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weycresto

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About weycresto

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  1. I'm toying with the idea of building a floating home, based on a old Thames Lighter, fitted out Containers with windows and insulated, deisel generator, sceptic tank, moored on the tidal Thames Paul
  2. The banks don't buy back property as far as I am ware. They sell to recover as much of the loan as possible, the rest is covered by insurance. They can't put interest rates up either (unless interest rates go up of course) though the debtor may be fined for not making payments on time. If these fines were excessive the debtor could no doubt go to Court and get the credit bargain reviewed.
  3. Don't think that one in Stroud was too bad. Each flat has is its own kitchen. There is more information here: http://www.coflats.co.uk There are worse sh*tholes about I'm sure. You could buy in a London ghetto for £300k and get shot! By the way, bored over the bank holiday watched some US property porn on some freeview channel, about a couple doing up a house in Northern California. It didn't end up well with the couple having an extra $1000 in mortgage payments while it remained unsold, but the amounts seemed peanuts compared with the UK house prices/mortgages.
  4. It was quite nostalgic that news clip. I can almost remember that 70's building slump. Spurred on by my parents who had bought a 3 bed detached in 1963 for around £3000 and sold it in 1971 for £12k, I bought my first house in Northampton 1981 when prices were rising fairly sharply. When I first started looking I recall looking at quite substantial terraced properties "needing work" for under £3k. Prior to the 70's I don't think inner city properties didn't rose much at all. By the time I'd got my finance act togethor I acquired a more modest 3 bed terrace for £12500 and sold it a few years later £16500. This kind of property in NN1 would probably be around £160-180k now. Here is an observation I'd like to make. Many of the neighbours in that street had all lived there a long time (most of their adult lives in fact) some were pensioners, many having had average paying jobs in the shoe industry, but to afford those homes, rarely had the wives had to work or if they did part time. Now to buy that type of house, it would require two professionals/managerials on decent salaries.
  5. Might be worth looking at long term. The DLR will shortly be crossing the river to Woolwich and a road bridge is planned connecting Thamesmead/Woolwich with Beckton. I think I did see a riverside development (near Woolwich) built on stilts? The Thames Barrier does not protect this part of London as the barrier itself is further West, though a £10B mega barrier is being mooted as the Thames Barrier thought being able to protect Central London from tidal surges will become less effective to protect against a North Sea storm surges, such as the one back in the 50's.
  6. Though borrowed through a Limited Co, the mortgages would of course be secured on the properties. With bank borrowings its pretty normal for Directors to have to give guarantee's
  7. I wonder if the City bonus guys are actually putting their bonuses into London property at the moment. Surely not if the market is at is peak. I suspect its mainly wealthy, non domicile for tax purposes, being sucked in. See ads in the Evening Standard, for new build flats guaranteeing investors 6%.
  8. Median weekly pay for full-time employees in the UK grew by 3.7 per cent in April 2006 to reach £447. About £2k per month or £24k per year.£24 x 5x = £120k. This would purchase a house about half the average price, or just enough to buy a small terrace house in a place like Leicester. Ideally one should compare median house prices though.
  9. I registered on here recently, partly into my researches as to why houses were constantly rising. As you are no doubt aware it's not just a UK problembut has effected Eire and parts of Europe as well. I'd defy any one to view a prices graph of anything, stocks, shares, bonds, houses, office blocks, sea shells,tulip bulbs. Nothing rises and rises for ever. Admittedly this one is being fueled by an unprecended amount of global liquidity, but sooner or later it will correct, whether this will be a full blown crash is another matter, but I think there is a general consensus. that the longer the bull market continues, the deeper the crash. I registered on this forum as a bear. That is still the case, but I also suspect this "bull" market some mileage in it yet. Indeed it might get even crazier and go completely "tulip." I feel behind the scenes the knobs and levers are gradually being nudged to slowly back off the cash tap, without unwinding a lot of positions, but yes longer term it will correct. I think there has been a upwards shift in borrowing multiples since I first bought a house back in the 80's. I think then it was about 2.5x slightly more if the Building Society liked you. Borrowing multiples of 3x 3.5 earnings are probably realistic but 5x or even certainly 8x isn't, not with everything else going up and the burden of taxation increasing.
  10. These are not unreasonable wages for the level of responsibilty and staff managed. I know Directors of successful private companies who are on over £120k with staffs of 40+. Arguably the PM and Senior Ministers role is underpaid. I have no issue with Public Servants being paid well, provided they carry out their roles efficiently and responsibly. Most of the abuse I see is the big corporate sector, where it doesn't matter if the Directors succeed or fail, they still part with massive rewards and pensions. I don't think thread has anything to do with house prices, except that even on these wages at 3x only buys a £300 -350k hours. In London thats a shed!
  11. I was wondering about that. If they raised rates, wouldn't that have the tendency to suck money in from abroad? I mean if UK rates stay same and Yen increases surely that limits the margins of carry trade, which is fueling a lot of this liquidity? Sorry I'm not an economist and fairly new to all this. I see that as neither good/bad except its not giving the right signals for people to reduce borrowing.
  12. With prefabs in Norwich for sale at £120k and rundown garages in West London on the market at £150K I thinks its pretty safe to say, the housing market "went tulip" a while ago.
  13. Sorry to hijack the thread but I've been keeping aneye on Galleons Reach E16 (north woolwich) I rented a 2 bed, 3rd floor apartment there about three years ago for £200 p/w. Coudn't see how the BTL landlord did at first, but he had bought a lot of property there. http://www.rightmove.co.uk/property/13670554 However in three years the prices (around £250k) have hardly moved at all. I moved out because this development is at the far flung end of the Royal Docks and was and still is largely broadband free. Paul
  14. Yes Foxtons, might get its just deserts and may endure "death by private equity owners" With any luck, 3i will sell off all the branches, lease them back to Foxtons, saddle it with debt make billions and only pay at worst 10% tax on the gains. Priceless. That garage is surely a sign with reached a bubble on a South Sea or Dutch Tulip Bulb proportions. I doubt it quite carries the title "most expensive Sh*thole though."
  15. Yes but this was a different type of renting. Your relatives had long term security and could pretty much do what they liked in their properties (within reason). Todays renting game is dominated by the "Assured Shorthold Tenancy" with no long term security and whereby you live under the landlords rules, for example regular inspections, unable to decorate how you like, restrictions on pets etc.. even having to put up with the landlords choice of furnishings. This is totally unsatisfactory for long term letting. I've never really felt "at home" in a property let in this way. Its more like staying in a hotel.
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