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House Price Crash Forum

stuckmojo

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Everything posted by stuckmojo

  1. I'm one of them. My purchase fell through and there's nothing to buy now. Frankly, if I lose my buyer so be it. I'm not going into rental paying 5x my mortgage to wait around for something to buy. I'll pull out of the market for a year. For now I do nothing,
  2. Schadenfreude moment for estate agent which are making record selling prices but face bankruptcy as they trade on volume. hahahahahahahahahahahahahahahahahahahahahahahahahahaha
  3. Even worse, and I think it's deliberate - at retirement age sell to go in care or rental and the mortgage won't ever be paid off. You're left with the equity to try and downsize. Good luck with that. It's demonic
  4. I completely believe it. Also no stock at all. It will unravel.
  5. Stamp duty saving *3 in price increase because people are thick as shit>?
  6. I can see this very thing happening here in the North East. Utter madness. Makes 2006/2007 look like sensible economics, including the 125% Together Northern Rock mortgage. I have pulled out the market until after the summer. Laughed out loud when 2 properties ended up with "highest bid wins, open bids until 11th May".
  7. He's good at wanting to give away things which belongs to people. FFS.
  8. Agree with that. At some point on the price scale the value/money correlation changes dramatically. To me it just shows how far common people are able to stretch themselves: A couple on £35k each can borrow £400k well into retirement years and they bloody well do, regardless of how they are going to manage any gaps in income or unexpected expenses. In case you're wondering that's [(35x2)*6]*0.95 Beyond that, it's people with real money and they aren't that stupid. The middle class as we know it is being squeezed to take the shape of a dumbbell. Majority impoverished and some enriched. The thing I can't still get my head around at the moment is inflation. We know hidden inflation is massive (a pint is now over £5) but the rest is suppressed and returns on savings are hugely negative.
  9. Agreed. But they're riding on a scarcity + insanity wave. It might even sell. It would be expensive at 300k to be honest.
  10. yep. Central London money. Average wage - National Pension or sub 20k
  11. God no. I am not going anywhere if I don't have a house to buy. If I lose my buyer - who is aware - so be it.
  12. I know. But renting will cost me 300% of my mortgage + 2 moves. Not really something I want to do.
  13. I agree. Especially outside of cities for houses with space. Not only unsustainable but criminal. I think I know what's at play here. The big shift is from having a mortgage to eventually pay off and own outright - maybe at retirement age - to looking at how much equity will be left at retirement age. It's satanic as it might leave people with paper equity which they can do very little with. Otherwise why push for longer term when interest rates are at rock bottom - and there to stay? I am pulling out of the market. I was about to move - my house has sold quickly - but where I was about to buy has gone insane. If I step back and look at it logically, ****** that. I'm staying where I am. If it runs away, fine. I have somewhere to live and own and I'm also aware I am lucky for that.
  14. North East costal similar. https://www.rightmove.co.uk/properties/80003088#/ This sold for 200k 4 years ago! now 450k. Absolute madness. Really feels like the last days of Sodom and Gomorrah as I can't understand who can raise half a mill in debt for 30 years to buy that.
  15. Looking at it logically, it should crash. Everything points towards it, including the mad rush to beat the stamp duty window. (but now people are paying well in excess of it, ******ing morons). Then again, the government will throw absolutely everything at this. All of it. MIRAS, whatever. There's plenty to go at.
  16. It's an entirely rigged market and I am now no longer surprised at the British folk's thirst for debt. No one seems to understand risk and they are gullible victims of the "fear of missing out" trap. On top of that, banks are now lending at ridiculously long term, meaning that their earning over term is the same it would be with much higher interest rates, so they don't care. Final very bad shift in perception is that houses will be worth what the equity is worth at the point of retiring, and are never for a lifetime. They de-facto become a mixed saving vehicle where at the end of use you get some of what you put in back. It's ******ing satanic.
  17. Incredibly low volumes and nothing for sale in my area. Lowest ever choice. There's a natural churn which is waiting to get moving again. Interesting times.
  18. Local market (North East - Newcastle) is in a higher state of frenzy than it was in circa June 2007 before Northern Rock shat itself. Not so much for flats which nobody wants, but houses? It's beyond madness. Which is always a predictor of some big ****** up soon enough. I am watching in disbelief. FFS, even ALL SOPP is saying there's a bubble.
  19. That thread makes for surprising reading. Not at all what I expected from that lot
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