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Everything posted by yvonnechristina

  1. Just received ad by email from Bradford and Bingley today....is this a sign that the Bradford & Bingley don't expect great gains in house prices?..for example, does anyone know was this kind of bond on offer 5 years ago? I doubt it... Dear Miss, Are you hoping to cash in on the rise in house prices and want the security of a guaranteed return of capital? If so our new 50/50 Property Bond could be right up your street, with a fantastic savings rate plus a guaranteed capital return, coupled with the potential to gain from any rise in the Halifax House Price Index (HHPI) Watch your savings build and build... - A one year fixed term bond, paying a fixed 7.00% pa gross / AER* on half your investment and; - A five year House Price Bond, paying 110% of any gain in the Halifax House Price Index on the rest Key Features - Capital Security – whatever you invest you get back guaranteed - Minimum opening balance £1,000 (£500 per element) Maximum £250,000 (£125,000 per element) - Easy to open deposit savings account - No additions or withdrawals permitted during the term of either element Act today – this is a strictly limited offer This opportunity is available for a limited period only so act now to make sure you don’t miss out. The closing date for new applications is 4th September 2006. Log into your account for more information on the products and details on how to apply https://savings.bradford-bingley.co.uk/brad...tml/n/start.asp If you have any queries or need any further assistance please do not hesitate to email us at: [email protected] or call 0845 601 7802**. Our office is open 8am - 8pm Mon - Thurs, 8am - 6.30pm Fri, 9am - 5pm Sat and 10am - 4pm Sun. Best Regards,
  2. Playing the waiting game is frustrating. However, the tide eventually seems to have turned and house prices now seem to be stagnating (at best) and overall are falling in price. I was worried previously about waiting and holding off when at times they were just reaching higher and higher and higher. This pattern now at least seems to have stopped - they appear to have peaked (and are totally unaffordable for the majority of first time buyers). Economic forecasts for the next few years aren't good and it is doubtful that they can be maintained at such levels with first time buyers being priced out of the market. I did used to get very frustrated waiting for prices to drop. However, if you decide to rent or get on with your life and do whatever you want to do whilst keeping an eye out on the prices then there is no need to get so bothered about it all. I used to worry about having to wait for years for prices to drop significantly (I think it probably will actually take about 3 years for them to go back down to more reasonable levels), now I don't worry about it and am happy to rent and wait for prices to become more realistic.
  3. Oh no house prices according to that article could just go up and up and up (just like a balloon) - May be it's me but I thought that what goes up must come down....I can't see house prices going up and up and up from this point on. They've already reached their peak in my opinion. Rising unemployment, economic recession is just around the corner. Give it until after Christmas... Although who knows perhaps the price of a house will be 3 trillion pounds next year but if that's the case then who wants one anyhow and just how many would be sold at that price? Better to rent that tie the noose of obscene debt round one's neck
  4. Best thing that young people can currently do is rent. Who wants to be saddled with a huge debt working your whole life for a crappy 1 bed flat..NO thank you. Renting is getting increasingly affordable. My mum who is a staunch believer in getting on to the property ladder and has sleepless nights that I will forever be without a real home of my own recently tried to convince me that my boyfriend and I would be better off buying a place in London than 'throwing money away' renting.....Until....she did her sums. Then she couldn't believe that in reality anyone who had bought one of the flats that we will be renting and is renting it out- as a landlord would not be making a profit but a LOSS.....These are new builds by the way. Who knows with rents going down and being more and more negotiable, how long until we get like Germany and France and don't care about owning homes at all if rent gets really cheap? I think some young first time buyers just get caught up in the British make up of wanting to buy a house despite the OBVIOUS lack of financial sense that this currently makes. I have a friend who has just bought a 2 bed flat in south London with her boyfriend for 380k (they thought they were getting a bargain as the full developer asking price was 420k)...The developer was also offering 20k deposit if people completed before Christmas....I wonder why they are offering deals like that, could it be that they fear that the cat will be out of the bag in the new year and that full news of a recession will greet us (I reckon). My friend and her partner probably have a joint income of 70k but had 80k saved up. Even so, in the next few years, job security is no sure thing, if one loses their job, maintaining high salary levels is no sure thing either.....and keeping those INTEREST ONLY (doh doh doh) payments up is not going to be easy. Yvonne
  5. More plop from the great government mouthpiece - The BBC. Even when we reach the point of houses falling 30% - they will still be publishing nonsense to try and keep the market going. The more they try and put a positive spin to cover up the real truth the more obvious it becomes.
  6. If anyone else wants to email the Times to complain another email address is: [email protected]
  7. Shockingly biased reporting! Have just emailed the Times the following on email: [email protected] I have to say that I was shocked and stunned to read the Times Article on the UK property market http://property.timesonline.co.uk/article/...31900_2,00.html which purports to take a serious look at the current state of the market. Does the writer of this article perhaps have a substantial property profile? Otherwise, it does beg the question as to why the evidence base is 99.9% based on businesses and organisation's opinions who have vested interests in the property market. Shamefully poor and biased article. An insult to the intelligence of your readers. As a previous reader of the Times I will no longer be buying your paper.
  8. Can't believe it - just read this article in Times. Has anyone else seen it? Completely biased reporting. The article focuses on the opinion of 99.9% vested interests....it seems a bit of an insult to Times readers to be writing such utter biased garbage. Editor must have quite a property portfolio I reckon! http://property.timesonline.co.uk/article/...31900_2,00.html
  9. I have worked previously for a local council in their IT department, and was astonished to find that in terms of equipment, that they had more state of the art up to date equipment than I had come across in the private sector. In fact I came across people in IT who because they were managers had bought various new gadgets which weren't really warranted - all at the expense of the tax payer. Also, the local mayor had his own chauffeur - is this really necessary? I think that if one were to look across councils you will find that they are full of people who spend the money because it is there and don't really think about where it comes from. Fact is, it is not reasonable to pay chief executives etc in the public sector private sector salaries - there should be an element of people working in these jobs because they want to make a difference not because they want to receive a fat cheque at the end of the month. Yes, of course they should receive a reasonable wage but shouldn't get the same as the Chief Exec of ICI. Council tax is way overpriced, and unaffordable for lots of working people, perhaps it needs another approach like the Poll Tax when people say enough is enough and stop paying. Or pay like £75 a month and say that's it.
  10. I have just read a separate post about campaigning/taking action. I love the idea of an overnight campaign in a suitable London area - a London park for example...We could all set up wendy houses and placards. I guess what is also needed is a pressure group web-site. I am all for setting one up - What is probably needed is a group such as this with resources/time to set up and co-ordinate campaigns. I think a march or overnight protest could be best co-ordinated via this site. In terms of contacting groups to establish interest - I am more than willing to do this. Do we have a date?
  11. Great idea re Wendy houses - placards, wendy houses and overnight sleepout/pyjama party to campaign for affordable housing /against homelessness. Getting support and charities such as Shelter etc involved would also be great. How about Hyde Park in London or another London park? Hampstead Heath? We could make it a media orientated event but have some fun in the process!
  12. I think a march is a great idea....and would get publicity. Action is always better than inaction. Yes, this bubble is due to burst. However, with the government coming up with all these new bizarre schemes trying to keep the bubble on the go they need to get a wake up call from disgruntled would be first time buyers in this country and also poverty stricken young struggling hard working families. You could always get people to email to register before the march to ensure a good turn out - I'd be there! Surely housepricecrash could target other groups such as student groups and housing charities etc for support. As these ridiculously high house prices are making the problem of homelessness worse in this country I believe. Has anyone tried contacting Shelter or groups such as the Rowntree foundation to test the water?
  13. Working people should naturally be better off than those who can't work or don't work. However, I am not convinced that this is the case in our society. I have seen many cases of women without partners for example with children who have thought about getting jobs or gone back to work - only to find out that they are better off on benefits. Also, I think that the benefit system has swung way too far in the direction of way too much is handed out to groups such as single mothers who basically make a career choice to have a kid so at least they get a type of freedom in being able to move away from home and have their own place. Whereas single working people without children, may now have to stay at home until the age of 45..... If this government doesn't offer some incentive to young working people, I do wonder how many muggings will keep working for nothing, just paying the bills forever.....with no hope of the basic needs or desires such as being able to buy your own home (no one is talking about palaces just a fair reward for a fair effort). In such a culture, honest hardworking people are also basically being outbred by those that make a career choice for a benefit culture as most honest hardworking young people can't actually afford to have children. What will be the end result of this in terms of society overall? Where will crime levels be in 10 or 20 years.... There is a great need for a pressure group of some kind - perhaps focusing solely on housing, perhaps on wider issues for younger people as a whole - student debt, looming pensions crises etc. As this society is being run by a bunch of well off, out of touch, middle to upper class 50 and 60 year old who basically don't have a clue. Younger hard working people need to start claiming some rights.
  14. I am no economist so don't really understand the ins and outs of when it is decided to cut interest rates. However I do understand that if you look at economics, life in general etc etc nothing stays the same for ever and that things tend to follow a boom and bust cycle. House prices in this country currently make no sense.....you can keep a situation going for so long but eventually something has to give. The economy is in a state - jobs are going, people have overstretched themselves. Even the government is pulling the plug on public sector jobs which have kept things going for a while now...It looks like a recession is on the way....all signs point to this. House prices are already starting to fall but they have a way to go yet until they become affordable. People on good salaries still can't afford to buy.... What does it matter if interest rates are low or go lower if you have no job so can't get a mortgage anyway? With increased job insecurity I would imagine that people are alot less keen to financially overcommit themselves.
  15. I work in London and have to say that I truly hope that these terrorist attacks are stopped and do not continue. If they continue then London could become like Israel and I can't imagine that there are millions of tourists queuing up to go there. A sustained attack would affect tourism as people don't really want to go to potential danger zones (how many of you have recently booked a holiday to Iraq?). Also it would have an effect on all sorts of business in London - shops, restaurants, cinemas, theatres etc etc. I would also imagine that these terrorist activities will be knocking London Underground profits as from what I have seen loads more people are either walking, or cycling or driving to work now. What is the congestion charge (in terms of price to pay) for having the secure knowledge that at least you aren't going to get blown up on the way to work. Central London house prices and rents could increase in the face of a sustained attack. However, I think that any effect on house prices would be more down to the overall knock on effect on the economy. Add all this to an already struggling economy and it doesn't look good. Personally if attacks are sustained I will have to take a view as to whether I want to work in London. All the media is currently going on that people should defy the bombers, but tell that to someone's family if they got blown up. I wouldn't go work in Israel and if London turns in to the same kind of scenario I would seriously consider taking some time out (Hey at least because house prices are so ridiculously high I don't have the issue of a huge mortgage to pay anyway!). However lets hope that this situation doesn't go on - if it did it could cause terrible problems not just in terms of the economy but also in terms of race relations.
  16. The bombings are bound to have a negative knock on effect on an already flagging economy...especially in terms of London. In terms of the rest of the UK, I don't think they will have that much impact - other major cities like Birmingham, Edinburgh etc could also suffer a loss of confidence. I think many people will be put off going to the theatre, restaurants etc in London due to the now perceived threat. I can't see many people moving out of London though as a result of the bombings as most people have to work and alot of work is in London. So it's just a case of having to get on with it due to lack of choice. Although those who have the choice may consider a move to the country. And those who can avoid public transport by walking surely will. So public transport may see a drop in profits. The events of Thursday are of course horrendous. I don't think anyone on this forum has suggested otherwise. It seems only sensible to discuss the situation. I am sure that many visitors of House price crash themselves will now feel less safe when in or around London or major cities and that everyone's hearts go out to the victims of the bombings.
  17. Dear all I recently emailed the Office of the Deputy Prime Minister to express my disgust at the government's 'half a house' scheme. I am all for 'affordable' housing schemes but not for schemes that encourage first time buyers to get in to horrendous amounts of debt to own half a house and pay the government rent for the other half. Anyhows, apparently there is currently a consultation period in place until 24 June. If you feel strongly about the government's proposed scheme please email your views to: [email protected] If they get a lot of responses they may actually have to consider revising their scheme - it's worth a shot! Please do email or write if you feel strongly. The following is a link to their consultation paper and I have pasted below their reply to my email http://www.odpm.gov.uk/stellent/groups/odp...2.hcsp#P44_1708 Full details of the scheme are still being finalised and considered and your comments have been note. The following initial information may be of interest. The Office of the Deputy Prime Minister has issued a consultation paper Homebuy - expanding the opportunity to own which provides details of proposed changes to the assistance government offers homebuyers to provide a simpler, fairer, more affordable offer on homeownership. This paper sets out three different offers for individuals, depending on whether they are purchasing an existing social (i.e. council or Housing Association) property, an existing open market home, or a new-build home built with public subsidy or on public sector land. The consultation paper can be found at: http://www.odpm.gov.uk/stellent/groups/odp...ouse_037326.pdf At the same time the Government has been in discussion with the Council of Mortgage Lenders and individual banks and building societies, together representing some 40% of the total mortgage market, looking at ways in which we can work with them to increase the number of people we help into home ownership - through joint public/private funding of equity loans, using a model similar to that of the ‘open market’ Homebuy scheme. Some details on what a scheme might look like are set out in the consultation paper. Negotiations have been promising and Government and lenders hope it may be possible for the first joint-equity products to be delivered from April 2006. The consultation closes on 24 June, and Government expect to announce its decisions on key elements of the schemes by end-July / early August.
  18. I think that there is a fair degree of hassle and stress involved in being a landlord and am not sure that everyone would want to go for it even if prices were affordable. It is just something that has become fashionable and sold as the clever thing to do - however I think that the 'gold rush' is at an end. Personally I am not a believer in 'greed is good'. However, if people are seeking to make a living this is a different matter. If there actually is a housing shortage this is something that the government should actually regulate against (i.e. it should be double council tax on second homes or other such measures) to ensure that housing stock is not taken up by people who want to make 'easy money' and that housing is affordable for all. Buying a house shouldn't be an investment, it should be a matter of buying a home in which to live.
  19. I think that the time to buy is when you feel that you can get a decent property that you would want to live in at an affordable price. If that is tommorrow then I think you would be well advised to go buy if this was the case (however I think that this is certainly not the case at present). Personally at current prices I could afford to buy a 1 bed or 2 bed flat somewhere but am not willing to pay silly money as my aspirations are not to live in a 1 or 2 bed flat forever. I do not think it makes much sense to work your whole life to live and own such a property. I aspire to buying a decent 3 bed semi which is currently out of my price range. If prices were 20% down from current prices I would consider putting in offers of 15-20% below this. I would be willing to pay 35-40% below current market prices. Until they reach this point I do not view them as affordable or worthwhile investing in. Buying a property is a long term investment and I would consider carefully as to whether it is worth buying a small or crummy house or flat that you really don't want to live in long term.
  20. Just heard her bit on the radio, I actually thought it was quite funny as it sounded pretty ridiculous her going on about worries that prices might be stagnating in a worst case scenario...Er Hello but prices have been stagnating for at least the last year... She is just truly awful. I think we should all email the producers of Location, Location, Location questionning their choice of presenter when she seems so completely clueless as to what is really going on with the market. Isn't she the daughter of some Lord, she probably has like 20 country houses so wants to talk the market up.
  21. Hi all, I work in the public sector. I would say that it is the best place to be in these uncertain times. I used to work in the private sector and from what I have seen, jobs in the private sector have been suffering for the last 2-3 years particularly IT related jobs. However, I have noticed that recently there is more pressure on in terms of finances etc and saving money within the public sector, with a definate lack of new positions available. Also bear in mind things like public sector pensions etc are being squeezed now. There certainly doesn't seem to be the job creation that there was in the past & I would think that the pressure is now on the government to curb its overspent budget. Yvonne
  22. Dear Hudmb If you are really that interested in buying a property at the moment, I would look at several and try putting in a few low offers on different ones you are interested in. Sit back and see if you get any interest - if not, then you are still giving potential vendors a wake up call so six months down the line when they get no offers they may start to rethink having turned your offer down. However, currently I think everything is so overvalued that it is a bit pointless and with the economy generally now predicted to be in for hard times, whats the rush? I don't think there is too much point getting so stuck over one particular property. Pretty much nothing is moving at the moment. Estate agents will always say otherwise but speak to anyone who is trying to sell and they'll all tell you if they are honest that they are getting no offers unless their property is priced at a discount. The problem is that lots of potential vendors are sticking to their guns and foolishly refusing to drop their prices - which means they won't sell...probably until the market has downturned further and they will have to rethink their sales prices. Better to find a property where the vendor actually wants and needs to sell. I would put in an offer of 20% below on those properties that interest you and that you can afford. However, even if you offer this much you may find later on down the line that you have overpaid. Alternatively you may be better off to sit it out until next Christmas when prices will probably be down 10-15% and then offer 15-20% below. Best wishes Yvonne
  23. If you want to register your views on what you think will happen to house prices go to: http://www.propertyfinder.com/2/pf/home.do This may be worth completing as they seem to being quoted by a few newspaper articles recently
  24. I wouldn't argue with you on that point - housing is completely unaffordable for ALL first time buyers currently, not only keyworkers. However one would expect that the government has adequate schemes in the current climate if people don't want British trained nurses going off to the USA and places that offer them better deals. But point taken, buying a house should be affordable across the board, not just for keyworkers....
  25. Hi all, I am a keyworker and have applied for a few keyworker schemes to see what is on offer. I have applied on a sceptical basis to see what there is and think that what is available is nothing short of scandalous...I recently applied for a scheme in Essex where 1 beds in the local area are for sale for 110k. That means if you put in an offer of 15% below which may be accepted in the current climate it would cost you 93.5k The scheme I applied for, had flats for sale at 105k (which I think is basically more expensive than current market prices if you get it below asking price) where people could buy a 55% equity share of this amount. I wasn't offered one of the flats as they seem to have lost my form (doh doh doh) but wouldn't have gone for it anyway. Anyhow, I can't believe it but they have filled the scheme - it must be the one thing that is still selling - keyworker properties....Although it may seem affordable to people at 55k don't they figure out they are only buying a share on a crummy 1 bed. I guess the only advantage with these schemes is that usually if you sell you give the housing assoc half the profit or they take half the loss - but either way no one is going to refund your 55k.....And I have also heard from people that if you buy such a property the housing assoc controls the valuation and you must pay £250 each time to get it valued and this must be done every 6 months if you are trying to sell. I am just astounded that these 'schemes' are put forward by our government, surely a reasonable scheme would be 1 bed flats for sale at 60k I do think it is appalling that these schemes exist and even worse that people are actually going for them...
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