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House Price Crash Forum


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Everything posted by Woot

  1. Speaking with a friend yesterday: this week her house was flooded for the first time. Coincidentally she is in the process of selling\buying at the moment. On the basis of the flooding her agent is revaluing the property, significantly downwards. She it thrilled because she's going through divorce and buying her ex's share of the property from him, however I can't imagine your average home seller would be pleased to see 30% knocked off their valuation! Does any one know what the legal position is on homes that have flooded (especially as an extremely unusual event), re declarations, mortgages, insurance etc? TD
  2. I'm interested to see you reiterate the 'housing shortage' myth again... many VIs have been saying this for a long time, however there are hundreds of thousands of perfectly viable properties standing empty, supposedly accruing capital as investments, or as BTLs that haven't been let, or that are just vacant. Developers are well known to have built properties then left them empty for a time to force up local prices (eg Canary Wharf and other Docklands areas). Since the boom in requirement for housing in the past 15 years has been driven to a large extent by the breakdown of family units, large family homes are needed less than smaller properties for increasing fragmented family units. Therefore I'd be interested to know how the release of such BTL, investment and developers' properties onto the market would affect this 'shortage'. TD
  3. Can't take Alistair Darling seriously - he looks just like Steve Martin! TD
  4. And the Swiss don't get involved in other people's wars, they don't pour their national resources into bombing the hell out of another nation in the name of 'peace'. Unsurprisingly they are vastly more secure and affluent than the UK with much lower levels of poverty, homelessness, teenage pregnancy and crime!! I want to live in Switzerland - or maybe just run the UK along similar lines... God knows I'm sick of being continually PC at enormous cost to the life of my family! IF GB truly wants to look outside his own party for inspiration, perhaps he could start there. TD
  5. But don't you see - that's the most sad thing of all... there will be no repercussions because the English are simply too PC and\or too complacent. There won't be any repercussions until it's too late. It is the stated aim of Islamists to turn Britain into an Islamic state under sharia law, yet we sit back and talk about how we can mediate and moderate our views to be more accepting. Years ago when I lived in Brixton\Herne Hill area I was mugged and robbed near Brixton tube. I decided to do a self-defence course. In the local sports centre there were such courses running and I could do them absolutely free - but only if I were non-caucasian or lesbian. Sadly I failed the test on both counts and ended up doing a course with the Met instead! The point remains - so long as we, as a nation, practice positive discrimination the existing Brits will remain under the race\religion cosh. TD BTW so you know I am not a screaming fascist, I do have friends of multi-shades and beliefs - but no flag burning racists! BBTW I find myself itching to say "Send them on the first boat to a country that more ably meets their ideological needs (Afghanistan for example)", but I hate to sound like Lynda Lee-Potter or indeed my Mother!
  6. Glad to hear it! I'm tired of holding the sh1tty end of the property-stick... I sat out of the market thinking I couldn't afford to buy with responsible multiples; I watched all these 'affluent and successful' types renting from the Bank. It's about time the sensible grown-ups had a chance; and, frankly, I will not be 'guilted' into feeling sorry for people who were profligate and greedy in 2005! Grumpily TD
  7. Apparently houses are NOT shifting like hot-cakes after all. The Halifax auction report for April shows 12 of 79 lots remained unsold. I thought there was a housing shortage with hundreds queueing for every property to come onto the market...? TD
  8. (Love your avatar, SL - a little rectangle of tranquility)
  9. It'll be interesting to see whether he has enough credibility to delay things... and whether he will be allowed an unhindered attempt, or whether he will be shafted from the sidelines: it seems he has made enough enemies to almost guarantee this. Especially now that he has gone outside the party to make cabinet appointments (and been turned down)!. I suspect that no matter how tenaciously he hangs on to the cliff edge, somebody will be happily stamp on his fingers.
  10. Sorry, but I simply cannot imagine GB making anyone feel "warm and fuzzy", in fact I find the suggestion slightly revolting! TD
  11. Do you really think so? Would you take out an IO mortgage just now in an area where property had dropped 8% last quarter? Am I missing something? - this is a serious question, I'm not being flippant.
  12. Fair comment... thankfully she is, strictly speaking, the sister of a friend so the 'friendship' is not first-hand. I'm taking this as an integrity warning though. Oddly enough she really does appear to believe that she is doing this guy a favour - I came away wondering who was more deluded, her for believing her own publicity, or me for sitting out of a housing market for 7 years waiting for a crash! TD
  13. Bu88er - I've just spotted your edit: and Orbital had just got me off that guilt hook too!! TD
  14. It was certainly an interesting conversation - I was most shocked to see that she was completely oblivious to the duplicitous nature of her approach. You live and learn! TD
  15. Thanks for that Orbital - I just needed somebody to get me off the guilt hook. I certainly don't want to interfere in any way (not my thing) but didn't want to feel that I'd behaved unethically through neglect either. TD
  16. Speaking with a friend the other day who has three BTL properties, and cash-flow problems. She has decided to sell one of her properties - to her tenant. Her tenant (40s, single, male) doesn't want to buy but, since he is a divorced, middle-aged male and renting, he must be a sap (her term)! It is convenient for her if he buys the property: she doesn't have to give him notice, doesn't have to clean it up for showing and doesn't have to risk the open market at a time when prices around here just dropped 8% in a quarter. So, she asked him to buy it. He said No. She told him he needs to buy it as an investment, for his own good and because, long term, it's absolutely the only thing to do with his money. She then saw a mortgage broker and did the sums for her tenant: he could buy this property for ony £150 per month more than he pays in rent - on an IO mortgage. He said No. She asked him if he would like to buy half now and half in a year. He showed some small interest and so she is arranging to meet her mortgage broker to 'help the tenant sort himself out'. She has no intention of selling half to him, but just wants to get him in front of the broker. I asked if she felt any moral conflict at coercing her tenant into a purchase - she said not, and clearly it was the only mature and responsible thing for him to do. I asked whether she would feel responsible if she persuaded him to take an IO mortgage on a property that then fell into negative equity while interest rates rose - she said: it can't happen - property only goes up! I asked whether she could cut him out of the loop and sell on the open market, to avoid ethical issues - she said: she may not get her full price on the open market and she needs that to support the other two properties which she MEWed to buy becuase the interest rates on those have just reset; She makes a loss of £100ppm on each excluding voids and maintenance!!!!! Apparently she can't raise the rent by enough to cover her losses because the tenants won't stand for it. Is it unethical of me to stand by and watch her try to fleece this guy? Or do I rely on the fact that he may be STR and not a 'sap' after all? TD
  17. Huzzah!!! Best news I've seen for years! Monmouthshire Change in last quarter: -8.2% (big, red numbers in honour of RB - thanks for posting this one!) TD
  18. Particularly interested to read this comment... that was exactly how it all kicked off in 1989!! First the flats, then the whole market. TD
  19. And let's hope that said teachers, postal workers and nurses are all celibate cos God knows they won't be able to afford to have kids as well as a roof over their heads! That would be far too much to ask for. TD
  20. Spotted this at the top of the main forum: do you think www.48hrMortgages.com have any idea where their product is being advertised? But hey, at least they can give a 'same day decision' and if they can't help you 'nobody can'!! TD
  21. You don't take into account the reasons why more flats are being built though... demographically our society has changed hugely in the past 20 years. Families are far more fragmented with divorce meaning that many smaller units (eg separated individuals with or without kids) are looking for smaller properties. Also, demographically we are becoming increasingly top-heavy with a greater number of retired people living longer than ever before - these people frequently downsize, no longer wanting to maintain a family home. The reason for so many flat being built is down to demographics, divorce and our society's changing demands. Those who remember the last great crash will recall that flats were first hit - but the rest soon followed. TD
  22. Surely that requires a bit of a fanfare... 75 gone in just five months!!!
  23. 42,002 TD PS - the head of the home page notes "110,725 properties online (1,572 in the last 24 hours)" - assuming this is therefore to include renting and commercial it may be interesting to see how those figures go...
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