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House Price Crash Forum

adibrown

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About adibrown

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  1. I rented a 2 bedroom flat in SE London 12 years ago for £900pcm. I've just taken a look now and an almost identical flat is on for £950pcm. One thing that is seldom mentioned about the housing boom that has just happened over the past 10 years is the positive effect it as had on the rental market. As somebody who likes renting because of the flexibility it offers and the reduced responsibility I am quite heartily toasting the house price boom. In the past ten years rents have remained static and in some instances decreased whilst at the same time the choice of rental property has increase
  2. If you had been on other boards other than "Spanish Property to drop" boards then you would have noticed that Daftboy is a wind up merchant. He just makes things up and this is clearly no different. Costa Blanca is dropping but prices are on average 5-10% less than they were in 2006. Personally I dont agree that this is the right time to buy in Spain. I have been trying to buy for the past 4 months now and have had very little luck. I have been outbid or too slow on about 12 properties. Anything in the nice areas is getting snapped up almost immediately.
  3. This is very true. At work yesterday a guy came in after lunch and had been looking at a flat to buy in Chiswick. Somebody asked him how it had gone and he replied that he was a bit shocked because for £400k it was basically a characterless conversion and was in what looked like a normal suburban 3 bed semi that had been split into two flats. The guy who had asked the question said "Yeah thats your problem buying in Chiswick, you should look at West Acton because prices there are rocketing and you cant lose". I bravely piped up that perhaps they should be careful because prices looked like
  4. Costa Blanca is dropping. In areas like Torrevieja by as much as 40%. Costa Del Sol is in areas increasing by about 5-10% in more desirable areas 10-15%. Areas inland and in areas such as Fueng and Torremlnos are dropping by about 2-5% Other areas along the coast are holding up well because they still constitute good value for money. Aggressive building has left oversupply in many areas away from the coast and this adds up to about 500,000 dwellings and these are just not selling. Many of these developments (includes Polaris World in areas such as Murcia) will be available for 40% less
  5. Panic is hitting the streets of Brighton and it has arrived so quickly it is frightening. Yesterday Debenhams in Brighton were doing a 20% off everything sale. I expected the worst at 2pm having been to a similar sale last year at the same time and had to wait outside the doors it was so full. This year it was practically deserted. I went to buy a winter coat and the old guy serving me mentioned that he had never seen things so quiet. Apparently in the past few weeks things have just dropped off a cliff. In the pub a few hours later and an ex work colleague of mine is in there with a
  6. In my opinion France,Spain and Italy will be the least affected markets out of the "property abroad" craze. Worst affected will be Bulgaria,Romania,Morroco,Turkey and Hungary. What is the basis of my argument. Well France, Spain and Italy have a long tradition and are established resorts. Foriegners have been buying holiday homes in these places since the Roman era. 15 years ago many planes flew daily to Alicante, Malaga, Nice, Rome etc. In Boom and Bust these flights will continue to run,in boom and bust the infrastructure will remain, the bars, the cafes etc. Can the same be said f
  7. It is bizzarely like 1990 all over again. House prices to fall........Butlers on the rise. I wonder how many people will be wanting butlers in a few years time? When excess and greed seems outrageous you know the party is about to end.
  8. Biggest falls in my opinion will definitely take place in Brighton and Hove. This happened last time around and will undoubtedly happen again. When you start seeing tiny 1bed flats in places like seven dials going for £200k+ you know its hammer time. I remember in 2001 living in a desirable part of London and visiting Brighton to see friends. My 1bed flat in London was valued at £130k. I had been considering selling my flat in London and buying something in Brighton. I took a look at a 2 bedroom 1st floor flat in Brunswick Square, Brighton with balcony and views over the sea for £79k.
  9. Getting back on topic... I have no symapthy whatsoever for these friends of the original poster. This is the simple fact as I see it - They were given the opportunity and took it of buying a council house in Richmond 10 years ago. That is the opportunity of a lifetime which many people would give their right leg for. The fact that he has decided to abuse this position to remortgage and borrow excessively is nobodys fault but his own. In todays blame culture it is ery easy to look around for people to blame but in my opinion blame rests firmly on his own doorstep. This fella is the ty
  10. I have to agree. It is common place for people with learning difficulties or below par intelligence to be advised and trained to become IT "Professionals". The OP reinforces this by teaching these IT skills to a child who otherwise would have been bereft of work opportunities. You wouldn't for instance hand this child a book on law or medicine and encourage him to be a Pharmicist or Lawyer. IT is well paid and it is an industry that has its fair share of highly intelligent and creative individuals. Some areas of IT are bloomin hard to master but others are quite simple "by numbers" type
  11. London will be very badly affected because most people living there are transient and have no ties to the area. A lot of people living in London tend to be single or childless couples with no long term commitment to the area and many rely on their job to afford them to live in London. You also find a lot of foriegn investment which is completely unsentimental to the area. To them it is pure financial transaction which means they will want rapid out if the trend turns negative. In other areas many people will just ride it out and either remain in their house or move to another house that
  12. ForestFire – out of your 21 posts all of them are identical, talking of a crash in Spanish Property and using the same stale arguments. I am guessing from the content that you live in Spain, would like to buy but currently rent. I can sympathise with this position as I am doing much the same in the UK. I believe prices will fall by as much as 30-40% in the UK over the coming years and that is why I will put forward a bearish argument on the state of the UK housing market. I assume you feel frustrated at high prices in Spain and wish the market would crash as you predicted was happening b
  13. I'm afraid I have to agree with Sharpnose and I dont sell property for a living. Now is a great time to buy property in Spain. Bargains can be had in most resorts but tread carefully and take long hard look at the area. I have never seen anybody desperate to sell who doesn't live in the Costa Blanca. Make sure you either pick unique inland towns or coastal areas (and I mean less than 1km from beach). A lot of people hype up the crash in Spain but when I have been over there recently I have seen very little evidence. Sure the number of buyers is down from the extraordinary boom years of 2
  14. Brighton is still quite busy with Mum and Dads buying a house for son/daughter attending university. This concept became popular about three/four years ago and is a winner whilst Son/Daughter attend University and a year or two afterwards if son/daughter remain in area. This is because son/daughter can get friends to live in said house and pay Mummy and Daddys interest payments. The shit hits the fan when Mummy and Daddy have to go to a local lettings agency and stand in line with the thousands of other BTL landlords. All of a sudden there are no emotional ties to the area and voids are
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