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House Price Crash Forum


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Everything posted by Martin_JD

  1. Most lenders have cut the max LTV they're willing to lend at, you won't find any 95% mortgages and you'll struggle to find a 90% mortgage. Those that are lending at 90% are being very strict on affordability, so i would say they re being responsible.
  2. No we are not "full". This is a fallacy, one usually peddled by the likes of Enoch Powell, whom you sound like a fan of.
  3. News of this "mini boom" is certainly no surprise to those of us who are currently buying and selling. It's been madness out there for a while.
  4. Allowing Hong Kong residents to live in the UK should be applauded IMO - they will only help to enrich this country. Shame some here are somewhat narrow minded.
  5. Please don't be a ***** and do this. Well done on your offer being accepted - i've recently done the same myself. If the house is the "the one" for you and you're planning on living in it long term then go for it. Enjoy your new home and good luck.
  6. You are correct in that he does deal with specialist/edge cases. Anyway said he's had double the amount go through this month in comparison to what he usually does, it's been his best month ever. A tiny sample size i grant you, but will be interesting to see how this is just a short spike or if the stamp duty holiday does encourage more activity over the next few months. I think it might do.
  7. anecdotal from my mortgage broker who has been in the game 20 years suggests a surge in approvals when the data for July is in.
  8. Sounds like your landlord has been quite foolish if that's the case. Bizarre. Hopefully he dosn't need to sell up and end up chucking you out. The uncertainty of what your landlord has in store is why i prefer not to rent. I went with a repayment mortgage on our BTL before we sold it a few years later. Managed to build up a reasonable amount of equity as well as the capital gain. Sold it just before lockdown, we got lucky with our timing. I would never go with an intrest only mortgage, asking for trouble unless you have a solid plan in place to pay the capital amount off eventually.
  9. Sounds like you're confusing this place with a sailing forum.
  10. Well i'm glad you're happy renting, as I'm sure your landlord is happy with you paying his mortgage off. Sounds like a mutually beneficial relationship and everyones a winner! Enjoy!
  11. What a bizarre comparison. If the majority of job losses turn out to be at the lower end of the earnings scale (those in the hospitality industry for example) then this may not have a material impact on the housing market, as obviously those people would not be in a position to buy a house regardless of if they where employed or not. Add to that continued low (negative?!) interest rates, more quantitive easing and our continued collective madness in regards to home ownership, and I think we're in for a sustained period of stagnation of prices, rather than a crash. Time will tell.
  12. You seem to be presenting a number of predications as facts. As I said, 5 years is a very long time! Live your life, enjoy yourself!
  13. What's wrong with wasting decades waiting for a crash that never materialises? Nothing. assuming you're happy to rent. Nothing intrinsically wrong with that. However, If you do aspire to eventually owning your own home, then these decades of waiting do become an issue, as you'll likely end up priced out of the market, when you could off payed a big chunk of your mortgage up.
  14. 5 years is a long time, who knows. live your life. you could waste decades waiting for a crash that never happens.
  15. It's absolutely mad. We couldnt believe what stuff was actually going for when looking through the land registry results. We now just add on an extra 200k to most stuff we look at. (we stopped looking in the end).
  16. Absolutely. There is a systemic problem with buying and selling. The entire process is archaic and ripe for disruption. Any party that pledged to take a proper look at it would win my vote.
  17. So the sale of a property in Scotland isn't legally binding until completion of missives, which is broadly equivalent of the exchange of contracts in England. This means that at anytime up to this point it's still possibly to get ******ed about either as a buyer or seller - case in point - we had our buyer try and knock 5% off the sale of our flat on the day missives where due to complete. gazumping & gazundering isn't nearly as prevalent in Scotland, but people assume it dosn't exist up here, when in fact it does. The main thing I really dislike about the market here in Edinburgh is the offers over system - as a buyer it sucks. It's basically a blind auction, everything going to a a best and final offers show down. The issue we've found is that most stuff is initially undervalued in order to gain interest from as many potential buyers as possible. The home buyers report value seems to be more of a marketing tool than a realistic valuation of what a property is worth. I've spoke to a few people (ourselves included) who where asked by the surveyor what price they would like on their report! Most people end up losing out on their first few properties - as they are outbid, the house will end up going for 20% over the offers over price. This becomes a cycle of disappointed buyers missing out on stuff, and then massively overbidding on the next place in order to avoid missing out again. Net result being that stuff on sale for say, 480K ends up going for 660K. It seems like everyone is stretching themselves to the limit, or offering on places which are substantially under budget, and a bit shit. Last place we bid on, which needed work, we bid 140K over asking, and ended up coming 3rd out of 7 bidders. It's a bonkers system and seems to be fuelling a non sustainable market in this city. Add to that the extra stamp duty you pay up here in comparison to the rest of the UK and it becomes an expensive place to buy a house. At least in England the price on rightmove is generally the ball park price you end up paying, give or take a few grand.
  18. Unemployment will go up, I agree with you there. Not sure if that will have a significant effect on house prices in this country due to the nature of the jobs most at risk.
  19. Good stuff. We shall see this time next year where prices are at. My guess is that you might be a bit disappointed.
  20. When exactly will this happen? and by what amount will house prices collapse by? BTW I'm only asking you so that I can quote this back to you when your predicted "collapse" fails to materialise.
  21. It really isn't. The Scottish system is actually worse than the English system in some respects.
  22. Despite some of the posters here claiming with certainty that armageddon is on the way no one really knows as we can not see into the future. My advice would simply be, do you see this as a long term home? Are you going to stay there for good? If so, and if it's your ideal place, go for it. Life is too short.
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