nova
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Posts posted by nova
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With house prices and probably interest rates dropping, isn't the BTL party back on ?
Apart from lack of available credit, I can't think of a reason against it now yields are back up....
SP thinks so too (as always).
"so lower prices, lower rates and considerably better yields.....i'll have some of that
If IR's hit below 4%, frankly i will be the first to fix for 10 years on what i have and buy as much as i can"
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I still get x5 on the "how much can I borrow?" thing.
I've been watching this and it used to be x4.4 so I think it's actually gone up !! :angry:
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I keep thinking as to who is the ultimate winner during rampant HPI and it always swings back to the banks.
When you think about it, a house built in the 1930s may have been sold dozens of times, each time mostly for a larger amount. However, the original product, the house, remains the same (with the exception of maintenance, extensions etc.).
Therefore, the banks are effectively able to re-sell a product that they never owned themselves many times over for larger and larger amounts, the price of which they directely dictate (i.e. 3 x incime, 4, 5, 6 and so on). Each time it sells, a new generation in encumbered with a loan that takes most of their income.
Oh wouldn't it be good if houses cost what they originally did plus a bit of inflation so that we could save, spend on real services and products that would in turn employ people and therefore keep the economy working? You could even get a decent pension going !
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http://web.archive.org/web/20031119011643/...icecrash.co.uk/
Made me smile, 3.75% here and 1% in the US.
How much worse this mess is now is just too difficult to quantify.
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"China gags property boycott protester
Richard Spencer / London Telegraph | May 22 2006
China has silenced a businessman who called for a boycott of property purchases in protest at rising house prices.
Zou Tao, who sells golf equipment in Shenzhen, was so outraged with prices that were out of reach of most ordinary Chinese that he launched a petition calling for the public to stop buying real estate for three years. Within days, he had 30,000 signatures from across the country.
Until recently, demands for lower prices would have been tolerated by the government, which is trying to deflate the bubble gently and is also concerned about growing resentment of China's new rich, many of whom have become speculators.
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http://www.propagandamatrix.com/articles/m...220506China.htm
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600K for that ?
They're havin' a larf.
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This being the case if my house lost 40% of its value I would not frantically struggle to sell it but continue to live in it reguardless of its market price (which is only relevent when buying or selling)
Of course that's if you want to live in it for a decade or two ? Are you so shortsighted and do you really believe personal situations can't and won't change ?
Take a look around. It's the UK plc economy that's broken, not house prices. The prices are high because of misguided perceived wealth.
Rest asured, that's all about to change and you won't want to be in a property with a sale price of 40% less than you paid for it.
Unfortunately, there isn't a single rational economic factor left that supports the current inflated prices. It has to end soon and there will be a sharp initial correction. The old "you can't build land" and "prices never fall do they" arguments won't keep this mess going forever.
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Around 70/80K. I reckon the market is 30-40% over priced and work on that.
If I have next weekend free, gonna try and build me one, see if it is possible.
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Why buy now? Even if you can afford it, something bigger and better will be along in another few months. That's the beauty of a falling market for those sitting on the sidelines.
Something MUCH, MUCH better !
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WRONG ! any rate at 1.99% would have been extremely short - the BEST on the market for 2 years ago was 3.29% - I know that because I got it - as for the rates now you conveniently forget to say that the current rates are significantly better than say 6 months ago and FALLING - but then I guess a doom-mongerer would forget. The smart person now would wait 3-6 months on a variable if neccessary then go onto a fix which will be sub 4% by then. Its not difficult with a little savvy.
If the 3-6 months is too painful ? then get a discount deal
Sorry if this positivity is unwelcome on here !
They're still around now !
Get this - self-certification for 1.99% for 2 years.
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This is the Portman's current fixed rate. I clearly remember looking in their shop window 2 years ago and it was 1.99%.
Thos people who got the 1.99% should be just exiting the and looking at the nasty end of a 6.74% variable rate.
How on earth will those poor sods survive ? I assume they were hard pushed 2 years ago ! The prices round here are around 2003 levels so equity can't bail them out.
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Can you pdf the flier ? I'd like to leave it around some places.
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Betfair's "National Std Price" bet has been suspended ... anyone know why ? Was looking to place a sure thing.
Interest rate bet is making the 0.25 down look a bit more unlikely.
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I just realised, by not buying now and waiting for 40% to be skimmed off house prices, I'm kind of doubling my salary. For free, no extra work !
Flats my round my way were 220K. They're already down to 200 and if things go as planned, be down to 120 in anything between 1 to 3 years. So therefore, I save 33K a year.
Nice thought to finish the day on.
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This concerns me. What if people stopped getting more debt and tried to pay it off instead ?
The way I see is that the last five years have seen people spend the next 5 year's money. With inflation so low, it'll be even harder to pay off what has been borrowed so far.
The boom in the retail sector makes me laugh. It was only so great because of the huge injection of borrowed money. It's so bad now that you can MEW a good few tens of thousands just because your crap flat has tripled in "value".
I'll be even more naffed off if bankruptcy proves to be as easy as it's made out to be.
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How can one establish how many empty properties there are in the UK ?
I know from personal experience that within a couple of hundred yards of my place (rented of course), there's about 30/40 empty new build units. If I spread the net wider, it would be into the hundreds.
I'm wondering how you could quantify all these empty properties ? The local rag shows a lot of them but not all. I remember reading there were 700,000 empty properties in the UK anyway but this total must have risen a great deal since last year.
By the way, if any of the developers out there are wondering why they haven't sold their luxury two bedroom apartments yet, here's a clue to getting some sales : DROP THE PRICE BY 50% !!
I stand and look in absolute awe, completely dumbstruck, confused, scared and rather depressed when I look at what 200K gets you today. How did we get this far ?
Still, the tide's on the turn now. Be damn sure of that.
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Most excellent.
Please do another !
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Recession on the cards by any chance if this consumer slowdown continues or worsens?
Unfortunately, there has been a recession on the cards for years. We "avoided" it by over spending to an eye-watering degree.
It's laughable how much negative press is around now the election is over.
We must be mugs (well enough of us were to vote Labour).
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That's why prices crash, and it's also why at the trough no one wants to buy a house, I know it's hard to believe but nobody wanted them back in 1994, they were viewed as a millstone not a magic money machine as they are now, and people certainly didn't aspire to own 18 of them each.
That is SOOOOOOOOOOOO true. I remember family and friends who came to hate the properties they were lumbered with.
How can you move when you paid X for a property and you can only get X-30,000 now ?
Well, people have to move sometimes so they rented them out and what a sorry position it was to be in.
Renting is easy ? The hell it is.
Those pesky tennents mess the place up, they keep moving out at their convenience, they make selfish demands in the middle of the night like "fix the heating", they stop paying rent and worst of all, they paid less rent than the bloody mortgage !!!
Gonna be good.
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I can't see this posted so for those who dodn't see it :
http://news.bbc.co.uk/1/hi/business/4528567.stm
Why am I not surprised ?
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Does anyone dig this ?
Is there anyone left in this country daft enough to think that this was a great move ??????
Words fail me. :angry:
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Finally, does he really believe that a sane pension manager would invest 5m in a portfolio that offers no yield in a falling market?
It's the good old "Greater Fool Theory".
"Belief held by one who makes a questionable investment, with the assumption that he/she will be able to sell it later to a bigger fool. "
Pretty much sums up the last 4 years.
It's worked for a few but just how many will find out THEY are the greatest fool.
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Income Protection Insurance
in House prices and the economy
Posted
Has anyone had experience of this ?
Here's a typical clause indicating you wouldn't get paid if you "had reason to believe that you might become unemployed".
Now, what if you work in a bank ? It is likely but not definite by any means... would they not pay, based on the fact you work in a bank and everyone knows what that means.... ?