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Dylan

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Posts posted by Dylan

  1. I agree, it shouldn't be a tax that is nominally for using services. It should be a new tax, which is to prevent hogging resources that would be better used in other ways. After all, if people started buying up all the food and selling it back at inflated prices, there would be riots and a change in the law. Why is property thought of any differently? I've nothing against people buying nice property for use. But buying it to hold empty is grotesque.

    Wasn't something similar brought in during the 60s for commercial property? I can't remember the exact reason why, but it was something to do with the Centre Point building in London being purposely left empty.

  2. Some of you may know about b3ta.com - it's a site where people post (quite often NSFW) pictures and photos that they've doctored. They also have a weekly discussion on a set topic, and this week it's debt. The target audience is probably 16 -30 year olds. I've only read the first page and came across this gem in a post on 'how to manage your funds better':

    Stop Renting - if you are renting a place, switch to a mortgage as soon as you can - why should you be paying someone elses money so that they can live the high life? in fact greedy buy to let BASTARDS should be taxed at 90% to bring property back so that first time buyers can get a foot on the ladder. I bought my first house with my partner back in June. Although the mortage payments are slightly higher we own the property so its all investment.

    Sounds to me like he's been taken in by the 'renting is dead money' rubbish.

    Link to the discussion here.

    This one's quite interesting too:

    I bought a house at the peak of the market in 2004 with my then girlfriend and because it is in such a popular area for student by-to-lets, we got stuck in sealed bid after sealed bid. So we paid 7 grand over the asking price for this one we liked (to make a nice round 132,000).

    So what happened next?

    - The house dropped 15 grand in value

    - I split up with the girl in question and owe her about 5 grand from the whole sorry process

    - Water started pouring in through the chimney (I still can't afford to get it fixed)

    - I discovered the list of house prices in my area on Yahoo finance, and to my horror, the value of the damn thing has gone up (I kid you not) 100 grand in between 2001 and me buying it in 2004.

    Thanks goodness for lodgers and parents. I'm actually doing quite well now. It just seemed like my world was imploding at the time.

    Doesn't say where he is, but I imagine this sort of story will get more common in the next few months.

  3. In my opinion all that is happening is everyone is obsessed with property and prices rising.The fact that most people will never see the 'paper money'.Instead they think oh my house was worth 50k now its worth 120k.

    Exactly. I had a conversation with my sister about house prices a couple of weekends ago. Her and her husband bought a house a year ago with a 250k+ mortgage and are aware of my views on house prices. The conversation went along the lines of:

    'House prices won't fall, they'll just stagnate'

    'Apart from wishful thinking, what do you base that on?'

    'They just will. Well, look how much money we've made on our house in the last year' (about 15k)

    'So you have that money in the bank?'

    'No'

    'You're thinking of selling soon then?'

    'No'

    'Well how exactly have you 'made' money then?'

    '(silence)'

  4. I wouldn't really call it good news:

    - The annual rate was 1.05m in August, up from 1.01m in July; however, the July rate was initially reported as 1.07m and then revised down, so the same could quite easily happen to this August rate.

    - Record number of completed homes for sale.

    - Median prices down 1.3%

  5. I was chatting to a colleague at work today and she mentioned that she's buying a new-build 2 bedroom flat (I'm not sure of the exact development, but it's somewhere just outside Windsor). She's got a deal with the developer whereby she buys 75% of the property and when it's sold she gives the developer 25% of the proceeds, whether the value goes up or down. I had to double check with her, and it's definitely the developer who's hanging on to the other 25% and not a housing association (or so she thinks).

    Is this practice normal? It seems to me that the developer is effectively admitting that it's over-valued by a 1/3 and this is the only way they can get rid of them. It's also a very good way to keep the Land Registry prices artificially high.

  6. Why? If you're buying somewhere to live in as your HOME for the rest of your life, it's the long term you are interested in. It's only if you wish to trade property like a commodity that the short and medium terms matter.

    I really don't understand this point of view. If by waiting a couple of years I can get the same house for less than it would cost me to buy now, or a better house for the same money, then surely I would be better off waiting (obviously taking rent in the mean time into account). As a potential FTB I'm in a position to buy a house for around £200,000. Just a 10% drop would knock out 2/3 of my deposit, a deposit that's taken the best part of 3 years to save.

    So much in our lives is very restrictive these days. With each day that passes we slowly lose more of our civil liberties. Depressing times indeed

    I agree with you whole-heartedly on this though.

  7. My 12 month AST expired in January but my letting agent didn't send a new one out until February. Being as disorganised as they are, I never got round to signing it and sending it back and they haven't chased me for it. Am I effectively staying here without a contract, am I subject to the same terms as the last one or has it converted to something else, and what are the implications for me, e.g. can they just throw me out? I've no reason to get funny with either the LL or LA, I'm just curious whether things like notice period etc from the expired AST still apply.

  8. I was under the impression that EAs were banned from using Sale Agreed on signs a few years ago, but round my they're springing up all over the place; there even seems to be one agent who I'm pretty sure isn't bothering with For Sale and are going straight to Sale Agreed. Have the rules changed again or are my local agents desperate to hide the fact nothing's selling?

  9. Ok, it's never been the cheapest place to buy, but browsing today I came across this house for sale. Two bedroom, slap bang on a busy main road, tiny garden and en-route from the pub to the ex-council estate. 2 years ago a car drove straight into it, leaving a gaping whole in the front wall. A snip at £410,000! Funnily enough it's being marketed by the same agent that advised my neighbour to sell her 1-up, 1-down for £210,000. 2 years later, and with the price now dropped to £195,000 it's still unsold.

    Things are definitely slowing round here, with a lot of homes on with multiple agencies.

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