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Hector's House

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Everything posted by Hector's House

  1. I have my eye on a place that is (currently) £125,000. Way overpriced for the area that it's in. I'm in the position to keep adding to my deposit wad and wait to see how bad things get. If I do make an offer some time on it the offer will be at least 30% below the current asking price. I would much rather have a mortgage in the region of £50,000 at an higher interest rate then taking on the risk of buying an overpriced asset and watch it's value fall. I'm hearing more and more tales of woe on the streets, and in my office of folks with tens of thousands of £££ of unsecured debts, folks going into IVAs and BTLers having to support their mortgages. This madness cannot last.
  2. The sheer number of Trekkie quotes on this thread are making me scared. The fact that I just happen to have heard about this chaps attempt to sell his ST:NG er.... Star Trek Next Generation pad at the one and only Trek convention I've EVER attended (I went to see Brent Spiner. OK. He was worth it!) does not make me a Trekker!! OK. Give me Jon Pertwee and Tom Baker any day. Now I'm showing my age!
  3. Yes, he originally did a Star Trek: Next Generation theme throughout and asked a cool £million£ for it. He obviously thought that the decor being out of date in Trek terms was what was holding it back from selling so re-fitted the place a le 'Voyager'..... and, er, dropped the price a little.
  4. Spent the last three days in London and caught up with my friend. He's kept the freehold, which I think is a wise move.
  5. Paid £70,000 about 15 years ago. He's been in rental property for a long time but is beginning to feel that the tide is turning so he's realising the value whilst he can.
  6. I've just got back from a weekend in London where I saw something that makes me sure the world has gone crazy. For a mere £270,000 you can buy a hotel room! Yes - a room. You get to use it whenever you like, and get the dosh when others book into it too! The advert on the Tube quotes 6% yield.
  7. From the pictures it looks like he's done the usual trick of throwing a few brown cushions onto things, and a rug with spots on and added £200k to the price.
  8. Some signs on there of recent buyers struggling already. Even folks with young families are feeling the pinch which is wrong. And criticism of the bank's lax lending policies. An interesting read.
  9. Went out into the countryside today, and there were two cars with handmade 'for sale' signs on them sitting outside a big, detached new build. One of the cars was a Boxster.
  10. I work with someone who thinks prices will NEVER go down. With her husband they have bought a large block of land behind their house with plans to build a load of bungalows on it and make a killing. She even laughed when she told me about waiting for the last little part of their scheme to fall in place - an old dear across the way dieing and them snapping up the house, taking a chunk of the land and then selling the house on for more then they paid. She knows my situation and tried to get me to buy another of their properties. She couldn't understand why that house was sticking on the market - even after tarting it up with a new kitchen. When I tell her that a lot of folks cannot afford the price she was asking for it her attitude was that was their fault for being low earners/slow off the mark etc. It's hard not to wish the biggest crash known to man on someone with that attitude. But, I feel sorry for her. I feel sorry for that element of greed that we all have hidden away inside us, that has been activated by the deliberate policies of our govt./BOE etc. The oldies amongst us in the office look at the articles on the front pages of our papers and shudder. And when the youngsters complain to me about not being able to get onto the ladder I direct them to this site and tell them they may well be counting themselves lucky in a year or twos time.
  11. The penny is finally dropping: http://forums.moneysavingexpert.com/showthread.html?t=445329
  12. Too true. And I came from a working class background at a time when it was seen as a good thing to work. Both my parents have always worked full time - and coped with twins coming along in 1965! As a female, I don't work to 'have it all'. I chose to not go the route of single motherhood (as I don't think that is fair to the child or a particularly responsible way to behave) so have always worked full time. Us women still have to pay the mortgage/rent, food, getting to work etc - just like you men.
  13. I bought the Guardian especially to read that piece over my lunch.
  14. The Times is carrying a leading piece in their Bricks and Mortar suppliment asking if the housing bubble is bursting: http://property.timesonline.co.uk/tol/life...icle1741662.ece
  15. Yes, I must admit I wouldn't touch any of the new builds that have been thrown up on my side of Nottingham (west: Carlton, Gedling, Netherfield etc.). I have two blocks of new build within spitting distance of me. The first lot looked nice (spread over three storeys, ensuite to the master bedroom etc.), but are so tiny there isn't even a seperate living room/dining room, and there is no space in the kitchen to place a table and chairs). These are now being advertised at £75,000 part ownership. The other lot have been thrown up on what looks like ex-allotment land and looks like a mini sink estate in the making (the surrounding homeowners put their houses up for sale as soon as the building work started).
  16. It is a new build. And it is in Nottingham.
  17. Young chap. Has a young daughter with his g/f Seems they got caught up in all thier new-found bricks and morter 'wealth' and MEWed. jA lot of the money was spent on the house. The pips have started to squeak. We take phone calls for him from debt collectors and banks chasing him. He decided his way out of trouble was to sell up. But his house has ust been valued at less then he paid for it. To make matters worse he's started gambling - this despite having seen two colleagues ruin their lives with bankruptcy and overwhelming debt. There seems to have been an upsurge of young folks here taking up poker. I was wondering if there has been noted a correlation between times getting harder and folks taking up gambling?
  18. Be that as it may but I, for one aint buying! But I have a nice deposit stashed for when the prices come down to realistic levels again.
  19. A friend of mine has decided to sell some of his (long-standing) rental portfolio. His main property is a second floor, 4-bed flat in the Clapham area. He holds the freehold for the building. His decision to sell was made when the EA told him it was worth £430,000. He's had several viewings but all have offered at least £30,000 below his asking price (asking for the freehold to be thrown in). Beginning to realise it wasn't going to sell as easily as he had thought he replaced the doubleglazing with the view to renting it out again. He finally agreed to an offer of £395,000 last week and is hoping the buyer doesn't back out.
  20. My folks have just come back from a two-week trip to that area looking for a retirement property. Thankfully I managed to persuade them to sit down and read this forum before they went. They found the countryside littered with half-finished developments. When they asked why there was no work going on, and there why there were fences surrounding the buildings they were told that there were issues and the govt. had erected the fencing to stop the builders completeing the work (sounds like they had just built anywhere they wanted without getting permission). That, and the amount of warning in the press out there about 'land grab' issues put them off so they got rid of the estate agents queueing at their door and just enjoyed the holiday. So thank you to all those folks who share their knowledge and sound advise here.
  21. Buy-to-letters who got into the game three or four years ago are already having to subsidide their mortgages. I guess if they are truely in it 'for the long term' that is OK with them. But, yes I think a couple more interest hikes may do for them! I think the fall-out, should it happen on the scale some folks are predicting on here will be pretty horrific to be watching from the sidelines. I wont be taking on any debt for the foreseeable future, that's for sure.
  22. We've got a house up the way from us that has gone 'Sold' three times in the last 7 months. The board outside has Sold on it at the moment but it's been there for ages now. I'm waiting for it to change to a For Sale again! LOL!
  23. That's all very well but some folks choose to live in areas where there were next to no rentals properties. I know one old lady who had a BTLer set up next door to her. And they have rented the place out to a scroate who is being investigated for fencing stolen goods (cop cars sat outside her house at 2am, and youths trundling Tesco trollys down the street in the middle of the night delivering stuff to her neighbour). There are social consequences to BTL far beyond just locking out the younger generation FTBs.
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