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Posts posted by tenroom

  1. A lot of renters are going to get turfed out as the landlords bail out or are repossessed.

    It's so amusing to read the comments from all the armchair economists on here. If you guys are so clued up as to what the future holds for the property market, why aren't you working for Goldmans or BarCap ? That way you'd be one of the people able to afford in this over-priced market and wouldn't be on here wringing your hands at the prospect of all these landlords going belly up.

    The fact remains that there is a solid core of landlords who are ever-so-good at this sort of thing. They're the kind that make money whether markets rise or fall and have fixed rates, contingents or out-and-out sh*tloads of equity in their portfolios. These guys ain't goin' down just yet and certainly not from a puny .25% increase in base rates.

    Sure there'll be a few who will go to the wall cos their £25K a year job ain't gonna make up the shortfall between the rent they get in and the mortgage payments they have to make on their variable rate BTL mortgage with Woolwich Direct or whatever but it'll take a little more than a quarter point rise to do it. Sure, speculate but try not to love the sounds of your own voices so much.

  2. If you want people to behave responsibly you punish irresponsible behaviour and reward responsible behaviour: instead, here in the UK we reward irresponsible behaviour and punish responsible behaviour.

    The only way to turn that around will be to 'send people over the cliff' if they've been irresponsible. Sorry, but that's just the way it is.

    In any case, bankruptcy is a non-event these days, so even if they go bust it will still be the people left holding the duff loans who suffer (and, arguably, they've been the most irresponsible of all).

    Still, it ain't cool to wish them Godspeed to their doom. You can pity them because they've become sheep who've bought property on the say-so of magazines and popular tv property shows safe in the notion that "they've never had it so good". They know the price of everything and the value of nothing. They will suffer - yes - but I'm not gonna give them a sucker punch while they're on their way down to the canvas.

  3. I think your heart is in the right place but you're making incredibly harsh, and incorrect, judgements on the people here who have chosen not to overextend themselves with crippling debt. Maybe your sympathies are misplaced. I see no-one wishing harm on others. Everyone is responsible for themselves. They take the risks they feel comfortable with. If they have not done a risk assessment, whose responsibility is that? Don't blame people here.

    That is not the point. Granted, people are responsible for their own risks but the sentiment on this board in general and this thread in particular is to give them a nasty, gleeful send off over the cliff and THAT reeks of sour grapes. Better to be noble in silence and hope you don't make the same mistakes than to derive pleasure from someone else's misery.

  4. I'm guessing that the situation now is sooooo very different from when you scraped your pennies together to buy a flat. Acknowledge that fact and you're part way towards understanding why people react the way they do. People are priced out now not because they smoked all their cash away or just couldn't be bothered to 'commit'. Even high earners are priced out because of the extent to which the bubble has been allowed to inflate. But then, you know that, don't you?

    No ! I'm not ! It is bang out of order to wish hardship on others for whatever reason. I don't CARE if you've been unable to get on the ladder because of high prices. It's not injurious to your health. You're not starving. You don't stand to DIE !!

    All these idiots wishing ill on others. . . . one day prices WILL come down to affordable levels and the bleeding hearts will buy something nice and - eventually - the value of their properties will rise. Soon the values of those properties will be well out of reach of the next generation of homebuyers. How will they feel when there are a gaggle of gimps on the web clamouring for them to be repossessed just cos they were in the right place at the right time ?

    These people react the way they do out of sheer, unadulterated JEALOUSY. Period. I'm not joining the rest of the lemmings, thanks very much. Prices are at this level because there aare people out there with enough money to get on despite the cost. If you don't have enough dosh to get on, that's life. it's not the fault of those with the means to buy.

    You KNOW what I'm saying is right.

  5. It really saddens me to see this sort of narrow mindedness. Perhaps the next generation should invent time machines so they are able to get these houses when they were affordable?

    Nothing narrow minded about it. Obviously this wouldn't apply to people who weren't old enough to grow pubes let alone obtain mortgages. When I first wanted to buy a flat, I couldn't afford to either cos prices were too high so what did I do ? I waited. It wasn't a big deal and I don't recall this type of celebration when the people who HAD bought stood to drift into negative equity or be repossessed.

  6. "I think there is a lot of premature celebration going on here. Don't get me wrong . . . it's a good idea to put the IR up but all the vitriol aimed at people who've gone out and bought a place - for whatever reason - is a bit puerile." - Fair enough, maybe it is a bit puerile, but nevertheless an understandably human reaction to so much pain.

    "Prices were reasonable for an awfully long time and if you didn't get on board at the time, tough sh*t." - Whoah there fella! Didn't you just b0llock people for being puerile?! Looks like someone's being a big fat hypocrite.

    "I suggest you smoke some more reefer and buy some more Pringles" - Oh dear, implying we're all lazy dope smokers aswell are you? I don't think there's any need to take you too seriously chum.

    It's not puerile to admonish folks who are rejoicing at the prospect of others' hardship just because they're weren't fortunate/clever enough to get on the property ladder when prices were VERY reasonable, my friend. They're effectively saying :

    "We didn't buy when prices were low-ish and here we sit, looking at all these smug property owners who've made sh*tloads of dosh by pushing the boat out and getting with the "winning team". They're rolling in readies and we've, lamentably, gotten our acts together a tad too late to make money too. Boo Hoo ! :angry: So f**k them . . . hope they get repossessed so we can buy their flats/houses then we, too, can be smug and brag to OUR friends about how much equity we've got in OUR homes"

    Utterly childish and nasty.

    If they'd said "Great ! rates are going up. This means that instead of renting, I can buy a place for me and my family" then that would be understandable but they're actually rubbing their hands with glee cos some people will go over the edge and, I'm sorry, but that makes them peasants of the highest order.

    And . . . . what do you mean "an understandably human reaction to so much pain" ? That's the sort of excuse a drunkard uses when he beats ten shades out of an innocent bystander cos his football team loses. :rolleyes:

  7. The problem is mate you came on here gobbing off and implying that those who don't already own property are just lazy dossers, that we should chill out and smoke some reefer FFS :rolleyes: . Now you have the gall to tell everyone off because they dare to let off steam after the IR hike? I think you lost your credibility on that first post, so be a good chap and stop pontificating. Thanks. ;)

    Oh ****** did I. That's the way some tossers TOOK it. There's letting off steam and there's wishing for people to end up in negative equity. I don't give a monkey's about credibility when it depends on following the rest of the gimps in wishing repossession on people who may have very well, perhaps foolishly, over-extended themselves to get on the ladder.

  8. The point is that lots of graduates and FTBs DID get the dosh together to get on. There will always be folks who don't possess the the means to buy property. Hell, I know lots of them but htey're not being nasty and wishing repossession and financial suffering on those that managed to do so. It doesn't make for good karma to wish ill on others, that's all I'm saying.

    My good fortune on the quadrupling of the value of my flat is exactly that. Nothing to do with my being financially astute or being a housing market visionary. I needed somewhere to live so I bought a place - pure and simple. A lot of my friends being of a similar age didn't buy at the same time even though they had the means to. THEY aren't being sh*tty about those that've bought in the last coupla years and profited even though they can't afford to so I find it hard to condone the kind of ill will I've been reading on this thread.

    If I wasn't a homeowner now, I doubt I could afford to buy but although I'd welcome the chance to do so now the rates may go up further, I wouldn't wish bad sh*t on others even though I know there's a good chance many private buyers will get repo'ed if they do. If you can't see the sentiment behind that, I don't really give a sh*t.

  9. Whereas it's perfectly OK for you to say 'TOUGH SHIT' to people who never had a chance to 'get on in time to make your gains'. Well, I hope people who feel the way you do do suffer... I've rarely seen a claim that selfish on this site before.

    Yeah it IS ok for me to say that because the people who are bitching are doing so because they haven't had a chance to feel smug. They've not had the chance to feel safe in the knowledge their "cleverness" or financial "savvy" has made them stacks of cash. All they've seen is the inexorable rise in property prices and the newspaper supplements publishing feelgood proclamations that it'll never end along with the adverts for stripped floorboard suppiers, Smallbone fittings, stainless steel Smeg refrigderators and Gardenia vinyl matt. That and ONLY that is the reason for the vitriol. It's pure and utter JEALOUSY - nothing less.

    Nastiness because they've not participated and benefitted from the spoils, not because they don't own the property that fuels it. You know it as well as I do so save your bogus outrage for a post that warrants it.

  10. Absolutely. It's tough shit for those just leaving university that their parents didn't buy a house for them in the mid-90s when they were twelve. It's tough shit for the next generation that their grand-parents didn't buy a house for them before they were conceived.

    And that's _after_ you said:

    So you think it's 'a bit puerile' to celebrate becasue house prices might return to sensible levels, but it's OK for you to tell people that it's 'tough shit' that they didn't buy a house in the 90s, when many people here weren't even out of school at that time?

    Well not everyone here was in school around that time. Prices were at their lowest ebb around '94/'95. Only 10 years ago. I bought mine in '97 not for profit but just cos I needed a place to live and couldn't be arsed to rent. It ain't my fault the value quadrupled. The new generation of homebuyers have far more sophisticated lenders and schemes at their behest now. A lot of graduates are earning a shedload of money just a couple of years outta uni so why the bitching ? If you've gone to uni to do a home economics degree and are earning 20K now at M&S, you've only got yourself to blame. If you've come out with a real degree and you're earning £35-50K then there are lenders out there that will sort you out. If you think the prices are prohibitively high, then WAIT till they come down. As it states elsewhere on this site, there's nothing wrong or foolish about renting.

    There's nothing to be gained by rejoicing in the suffering that others are going to experience just cos you didn't get on in time to make your gains.

  11. I think there is a lot of premature celebration going on here. Don't get me wrong . . . it's a good idea to put the IR up but all the vitriol aimed at people who've gone out and bought a place - for whatever reason - is a bit puerile. Sounds like sheer jealousy when people blame recent buyers for keeping prices high and, thus, out of reach. They begged stole or borrowed to get on the ladder and although that may have been foolish, it's stillnot nice to think of them being repossessed or going into negative equity. The only reason anyone would express glee at that is because they were frustrated at not being able to afford to buy themselves.

    Prices were reasonable for an awfully long time and if you didn't get on board at the time, tough sh*t. What makes you think house prices are gonna drop THAT much anyway ? This is nothing like the late 80s early 90s. I was arranging countless mortgages back then and interest rates were at 7% before the madness of the ERM. Then they DOUBLED. I'm sorry but I just don't see that happening this time round.

    If you're expecting a 50% "correction", might I suggest you smoke some more reefer and buy some more Pringles cos you've got a LONG wait.

  12. I think a few of you are racist c**ts who need a seriously good kicking to wake you up. I live in Ladbroke Grove and am of Afro-Caribbean descent. I work hard and I don't mug my neighbours or gang rape the white girl next with my black "homies".

    FACT : Most of the muggings and grief around this area are caused by the WHITE kids. They'e the ones who steal the scooters and run them around under the Westway

    FACT : There are more white women in this area taking black c*ck than there are grains of sand on Salinas beach. Believe me . . . they ain't being forced :D - It's their choice and there are a lot of white guys in the Grove and Notting Hill who seriously don't like it.

    It's easy to sit there and say that black people are responsible for the majority of street crimes but from, where I stand, I could easily say that it's WHITE people who go out and abuse 2 year olds, it's EWHITE people who rape 70 and 80 year old pensioners, it's WHITE people who beat ten shades of sh*t out of and kill, maim and brutalise anyone who doesn't look like them but unlike you, I'm not pig F**kin' ignorant. Crime is crime regardless of who it's committed by. As Elizabeth said, back in the day it was the Krays, then it was the skinheads, now it's people who have darker skins and, for you, it makes it easier to objectify or differentiate between them and you law-abiding selves.

  13. Agree 100% and who suggested appeasement? Certainly not me. If I were in charge in Israel I'd be sending in Commando's to take them out.

    And within a year you'd be fighting a full-scale war on four fronts. Iran and Syria are NOT Hizbollah and Lebanon. They don't just have a few katyusha rockets . . . they both have fully equipped air forces with modern armaments and a helluva lot more troops and combined resources than you do.

    Oh sure . . . you'd have air superiority but not without condsiderable losses and , eventually, they WOULD over run you.

    Big talk is all very well but if it means you're wiped out in the end, what's the point.

  14. I bought an ex council split level 3 bed flat in North Kensington in '97 for £60K. Being curious about the current value, I got an estate agent in to gimme a valuation. £280K he said. "Happy Days", I thought. He did say, however, that as soon as interest rates go up, there'd be a lot more good quality (ie Period conversion) property on the market thanks to all the over leveraged BTL stock this area has in spades and that property like mine would fall further and faster than these more desirable flats.

    I'm thinking that he's right in a way. I can't see the flat ever breaking £300K (not this time around, anyway) and all the economic indicators are pointing toward a rise in rates. Anyone who knows the area will tell you that a 1 bed flat in a period conversion can EASILY hit £400K so should I bite the bullet and dump it before there's a shedload of nicer looking preoperty out there to compete with ?

  15. No. You're wrong. No landlord worthhis salt is going to come back into the BTL market once there are a shed load of properties dumped on estate agents' books. Why on earth would you come back in to buy an asset that is essentially going to fall in value. Among most people there is a sheep mentality which has, as we all know, seen young couples willing to forfeit their first born to get on the property ladder. 6X salaries everywhere. Thing is, it works BOTH ways. As soon as rates go up, people will wait to see just how far prices will come down. It won't just be BTL properties onthe market - there'll be more repos of residential property too and the glut of stock together with the fear factor will drive prices down.

    Capital appreciation of housing stock is a very important matter to landlords. They're putting in 10 - 20% before they even get a tenant in and they're gonna feel pretty sick if within a year or so of buying, their deposit's gone.

    I was a mortgage broker at around the time of the last crash and i tell you, it was UGLY !! "A slight correction" the economists cried. Right - O !! :rolleyes::rolleyes: We all know what happened.

  16. I reckon rates'll rise by at least .25% this summer with another .25% if not by the end of the year then certainly in the 1st quarter of next. British Gas and its competitors have hiked their charges by an average of 22% and with petrol prices, the Fed and the ECB sticking their oars in, not to mention all the potential fallout fron Tehran about their nuclear aspirations agitating oil markets, I wouldn't be surprised if rates hit 6.5 or 7 by this time next year.

    Just had my ex-local authority 3 bed maisonette in Ladbroke Grove valued at £280K and I'm take the dosh an' run.

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