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House Price Crash Forum


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Everything posted by Woot

  1. Indeed: it's the latest body to be nationalized! TD
  2. That explains everything: I watched this interview last night and could not begin to understand why a seemingly objective statistician, representing a seemingly objective data collection agency, was so terribly biased, so supportive of NR, and so totally in denial of what is evident from many other quarters, for example NR's continuing lax lending. I felt for Cable too since he was stating the available factual evidence yet was being made to look like a liar by this guy. He spoke as though he was the new Chairman - I kept glancing back at his byline to check. He was presented by the BBC as an objective and informed advisor! If they didn't know that is just as scandalous as if they covered up since they clearly had not done their research - a school-boy error. Thank you for posting this - it's answered my questions! TD
  3. Nulab won't bail Barclays out - Browne doesn't have his BTL mortgages with them!! TD
  4. Do you have internet access to it? If not, you know where you should be Monday 9.00am... Good luck. TD
  5. Got to ask... what are you going to do with it instead? Under the mattress perhaps? It sounds like a good idea for those of use who feel very insecure about the state of some of these banks, but what's the wisest alternative? TD
  6. I remember the last real recession first hand. However, I'm not enjoying the current state of the property market, or indeed the anticipation of the society my kids would inherit if things continued unabated. The polarization between rich and poor has escalated enormously over the last ten years. Too many work too hard for too little in return: it is simply not good enough for nurses, teachers, police, firemen etc to do the work they do and still be unable to afford the dignity of a decent home and lifestyle. Therefore, I am willing to endure the discomfort of recession since it is a great leveller and will restore balance to our society overall. That, I believe, is worth a little pain. TD
  7. Goldfinger, I agree entirely with what you're saying here. However, I also remember before the crash of 87 people said exactly the same thing: "they just cannot let it happen". As it turned out it was completely beyond the power of 'them' to prevent the crash from happening and I wonder whether we are in the same position now? I am not convinced that they have the power to prevent the inevitable - we have seen so many heli-drops of late and that, while calming things, has not actually stopped the inexhorable slide. I suppose that, in the absence of a crystal ball, we will have to wait and see however I'd be surprised if they can keep plugging the dam for ever. TD
  8. Another misogynistic remark from our very own social dinosaur. We all know that you keep your brains in your trousers, and now you also tell us that the Christmas party is the only time of year that the girls in the office are sh!t-faced enough to consider the prospect.
  9. Absolutely right! But what can we, practically, DO about it? This erosion of our culture and history is abhorrent, is the thin end of the fundamentalist wedge, and would NOT be tolerated in any of the countries whose nationals we so graciously house. At what point will we actually stand up to this flacid left-wing bull and say 'NO'? (And how, practically, can we do this?). TD
  10. As a neither, you could come in a wibbly-wobbly-flaccid-Mr-Jelly costume! TD
  11. This is really worth shouting about! WTF is going to be done about this - I suspect we will, sheep-like, sit back and observe as the government hands our country, our jobs, our homes and our culture to religious militants, immigrants who refuse to join our culture and any other social minorities who are willing to speak up and take a pot-shot at us. I've been a member of Amnesty my whole adult life, I did Greenham Common, poll-tax demos and CND; I've spent years working for equity and human rights for all, but this government brings out a Lynda Lee-Potter streak I didn't know I had. Maybe I'll just vote BNP next time!!! TD
  12. 357. Arrogant barstewards who assume women wear funky clothes for men rather than for themselves. 358. And immigrants who move here then use our freedom of speech to condemn our culture and religious practices; then use our human rights laws to prosecute irreligious vendettas against us for exercising our rights to choose eg for posting ham sandwiches on a menu for-the-love-of-[enter name of your god here] 359. Hijabs - why should anyone be allowed to dress like a terrorist in the UK? Maybe the hoodie-wearing muggers should claim religious intolerance! 360. Banning foxhunting - regardless of one's opinion (if any) on this topic, couldn't public funds have been better spent on housing homeless, protecting abused children, defending the elderly etc? 361. Parents of delinquent children who blame school \ society \ teachers but will not take responsibility for their own spawn. Actually, I'm starting to get quite steamed up and now need to take a little wine-break... however that reminds me of 362. Health-fascists - why the feck shouldn't I enjoy a glass of wine after a stressful day at work. Recommended units were based on a random guestimate, not hard medical evidence, and have simply never been revised! TD Edited to add... 363. Gordon Brown - I know: almost too obvious to mention.
  13. This is lovely - it will cascade down! As these chaps spread the word about getting out before prices drop we will see a rush for the exits. Let's not forget that many of these people have second and third homes, but also a significant BTL portfolio and are savvy enough to put their funds elsewhere when a fall is on the cards. No-one will want to be left holding the hot potato - could even spark a major panic. Huzzah! BTW - anyone know how many second \ third \ BTL properties there are out there... how far could shedding those go towards filling Gordon's "great homes deficit"? TD
  14. In 1994 I bought a 2 bed apartment in London in a decent zone 2 area. Same year my now partner bought a 3 bed house in Bedfordshire - again in a decent area. You make it sound like a property for this sort of money is madness, but actually it was and should be reality - what's happened over the past 10 years has been mad. TD
  15. Ergo 20 years ago mortgage-payers were 'homeowners' whereas today mortgage-payers are simply renting from the bank. And when the prices fall they will still be renting from the bank, and have an additional black hole to fill too. IO only works when the market is rising. Sadly, many IO mortgagees don't understand what they have bought into, and believe that house prices can only go up (therefore believing that they will be able to pay off capital from equity later on). TD
  16. You in turn make a different school-boy error: FTBs are no longer single people who can buy a little flat at the bottom of the ladder; people have been priced out for so long that a great many FTBs are now family people who need an 'average' home and indeed for whom a traditional FTB's flat is of no use at all. One of the effects of this boom has been to change the demographics of the housing market entirely: we are not in 1994 any more. TD
  17. Whilst it is just an attempt to manage sentiment, as other posters have pointed out the BoE bail-out is costing every Brit around £900 ALREADY. It is highly unethical to go on racking up these sorts of payment covertly. Very Big Brother - and demonstrative of a highly paternalistic, indeed patronizing form of management. TD
  18. Do you think this is really the case for the majority of small speculators who got into BTL in the last 3 years or so? Many of them apparently bought on IO mortgages expecting the rent to offset the mortgage and then to capitalize on the accruing equity. They were taking the long view when people still believed property only goes up. Now interest payments are going up and rents are not. These people will feel the bite of the increased interest rates and for those on fixed rates will probably find it difficult to rearrange a mortgage on reset. The point is that many got into BTL to make money, not to find a safe haven for their surplus cash. I suspect many will have to get out of BTL and won't even have the option to stay in it for the long term. I personally know two LLs who have sold up in the last quarter becuase they couldn't afford the maintenance costs. This is just the beginning. TD
  19. There have already been a couple of reports in the press of investors selling off their entire BTL portfolio - do you recall one late last year in central London. Interestingly, for investors who have bought many properties in a relatively small geographical area, their sell-off may be enough to destabilize the local market and have a tangible hit on local prices. TD
  20. Notably it seems to be the high-risk, potentially our equivalent of sub -prime, candidates in trouble again. I agree it is dreadful that they should lose their deposits - I wonder whether they have any redress against the building society who lets them down. However, as bear food this is a positive sign of the times and it is encouraging to see that the lenders are finally drawing a line on dodgy loans, rather than lending anything to anyone without care for the consequences... arguably the prudent have been subsidising the reckless lenders for years, hence so many prudent people have ended up priced out. TD
  21. Quite apart from the other implications of a credit crunch for FTBs, this is going to make life very difficult for those whose fixed rates are due to roll over... not much opportunity for picking up a good deal. TD
  22. Don't take me entirely literally! However it would be good to see some more realistic prices beginning to emerge. Waiting is beginning to feel like faith rather than economic sense. TD
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