BufferBear Bitcoin Bull
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Seen of FT forum.
House Prices
by Anna 01 Jan 2005 06:54 PM
Speaking as someone currently trying to sell and talking to local estate agents (London area) - two facts are clear. 1 The only property that is selling is being sold at well under the asking price. 2. A lot of property is simply not selling - that normally would. Buyers active now are looking for a bargain.
The prices at which property really changes hands have clearly fallen, but it seems that a majority of people prefer not to face up to this. I think this sellers' reluctance to accept price falls is probably holding the prices up - as a consequence the market is stuck with few sales going through.
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Well I just found out a 'friend' paid 300k for their house this year. Don't think either earn more than 30k each and that's being generous.
They told me that I should jump on the ladder (last year) otherwise I would never be able to afford to buy. At that price, I don't want to!!!
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My thoughts too.
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From AOL New
More Homebuyers Taking Shorter Mortgages
More and more homebuyers are determined to clear their debt as soon as possible
The standard 25-year mortgage term may soon be a thing of the past, according to a top City broker.
More and more clients are determined to clear their debt as soon as possible, according to London-based broker Charles Cameron & Associates.
Simon Nimmo, CC&A managing director, said the firm had become aware of increasing numbers of borrowers arranging their mortgages over much shorter terms in order to slash the amount of interest repayable.
"Our clients - who will typically arrange much higher mortgages than the typical High Street borrower - are notably keen to reduce the lending term," he said.
"The trend now would appear to be for a 15-year term, rather than the standard 25 years most of us have taken for granted for so long."
Many CC&A borrowers - who are often City-based workers on well above average salaries - will use their annual bonuses to clear substantial chunks of their mortgage borrowing.
But Mr Nimmo believes the attraction of saving great swathes of interest may encourage average borrowers to try to do likewise.
"It may be a trend we see rolled out across the wider mortgage lending landscape," he added.
"Let's face it, if you can afford to overpay your mortgage then it makes sound financial sense - and bringing the conventional mortgage term down from 25 to say 15 years makes a dramatic difference to the amount of interest borrowers will repay."
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reposessions!!bring 'em on!
the government won't get involved...the reposessed just get nasty letters through the door about 10 years later for the balance of payment on the mortgage they took out,just when you thought you'd managed to sort your life out!!
It happened to a friend of mine 2 years ago.He and his(ex) wife had to sell in negative equity in 1992.2 years ago he had a letter stating he still owed 16k and the mortgage lender was demanding payment.
Hello Oracle,
Visiting from FT forum?
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Am I allowed to 'bump'?
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Or "Who owns Britain" by Kevin Cahill. I received it for Christmas. The information is fascinating but the injustice of land ownership by the privileged and the role of pulic subsidies in supporting the status quo, angers me. :angry:
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Give it to BBB and TTRTR. They're gonna need it
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Hear hear!
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By "real time" on FT forum.
01 Jan '05 19:00
prudence
i agree on certain points but i firmly believe that the confidence has evaporated from the market, as it did in the early 90s, house builders and estate agents are once again in denial, which long term creates its own momentum leading to panic.
The corporate groups of estate agents by mid Feb will start to instruct branch offices to value to the market, building society surveyors are already as early as november starting to de-value this will intensify (they rem the late 80s boom when they were sued at a later stage for overvaluing), so all in all the market at the moment is like an oil tanker still going forward allthough reverse thrust has been deployed!!
Let's have an update Surveyor.
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Buy a house at peak prices.
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Correction, the amount owed is 40k. Property bought for peanuts years ago for about 30k.
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Bulls and Bears,
A family member owns a 3 bedroom ex-council flat with a mortgage of no more than 30k (That's a guess but it may be lower). It was valued at 220k in the summer but would probably fetch 180k now.
It is in a good location and rental income for similiar flats is 850.00 p.m 
(for arguments sake lets say it could be rented out for 700 p.m.). They want to sell the property to buy a house in the next 12-18 months. I personally think the 'value' of ex-council properties will plummet over this timeframe. What would you do?
STR now?
Sell in 12-18 months and then buy a house?
Rent flat out in 2-3 years and buy a house (when houses are worth 30+% less)?
KEY:
* STB=Sell to buy
* STR=Sell to Rent
* SPBLRFO=Stay put, buy (home) later and rent flat out!
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Happy New Year to all the Bears (to be) and an even happier New Year to the Bulls (to be).
What's the phrase? Something along the lines that you know the market has turned as the last bear turns into a bull and the last bull turns into a bear.
Are you ready for this BBB, TTRTR, Hannibal.......?????
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I agree Zz. We looked at SO but did not feel it would be a sensible move for some of the reasons you stated. The info. we receive generally relates to 2 bedroom flats for around 250k. The mortgage + rent is more than a £1000 p.m for about 50% share and is considered affordable housing. Some of the literature we received, stated that you needed to earn about 75k to purchase a 75% equity share. In disgust, I sent my M.P some of the promotional material that we had received and asked him how such properties were deemed 'affordable'? We had the courtesy of a reply, but of course, he did not answer the question!
My friend is a planner with a local authority. She has told me that there is no real definition of 'affordable' and the iniatives that are aimed at 'keyworkers' include not only nurses, teachers, social workers etc but also the higher levels of management as they are also public sector workers. It is a scam. :angry:
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My 0% Mint card is set to expire in Jan. 05 (I have a small balance owing) so I applied for another tonight. With the minimum of questions, Egg have given me 0% until Sept '05 on balance transfers and 0% on purchase until July 05. Interestingly, the amount of 'dealers' offering 0% on both on balances and transfers has decreased. Credit crunch in action? Maybe not. Egg have given me a starting balance of £4000.
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S2R,
Did so earlier. Found the link via AOL news. Hubby thought the site was a scam. Bit basic isn't it?
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2 bedroom ex-council maisonette in Watford. 180k Nah!!
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17/09/04 PLOT 77, CROWN HEIGHTS, ALENCON LINK, BASINGSTOKE, RG21 7TN £299,995
What a bummer for that buyer to now see the same spec flats available at £284,995 and include 5% deposit + 3% stamp duty paid.....ouch!
Double OUCH!
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Zzg,
Nah. Until Jan. 18th 2005.
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I am specifically interested in the London report.
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I've seen the articles referring to Hometracks December report, but when will it be released?
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in House prices and the economy
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