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Hector's House

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Everything posted by Hector's House

  1. I would hazard to suggest that this kind of lifestyle (back to basics/not chasing the latest gadget/designer goods) can only probably now be found in places like NZ and Aust. In fact, many folks emigrating to NZ especially eventually come back because they cant cope with the slower pace of life. The times my family has lived here in the UK it has always been a struggle with my folks working full time to get on the 'housing ladder'. Hopefully a HPC will shake things up enough to bring back a time when folks don't need to have the latest Ipod/designer gear etc.....cus they'll be too skint to afford them!
  2. My folks had one of these as a holiday getaway in the South of France a couple of years ago. As to depreciation...well they certainly don't gain any value. If it costs you £12K I'd expect to have dropped in value to £4K in, say 5/6 years. I'm not sure about UK laws but, in France they ask you to move off the site when your home gets over a certain age. So if you were looking at living in it longterm (which I see you aren't) you might find yourself having to replace it at some future date. I'm not too sure what they are like to live in during the winter months. The more up-to-date ones have gas fires installed (but not radiators in the bedrooms for instance). My folks decided it wasn't a good option for retiring to because of this. Hope this helps.
  3. I was just wondering, what happens in a HPC where folks have released large chunks of equity from their house. Would it mean the banks would sell them on as repossessions but at an inflated price to try to get the mewed cash back? If this is the case, might we see (worse case scenario) folks having their homes repossessed but no real decrease in cost of those houses as they come onto the market? I was fresh from Aust. when we last had a recession in this country and didn't feel the effects of it to be honest so am wondering if there the daft levels of equity release we've been seeing recently? Everyone's thoughts welcome.
  4. The only people clogging the NHS are Drunks, Drug Addicts, pregnant single teenage girls and Immigrants.
  5. Imagine what the maintenance costs are yearly to keep that hydrolic ramp system working too!!
  6. I'm probably a little biased about Nottingham as I was born here. But, yes it's changed for the worse over the last ten years. There are areas I used to go into with my student mates back in the early 90's for a 2am kebab that I wont walk through now but that is as much about me becoming a old fart then anything else...not to mention having grown up in New Zealnd and finding masses of people on the streets scary. Nottingham has always seen an influx from the cities around us at weekends for the nightlife. Our council just exacerbated it by giving every Tom, Dick & Harry a permission to set up a bar wherever they could find four walls and a roof in the city centre. The only good thing about all the new flats is the builders have saved some fine old buildings from being demolished but I wouldn't touch any of them with a bargepole. I think a lot of the developers expected half the population of London to relocate up here cus of the train link between (certainly all the eateries were quick to put their prices up to London levels (a fiver for a pint anyone?)).
  7. That's OK. I'm on less than £20,000 a year. The other person I would be buying with is on less then £15,000. It would be a stretch to afford a £100K mortgage and I'm afraid I refuse to pay that kind of money for a cr*phole. Allocating the better part of one of our wages to service the mortgage is the only way we could afford the £120K - £140K properties. And that's a risk (and lifetime of debt slavery) I want no part of. I'm lucky enough to be living mortgage/rent free at the minute back with my folks but even my mother says she has never seen a time when someone my age cant AFFORD a house.
  8. Yes, a lot of the stuff on the market here is 'no upward chain' too. A lot of the sub-£100,000 stuff is Victorian terraces in bad areas that have been picked up cheap and refurbed.
  9. My area (Nottingham) seems to have come to a stalemate - the houses that are left on the market are either really cheap (less then £100,000 and not worth it unless you really are desperate to get onto the property ladder), or above what I (on a below-average wage) can comfortably afford. £125,000 - £140,000 for a semi-detached 3-bed Victorian is the 'average'. Some of these are dropping back in price to about £117,950 for a quick sale but they are in areas like Netherfield which has had some local govt. investment in the hopes of turning it around. What I was seeing last year wre young professional couples snapping up the refurbs priced around £125,000. I can only hope enough of them moved into the area to change it though. I daresay a few of these folks have found their dream home turns out to be in Chav Central. I'm just seeing the same houses sticking on the market since last year, some selling then coming back on the market at less then the previous price and some fools (see below) holding out and not getting a sniff. There is a 4-bed deatched Victorian property around the way from me. They want in excess of £170,000 and the decor hasn't changed since 1977, the roof looks like it's the original and it doesn't have doubleglazing. Crazy!
  10. LOL! I was born in England but spent most of my earlier years in Australasia (left Dandenong, Melbourne in 1989). Are you a wowser?
  11. I'm not the sharpest knife in the drawer (didn't get past my Higher School Certificate), but I've just had a niggling feeling for years now that something wasn't right. At first I took all these signs of affluence around me (new cars, house extentions etc.) as being a sign that folks were doing well in their jobs. So I voted Labour. LOL! It wasn't til I found this website that I started to see I wasn't some paranoid twit after all. My sis wanted us to get a new place a couple of years ago but I just couldn't stomach the prices folks were asking for even the crappist scumhole. £100,000 to live in a street where people get mugged at gunpoint???!!! And folks thought I was nuts when I asked them why they couldn't see a link between the increasing indebtness around them and 9/11. I just thank God I sold up when I did and got my debts cleared (I don't even have a creditcard these days). Let's just hope the BOE are wise enough to steer UK PLC through this in the coming years.
  12. Four years ago I sold a semi-detached 3-bed house in Gedling. Decent area with great public transport and sought-after primary school. A bidding war saw the place go for £113,000. Six months (and some tarting up) later it sold again for £129,000. It's now back on the market (with some more tarting up) for £115,000!! OUCH! I didn't STR. Sold for personal reasons and wasn't particularly interested in the housing market back then so was surprised to find myself in the midst of a bidding war for a place I had had since 1991.
  13. I find the attitudes of some folk here to going bankrupt a little odd. Does anybody here know anyone that has gone bankrupt? And do you really believe their boasts about it being a wheeze and easy way out? I know of two folks who have gone the IVA/bankrupt route. The first was bankrupted by gambling and his life was unbearable. The only money he had was what he could take out of his account via the ATM. And he had to live without the safety nets we all have in our lives: overdrafts, cheque book, creditcard, loans to replace/fix the car etc. The only rented digs he could get were scumholes cus landlords with decent places wouldn't touch him. The second person deliberately racked up over £70,000 in unsecured debt and finally came to their senses and went the IVA route. He cant f*rt without his creditors hearing it. Every penny has to be accounted for and I've lost count of the times his friends have invited him away for short breaks and he's too ashamed (understandably) to say he just cant afford it (again he has no access to credit). And believe me, the institutions that lend money are wising up to sharing credit data amongst themselves and should a credit crunch be in place when these guys are discharged of their debts they will probably find it's only the sub-prime lenders who will touch them.
  14. This sounds like one of my work colleague's soon-to-be-ex-husband. He put one of their city centre 'luxury' apartments on the market without telling her (she came across it when she was reading the local rag's weekly property guide). The prat's excuse was that he couldn't afford to live on what was left of his wages after he'd shored up his share of the mortgages each month.
  15. Yes, there are even flats going on the market in the one area I thought might hold it's value - those on the edge of The Park, overlooking Nottingham Castle. Off subject slightly, but in my area (Carlton) I've been watching houses sell, then come back on the market a month or so later at reduced price (at first I thought it was folks flipping them). One place has 'sold' three times in the last 5 months. And, anecdotally I heard of 2 folks who have had their houses on the market for nearly two years without a sniff (one is in Kimberley - a sought-after area). The apartment block you've linked to here is brand new, and in one of the worse areas. The Nottm Council are determined to regenerate the area of Sneinton (they're calling it the Eastside Project)...it seems like a lot of money to watch drugs being scored and dossers sleeping it off in the 'beautifully landscaped park' below.
  16. My boss told me last night that there had been complaints about how much last month cost Experian in overtime. When I reminded her we had lost 4 members of staff in as many weeks and the work wouldn't get done if people didn't volunteer to come in at the weekend she said that 'it isn't Experian's fault that those people left'. They've paid thousands to some consultant to come in and raise staff moral...his idea...a team building day. Bosses promised it would be on a weekday (as we are having to work one in two weekends to cover for the lost staff). We've ended up having to do it on a weekend and when we queried whether it was overtime she said she had hoped staff would treat it as a social event. I don't know many social events that I am told I have to attend, and take up an entire Saturday! Interesting times.
  17. In the latter part of this year we've seen properties in Carlton going up for sale with an asking price of £200,000. One of them is detached, on an awkward patch of land between two pubs and facing onto a busy road....still hasn't sold despite a price reduction. Another sold after being on the market for about three months but shortly after another For Sale sign went up in front of it with a reduction in price of £11,000. The property is a well maintained Victorian semi with offstreet parking and a conservatory. I've seen a 3-bed new build in nearby Netherfield dropping in price too. Unfortunately none of them has dropped far enough in price to tempt me yet. Something tells me taking on a huge debt (mortgage) in the coming months would be unwise....I'm a very cautious bear after all. HH
  18. I don't often buy our local rag (Nottm Evening Post) but something on their front page on Friday caught my eye. Stats have been made public about just how few of the thousands of luxury flats are actually selling here: CITY LIVING: 600 FLATS LEFT EMPTY CHARLES WALKER POLITICAL EDITOR 12:00 - 03 November 2006 More that 600 city centre apartments are lying empty in Nottingham as supply outstrips demand. Loft living was all the rage five years ago as old warehouses in areas such as the Lace Market were converted into homes. Dozens of new apartment blocks have been built around the city centre in the last few years. Now a report from Nottingham City Council has revealed that 15% of the flats are vacant - and 18% are occupied by students. And a further 3,795 "luxury" apartments are still being built - or are set to be built. The figures have led to warnings of an oversupply of small one- and two-bedroom properties. There are also fears that large numbers of unoccupied flats will stifle the regeneration of the city centre, lead to crime, and undermine future development. Coun Graham Chapman said: "We have supply outstripping demand. "What worries me is that 15% oversupply will keep growing and there will be a bigger gap in the future." I know someone who has invested in them and walked straight into the pitfalls - paying over the odds only to see their value erode within months (their financial adviser told them to sell up asap but they can't get rid of them); seeing all the flats around being rented out to students (turning the whole block into a student dorm with vomit in the lifts, litter and 24-hour partying) and the inevitable strangers lurking in the carpark and stolen mail. This person now wants out as they are having to put £300 of their own money into the properties each month to cover the mortgages. I really hope they can battle on and not lose a lot of money, but think the folks on here describing these flats as the social housing of the future might be right and that level of rent wont pay the loans. HH
  19. I've been watching this site ever since starting to think about getting into property again. This forum has helped me to decide to not jump in yet and see what happens in the coming year. I'm 41, a resident (and native) of Nottingham, having lived in Australasia most of my earlier life. And I've watched the way the city has changed in the last 10 years with the increase in crime, but the biggest change has been the ongoing converting of anything resembling 4 walls and a floor into 'luxury' apartments. Interesting times indeed.
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