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House Price Crash Forum


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Everything posted by 2rocketman

  1. Unfortunately those only able to finance 60% and probably without any spare funds available to renovate, barely scrapping the 5% deposit together let alone stamp duty. Partly due to lifestyle, having new cars on pcp etc. They think they’re buying the dream you describe not realising it will turn into a nightmare further down the line.
  2. Problem is, 30 flats would no doubt sell and they would have a leaseholds, maintenance etc to cash in on top. Only because they will be eligible to use Help to Buy scheme (taxpayer) to shift them at over inflated prices as they will fall below the 600k threshold. That’s where they have gone wrong, if they could tap into the HTB scheme on those houses, idiots would of already moved in!
  3. Well I guess each situation is different, existing equity, salaries etc. There credentials much be very strong I would suggest for those purchases. I hope they all negotiated good deals on the price of the houses. Would be interested to know what reductions they got if any?
  4. You can add stamp duty, surveys, mortgage set up fees solicitors fees etc to that. Most would be buyers, up sizers don’t have a pot to piss in.
  5. I don’t agree. I know people with a lot of equity that have struggled to remortgage for whatever reason. Interest rates are low but real world lending is tightening!
  6. Some you win some you lose, it’s not worked out for them, only themselves to blame, they submitted the plans and set the asking prices. Surrounding residents have all ready put up with one round of development and should not be subjected to any more. Market forces need to be left to play out. They are only worth what someone is willing to pay. The build cost is circa 3 million, they want a return of 6.5 million. If they want them gone, slash the price 50% and move along. The real problem here is pure greed! I really hope they’re plans are rejected and buyers have there pants down!
  7. If you are using the help to buy equity loan scheme, you can only purchase a new-build property from a participating registered house builder.
  8. That pair are very damaging to our cause, but there are so many factors now out of their control. Sentiment has turned.
  9. HTB on old properties is one of my biggest fears.
  10. When the market crashes, I wonder if we will see HTB keys getting handed back on a big scale. Especially once the high maintenance fees kick in when they are no longer new anymore and the poor build quality start to show. The big new build blocks of flats, with 2 lifts to service, non stop interior decorating from renters coming and going damaging the hallways, flashy glass exteriors with regular cleaning required etc etc it’s going to be savage. I don’t know to much about htb but I believe you have to start paying interest on the loaned equity after 5 years as well. Very bad news for those who don’t look past tomorrow with debt up to there eyeballs with every penny accounted for. Already couples separating, needing somewhere bigger to start a family are facing a substantial loss in the majority of cases. Surley its not if it’s when?
  11. I have been waiting 6 years to buy, come close a couple of times out of desperation, pressure from others around me etc same as many on here. I follow West London and parts of the south. I know variety of people from all different backgrounds, amongst them, an estate agent, couple of developers, first time buyers, landlords, affluent individuals, help to buy owners, business owners, sellers, professionals of all types etc. I really think from everything I see, read and hear this next 12 months is going to be brutal. Many are talking negative now, no longer the uber upbeat tone of a couple of years ago. I have said on here for a while the crash started long ago and I personally think it is now clear it did (London & south only, I know nothing about the market in the north of the country). Sentiment has been turning, prices dropping, properties not selling/renting etc but it has been gradual. I’m calling it now, this time next year I think the market will be decimated. I know of someone selling land to a developer, a big deal, they have backed out on him. I know someone who was flipping a house, been holding it 2 years from purchase now and just coming to terms with the fact they are going to loose 100k plus and that’s after doing a complete renovation and a loft conversion. I know someone else, tight as two coats of paint, just took a 200k drop to get a sale through on one of his properties, very out of character, but he is a right time right place kinda guy and I’ve no doubt that will look shrewd in time (he still made a killing). I could go on and on but the point is the tide has turned and it’s now common knowledge. Those who kept saying buy buy buy have fallen silent. We are now in reverse and I think it is going to pick up speed. Redundancies are becoming more common, closures happing all over the place, Brexit, S24 all ready to add to the doom. I was speaking with the estate agent I know the other day and he said it’s not only buyers on the sidelines, he has plenty of potential sellers too. Many of whom get valuations done only to inform him after they won’t be marketing the property until post Brexit. I think once it is done whatever the outcome a lot more properties will come on and hopefully sellers will out number buyers and it will trigger the collapse. I am sure someone will repost this if I am wrong, I even will if I remember but I can feel it, this is different! The next 12 months is going to be a bit tasty. I won’t be taking out any more fixed isa’s etc I want my funds accessible now. 2R
  12. https://www.thisismoney.co.uk/money/news/article-6660745/Housebuilders-pay-record-2-6-BILLION-investors-despite-housing-shortage.html
  13. Sure is, surprised they are my only mistakes. I have dyslexia. I live with it. Just like you will have to live Brexit. Best, 2R
  14. I would be happy with this scenario, however, it would need to be a minimum of 5 years from the official exit date before it was held again in my opinion. This would allow enough time for a proper analysis to be conducted. Then we would be able to hold a second referendum (if the appetite was still strong) based on all the facts. Thats me done, I’ll be back on the 29th of March. 2R
  15. I voted for a clean break. If you feel I am a plank that is your entitlement.
  16. Nope, same one. I voted to Leave the European Union. I had no expectation of a deal. Although I have become quite fond of the term hard Brexit. It has a nice ring to it!
  17. Way to much drama. Don’t panic, we’ll be in control. Have some pride.
  18. If the vote had gone the other way I would of accepted it without question. I fully expected the outcome to be remain. The point of the vote was to have a final outcome. The public answered. Now the other 17m need to make the best of it.
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