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House Price Crash Forum


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About Bourj

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    HPC Newbie
  1. I have had similar conversations. Only to find people with the same viewpoint were ING depositors. ICESAVE deposits were guaranteed and I do not see an issue with trying to get the best rate for savings. If interest rates where calculated on true inflation and included house prices. Over the past 10 years interest rates would have been a lot higher and our economy would not be in this mess. Unfortunately Brown loves his debtors and savers again get shafted.
  2. What I don't get is how can all these people be in negative equity when according to Rightmove and others property is now 2007 value + ? May have been said, but yes house prices may well be at 2007 prices, but when some people remortgage they sometimes borrow more than their last morgage because their house price has increased, they want a nice holiday or to consolidate all those credit cards and loans ect. Thus there is possibly far more negative equaty than the statement above would suggest. In other words its not just the people that purchased post 2007 in negative equity. I would not be suprised if those that remortgaged around this time being the majority of owners in negative equity.
  3. Agree with you to a point. But shouldn’t a single modest wage get you a home that is three bed. Given an ideal family unit IMO should have one parent at home looking after kids and said individuals are going to take a chunk of that modest wage. I think that’s one of the issues with our society today. There is no family life, because house prices are so high both parents in many families have to work to pay for a family home from, which the lifstyle suffers for all, including the kids.
  4. Last time the housing market recovered from collapse I do not recall any notice in the media. No one hit a big green button and it was not hailed from the BTL rooftops. The fact is it didn’t recover it pretty much flat lined for a so long everyone lost interest in the subject. I’m afraid certain groups are talking the market up again. The best time to buy a home will be when reality hits everyone involved and that will be when we all understand that there are no short-term gains in property. Media will loose interest and even HPC speculators will be wondering if property is such a wise investment when gains are so far off in the future and other markets seem far more inviting. Property will become homes again. Hallelujah!
  5. Security wise the further we move away form zero the more we have to loose. High house prices mean that money is going in to an un-exportable economy. Many house purchases involve debt. Banks and estate agents make money from people in their own country. Absolutely no real wealth made for our country. I purchased and renovated a house when I was young and house prices were cheap. I was not on good money and it was still a struggle, but it was a good experience for myself at an early age. I think those not privileged or intelligent enough to go to uni should be able to do something like I had done. I have matured gone back to college and worked hard to get a career and earn far better money now, but if I had tried to buy at any later point in time, even though I earn 100% more now, I could not as easily paid for my house. Not without going in to a lot more debt. Yes low house prices help FTB, but 12 years on I am still in the same house. I am not interested in going in to debt paying money in to businesses that do nothing of real value. Wasting my hard earned cash on something that does not give me any better quality of life. If inflation included house prices interest rates would be higher and house prices would not have been as easy to bubble. I would have probably moved in to a larger home by now and started a Family, but have made a conscious decision that while house prices have gone above inflation there are far better ways to spend my money and enjoy my life. Selfish as that may sound. Yes negative equity is not nice, but were people really that blind to this situation. Everyone needs somewhere to live, but I only have sympathy for people under the age of 30 anyone older would have seen the recession of the early 90's and the resulting negative equity. People should have known better. It’s never been in the interest of Estate agents to be truthful and the banks make money on safe debt. The banks have seen what’s coming and pulled credit. Now I guess we will see the real HPC with high unemployment just like back in the 90's. The media is just as much to blame. I found this website because with my simple logic I could see through the recycled media BS.
  6. We had the excuse for the recession (credit crunch), which in turn sent all those debt happy few to go scurrying for cover. But now we have the real HP killer -redundancies, and a lack of real money. This is just the start. People that are buying houses are the misguided few that do not feel their money is safe sat in banks or perhaps the odd HPC'er who has just prematurely brought. Time will tell, but as with any good trilogy I think this is the 2nd act and the 3rd is yet to come. Is this not just a bull run? That said if you are to believe the press then you have not lost out. House prices are still down from the peak. Most good investors wait for a market to start recovering before investing. That said my hard earned money is not going in to houses just yet.
  7. This started off as a joke between me (English scum) and my Scottish work mate. I was trying to get him to bite. Stating the world pretty much followed the UK way of banking and we were the banks of the world and responsible for this global recession. I then went on to point out the S in HBOS and RBS is Scotland and that Scottish banks are largely responsible for the government having to bail out the banks. This was all light hearted, but I am starting to think I had a point. Gordon Brown stated to the Scottish independent party that Scotland as a country would now be bust if it was not part of the UK. So my simple thinking tells me that I, as an English taxpayer, am propping up Scottish debts!
  8. I have a flexible mortgage with RBS. The balance is almost zero. I have kept it open so I can borrow back money. I am allowed to borrow back the total amount of the initial mortgage at a rate of about 3.5% and this was before the last cut in base rate and so will probably be even less now. Interestingly though, I can not take this rate or mortgage to a new home even if it was for the same sum and on a higher valued property. As the mortgage salesperson told me "if you wish to have a mortgage with us on your next home we have one option for you. Our new 2 year fixed rate of 6.9% how does that sound Mr Bourj?" $#!+!!!!
  9. Like a third world then! Or maybe not. I am all for getting rid of the Bankster and politicians. I have pretty much managed to get rid of banks from my way of life. I just can not see this working with the size communities we live in. No politicians. OK No Armed forces. OK so long as no other nations/ individuals know how to use the hardware. No police force. I can protect my own. No NHS. I am healthy, I know many that are not, but hey, maybe Ill just take there stuff and kill em off quickly, put them out of there misery. Perhaps I can use some of this military hardware hanging around and have a bit of a cull. Anyone want to join me? The new world order starts here. Anyone want to give me a name for our new found dictatorship? Funny thing is before looking at it from this angle I would have been up for a little anarchy.
  10. The idea of debt and mortgages has always been to keep working classes working. Advertise crap and create a market for people to get in debt and thus work to pay it off. Not having debts to pay will be physiologically damaging for society because for many people there would be no reason to work. Thus rather than damaging the economy there simply would be no economy, because nothing would be produced to trade. It would never work unless we all want to live in a third world country.
  11. Hmmmm! ((10x (Average house price / 100)x2)) - (Wage bill +rent + National insurance + tax +++) How many people work in said estate agent and how much do they get paid? I have little doubt there will be a bull run. Gordon, bless him, is doing his best to get things moving again, just so he can leave the top job with a bit of respect. Kind of like a banker and his bonus. He is not looking at the bigger picture, just his own welfare. Next to no interest on savings may get some sheeple thinking about withdrawing savings and investing in property / wasting money on crap and temporarily "restarting the economy" all it will serve is to make the drop off less steep, but its still going down. Can no one see the master Reset has been hit? Let the adjustment happen and let’s learn for the mistakes. Include HPI in inflation calculations and adjust the base rate to suit will be a good start.
  12. I am interested in a house, which appears to be a repo. The EA states it is currently corporately owned. The EA was unable to give internal viewings, but had an appropriate offer previous to its 1st open day, but still open to better offers. EA BS me thinks! I sent out a strategic offer, but I am concerned that the current owners may not have had said offer forwarded by the EA. So will the registry data tell me who currently owns the property? Or more importantly who supplied the mortgage?
  13. The way I read it the passport scheme was an insurance between countries, thus if one country went bust the other 2/3 would cover the loss. May have been the way it was written or my poor england. However passport schemes worked out 100% in the past and so still avoiding ING.
  14. Because the Dutch were one of the countries guaranteeing UK ICESAVE depositors and use the exact same system that guarantees ING depositers. Well almost the same I guess Iceland are not part of it anymore. As you say in your post ING/ the Neverlands are a greater financial resource. So why did they not pay their share? I smell a rat and can't believe no one else has picked up on this.
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