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House Price Crash Forum


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About Kingmaker

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  1. I can't believe you'd leave out West Dulwich I haven't seen any 500k'ers in ED, as that's encroaching onto the poorer condition/smaller houses' price range - depending on where in ED. ED prices hotted up post 2007, but has calmed down over the last 18 months or so - in my own personal research.
  2. I bought on Clive Road recently. I had been renting on Martell Road for 2 years and Herne Hill prior to that. I'd been researching for about 18 months. Thoroughly depressing as a prospective buyer - very limited pool of quality housing. Any quality housing goes within days, and in my experience; in a single day! Irritatingly, I had to enter a sealed bid, after months of frustration and offers being turned down and 'feeling' the market. There is still far too much money, chasing far too little quality housing.
  3. I have a problem with my recent landlords (a couple), and I really hope you can help. The sticky threads have been illuminating - thanks. My situation: My tenancy expired at the end of July, and I promptly moved out. My landlord has tried pulling a fast one with my deposit, coming up with bogus claims re damage to furniture - e.g. stains on the sofa which were there when I moved in, and missing bits of furniture (a rug!?) which were never even present in the flat! They are using this as an excuse to take 400 pounds from my 900 pound deposit - returning only 500 today - this when they didn't fix my toilet for the entire last month of my tenancy despite me taking days off work to wait for their plumber who kept no-showing. So currently, I'm pretty peeved by their behaviour and was feeling pretty depressed until I starting reading the sticky threads here, I didn't realise it earlier but I think I have them over a barrel because: (i) They didn't use the deposit protection scheme (ii) They didn't give an inventory and I didn't sign any, when moving in. (iii) didn't fix my toilet for a month (iv) have tried scamming me out of 400 pounds I wrote to them today, asking them to produce evidence of my deposit being in a TDS, and an invetory, so that we could take our dispute to the TDS resolution process (knowing full well they have neither an inventory or a TDS letter or ceritficate), and that if they didn't - then they haven't given me a chance to dispute the bogus deductions and so will file a claim under the Housing Act (I also cited the N208 form, and the mandatory 3 times deposit fee) - to then pay me the full deposit amount plus a rebate for the non-functioning toilet. To be honest, I'm really quite angry, and fancy suing them for the 3x deposit even if they pay up by my imposed deadline of this Friday. I'm sick of being pushed round by them for over 2 years, and to have this on top really gets to me. I just know they're the sort of people who will try and get away with it on their next tenancy, and the next so I want to stop them. My questions: (1) Can I lodge a N208 claim now that the tenancy has expired? Unforunately, I didn't realise I could claim on the non-TDS protection until very recently. (2) If they pay me the full deposit back on Friday, can I still file a N208 claim since they didn't protect the deposit, or provide evidence of it within 14 days of the tenancy starting? (3) Should I get legal advice, or is this largely cut and dried, so long as I follow the instructions on the threads? (4) What, if any, kind of claim could I make re the toilet being broken and not fixed? Is it worth it if I can claim on the non TDS protection? Their defence seems to be along the lines that I didn't allow unsupervised access to the property (I didn't allow it because the last time I did allow it, all my drawers had been rifled through). I also stayed home to wait for their plumber who failed to show numerous times. Is this a reasonable defence do you know? Many thanks and thanks for bearing with me!
  4. Some great posts - and it's good to see sound opinions, allied to financial positioning - albeit of course, acknowledging the part that luck plays. So my story... Me- I'm 29, on 60k a year in a middle office role in the city, and have saved a little over 90k. I had a tough time growing up, and was homeless for periods of it, which probably goes some way to explain my mini obsession with the price of housing. I managed to put myself through an economics degree from LSE, where most things I 'learnt' made no sense since all the economic models were based on bull assumptions. I was amazed so few people questioned this. It seemed the professors in economic history were infinitely more clued up than those espousing the vogue in macro/micro economic theory, yet theirs were the superstar names with citings in journals and dedicated shelves in bookshops. I remember the housing bust of the early 90s, because my grandad tried selling his 3 bed semi detached in West London (Southall), and reduced the price to 70k, with still no takers. I remember sitting at the kitchen table while he tried to explain to me why renting the house out would make more sense than selling it for a lowered price. He was right of course - I can't remember the figure, but I suspect the council were offering him 12%-15% yield. This will sound weird, but I wondered why more people weren't doing it, even at that young age. I'm proud and surprised I was able to make that deduction. Meanwhile, my parents got divorced in 97. The house (another 3 bed, this time in Greenford) sold for 80k (bought it for 84k in 1989). I always kept an eye on that house, and by 2000 it sold on for 160k, and now that house is going for circa 350k. It seemed mad to me that a house could have doubled in price between 1997 and 2000 - so I was looking for a massive crash from 2000. I hadn't factored in that prices had been flat for a decade, but the doubling still made no sense. Nonetheless, I went on to uni - amongst the first couple of years that uni fees were introduced. Of my fellow graduates, there are the expectant smattering of finance pofessionals, many of whom still live at home with their parents. Some have bought, and some rent, like myself. I don't know of any that have anything approaching my level of savings, which makes me feel strangely abnormal until I read this site! I could have bought many years ago, but every time I look at Rightmove, watch the news, speak to Joe Public, every bone in my body screams 'crash' and I'm happy to wait. I'm lucky also, since I don't have anything/anyone forcing my hand, except my dad who wants the best for me and thinks I'm shooting myself in the foot for waiting - his working life saw the era of 70s inflation. I'm not saying I'm right, but I know what I'm doing is right for me. Housing decisions are strange in that there's the clash between the objectivity of investment goggles, and the subjectivity of a home that's yours. The societal pressure for ownership never fails to amaze me. I had a dinner party round mine a few months ago and my friend asked whether the place was all mine, I said yes - unthinking. Later I said I was renting the place and he looked shocked. That's not to mention the countless conversations where people say they're 'just' renting, and look down. It's a situation that makes me sick, and I'm one of the lucky ones. I look forward to the day when I buy a place that'll hopefully be mine till I die and I don't have to worry about this at all. The way I see it, the housing stock will have to pass down to my generation and of course, beyond. A humungous proportion of my generation cannot afford said housing stock. Not only can they not afford it, they're a long long way from affordability. Price is the transmission mechanism for the transfer. Price is the shock absorber which will have to temper the relationship between supply and demand. Prices will have to come down to the point where affordability is re-established. That's a big drop. I figure the best I can do is to be at the vanguard of my generation in terms of financial capability. Somethings you cannot control, but some things you can - or at least try to. Anwyay, I shan't preach to the converted any longer - good luck to all of you.
  5. Nice drop - ropey area however. I've spotted quite a few recently - especially stretching down towards Forest Hill and Upper Sydenham. My place in West Dulwich was put up for sale by my landlord in August - but only attracted 3 viewers in 3 months - buyers are very light on the ground. I'm keeping my eye on SE21/22/23/24/26
  6. Bloody fantastic programme - got to the core of the financial heart attack and suffused it with the social play on aspirations and motivations - the trickling, roll-over greed that has been discussed so deftly by the likes of Juvenal and others. Then the guilt that seeps from it, suppressed by tapping the veins and shooting up. Quick. Consume something before you have to stop and think about what you've done. There. No - not quite better? Oh that's ok, buy something for someone else. That's 'selflessness' isn't it? Oh good, guilt appeased. Double points. Now for the next one. I hope guilt isn't cumulative - is it? Oh well, better not to think about it. Think of the car, the house, the watch and move on. I've come so far...I did it all myself, never relied on anyone. I deserve it. ~~~~ I've not seen the working life of the 'City' quite so well characterised. I say 'characterised' - but I spat my biriyani out when an old colleague popped up in the show as an extra on the trading floor. I should mention I've worked in CDOs for almost 5 years now, 3 of those years with him. I guess I should have taken the radiotimes review more seriously when they said they'd mixed in real live locations and improvised around them. The exquisite irony is that that 'extra,' [no I won't name him], was responsible for not hedging our own warehouse risk at the time, and ended up costing me my job as a knock on effect. I'm not bitter. P.S warehousing is where the bigger banks buy up the mortgages, hold them for a short while then mix them with other mortgages and sausage-like constituents and wait to line up investors. Of course, you should hedge the bonds while you're 'warehousing' them, but hey... that costs money and mortgage products have been robust over the last few years because they're collaterlised on homes, and they only ever go up. Stick some sub prime in there...ooh and student loans, and car loans, and squeeze in some Californian state debt and let's sell it to that pension fund down the road. If we don't know what underlies the moving parts, how on earth will they - let alone be able to judge it as value for money or not. I know they're smart, but there's no way of them knowing. If it yields 8% and the rating agencies rate it AAA, well then it can't go bust and it's all groovy. Buy it. The pension fund valuation will go up, we can secure raises, bonuses and acclaim. We can have threesomes. Alchemy at its best. Isn't this a bit two-faced of me? Maybe. I was homeless 2 years before I joined that world - maybe it helped, maybe I knew that an asset which tripled in 6 years was due for a colossal fall. Maybe everything around me shouted toward the incredulous - the world I'd so wanted to be part of - so conceited, false and empty. So I figured I'd just save - participate but not participate. And wait. It's been a long time. Discovering this place helped. And so the world swung round in March 07, just as on Freefall. Everything jammed up. All the deals we had hot off the press - no one wanted. The helicopter rides over Monaco for some industry luncheon - quashed. The round of Christmas bashes with 5 course meals and Charleston dances and fake paparazzi to make you feel 'special,' to be replaced by rumours, and movements, and departures and then the call of HR. Funny thing is the clean prescience of the last 5 mins of the programme - they move on. They get paid off enough to live out the rest of their lives. But they can't. They snake on, because they don't know anything else - to the next fashion, the next opening - heck as my old coleague appears to have done. I don't begrudge them. The economy, society, they're just human constructs - made of deficiencies and foibles and hopes that enmesh with others' - augmenting them. Over time, one part learns to ripple, and it spreads out to everyone else. Those very foibles and hopes register the change. A Mexican wave. A trend, a tipping point. Got to be part of it... it's fun. Everyone had a choice. Everyone has a choice. I reckon this programme was the validation for the hard years of wait - the feeling that it was never quite right. A succinct window on early 21st century life. P.P.S Thankyou to all of you who helped me through, without never knowing about it.
  7. I delight in: Being able to afford a home for myself and my family Not being made to feel like a leper for not over-extending myself Yes, I delight in being right. I don't delight in: Families being turfed out of their homes. People losing their jobs.
  8. No, no, schadenfreude at its most gorgeous.
  9. No doubt the Uk's deterioriating economic state is pulling sterling down, however i was just focussing on the 5 minutes either side of the announcement to see the market's reaction to it. Sterling will likely fall whatever the boe does or doesn't do.
  10. Not so. Before the figures were released, the concensus was for a 2.6% rise - giving scope for rate cuts. There was downward pressure priced into sterling. Figures are then released showing lesser scope for those rate cuts therefore sterling should've rose. It didn't.
  11. RPI 4.2% Interestingly sterling barely even flinched - market doesn't believe BOE is done cutting rates.
  12. http://www.bloomberg.com/apps/news?pid=206...&refer=home
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