched affordability among first-time buyers, and the rising transactions costs that movers face, there are now further reasons to expect some cooling in the rate of house price inflation over coming months." Chief among these, Ms Earley said, were expectations of an interest rate rise in the near future. This has already driven up the cost of fixed-rate mortgages and may be making borrowers nervous. "Tracker mortgage rates tied to the base rate, by definition, remain unchanged, but additional talk of rate hikes is still likely to affect borrower sentiment, particularly when there are increasing reports of job losses and consumer confidence is fairly subdued," she said. "The effects of hawkish interest rate expectations in the financial markets on fixed mortgage interest rates and press reports pointing towards the possibility of higher rates, should contribute to a cooling of house price growth." Earlier this month, the Royal Institution of Chartered Surveyors said it expected prices to continue rising for some months. It said it had seen an increase in the number of enquiries from potential buyers in April, while the number of available properties was down 10% on the same period last year. Howard Archer, chief UK economist at consultancy Global Insight, said while Nationwide's figures suggested the housing market was losing momentum, it was "premature" to read too much into the data. "House prices can be very volatile on a short-term basis," he said. "Indeed, it is still very possible that house prices could see further strength in the near term, given that mortgage activity and buyer interest is still relatively high, and there is a reported shortage of properties in some areas." But Mr Archer added that the figures did support his belief that house prices would level off this year
  11. LMAO good post. On a side note, if you PLAN to get pregnant when financially you don't know where you will be, and you DON'T liquidate your assets when you are struggling (i.e. sell the 2 BTL's) the amount of sympathy i have for you is less than zero. I would dearly love to be able to afford a FLAT in my area, and start a family with my wife at some point, but that's out of the question, so if i sound like a harsh bas*ard, go figure.
  12. There IS a clear difference. If you INTEND to buy and you rent long term VS buying long term, it will be harder for you to own a property outright. With buying, even if you buy at the top of a market, as long as you continue to make payments, one day, even if in many years, you will OWN that property. I believe renting is dead money if it costs less to pay the interest on the capital loan to the bank (which for me right now it would do). However, if i took a mortgage out now, that interest i pay to the bank would be less than the rent i pay now in about 2 years. If - hypothetically - IR's stay the same, as does my rent, in 2 years, renting would be dead money compared to buying from my perspective. Of course this is hypothetical. What i'm illustrating is that sometimes rent IS dead money, sometimes it isn't. For many who bought and got in early - if they had continued to wait, as i have done, renting for them would have been a lot of dead money. To say renting is not dead money without explaining referencing your specific situation could be at worst incorrect and at best short sighted. It varies for everyone in their own situation.
  13. Alot of what you say rings true for me. I think you can learn alot about the way the economy works/has been working/might work in the future, but never forget to take a lot of what you read - both here and by "reknowned" economists with a large wheelbarrow of salt. ANYONE that thinks they can accurately predict the future based on past events should not be listed to. The only people worth listening to are the ones who admit that past events are no predictors to future events and that no one can know whats really going to happen and when. All we can really listen to is threads of thought - i.e. that house prices seem massively overvalued and affordability is completely stretched for most people. Again, it comes back to the common sense thing - if you are on a reasonable wage, then others on a reasonable wage, or less than a reasonable wage are in the same boat. PErsonally it sounds like you are in a good situation to me - living cheaply and saving hard. I'm trying to do the same. It's a struggle but the main thing is, we will all want our own places at some point, be that here, France, the US for me (my wife is American) or Timbuktu, and cash is king - the more you have for your deposit, the less of a financial risk you will be seen to carry, the more preferential rates you may receive, and the lower you monthly mortgage payments. People have been saying there should be a crash any day now for years. I think to hang on trying to predict where property will go will be soul destroying so i try not to do it, but i still check what the market is doing daily, i'm as guilty as the rest. At the end of the day though, we must all live our lives and there is only so much of this whole thing i'm prepared to let consume my day to day life. You just have to get on with it and not let it get to you too much, really, that's the way i look at things. But keep saving, and eventually time will tell you decide to end up settling, and those sorts of decisions will be easier to figure out as and when you are in a position to make them.
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