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talksalot81

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Everything posted by talksalot81

  1. First time that I have sold a house and we just completed - done by cheque so waiting on funds and apparently this is normal.
  2. My point was that this all started to sound like we are all horribly badly done by and that the world is out to get us. To be honest, it was starting to read precisely as this forum was once stereotyped. It is clear that there are several posters who are doing quite well and really have no place to be paranoid about everything so somewhere along the line you have to decide whether to be a permanently scared hermit or to get on and live your life.
  3. And on that note... have we all got our tinfoil hats on...
  4. But of course it is plausible but the reality I was pushing is that the higher the earner, the more they have left over if considering percentages of income. That is simple fact. It isn't right to assume higher earners are less capable than lower earners at spending cash wisely (the opposite should be assumed). Simple reality is that a 5x multiple is much safer for a 100k earner than a 30k earner. It's just simple maths
  5. It might be wrong to assume that someone sufficiently successful to be earning an amount like this is an idiot! Why assume that someone with all this money would not just buy the range rover? Why, especially with the deals available, would they not do a 10 year fix? The point was that big lending need not be terribly fraught. Yes, if 3rd generation child is shoehorned into the family business after failing gcse exams, with a big salary and a taste for botox blondes with big boobs... your scenario likely wins. But are we really saying that this is a fair stereotype for higher earners!?
  6. To my mind, this is where the argument at higher levels comes apart. Say you have a £100k salary and want a 500k mortgage. By the musings on this thread, that would be really daft. But think about the numbers. £2k pays that mortgage. That person is clearing 5k per month. Yes, that is 40% of their income and yes it is 5x multiple but the reality is that there is £3k left over after the mortgage is paid. Frankly you would have to be a nut to struggle with that amount spare, even with a pretty exotic lifestyle. If you think about it logically, that person could probably pay off an 750k mortgage and still have more disposable income that the majority of people who have a 'sensible' mortgage with a 38k salary. On the topic of developments/developers - we are seeing a lot of very expensive new builds. In holywood there are 3 on victoria road and they want the sharp side of 700k each (they are crammed together and on small sites). In marino there are 3 crammed onto a site which cannot be more that about 80 yards long and they want 575k for them (and they seem to be selling). Helens bay there are more. I don't honestly understand how these things can be justified. They are nice looking houses but for the money being asked, you'd expect a bit of a site at the very least!
  7. Exactly. But it begs the question of whether medics are a special case all on their own... which begs the question about what on earth all the complaining they do is all about!
  8. Think 35yo. Has had a bit of help along the way so has a deposit but we aren't talking about a 150k mortgage. In fairness, I would know quite a few who would be couples earning 40k each. Banks are happy to lend at that sort of earning level and someone would have to be pretty frivolous not to do some saving with that sort of income.
  9. I'd agree that the 400-600k inventory is far from good. There are a lot of houses in there which are 100k too expensive. Once you go above this, there are a lot more options but then you find a bunch of properties which are in there £100k more than something else. Fair enough, it is worth 100k more but you would never dream of paying the price asked for the 'something else'. In my mind, the house has to be something special to be making it towards half a million. But there are so many which have a few nice rooms and think that is enough. Or the house is big and has potential so they think it is enough. Or it is a great house on a crap site but somehow that shouldnt detract. In my view, if you are paying that much there simply should not be any glaring 'negative' points. Maybe it need not be totally perfect but anyone expecting half a million with something clearly 'missing' is a dreamer. Incidentally, I know of a single parent medic who is one of those seeking houses in this range. Paid too much...
  10. You just shouldn't assuse logic with house sellers. Buyers generally seem to approach differently but sellers often seem to get so wrapped up in their expectation of value that they totally ignore what should be sensible sales practices.
  11. I had a chart of the numbers but it is several laptops ago and I cannot find it. My feeling is that the stock is not that great but it is often on the high side.
  12. There is a lot of contradictory activity at the moment. On one hand, there are a lot of properties coming on with high asking prices and supremely confident. On the flip side,a lot of properties are sitting for a long time and asking prices are actually being dropped.
  13. I find it hard to believe that things won't get worse, at least short term. That said, we are looking to buy and there is not exactly a glut of options. One particular option is sufficiently confident to be uninterested in asking price and won't actually state what they would sell for.
  14. Interesting to see this still alive!
  15. It is sad that it is gone as it was a really handy feature. So now, instead of being able to identify when a property is potentially 'dealable', you get to just put daft offers in on everything and waste everyone's time. This said, I do notice that agents had taken to resisting properties periodically, so it did ruin the stats somewhat. All we need is propertybee to return and restart the whole cycle!
  16. I have seen really quite a few properties below RV but this is actually problematic... the house is only worth what you pay but if RV is notably higher you end up stiffed on the rates! In an around holywood you can end up paying £1600+ pa rates on a house which you could buy for £150k! To me, some of the ratable values demonstrate that there was a deeper bubble which was perhaps more location sensitive.
  17. I am not a VI and all the above is very much true but sellers remain dillusional. As long as base rates remain so ridiculously low, owners and sellers are not having their arms twisted. I know rates will go north eventually but there is no sign of it happening anytime soon and I don't know how we can convince the next big drop out of the market until it happens. Even if buyers cannot get mortgages, the masses will simply sit there and refuse to sell because it doesn't cost them anything to wait.
  18. Exactly Shotoflight... why should anyone expect to have access to £100k+, in a time of high unemployment, recession etc when their budget is so tight that they have been unable to afford to save a decent deposit. Sounds a bit of a risky loan to me.
  19. Had they not been living to a standard above their earnings, this wouldn't have happened!
  20. I don't follow your logic about 20% being too high. Based on a sensible salary multiple for a FTB in NI, that would indicate the need to have perhaps £20-25k. What is so unrealistic about that? 5 years of saving and that means £300-400 per month... if someone cannot afford that then they don't really have a lot of margin for anything going wrong in their house! If they do have it but have spent it for the last 5 years then it doesn't show a whole lot of dedication to saving for a house.
  21. Mathematically your logic is impeccable but I wonder about the underlying philosophy. Yes, drops in prices are going to make minimal difference in your example but perhaps it is just time to tell this person that they cannot afford it and need to save for a few years instead of willing back times when they could borrow more heavily. I strongly believe it is time that we started to focus on actual ownership of a property as opposed to the abstract 'bank ownership'. Property became totally disconnected from reality because very few people were actually spending their own money. Yes, down the line they would have had to pay it back but a great many people went ahead on the promise of price inflation saving them. The whole mentality went wrong and I think we are now in a much healthier situation. The money is available if you want a mortgage, you simply have to prove that you are well enough organised and funded to be able to afford it - anything else seems a bit daft to me.
  22. Bit of a shame but I felt that the inshops has been on the way down for a long time... with loads of nice shopping areas in belfast, the poverty feeling in the inshops was just never going to last.
  23. I am afraid I must object on the basis of several rather serious assumptions - the biggest one being that level of education is the driver as opposed to availability of jobs! If there are no jobs, it does not matter how good your education is - you still will have mass unemployment. NI is a very small pond with particularly serious employment issues so we are bound to look bad in this sort of analysis. However - it really has very little to do with that you propose.
  24. I think we are all deluded because every time I hear from an EA, the property has offers in and is going fast. Hmmm.
  25. I will second this and have direct experience. Well worth investigating but we found it to be not without hassles. More generally we found that the potential mortgage/rates/upkeep was lower than renting equivalent property. Our property is nearly 10k sqft but was nowhere near proportinately higher than those you have listed so I would definitely consider low offers. Talk to your accountant and pension company first though.
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