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House Price Crash Forum


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About Layman

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  1. I'm not sure you can speak for "all of the people" - there are clearly some committed folks with an intent to "take down Wall Street" but there are many thousands of others looking to make a quick buck. Also be aware that whilst there are a few hedge funds hurting from this, there are many financial institutions making a fortune from it. This activity most certainly isn't "sticking it to the big man" in any way. People will get hurt, many of them unable to afford the losses they're likely to experience. There've been huge institutional wins from both GME and AMC pumping, one example being
  2. I don't expect this to generate a whole load of intellectual discussion... but it made me chuckle when this popped through our (rented) door yesterday... The lack of volume in sales must *really* be hurting.
  3. Yup, we've been To see it and actually liked it. But as you say, the location is the big let-down. Noisy and pretty darned dangerous if trying to bring up young kids. I've got to say, though, the current EAs have been very sensible and mature with us. The previous marketing of the property was with other agents who clearly over-priced it and set the owners' expectations in completely the wrong ball park. The current ones are being far more realistic and good luck to them. We offered a bit more than that actually - but it was rejected and we won't be upping the offer. Having been out of the
  4. You're right, I learned today that it was indeed up for £675k last year - some EAs are just so desperate to win business that they'll massively over-value. To be fair, the current owners have expanded it quite heavily - adding about 1000sq ft. The £430k they paid in 2005 was arguably too much... but they have added a good £80-90k so £530k wouldn't be too far off the mark for today's market. Unfortunately I know they won't accept that - and when you consider that they were told by an EA 1yr ago that it was worth £675k you can see why... of course, that doesn't make it right, and doesn't mean t
  5. Yup... things are gradually moving downwards - but still a long way to go. That said, we saw a nice place at the weekend (lovely couple selling it) that's gone from £525 -> £500 -> £475 in 6 weeks. http://www.rightmove.co.uk/property-for-sale/property-32508224.html I wish I could say the same about Hartley Wintney... such low volume there that a return to realistic prices seems a long, long way off. Case in point: Sold in Sept 2005 for £430k with a Zoopla estimate of £470k - http://www.zoopla.co...ontent=estimate Yet up for £599k (reduced from £625k) - FFS people, get a grip?! - htt
  6. We viewed a house up at £490k towards the end of last year, made an offer of £390k and the EA wasn't at all offended. They explained they had a slightly higher offer from elsewhere and we said "fair enough" and moved on. We've also had repeated calls from the sales office of a nearby new build saying they'll "consider offers" on a plot which we are interested in - (well I would be if they knocked £100k off!). I'm holding out for a while but may try a few "OK, how about X, with stamp duty paid?" offers. Frankly if it's the right house, I'm happy to pay over the odds rather than wait 2-3 more y
  7. I'd use Rightmove to work out what's going on in your area. - Use Firefox and install Property Bee (it works on rentals too) - Stick your postcode in and see what's going on Using this method I've seen properties in my area have their asking prices slashed by 20-25% in the past 8-10 weeks alone, which I'm then using to renegotiate with our landlord. Our 12 month term is up next month and I'm considering only renewing for 6 months, as if IRs stay this low for some time, rents will continue to fall.
  8. ... jeez, this place has gone downhill. Posts like this make me ashamed to breathe the same air as idiots like "Buzzardo" (and unfortunately I live pretty near him/her too). In your forties and playing the "I've got more posts than you!" card?! Unbelievable. No wonder the UK's in a bad way, with that sort of attitude.
  9. Absolutely! I've learned the hard way that you can often be "right" when SBing, but still lose your shirt (and indeed your entire wardrobe) by hitting stops, or by holding onto positions too long, but finally closing them, only for the market to go back in the direction you'd always predicted. Puts and Calls eliminate all that. If the price moves to a position where your call is worthless it DOESN'T kill it (like a stop would). Instead, you can wait until (hopefully) it comes back in the money and makes you a tidy profit. The SB companies LOVE this volatility. IG emailed me last week saying
  10. Maybe these guys (and gals?) actually have a sense of community and comradeship, and have considered what it would be like for them if they were made redundant. If they all work 1 day less per week, it saves 1/5th of them being made redundant. I can fully understand why they voted for this option.
  11. http://www.timesonline.co.uk/tol/money/inv...t=24&page=3 Hmm, so let's just look at why that might not be such a good idea....
  12. So you feel that prices scale linearly with rents? OK, that's fine. The direction is still down - Rents across London have started to fall by as much as 20 per cent as a glut of supply forces landlords to cut prices
  13. As others have said, it could be an admin error. Alternatively it could be that a buyer who was going through the motions of buying has pulled out, and the EA has gone back to other interested parties to negotiate an alternate offer. Seems like quite a "normal" (but, I agree, good to see) event in the current climate.
  14. Lovely! I sold this market back in May last year at 197500 .... easy money.
  15. What amazing foresight these politicians have?! Let's just think about what will now happen....Every lender will effectively pull out from the Scottish market, either withdrawing products completely or demanding such huge LTVs that no average citizen will be able to get a mortgage. Awesome. You've gotta hand it to those wise MSPs!
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