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House Price Crash Forum


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Everything posted by tenroom

  1. It's a hole. There's more chavs there than in Bermondsey and that's going some. All the shops and bars are run by chains, not people. You could be in any of a thousand high streets anywhere int he country. If you like it, fine but, ultimately, it just isn't anything special. London as a city is obviously going tohave far more choice than a backwater on the arrse end of the A3 but come to think about it, even somewhere like Streatham has it beat . . . hands down.
  2. The last crash was precipitated by some pretty stark changes in our economic fundamentals. After a significant period of sterling being tied into a foolish parity with the Deutschmark, we were uncermoniously ejected from the ERM. Loads of businesses went tits up, mortgage rates doubled, everybody lost their job and everyone was in arrears and being repossessed. Interest rates took ages to return to more "manageable" levels. Any crash/correction this time around will be relatively short-lived because we simply don't have a set of fundamentals approaching the severity of 1988's.
  3. Agreed ! Nothing to see at all. Just the bears masturbating over hardly momentous statistics. Sure some folks are tightening their belts but rather that than do an IVA.
  4. 1. Because there's a lot more supply on the rental market. 2. er . . . they have . Just try and find a family home in any half-decent part of London (which is really the only part of the country driving HPI and thus the only part of the country that really matters) 3. Because the value of what they're purchasing has gone up There is NO doubt whatsoever that cheap debt is fuelling it but not in its entirety. Money was cheaper three years years ago but there wasn't much of a frenzy as over the last 18 months.
  5. Very informative post Also do bear in mind that if they have no luck, they report back to the plaintiff/creditor (or in my case, parking enforcement offices of whatever council gave you a ticket) that they've been unable to establish contact with you. At this point, the council writes off the debt. beware Westminster though - they've got a new initiative whereby if they see your car in the borough and do a search oon your reg plate for unpaid tickets, they'll tow it away . . . even if you're parked legally Acquaintance of mine has one of those 911 Club Sports from the early 80s . . . had his reg plate listed in the Evening Standard as one of the top ten vehicles owing money to the council with about £8000 outstanding !!! They can't break into a garage either (unless they're collecting taxes). If you haven't got a garage, park a couple of streets away - they're not the sharpest tools in the box and, contrary to what you might have seen on BBC1's "Bailiffs", don't drive around looking for your car.
  6. Have to concur ! I've had my eye on Kensington for some time for the new chez ten as, bafflingly, property there seemed fetch less than Notting Hill. I put it down to the relative absence of bars/restaurants/clubs and the essentially middle-aged denizens and then - BANG - prices just seemed to explode. I think it was undervalued. I'd really love to move into one of those gorgeous flats on Campden Hill Road where the old King's College halls were. They sure were tatty inside when my ex-bird lived there for a year but I don't think there's anything in there for less than £650K now. Ah well . . .
  7. No. There IS no argument. The property's been sold and while it may seem to defy your logic, the purchaser thinks it's worth it. As Bobbins said, we can all sit on hpc.co.uk debating when the crash is going to hit but, out in the real world where it really counts, people are doing whatever the hell their finances will let them do. That purchaser may have a large family, he/she might have to move out of wherever he is at the moment or the property may have the subject of a bidding war. Just as, to you and I, spending that kind of money on a terrace in Wandsworth doesn't bear thinking about, to others - with their own unique set of circumstances - it seems ideal as Wandsworth isn't an undesirable area with easy access to Central London, lots of green areas and a fairly efficient local authority running it all. Like I said before , there are lots of people living in London making an awful lot of money and they spend it however they see fit regardless of what conventional wisdom may say. What big hit ? I don't recall seeing any BIG hit. If there'd been 20% drops, I think people on here would be pointing to it as proof that London can crash rather than holding it up as the last bastion of HPI in the land when everywhere else seems to have stagnated. Yes it all went Pete Tong in the 80s but as had been said time and time again, there was a completely different set of fundamentals in effect at that time. Can't be bothered to list 'em but I suspect you know what I'm referring to.
  8. I've heard this sort of thing so much it's becoming a bit boring. Someone's income is going up by 30% because someone is buying that house. There are lots of people who earn commissions/bonuses in their jobs. You guys've been saying these prices are gonna be short-lived for 2 years and in the meantime London shows no sign of abatement. My sales manager earns £200,000 a year, the next highest earner pulls down £160,000 etc. We earn basic salaries but they're dwarfed by commission payments. There's a lot of this going on in London and that is why these homes are fetching these prices . . . because lots of Londoners can afford them. No one's disputing the idiocy of it all but you have the answers as to why these places are selling at these prices . . . Fu**in' A !!
  9. I tend to agree with that analysis . . . up to a point. The people who are getting these kinds of bonuses aren't new to big money. They probably got similar amounts last year and probably piled in to high-end property back then if not the year before. Having said that, the Telegraph reported that prices of homes at the top of the market in Kensington & Chelsea have increased by £300K since this time last year and a mate working for Foxtons in St John's Wood told me that some bonuses have already been paid out and he's showing a lot more of the £3-5m bracket stuff to oiks with Ozwald Boateng suits and plum accents than he has in quite a while . . . .
  10. I don't think the huge increases in values at the top end of the market necessarily filter down to the more ordinary stock. I don't give a toss . . . my gaff's going to market in January '07. Cletus ??!! I'd give some consideration to binning your place as well, bro' . . .
  11. Right ! So that's it then. RB has called it. His reputation - what's left of it - rides on this call. if you're wrong - most likely - will you leave this board forever ?
  12. London is NOT crash-proof and never has been. Frankly at this point in the house price cycle, a healthy amount of skepticism is absolutely essential. As many of the posters in the Midlands and the North have stated on other threads, the market is fairly static and properties that are up for sale aren't moving as quickly as the media and EAs would have us believe. What this is down to is the subject of intense debate but it's fair to say that if you're buying in Bow, you shouldn't expect its value to hold up as well as, say, Knightsbridge. The top 20% of this market is pure , unadulterated greed and speculation and it can't just go on forever. Can't say I'd dish a quarter of a million pounds to live in Bow though . . .
  13. Well hang on a sec . . . where do you live then, Barleymow ? Are you saying that you never see hoodies, people not as well-off as you or, heaven forbid, immigrants ? I'd hate to live in a "community" where everyone's moved just so they don't have to look at or be around people who might be too different from them aesthetically, financially or culturally. "Stick our heads in the sand cos it's someone else's problem. Stay at home then we'll be safe. No one can harm us there. We'll keep in touch with the world through the media . . . London's f***ing 30+ miles wide . . . there are bound to be parts that are less safe than others and even then, personally I feel ostentatious show of wealth like gold rolexes and big chains is tacky at best and a surefire way of getting yourself smoked at worst seeing as stuff like that is easily fenced. I used the word toughen up in it's broadest sense rather than as opposed to implying taking up Karate. Life is difficult ! A bit of stress now and again can help define character and create a stronger individual. I relax just fine thanks and I've never been mugged or jacked . . . even living in - wait for it - immigrant-ridden Ladbroke Grove There are even wealthy people walking through Portobello Market wearing Oscar de la Renta, Armani and Prada and they aren't being slaughtered as we speak. There are tossers driving 911s and there's even a Ferrari Enzo parked on Kensington Park Road but it hasn't been keyed yet or its owner jacked. Hell, there's a bloke who owns a McLaren F1 up the top of Ladbroke Grove parks it on the street, he does - never keyed, never hassled . . . . I'm not in fear of the nonsense that you and your quaking cohorts bang on about. I'm not "hard" or built like a cruiserweight but I firmly believe that fear is the greatest enemy . . . I mean, it's what got George W Bush re-elected isn't it ?
  14. Oh Jesus . . . . Ok, Mr/Ms Missing-the-point, no one's suggesting anyone work out how mugger-friendly their prospective purchase is but a lot of people on here seem worryingly pre-occupied with which area is rough, which area has more immigrants, which area has most junkies because they are serial victims. They think the world is out to get them and that they can't possibly do anything whatsoever to protect themselves and so they bang on about wanting somewhere "safe". Whether it's London or Manchester or any major city, there's a higher chance (but not that much higher) of being accosted in the street. I've seen people jacked in f***ing Eaton Square, Belgravia You speak about the "sane world" as if you occupy it by simple virtue of the fact that you don't live in London but you're fooling yourself. London is what you want it to be - if you consider it a prison then that's what it'll seem like. If on the other hand you treat it with respect, don't go through life here like an idiot by, say, walking through a particularly rough part of it with a £10K Rolex glistening on your wrist and just get on with enjoying what is the premier city in Europe. The media is forever giving people reasons to be afraid whether it's on account of global terrorism, additives in food, street-crime, hoodies, carjackers, drugs . . . the list is endless. What lends the credence to the lie is the fact that people like some of you quivering Bambis buy into it and think the best way around it is to find somewhere "safe" eg no immigrants, no junkies, no hoodies, no clubs and an average age of 90. You're all fools and no better than the sheeple you accuse of buying into VI hype on HPI ! There are lots of thugs who come from good solid families with both parents "on site", in surburban terraces with a dog and an Escort estate car. Whether or not they pick up errant traits isn't down to location, location, location. It's more to do with whom or what they come into contact with, whether at the best school in the area, the local shopping centre, the kind of music they get into and its followers, the drugs that may be part of that scene and of course, the big daddy of 'em all, the TV they watch. Moving to Wheredafukkizzatsville, Nowhereshire isn't going keep you safe and even if it did, you run the risk of your offspring going through their lives like there really are pixies and elves and actually believing that Santa is real . . . at 21 If you want to live in a sleepy village somewhere, fairplay to ya but it'd probably be better if you just stopped going through life afraid and toughen up a bit.
  15. Damn right . . . Reading half these posts about being mugged etc, I get the impression that most of them are serial victims. It's almost as if they're frightened rabbits at the mercy of the hoodie predators well, get this - the same toerags who'll mug you in Bow or Harlesden move from area to area looking for victims just like you lot. That poor bloke stabbed to death on his doorstep in Cheyne Walk, Chelsea and the other bloke killed - again - on his doorstep in Chiswick were killed by thugs from other parts of London who'd gone on a "mugging day-trip". Moving to a sweet little identikit housing development in the 'burbs' isn't gonna make you safe and, in fact, because there are inevtably fewer police patrols in places like this, your mugger is likely to be able to roam unchallenged. Gimme London any day of the week . . .
  16. It isn't that bad but IMO any area that has an Iceland supermarket is pants. Always choc full of pikeys slagging off their "partners" while threatening to chin anyone showing even the slightest irritation at their often filthy offspring emptying the contents of a 2 litre bottle of Cola onto the floor. . . .
  17. There are lots of green areas in London. Why, just where I live there's Holland Park, Hyde Park and Kensington Gardens. i was raised in London and even though I'm pushing the big 40, I simply could not entertain living in a sleepy suburb. I guess it depends what you want from your surroundings. I like the buzz, the sirens, the young people going about their lives, arguably the best bars and restaurants in the country all here, the museums, the galleries, flea markets etc make this Europe's premier city bar none. Ok the transport system is absolutely shyte but you can ride a bicycle or use a car. personally, I couldn't handle living in a really quiet commuter town with nothing but chain outlets like All Bar One and Nando's to socialise in. Give me Sketch, Hedges & Butler, Electric Brasserie, Hakkasan, Harvey Nicks and Portobello over your provincial Next, Pitcher & Piano, Cafe Rouge and the local sticky-floored free house anyday.
  18. But they aren't dead money. i've had an interest only mortgage for nearly 10 years and I've over £100,000 in equity sitting in the flat waiting for me to collect when I sell up in January. I could've paid rent during that time and have nothing. frankly, i'm a little mystified at this attitude from you seeing as on other threads you've always nailed your colours firmly to the "priced out FTB" mast.
  19. "Our area" ??!! Lemme get this straight ..... you rock up, fresh out of Kingston, Surrey move into what is the spiritual home of the worst of the Millwall 'Firm' and then have the audacity to call it your area like you helped define it or summat. I'll wager you haven't made any sort of contribution to the fabric of the community whatsoever except the smug and self-righteous flash of your debit card at the local gastropub. I bet you've got a sharkfin haircut I've lived here in Ladbroke Grove for donkeys. I can say this is my area cos I know it inside out. I know the locals - rich and poor, the shop and restaurant managers, the stallholders on Portobello Market and I ain't no yuppie. Hoxton's a spunk stain. What its bars lack in imagination they fail spectacularly to make up for in sheer volume. Bringin' in a dj with unwashed jeans, a ripped 2nd hand t-shirt and a collection of lame minimal techno vinyls even he hasn't listened to yet doesn't a good bar make. Don't get me wrong - the intention is there to create something meaningful but sadly the area just doesn't have the right clientele. It's essentially full of outsiders who've heard the area's supposed to be buzzing but they often leave disillusioned . . . . with tinnitus. Well put . . . you've pretty much described Notting Hill
  20. I suppose you've got a 3GB chip in your mobile phone so you can compare all your "happy slapping" videos with your Hackett-wearing, slack-jawed, peasant neighbours up the road in Rotherhithe. I wouldn't be seen dead in your cesspit of an area. Ask anyone with any taste where they'd prefer . . . . As for your stereotyping, I think you've been watching too much MTV. Make the most of it . . . while you've still got your dish cos I hear the disappear real quick in Spermondsey
  21. And you've got the gall to slate Ladbroke Grove ? S'pose they gave you a brand spamkin' new pair of white Reeboks when you moved in, did they A car is essential if you want to arrive comfortably at your party, club and home after etc. I just can't stand being ripped off by cabs and I ain't messin' around with night buses. If that means I limit myself to two drinks on a night out, that's a small price to pay. What I spend on a cab/taxi on a night out would run my motor for 2 weeks.
  22. I think you need a bit more than that to rate an area as "up and coming" but there is a certain smugness to the attitude of folks who have managed to buy a period something-or-other in zones 1 or 2 even if it's situated in places like Vauxhall, Clapham or Stockwell all of which, by their very location South of the river, simply cannot be labelled as such.
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