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Fishy

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Everything posted by Fishy

  1. Not checked any of my 'target' properties for a while, but found this 1 below.... sold in 2008 for 395,010, sold in 2009 for 220k. I went to view this house and it was fairly nice ( i have attached the schedule in PDF format), when i went to view it had been dropped to 250k, i made an offer of 230k but was turned down. Originally came on the market at fixed price 319k in December 2007, looks to have been part of a part exchange deal when 'bought' at £395k (even though it was on the market for £320k - obvious proof of fraud to bump up the selling price of the house they part exchanged for ). Also bought new in 2005 for £268k. 32 Bennachie Way, Dunfermline, KY11 8JA £220,000 Application No: 09FFE03650 Title No: FFE76383 Application Type: DW Deed Codes: 11 20 Application Date 31-Mar-2009 32 Bennachie Way, Dunfermline, KY11 8JA £395,010 Application No: 08FFE05206 Title No: FFE76383 Application Type: DW Deed Codes: 11 1 Application Date 06-Mar-2008 32 Bennachie Way, Dunfermline, KY11 8JA £267,995 Plot 87 Forthridge, Duloch Park Application No: 05FFE19797 Title No: FFE76383 Application Type: TP Deed Codes: 11 20 Application Date 04-Oct-2005 32 bennachie way-dunfy-f320k.pdf 32 bennachie way-dunfy-f320k.pdf
  2. Rant is almost over (wine bottle is empty) I haven't had a raise or bonus in the last 3 years due to the company almost breaking even in that time. (small loss) How about anyone else outside the banking sector? If your company was on the verge of going under - would you expect a bonus? No matter how good a job you do, the company performance overrides everything else. If there are guys in RBS making a huge profit - let them leave - see if the other banks want them. Thats the risk they have to take as does everyone else. If they don't realise the situation the economy/banking sector is in - then we (the taxpayer) would be better off for them leaving. Why do we (government/society) seem to treat the banking sector differently? I hope the chancellor not only calls their bluff (fat chance as he is most likely already in on the game) and lets them resign, and then send a proper message to banking sector, but he also (as major shareholder) vetoes any bonus payment over 1k. 1k for a bank teller wouldn't be too bad (if they deserve it).
  3. mumsnet - never heard of it..... apologies for the spelling in the orginal post as well. I thought i might add, we would have the SAME outrage if they announced 1 Billion of bonuses to the bank - never mind 1.5 billion,
  4. Sorry for the rant - but this board seems to have gone downhill in the last year as to quality of posts/scepticism/conspiracy theorists! :-) I don't login much nowadays and very seldom post - but have high regards for this forum and most of it's contributors. The story of the hour is the RBS 1.5 Billion bonus payments. Obvioulsy a no-no.... but Let's see 1.5 billion of bonuses to bankers that lost control of their bank and had to have the government bail them out... I can't believe after trawling through the other 2 treads on the matter that no-one sees this is just a smokescreen... The bankers WANT their bonuses, and they WILL have them. How? By setting a target 50% above what they want and then getting it scaled back. They WANT 1 billion, so they claim they want 1.5 billion, the government says NO... you can only have 1 billion and hey presto, the bankers are happy (they got what they wanted) the government is happy - because they are deemed to be 'tough'! DOESN'T ANYONE ELSE SEE THIS?
  5. Hi Dr Bubb, i am glad to say you are wrong on this 1, because for some people it's NOT about MONEY. <rant> Unfortunately Bubb, it's people like you who have been partly to blame for the insanity of the past decade. IIRC you were buying 'investment properdee' in HK in the not too distant past. These residential property investments IMO have been one of the root causes of the huge price rises. You talk about speculation above, you are treating houses/appartments as an investment - but for some people they are somewhere to live - somewhere to call home. In the next few years (if it hasn't happened already) there will be a crash in HK - and it's people like you that have caused it - along with pricing out 'average Joe' into buying a place for himself. The (a!) solution of course it to heavily tax capital gain on property. ~90% should do it - with no taper relief. Lets cut these 'investors' out and give houses back to the people that will live in them. I used to laugh at some of the posts on this forum - blaming the BTL brigade the banks etc for all the problems - and in the next breath the same posters would be saying that they will buy a holiday home or some other investment when prices got more realistic. They couldn't see that THEY were the problem. </rant>
  6. Income Support Mortgage Interest will pay the interest on up to £170k from 13 weeks after you make the claim. Here are some details (note the recent change at the bottom). The actual interest on my mortgage would be less than i could claim in housing benefit, i don't see any limit timewise on the payments, but if someone can actually PROVE that i wouldn't/couldn't get it then i will stand to be corrected. The Fish
  7. Hi, well - after holding off for almost 2 years, i finally bought somewhere! I know, I know, it's definitely NOT a good time to buy, but not everyone is in the same situation. I got 35% off peak price from a developer that is on the edge of going bust. I still think the price will drop further - maybe another 15-20% (which would take it to well below the build cost), but am willing to live with that. My mortgage is just over 1 years salary, and I should be able to pay it off in around 4 years. (If i can keep my job in the downturn) The current situation regarding inflation and job security were some of the main factors driving me to buy. If i was to be made redundant, whilst renting with a fair bit in the bank, i would get NO help from the government, this would SERIOUSLY eat into my savings. (Rent alone was 1k/month) - I would get no help with council tax (2.5k/year) and after unemployment benefit runs out, i'd get no income support leaving another 5-6k/year living expenses. My savings were earning around 8k (net) per year in interest. After buying, using up almost all of my savings , but being below the savings threshold - then losing my job, after 3 months the government would start paying the interest on my mortgage, i would get almost all of my council tax paid and receive income support. It adds up to a 'saving of around approximately 12k/year (after unemployment benefit runs out) by buying and not renting. The next thing I was concerned about was the lowering of interest rates which will eventually affect the rate i was getting on my savings. As most of you know by now, with GBs stance on the pound - it looks like he is trying to inflate the debt away, albeit at a slow rate - for now... I do believe that this is part of the cycle and real inflation will be through the roof. and wage inflation will follow and it will erode the personal debt away. Of course this works but generally the banks won't be offering great savings - so savings get eroded along with the debt. Finally, we knew that price falls were coming, and reckoned on 30-50% falls (it looks like it will be at least 50% now!) but we had discussed this and the 50% falls will not generally be appearing for another few years (TBH the current rate of falls is STAGGERING to me). So we had decided that we wouldn't wait for the bottom to buy - we want to get on with our lives and enjoy living/decorating our own house. At just over 35% off the paid price for the same house/same garden etc sold in January this year, we decided to take the plunge and not worry about whether the house loses another 15-20%. Of course my situation is not the same as most folks, i have a family - but am working in an industry which is having quite a lot of cutbacks, and i wouldn't advise anyone to buy - BUT if you can secure a big enough discount, then i wouldn't rule it out either. The Fish
  8. Well, HPC doesn't quite look to have reached us up here yet (although the figures don't tie up with what I'm seeing on the street. Scottish Land Registry Figures YoY change is still up 4.6% with a whopping 2nd quarter of 3.6% increase! The most interesting fact is that over the year, the number of sales only dropped 19.4%, at 31,000 over the quarter. This being 10k sales per month means that Scotland must be accounting for way more sales than usual. With mortgage approvals around the 40-50k mark, this means around a QUARTER of all houses sold in the UK were sold in Scotland! My ghast is truly flabbered...
  9. Fishy

    Fife

    OK, the real fun is starting now... The house builders are starting to slash their prices - looks like most have at least 10% off across the board. I particularly like this one from PB Stirling at Duloch Grange KY11 8HD £269,000 History date event 13 August 2008 * Price changed: from '£299,000' to '£269,000' 31 July 2008 * Status changed: from 'New home, Offer' to 'New home' 18 July 2008 * Status changed: from 'New home' to 'New home, Offer' 25 March 2008 * Price changed: from '£321,000' to '£299,000' [Found by jennyb] 29 January 2008 * Initial entry found. Thats a drop from £321k down to £269k!!! Now, this should price these new builds considerably cheaper than similar sized '2nd hand' new builds currently on the market (and there are a lot). Who is going to buy a 2nd hand 1 when you can get a new 1 for less?
  10. Fishy

    Fife

    OK, here we have our 1st straight 25% drop!!! Halbeath road - Dunfermline down from 225k to 169k! I know this house was on the market for a while at just over the 200k mark last year, but it didn't sell - then was rented out. Looks like they are either coming to their senses and want rid of it, or are about to get reposessed! In any case, lets all have a cheer for our 1st 25% drop! From PB 06 August 2008 * Price changed: from '£225,000 (Fixed Price)' to 'Offers Over £169,000' 17 July 2008 * Price changed: from 'Offers in Region of £230,000' to '£225,000 (Fixed Price)' [Found by fishy1] 30 June 2008 * Price changed: from 'Offers Over £199,000' to 'Offers in Region of £230,000' [Found by mightymoose1972] 03 June 2008 * Initial entry found.
  11. Fishy

    Fife

    OK, here's another 1... Fergusson road Down from 195k to 169k. 4 double bed detached with double garage and large lounge/diner. Usual small garden for DEX, but we are seeing those lower barriers being broken for these 4 bed detached.... in fact a quck check, and i can't see any other 4 double beds with double garage for under 200k in Dunfermline.
  12. Works a treat for me on ESPC. Thanks a lot Riad/Beerhunter!
  13. I think you'll find that if you removed their benefits, most wouldn't get a job, but turn to crime to support themselves.
  14. Spot on, i would also suggest that legislation be brought in for all property/land, it would do away with people banking land. If a piece of land is included within a residential zone, it should be taxed as though the houses were already built on it. If it was designated as industrial, then apply the industrial land tax. The owners can either develop/use it - or sell it on to someone that will. The Fish
  15. I remember watching this last year, it was sort of before it all kicked off, and it turns out FP - you were too optimistic in your 'small % drop next year - for a number of years'! Looking at what has happened since then - with even the indices pointing to a minimum 10% drop in 2008, and bigger drops in 2009 - along with the recession/depression it looks like we need a new website - - how about : http://www.housepricearmageddon.co.uk ? Well done FP!
  16. Fishy

    Moving To Fife

    Down slightly eh? From the mother of all rampers themselves - the ESPC, Kirkcaldy area has dropped 23% in the last year, with Dunfermline down 5%. Number of properties on the market is around double last years figures, and very little is shifting. Of course Rosele, Fife in particular is immune to the credit crunch, nothing that happens outside of Fife (including the collapse of the banking sector in Edinburgh) can affect Fife - simply because it is a Kingdom! Back to reality for a minute though, i think you'll find the crazy price increases were all media driven, and the 'reality' of having to pay back the debt when prices stop rising will cause a HUGE amount of suffering. When the lenders start to lend near 100% again (lets say in maybe 3-5 years time) i am sure it will be income verified and max 3.5 times salary, which would be around 80-90K mortgages. NB this is NOT FTB, this is for the average earner.... by my reckoning with Fife prices currently averaging 150K or thereabouts, prices should drop by 30-40% in the next 2-5 years. LibOz, i would strongly advise you to rent, it is MUCH cheaper (around 1/2 the cost of an IO mortgage) and there has been a sudden increase in the number of properties up for rent - and some rent reductions in the last month or so. Also, whilst renting, you can give yourself some time to suss out the area and market you would want to buy in. The Fish
  17. I prefer the bearish take on it... 2 years ago the interest cost £574, today it costs £875, that equates to a 52% rise! Come on you journos out there - these should be front page stories!!!
  18. Fishy

    Fife

    Not heard anything about Blairhall CA, i did notice some of the new houses in DEX have had some considerable drops. There was a 50k advertised drop from Redrow on rightmove (via proertybee) but it seems to have gone now. The numbers for fife via espc/rightmove have stabilised around the 900 mark ~80% up on last years peak. This marks the same seasonal trend as last year, my guess being less coming onto the market in the run up to the school/summer holidays. How will the market hold over the summer? Thats anyones guess, but those that are desparate to sell must be pretty frustrated now. I've had the feeling for a while now that most folk are 'running on empty' what with food/gas/petrol inflation, and i expect to see a significant number of properties for auction in the last quarter of the year. (If not auction, then reposessions on via EAs) The full effects of the credit crunch should be apparent by then - with an ever increasing number of people forced onto SVRs - with no hope of getting a cheap remortgage. November stats should be very interesting... although i'm banking on all the stats being YoY negative by September at the latest.
  19. Here's another 50k reduction. It is now on at 7.5% over it's 'new' sale price in July 2003 (Sold for 185k). They have added a conservatory to it since it was bought new though - lets say at a cost of 10k? So that would give it a sub 1% increase in value per year since it was built. Looks like we're getting back to pre-2003 levels already!
  20. Hi all, i see there is a Waterside Living Event! on thursday 19th of June at Loch Fyne restaurant in Leith. The developers of these lovely properdees are going to provide us HPC members with free bubbly and snacks. Anyone up for it? : Edited for spelling
  21. These graphs look as though they've been pulled directly from Splines website. Spline, if you didn't approve of this blatant theft, i suggest you send Assetz an email to remove them.
  22. Fishy

    Edinbugh Latest

    I've been tracking # of properties on ESPC since January 2007. Peak last year was 28th May 6719 (currently 10,123), my own market - Fife - peak last year was 565 on November 5th (currently 899). As of May 28th 2007, Fife was 476 or 7% of the ESPC total, today it is 8.8%. the 'spring peak' last year for Fife saw it go to 7.5% of the ESPC total. The Fife peak in November saw it take 9.5% of the ESPC total. All in all, i don't think this points to the ESPC listing more properties from out of their areas. Only that all areas listed have increased at around the same rate - which is currently around 50% more.
  23. Fishy

    Fife

    Well, am still here! Just noticed a nice drop on a property in Kinross - for anyone that is interested in a 'relative bargain'. This house in Kinross has been reduced from 395k to 295k! 25% off! Not too shabby for the start of the crash...
  24. I can see where you are coming from with the fact that folk used to get the surveys done before, but they also only used to offer only a small amount over the valuation. If the 'credit crunch' continues, folk will have to have substantial deposits to get on/move up the ladder. There should also be a psychological effect in that when you see the house details, you'll 'know' what it's 'worth', and most folk won't be too keen to offer much more than that (especially if they need to borrow a big % of it). The next factor will be the Surveyors/Valuers, they are already being 'instructed' by the banks to tone down their valuations. It really should put an end to the >20% offers that seem to be get banded about, which i never understood. If the valuation is included, the new system will have a substantial affect. Look at the effect HIPS had down south - and it was soooo watered down as to be useless. The Single Survey with valuation goes much further than the current incarnation of HIPS, and I can see the VIs doing whatever they can to stop it/water it down to be useless. The final nail in the coffin will be the cost. If it's a 'real valuation' by a surveyor, this will cost money. With the amount of properties already on the market ~100% up on this time last year, the EAs won't be interested in marketing anything that is unrealistically priced if they have to pay up front for the valuation.
  25. Hi roblpm, i started a thread on this a while back - but had no takers. If they go through with including the valuation, i think it'll be the biggest thing to happen to the property market in a LONG time. It should effectively mean an end to the offers over system in that any money you bid over the valuation will have to come from your own pocket (on top of your minimum deposit to the bank). Also, in a falling market - it's more than likely the banks would want the property valued again (after x months on the market) - which will lead to more sales falling through. IMHO, i think they will remove the valuation from the Single Survey, we will be in YoY negative HPI by december (-10% at least!) and the VIs will be lobbying like mad to save their industry from complete collapse. Fishy
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