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Posts posted by tenroom

  1. London is by no means immune. It's potential resilience in the face of any price falls will be almost entirely down to its position as Europe's premier financial centre. If there is a bust on the world markets - I can see City people being laid off big times. Investment banks don't fukk about when it comes to cutting dead weight - you come in to find your personal effects in a box with security waiting to escort you outta the building . . . I've seen it happen many a time.

    London was hit hard last time and nowhere - Hornsey Rise to Holland Park, Plumstead to Primrose Hill - was spared. The City people led the boom then too . .

  2. Oops, that's blown it.

    Somebody has written what we already knew.

    The deniers at the BOE are going to have trouble explaining this happening on their watch away. The evidence of their utter disregard of the situation THEY have helped create is gettting more daming by the day.


    Loan standards for buy-to-lets slide

    By Jane Croft and Jim Pickard

    Published: April 27 2007 22:11 | Last updated: April 27 2007 22:11

    Lenders are offering mortgages to buy-to-let landlords without requiring any minimum rental cover or proof of income, even though returns have sunk to record lows in the 10-year-old market.

    Other lenders are offering buy-to-let mortgage loans of up to £20m to help people build up property empires, prompting fears of a bubble in the popular market.


    Multi-million pound loans are being offered to people on modest salaries. Some lenders have begun to offer mortgages to people with poor credit histories, even considering those having just emerged from bankruptcy.

    The relaxation of lending criteria comes as landlords struggle to cover their mortgage payments amid higher interest rates and rents that have lagged property prices in recent years.

    Whatever. One more straw for the fools to clutch on to. You've waffled on and on about BTLers selling up as soon as yields started to fall - it didn't happen. then you shuffled your ar5es a bit and changed tack. "Yeah. When the capital gains fail to materialise, then the BTL scum'll bail out an' head for the hills". It didn't happen.

    So the reports about instances of BTL mortgage arrears being significantly lower than OO arrears weren't fudged after all ? Oh dear. The bears need another straw. Oh, I know. Let's wheel this one out. "Right towards what many concur is the end of the bull run in property, one or two lenders in a last ditch grab for market share, offer BTL loans with some questionable criteria". So bloody what ?

    The big money in BTL's been made and is still being spent in car dealerships, electrical retailers and travel agents near you. What should be particularly galling for you jokers is that a LOT of it has been made under your noses while you've spent the last 3 years calling a crash that never came instead of going out and actually grabbin' yerselves a bag fulla readies.

    Sure . . . you'll be right one day but you'll still be skint . . . unless, like PropertyGuru, you've made 3.5m outta BTL :lol:

  3. I know it can be frustrating when all the adults are talking and you don't understand what they're saying

    As a little boy with your ar5e in the air, biting your pillow, you heard similar words from your father grunting excitedly behind you . . . <_<

    There, there

    That was your response . . .

  4. By the way: knock one out, your mums forehead. No idea why, she seems to like wearing it like a grimy oleaginous crown.

    :lol: Resorting to the last-ditch, all-is-lost tactics of the modern day playground and wheelin' out the "mum" jokes . . . What an ab-sol-ute gimp !!!

    If you're not an expert, then you really shouldn't be condeming other people for not knowing what they're talking about. And even if you express your amateur opinion, you'd be better to do it in less insulting terms to the other users of the board.

    I don't need to be an expert to know, without any doubt whatsoever, that the bears in this "debate" have been 100% WRONG about HPC. If past performance is any guide to the future, I feel completely justified in slating them and the bull5hit they spout on what is clearly a far more complex subject and, frankly, having read some of your opinions, I wouldn't be calling anyone an amatuer . . .

    They're just trying to impress themselves and upon anyone else reading that they actually know what the fukk they're talking about . . .

  5. OK everyone, no-one talk about anything until you've had your expert certificate stamped by tenroom who seems able to determine these things even though he's quite happy to admit he doesn't know either.

    Can l assume you scream into your "mates" faces about their level of international football experience when you discuss ManU down the pub? Are you some kind of twit? Well are you? Are you a twit of some kind?

    You can assume whatever you like . . . my point is fairly valid when you factor in that most of the fools clamouring for something that would be as catastrophic for them as well as the so-called "sheeple" they despise have been proven wrong, wrong, wrong time and time again about HPC. If you can't see that, I suggest you put that DabHand to good use knockin' one out in the bog . . .

  6. Mortgage rate rise 'looking certain'

    "Home owners are almost certain to be hit with an increase in their mortgage payments next week after the Nationwide said house prices continued to soar, with the average cost of a home passing £180,000.

    The Bank of England is widely expected to increase interest rates by a quarter of a point to 5.5 per cent next Thursday, but some are now forecasting that rates could jump to 5.75 per cent. The Nationwide said prices rose 0.9 per cent in April, taking the average price of a British home to £180,314. The annual rate of house price inflation is now 10.2 per cent.


    However, the Nationwide said that over the long term prices were starting to cool, giving credence to some experts who have predicted that the housing market is on the verge of a major slo-down.........."

    Now watch the boards for the next day or two . . . I positively guarantee that RealistBore will hold this Nationwide report as reliable evidence to support his ramblings. However, if you have time and/or inclination, check out his comments on any other Nationwide report where they say the market's cooling . . . chances are he'll be slating it as a VI ploy to influence the MPC (as if they could, right ? ;) ) to hold off rate hikes . . .

  7. I'm not WISHING anything of the sort, and I already own property

    You wont be so bloody smug in a few years matey!

    I ain't smug. I'm STRing, bankin' the readies an' leggin' it for 6-12 months travelling

    I just get a bit miffed with the constant babbling on by some of the idiots on here who just want to appear like they know what they're talking about when it comes down to cold, hard economics.

    Nothing wrong with debate . . . when the participants actually know what they're talking about . . . <_<

    OK, since you're the expert, perhaps you'd like to enlighten us all

    I didn't claim to be an expert on economics . . . read the post

  8. You lot crease me up . . . Most of you are sitting behind a screen spouting pure bo11ox about deflation, gold, PMs, Bernanke, carry trade yadda-yadda but apart from one or two board members like Dr.Bubb etc, you're absolutely fukking clueless. If you were such great economists, you wouldn't be here bitching about HPI and being priced out cos you'd have seen the boom coming years ago and bought everything you could.

    You'd be flashin' yer cash on the French Riviera snortin' yeyo off a tanned bint's ar5e not spending the last few years callin' a crash that never came. Instead of gettin' wit' the winning team back in the '05, you've wasted your time berating VIs, screaming your disbelief at HPI's resilience and now, here you are . . . clamouring for a deflationary depression . . . "just like the one the Japs had, please" :lol:

    I mean, talk about scorched earth . . .

    Do you really know what it is you're wishing for ??

  9. **yawn**

    Can I suggest to the more easily-led among you, that you be certain in your own mind as to what RB deems to be sub prime. Essentially, any mortgage where the income multiples exceed 3 X income or 2.5 X joint incomes or any mortgage that is interest-only regardless of the borrower's ability to meet monthly payments.

    Before you berate the more flexible approach to mortgage lending, be aware that were the old criteria strictly adhered to, most of you wouldn't even qualify for mortgages . . . even if house prices were half of what they are now. Also bear in mind that although there are ridiculous income multiples being offered to people with questionable credit histories, it's not as if a crackhead could walk into Northern Rock tomorrow with no job, no deposit and get a mortgage offer for £300,000 as some of the counter-VIs on here would have you believe.

    I've said this before and I'll say it again, for all RB's spin, double-blag and selective cut-and-paste shenanigans, it doesn't matter what he defines sub prime as because put simply, the market just doesn't agree with him. Where are the repossession nightmare stories in the papers, where are the spokespeople for a beseiged Citizen's Advice Bureau groaning under the sheer weight of arreared borrowers looking for help, where are the regional news reports on the BBC depicting the "on-their-last-legs" family fighting the possession order at court next week, where are the tv pictures of the little girl playing with the family labrador in the garden whilst her mum fights back the tears cos they're gonna have to tell her they're moving to B&B accommodation. I'll tell you where . . . in RB's imagination . . .

  10. IIRC there was a popular consensus on this forum which swore blind that everyone who'd fixed their rate for a couple of years or so before '05 would be coming off them right about now. The reasoning :lol: was that they'd come out at far higher rates and signal the start of the crash as they all fell into arrears, got repossessed and had their stories sensationalised in the newspaper headlines . . .

    I'm waiting . . . <_<

  11. If life is so bad in the south that on a good wage all you can afford is to rent a room then you should move to somewhere that will give you a decent standard of living.

    I am NOT saying that you should have to, but i think in the current environment it would be better for you. Perhaps its not so grim up north

    North ??!! :o Lord, no . . .

    What's wrong with renting a room. I'm assuming that she's in a flatshare and socialises with them. That kind of arrangement can be great.

    I, for one, am glad to be single and childless judging by some of the tales I've read about on here. Can't think of a worse 1st world country to bring children up in. Imagine actually having to limit your purchase location to areas with "low crime" and "good schools". Imagine living in the knowledge that, even if you can afford to buy in that idyllic location, it could be just a matter of time before the feral youth discover your road, your car, its alloys and that the school your kids go to is ripe for phone, lunch money, new sneaker or laptop "taxation" . . .

  12. The ES is a serious lifestyle ramper. They aim their magazine squarely at folks earning over £40K. Always have smug couples consisting of yummy mummies and skinny, bespectacled blokes living in idyllic homes in Notting Hill or Hampstead.

    Must disagree with Cletus on one point though. The last time the property market boomed, the Standard had a Wednesday supplement which was entitled Homes and Money. Whent eh market crashed, it disappeared only to resurface a few years later once the market recovered. ;)

    The ripple effect is alive and well in my area . . . ex LA 3 bed flat went for £350K. Buyer couldn't find anything else (ie period conversion) with 3 beds in the locality that wasn't over £600K. Notting Hill's immense popularity spills over into North Kensington, SHepherd's Bush etc cos no one can afford to buy there

  13. Wishful thinking. Any small fall in prices will get buyers jumping back onto the buying bandwagon.

    Prices will not fall 10% in any crash because as soon as they drop 5%, people will jump back in and buy up the properties. There wont be space or time to allow prices to freefall.

    More chance of seeing the Queen's ar5e than people piling into a falling market. Even those who really do want a house to shelter their family will find it galling knowing that anything they buy stands to lose x% within a year. Wouldn't you ?

  14. *yawn*.........

    this must be maybe the 10th thread (at the very least) you've started about this RB

    why not try and despam the site by restricting your views on this over discussed topic to just the one thread? Or are you trying to deflect attention from the fact that the other threads come with many pages of many posters debunking your obsession with FaP?

    I don't think that a 7% increase in properties per agent in the last 3 months (i.e. spring, traditionally the busiest time of year for properties coming to the market) is really that worth examining as a bearish indicator.

    The figures you quote above include rentals, multiple listings and a hefty amount of sold properties (my parents place was listed for 8 months after exchange of contracts)

    Loads of bear food out there, but i don't think this is a very plentiful honey pot

    Spot on . . .

    FaP have properties on display that I know sold over 9 months ago.

  15. Only till the revolution comes, my friend...

    What revolution ? You're saying that other people going out and buying property are making you miserable and therefore you'd be happy if things went horribly wrong for them and that makes you a bit of a tool. Notwithstanding the fact that what other people have really oughtn't to make you miserable, if you can't have a fairly decent existence without owning a home, then you need to get a life . . .

  16. As much as I do pour scorn on much of the nonsense the bears point to as evidence of the crash starting, I feel duty-bound to berate the notion of the "soft landing" which the so-called "housing analysts" :lol: describe as a benign, gentle, cuddly slowdown in HPI followed by a stagnation in prices for a few years so that "wages might catch up to achieve some sort of parity with house prices" and then, just in time for the Olympics, start chugging along again at 10% p.a.

    So much bo11ox . . . .

    I think the biggest surprise of all will be London. The markets might be fearless at the moment but when the big bust comes as is surely will, there are going to be a lot of high-fliers bailing out of real estate in so-called "prime central London".

  17. not if the banks take away their 100% LTV mortgages, what if they revert to 75% LTV MAX

    even if house prices crash to 50% of current price your going to need some £450k in cash to buy 10 north London 3bed semi homes

    The banks won't do that - why would they ? They didn't last time. Sure, they made it harder but anyone with even a 5% deposit was welcomed with open arms cos no one was buying so no one needed mortgages.

    I tell ya . . . a clean credit reference/score is gonna be worth its weight in diamonds a few years hence

  18. In the UK, almost the entire market could be described as a form of "sub-prime"


    . . . by an oaf <_<

    Comparing our market to US in terms of house price and salary levels is foolish. It's the sub-prime market that's hit the wall in the US, not the mainstream. The sub prime market was bankrolled by 125% loans with no proof of income and rampant HPI enabling those flying too close to the sun to re-finance to buy another 6-12 mortgage payments and a pick-up truck for Chantelica and Zaquisha.

    4 X salary has been available for literally 10 years +. Dubbing all mortgages over 3 + 1 as sub-prime serves only to highlight your desperation for a crash, RB . . . not to mention the fact that you've added yet another false dawn to the record that any visitor to this site prepared to look a little deeper can trace back to the very beginning. Wonder what you'll clutch at next . . . reading tea leaves :lol:

    A correction is coming . . . but I'm fukked if I'm letting RB call it . . .

  19. IMO we need to see how much HIPs will act as a brake on the number properties going up for sale from the 3rd qtr

    Maybe if enough people are finding they are 'having to sell' the supply may not fall drastically but we'll have to wait and see

    No we don't !! <_<

    If someone wants to sell their property, do you really think £400 is going to deter them ? Similarly, you should disregard the deluded folk who reckon everyone's going to sling their property on the market before the deadline to avoid having a HIP done . . . I mean, imagine it "Hmm I want to cash in the cool £150,000 of equity my shrewd decision to purchase in 2001 has netted me but I must hurry or I'll be f***ed cos I'll have to pay out £400 for one of those ghastly HIPs."


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