Allslop & Spankher
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Posts posted by Allslop & Spankher
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"Fears of a housing market crash were calming today after figures from the Bank of England showed an easing rather than a full-scale drop in activity."
Someone needs to tell the BOE, I dont think they know that prices are on the way down, perhaps Blunkett has fast tracked his guide dog into a BOE advisors role.
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It's different this time!!!!!!!!!!!!!!!!!!!!!
Yes, we cant blame Maggie, or fatboy Lamont.
Mind you I bet they've both got BTL, she'll be selling up to pay for her sons bail now though.
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I agree, however had to check I wasent wearing chino's and a stripey shirt in case I had had a bobby ewing moment and the last fourteen years were a dream.
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summer of 1990, I remember it well, just bought my first house for £43k, then went to Florida for three weeks and was getting nearly $2 to the pound, thought that was great, unfortunately my house was still worth £43k five years later and couldent afford to go on hoilday for a while.
I'm sure its just coincidental that these two economic factors, the weak dollar and peak in the housing market are a pure coincidence..
does seem like we've been here before, and guess what most commentators argued that there wouldent be a crash, then and now.
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Foolproof, they have no intention of buying these places, why would they, £450 a time, no better than gypsy tarmac layers.
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I know of at least two familly members and several friends who own property in France, I am sure I am not unusual in this.
Most seem to be planning/have moved there permenantly, or so they think, I have read somewhere that upto 50% of ex-pats return within three years.
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-18.3%
If the fox's rise up and take power then I predict a bleak time ahead for hounds and twats in red jackets.
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Always used to be either (2.5 x joint) or (3.5 x 1 plus 1 x the other)
It STill is, mind you this would buy you nothing in the present market, hence no FTB's.
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For a couple its usually 2 1/2 x joint i think
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Bulgaria may be cheap for houses, but why else would you want to live there?
If its for investment only then who else would want to stay there?
Sorry but in the long term even when Bulgaria join the EU, it will still be a relativly poor country, with corruption and all the things that go with it.
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Good idea, needs a name though,
obviously being sorted by the council, so their name needs to be included.
Its houses, so needs a name to reflect this,
lets see what have we got..............
'Council houses'
Got to be a vote winner
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Hang on..isent this the same BBC that commisions DIY, do-up, makeover shows, most of which are still to finish their runs, not surprising they want to suck the last breath out of the feel good win win housing market.
Who wants to watch some smug presenter doing up a room if the value of the room is worth less after the makeover, throwing good money after bad.
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Was this in the local mental asylum?
No it was in the local EA, where miracles happen and dreams come true.
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If the building is only worth £50K, why do I have to insure for a rebuild cost of £150K?
It is a modest Edwardian terrace in SW London, so no fancy stonework or anything, but the surveyor said rebuild cost was £150K so that's what I'm forced to pay the insurers for.
<{POST_SNAPBACK}>
The rebuild cost is 150k because
1. 50k based on new build, economies of scale, think of the logistics of demolition and rebuilding, nightmare.
2. Work will have to be carried out by polish, czech and curdish labourers who will be flogging 30% of materials to their mates on other jobs.
3. Its in London.
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A house is worth what someone is willing to pay for the land it stands on, a house in its physical sense, bricks and mortar, when first built is worth around 50k, after that its the land that is open to market forces of supply and demand.
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60K IS what at least one single site estate agent, who I also know, draws from the business in my local town, his accounts are published. My wife is an EA for a chain and managers usually earn 30-40K with EA's around 25K, their basic's are very low at around 12K though, so in tough times its not good to be an estate agent.
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A friend of mine, who has been an EA for fifteen years, has just STR and is using the capital to fund the opening of a new agency, tough business to start in this climate.
Just as a matter of information he has told me that a typical estate ageny in the provinces needs around 100K to start and allows the owner to draw around 60K earnings, in a typical year, the next dew years may not allow this however!
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The percentage of FTB is up due to the reduction of BTL entering, it aint rocket science, your right about gulible 20 somethings, probably getting told by thier parents 'property never goes down'!
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It was a repeat, or 'revisited' if your in the media.
Its around 6-12 months old, no update as to what happened since, only that she was making loads of money buying up welsh mining houses, doing them up and selling them on within a few months, all the capital gains were due to the rising market so it gave a rwealy distorted view.
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Your not wrong, sold my house in the south east in late 2002 and downsized by 40% to a similar place in the south west relocating, bought a 911 with some of the cash and paid of most of the mortgage. Without the boom I would be driving a vauxhal viva or some other crap. Got plenty of friends who have remortgaged to pay for new cars and holidays and just ate up the equity though, after all HPI lasts forever doesent it?
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You could be right, many of these could be potential STR, however I doubt that a bod whose has bought a £110K flat and ploughed all his wonga into a deposit etc is going to sell up, if prices fall 20% he isent going to save much when he has to renter the market.
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Any reposessions that are being sold in the beggining are often offered to developers by the estate agents in an informal way, you scratch my back etc., my wife works in an EA, never trust an EA.
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My local property paper fell through the door this week, the sheer volume of properties now for sale mean that this publication is getting heavier by the week.
The thing that stands out after oinly a cursory glance is the amount of adverts displaying 'No chain', the EA now put these in different orders so as not to create a pattern, the average properties per agaency with no chain are now 30%, these being mostly flats and two beds.
I think it is safe to assume that the majority of these properties are BTL, so much for the "in it for the long term", or is the smart money leaving, I have a friend who is an EA, hard to believe I know, he says that the main reason that most of the BTL crowd are leaving the party is because of the low rental returns unable to satify the mortgages making BTL now unviable.
BTW I live in Weston-Super-Mare, where the sea never comes in and the girls never put out.
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A question for 'Surveyor'
I was considering a change of career to go back to Uni. and get a degree in Building Surveying, my wife works in a surveyors office and it seems an interesting job, and always seems to be a shortage of surveyors.
What does 'Surveyor' think of the prospects for Residential surveyors in the medium to long term, bearing in mind your previous comments?
The Proof Is In The Pudding
in House prices and the economy
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Laurejon is no different than any other homeowner who is likely to lose many thousands if the market drops, he has already stated on another thread that he is planning to put his house on the market next year for More than he couldent sell it for this year, what a muppet.