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House Price Crash Forum

lets get it right

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About lets get it right

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    East Berkshire
  1. I recently moved some money out of A&L in tranches. Appeared in my personal account 'virtually' the next day. Funds actually transferred on the 4th day (I think, might have been 3rd day). Never had any problems with A&L service myself.
  2. So, did the regs never take effect? Tories eh? The landlord's friend.
  3. Getting old, can't remember what the regs were. I do remember the posts on here claiming that new regulations affecting houses in multiple occupancy were going to (apparently) cost landlords a fortune and cause a stampede for the exit. Hold on, what's that noise? ... Just having a look out of the window .... Bloody hell, there must be a thousand of the baastards - it's going to be carnage ... the one in front has led them into a cul-de-sac ... didn't realise the useless feckers could run like that ... bugger it, can't find the key to the gun cupboard ... never mind, they've broken through a back garden fence and ended up in the river. Not every day you see a stampede of scum landlords. I wouldn't have missed it for the world.
  4. I thought the relatively recent new rules for multiple occupancy were supposed to be the last straw. And margin calls from lenders, weren't they to be the last straw. A few hundred quid spent on loft insulation will definitely be the last straw. Landlords will cause a stampede for the exit in their hurry to sell up, happily paying an estate agent a couple of grand rather than fork out a few hundred quid and happy to miss out on future rental returns and capital increases.
  5. Yes, as I keep saying to anyone who will listen - house prices in many parts of the country have been effectively static for (in my area) 7 to 10 years now. The problem with this is ... that so much money, and so many people, are heavily invested in the market. Not like the boom/crash in the late 80s/early 90s which took a few years to inflate (and never reached many parts of the country) and two years to deflate. A house price crash now will take the banking system with it. The last house price crash could be coped with because, by comparison, there was little money and few people fully invested. Negative equity stalked the land, but it only affected a relatively small number of people.
  6. Your mate must be a right half-wit if he thought prices were going to start going up 10% a year at a time like this. Are you SURE that's what he thought - or is it what you think he thought? Maybe, like the vast majority of people, he just wanted somewhere to live and didn't fancy paying a landlord's mortgage for him - the NUTTER! 3? 5? 9? Who knows? Not many I'd say. Not many people thick enough to think that houses were going to go up by an instant 20%. Let's face it, when they did go up again after the banking crisis was 'fixed', all the property pundits and financial gurus said it was 'unexpected'. Your friend has been unlucky. He has to move because of a change of circumstances just 18 months after buying. Most people would lose money in this situation, most of the time - due to the costs of buying, selling and the fact that little or no capital is repaid in the early years of a mortgage. If he doesn't want to take the loss, maybe he'll do what lots of people seem to be doing - rent the fecker out and rent where he needs to work until the market picks up and he can get out ahead of the game. He may well have a long wait though.
  7. I bet he's really kicking himself. The scumbag. But statements like that are just facts. Pure and simple. People do buy property with low yields. They do hold on for a long time and they do make money. Always have and, I daresay, always will. Throughout the ages wealth has always been invested in property - because it is the best way to hang on to your money and preserve it for future generations.
  8. But they won't. A few will. Maybe the Wilsons will. But the fecked ones will be gobbled up by ones that aren't fecked - their properties will be sold at a loss and some other scum landlord will profit from them.
  9. I can't post a link to this ... it's from another forum. Dare say one could find it easily enough. "Recent figures from whitehot property, one of the UK's leading sellers of chain free property, reveal that 80% of properties advertised on their site are being bought by investors. Current market conditions mean that more and more investors are looking for affordable property in areas where there is increased rental demand. House prices in the north of the UK have decreased. However, it is these northern areas that are seeing both the demand and supply of rental homes increase due to current market conditions, creating an ideal platform for investors. Mike Pudney, whitehot business development manager, commented: "We are seeing lower property prices in the northern parts of the country, although the rental sector and the yield available in those areas remain robust, making it an ideal investment opportunity. Whilst the prices are lower, properties may need more initial outlay for maintenance, but the rental yield far outweighs the costs. Several investors are enjoying above average returns on their rental property, which in this market is no small feat. Based on our evidence, investors are switched on to grabbing the opportunities that this creates." I'm not arguing about volumes - they are low - but the current situation is that many sales are to investors. Which makes my point - that the market structure is gradually changing towards lower owner numbers (with more people owning multiple properties) - valid (I think so anyway). And I'm not deliberately blinding myself from the good news. I'm totally p!issed off with the way things are going. But we've been having episodes of good news since 2003 and they have all turned out to be false dawns. I'd say you're deliberately blinding yourself from the bad news. If a market can stagger on with much reduced mortgage availability, with much higher deposit requirements, with very low volumes - and still not see significant drops then I'd say the writing is on the wall. While people keep paying high rents, this market is not going to fall. It grieves me to say that. I am not happy about it. But I can't keep kidding myself that, at last, it's going to crash. If it does, GREAT!
  10. Ohh, I'm a VI without realising it. Thanks for helping me out with that. And all these years I've been arguing the case for a property crash and the desirability of a property crash. My only problem is I can't see one happening any more. I used to - but I can't keep the illusion up any more.
  11. Possibly the most daft comment I've ever read on here. I live in a nice house. The landlord has made a lot of profit on it. Bought over 20 years ago the mortgage is paid off, the rent is significant and the capital gain enormous. I guess it's why most people, faced with 2% from a bank account will be happy with a 3% yield at the moment. They know that in 20 years time the yield will be 20% and the capital at least doubled. It's how people get rich from property.
  12. Hmmm, people are beginning to talk about bond holders having to take a bath. How long before dirty savers get asked to help out - those with the broadest shoulders etc.
  13. Remind me, how long has Ed been making that prediction. 7 years? More? He is definitely in the 'a stopped clock is right twice a day' category. As for the crash in your area - are you in the same area as The Masked Tulip by any chance? He was posting just a couple of weeks ago that he despaired of prices ever falling in his area of Wales and posted houses in West Wales (I think) at similar prices to the Home Counties.
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