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House Price Crash Forum


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    Wednesbury, West Midlands
  1. One in Wolverhampton and one in Walsall. The property in Walsall that went back onto the market was valued last year at £220,000 around this time last year. The house really is a gem but is is sandwiched between an off-licence and a mosque. They turned down some really stupid cash offers for around £180,000, which in retrospect turned out not to be stupid after all when a more realistic EA valued it a couple of months ago at £170,000 and lenders reckon its worth £140,000. I feel a little sorry for them to be honest.......suckered in by Con-Hells and their utterly stupid initial valuation, they belived for a year they were sitting in a £220k property only for a reasonably honest local estate agent to put them straight.
  2. Twice in the last two days have I heard the same story. Very reasonably priced houses, actually sold with a decent amount off the asking price have been valued at a lower amount by the buyers mortgage providers. 1. Property originally up at £170,000 sold for £155,000 (beautiful house, dodgy area) the mortgage providers surveyor valued the property at £148,000. Property back on the market again, the seller needs 155k as they are moving to Spain. 2. Property advertised at £96,000 which is a very reasonable price for the area, sold for £90,000 . The mortgage providers surveyor valued at £85,000. Luckily for my workmate, the seller dropped the price to 85k and the sale is currently going through. Sign of the times?
  3. I had a conversation last week with my local EA. After having an offer on a property rejected, I told her I would now more than likely wait until next spring when prices should have dropped further. She replied "property prices have not and won`t drop, buyers will just continue to put in lower offers" (whatever that means). Not two minutes later came the following gem. The property I had put an offer in was "up for sale at £124,000 in January, the sale fell through and the seller placed the property back onto the market at £117,000, they now have £2000 cashback on completion to ensure the sale goes through". £9000 fall in six months for a house in Walsall?.......nah, prices aint dropping ..................dumbass. I offered £106,000 by the way and was knocked back, I can wait though.
  4. Best recession indicators are the local out of town shopping developments near to me........ B&Q, Currys, PC world, Furniture Village, Matalan, JJB sports, Allied Carpets, Boots, Hobbycraft are all a LOT quieter. They all have "Summer Sales" at the moment but it does not seem to be pulling trade in. The oddest thing of all is IKEA, I live 2 minutes from the IKEA store in Wednesbury J9 M6 and I have never seen it so quiet. I can actually use the road that passes the store on a Saturday and Sunday at the moment, usually I just bypass it as it is absolutely rammed.......quietest it has been since it opened over ten years ago.
  5. True, and I can see considerable reductions in my area so i`m taking no notice of these figures at all.
  6. Spoke to an ex-employer of mine last night, he owns a big painting and decorating firm in the midlands. He said work is now rapidly drying up for new build just as it did in the early nineties (when he laid me off incidentally), he reckons we are heading down the same route as last time round. While I was at work today, a female collegue mentioned to me that her husband is stuggling to find work as a bricklayer. He has just finished working on a large out of town shopping development near Wolverhampton and work has completely dried up. These couple of anecdotals make feel happy I got out of the building trade and work in a nice comfotable office for the NHS, they are all in for a bumpy ride over the next couple of years no doubt at all.
  7. The bulls said a powerful trigger was needed for a crash, now they are turning up on a weekly basis. Not that we needed one, affordability and sentiment have always been the key factors. 1. Unemployment on the up 2. Oil 3. Interest rates on the rise It will be interesting in ten years time to read the forums on HousePriceBoom.co.uk if the recession caused or followed the HPC, its happening in front of our eyes at this very moment so take note. Stu
  8. She said on the Wright Stuff that she was advised by a senior collegue at the BBC (a programme editor i think) a few years ago to get into property. I got the impression that a lot of BBC staff had gone down the same route as she complained about the pay at the Beeb Perhaps these comments explain the slanted reporting on the housing market the BBC has recently displayed. The biggest vested interest?.........makes me sick to be honest.
  9. Jessops have shot themselves in the foot over the last couple of years, they wasted a lot of time refusing to price match against internet prices but changed their minds when they realised how much trade they were missing out on They still however insist that they will only match internet prices if the item is in stock at the cheaper retailer and going by a lot of the photography forums I frequent, this attitude has got up the noses of a lot of pro photographers and they do indeed use Jessops as a shop window.
  10. I agree, couldn`t resist though.....the force was too strong. Perhaps the mods could move the thread?
  11. INGREDIENTS: 2 cups finely chopped tart apples 3/4 cup sugar 2 tablespoons flour 1/2 teaspoon vanilla 1/8 teaspoon salt 1 cup sour cream 1 egg 1 pie shell, unbaked . Topping 1/3 cup sugar 1 teaspoon cinnamon 1/3 cup flour 1/4 cup butter PREPARATION: Mix 3/4 cup sugar and 2 tablespoons flour; add sour cream, egg, vanilla and salt. Add apples; pour into unbaked pie shell. Bake at 425° for 20 minutes. Combine 1/3 cup sugar with 1 teaspoon cinnamon and 1/3 cup flour; cut in butter. Sprinkle over pie and return to oven. Bake for another 20 minutes at 325°.
  12. A recent experience with an old school collegue has got me thinking. About twenty years back he recieved a decent three bed house when his father died. For 19 of the 20 years he has rented the property out to the same family who have recently left, he now wants to sell the property. I remember the house just before he rented it out and i was in pretty decent condition, the property now needs new windows all round, new central heating, re-decorating throughout and re-wiring. This is going to cost around £10000 even at the cheapest estimate and my friend had never factored these expenses into this property. He cannot lose on the deal really as he recieved the property for nothing but that is not the case for the majority of Btl`s I would imagine. I can understand the initial appeal of Btl properties but how do other landlords on this board add in these extra expenses throughout the life of your investment? The house might be a good investment now but what when you decide to release that investment in 20 years time (or more) and the properties have deteriorated in condition. I am in no way having a dig at landlords (they serve a purpose and always will) but have the recent amateur Btl`s bitten off more than they can chew?
  13. Same in the Black Country........its all very, very quiet round here. I have said for years that the next recession will be devastating, the area I live was famous for manufacturing and its all been replaced by huge out of town shopping developments.......they will crash and burn when people tighten their belts. I made at least some provision for the future a few years ago by getting a job in the NHS after my business went down in the last downturn.........i might have a lower paid job now but there is little chance of redundancy.
  14. I walk past my local EA every morning and I cannot honestly remember seeing anyone in the place for the last two months. The nice looking girl at the reception seems to have vanished some time during the last week with I presume the branch manager now sitting at her desk and actually going outside the office to chat with people who happen to spend more than 30 seconds looking at the window display. The tide seems to have turned rapidly over the last couple of month for my local EA`s (West Bromwich), they seem to be in for a rough ride this winter. Hopefully as a FTB I just might be able to afford something more than an hovel later on next year if this situation continues.
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