Antsy
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Posts posted by Antsy
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Well, the missus has just had a big windfall from her online business (okay, pretty small fry compared to the amounts some of you have squirreled away, but to us a it's a lot...) So, given that the deposit is her money I have had to cave in to her wish to start looking. Only problem is, there is nothing to buy! Went to EA at the weekend and she was moaning she only had about 12 properties on compared to around 50 normally at this time of year... Any suggestions why this might be? Obviously, this is a good thing in a way as it is unlikely Mrs A will find something she likes, especially as she has her little heart set on a 3 road area, so we'll be forced to wait a year and see if the rate hikes make an impact. In terms of competition if we do find something it's bad news...
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Not many in se20, least not in the 240-265k bracket where we'd be looking to buy. very few 3 beds to rent also. no idea why?
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If you can't stand the Mail, try your local paper. Doubtless the Sun or Mail will pick it up within a week, though. And it might perk up a bored local hack who would otherwise have to report on the local street tidiness awardzzzzzzzzz
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On a similar vein, I recently had to get my recently deceased mothers house valued for probate.
I used a local estate agent who sent round one of the girls from the office.
She had the brass balls to admit to me that despite owning 3 BTL properties, she avails herself of a 3-bed council flat for her and her sprogs (no dad(s)). When I asked her if the felt she was denying someone who really needed a council property, she looked at me as if I'd just asked her to strip off and dance for me... Her answer was "The P4kis and W*gs have been doin' it for years - why shouldn't I?"
Honestly felt like decking the b!tch. :angry:
Suffice to say a call to the local council has been made.
Loathsome as it is, this is what the Daily Mail is for... give them a call!
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Agree - you need to look at repayment mortgages. If I remember rightly, IO didn't really exist in the late 80s (or at least, it wasn't as unregulated as now and you actually had to show them your investment vehicle rather than relying on faith to pay off the capital).
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Typical Mail - at about 10pm last night when I looked on their website the headline was 'will add £250'. This had gone up to £300 by this morning. Must be inflation. perhaps the BOE should look into it
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Grab your torches and pitch forks - burn the Witch. BURN!!!
I mean seriously, I get tired of these vitriolic threads from people that don't seem to have one jot of empathy or compassion.
Sure the lady had clearly made some financial mistakes, but there is no need to assasinate her character. She was just trying to make some money in the game of life.
Yes, but there are ways of making money and ways of making money.... I could set up a big pyramid scheme or sell 'herbal diet supplements' to make money in the game of life, but it is just plain wrong so I have chosen not to do so.
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"I think I just want to cry"
Well, now she knows how the first time buyers she has helped price out have been feeling for the last 4 years.
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Hi - we have been living in our flat for almost 3 years, contract up in mid June. Our contract renewed yearly says it's for 'a term certain' of a year at a time. Can we end the tenancy before the year is up (we need to move if possible), and how much notice do we give? Is is the standard month? Thanks!
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Check out headlineproperty.co.uk
Interesting article by woman from one of the scouse papers in the regional section (top right of homepage, can't post it as is copyright) saying city of culture tag is rubbish and house prices are suffering from 'emperor's new clothes' syndrome
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It is rumoured that millions of OOs and BTLers MEWed to buy stocks. Especially BTLers as their yields hit 5 year lows recently killing cash flow.
In 1987 the HPI party lingered for 18 months after the SM crash. I doubt there will be that much delay this time as houses already began slowing (slowing) in October 2006 and mortgage borrowing is also cooling if the CML and BBA are to be believed. Also, the market is going nowhere over most of the country--just London/SE speculation and if the SM crash is the beginning of a bear market for stocks the layoffs in the City will begin very soon.
Well, that's reassuring. I live in one of those relatively cheap parts of SE London where the HPI party is still going strong. Everything in the 240-275k bracket (ie a 3 bed terrace) is under offer about a week after it appears on the EA's website, so I have been becomnig steadily more depressed. Though general market data points to a slowdown i can't see it yet.
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not wishing to ruin the party, but doesn't this mean people will be even more bricks and mortar obsessed for a bit, having seen their unit trusts knifed in the guts?
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Yes.
Your friend worked for National News? My sincere condolences.
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A colleague of mine did some freelance shifts at the Daily Mail. They asked him to write a piece on the success of the Chinese community in Britain. The Chinese people he spoke to were wary of speaking to the Mail, even though it was going to be a positive article, but he talked them round. In the end it made half a page... alongside a two-page feature on the Chinese appetite for dog meat.
Another friend worked for a London press agency that sent reporters to the law courts every day. The Mail would ring up and say: "What's going on down the Old Bailey today?" If the answer was a rape trial, they'd ask: "What colour's the victim?" Because the Mail assumes all rapists are black and wants to publish stories about black men raping white women.
Charming people.
Did your friend work for National News? I only ask because my journo wife told me the same anecdote about the Mail. They also tried to hire young agency reporters to dress up as drug addicts and go and buy heroin on various posh London high streets. Charming. Not sure of their liability if anyone had been stabbed? Anyway, your journalist friend should look to Moneysavingexpert - there are a whole board of people there who delight in using their teabags twice and old newspapers as loo roll. It's like the last 50 years never happened...
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He won't be laughing when his little girls are of working age and are taxed to the eyeballs to pay for all the pensioner renters who could never afford to join the big property owning bunfight in the 2000s.
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I use it all the time! It's everything a web page should be - it just works
Agree - I have been looking at it several times over the past few weeks. In brief, the wife had a bit of a business venture come good last year and her self employment is also going very well. We are now in a position to buy, therefore (or will be by the summer...). Have a 10% deposit on a 250k property. However, joint earnings by then will be 52k. Mortgage repayments (at CURRENT fix) would be 1350 per month, or about 40% of income. Eek. She's very keen to start looking and as it's mostly her money I am going to have a job on my hands persuading her otherwise.
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Hmm. Time to sell my shares, I think. Only 145 of them, unfortunately though.
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Save on printing costs - just send them a piece of paper with "Duh!" written on it
Or maybe starting "As your landlord, we..."
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So let me get this right - you are trying for a baby? If so, stay in rented. Don't forget that having a child or two will really change your income (you didn't say how you would pay the higher amount ie mortgage on 1.5 salaries...). Plus once the child / children are a bit older, you may want to move closer to a good school / nursery, and in this case renting is a real help. Never underestimate the importance of this - it may seem odd to think about it, but you will need to. Once they have a place there, buy wherever you want!
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One last thing that everyone has forgotten to mention - do you plan on ever having children? If so, a two bed can become remarkably cramped in a short period. Yes, if you have more than one adn they are different sexes then you can make them share a room but realistically yo will ned three beds by the time the eldest is about eight. Now, let's say you buy now and wait 2 years for the first one.. will you be able to save up enough (one of you having at least gone part time) for another lot of stamp duty, moving costs, solicitors fees etc within ten years? Plus there's the cost of childcare to factor in... We're in the same situation (though have already just had the kids) - 50k salary (joint) in SE London, should soon have 15K deposit, but 3 bed costs 250k. Waiting it out is a pain in the bum (as is reigning in the other half who doesn't think prices will go down - mainly because I predicted it in 2004 and nothing has happened yet)...
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Well, depends what all that will really buy you when you do the maths. For instance, we have been eligible for keyworker assistance for a couple of years now but on a joint income of 50k could only buy a 2 bed flat where we live. Obviously we couln't live in that for more than a few years as we have two small children and it would rapidly become overcrowded. Paying two lots of stamp duty etc within seven years or so would be madness. Alos, many of these schemes, once rent and mortgage are added together, add up to the same or more than buying the whole thing on the open market. One advantage of buying a share, however, is that if/when prices go down, you can then stircase up and buy more of the place at the lower rate - bit of an insurance policy, really. So... depends if you can find somewhere that will be big enough for you for the next 15 years. Bear in mind that through shared ownership you couldn't rent it out if you had to move elsewhere and it wasn't economically viable to sell, also. Hope that's soe food for thought, anyway.
Hi everyone, first post here. Ive seen the website on tv.My position is that Im a serviceman, single, earning 25k pa. In effect my spendable income is 1200-1400 after tax, accommodation and food levies. I have 7500 saved, and now that Im debt free can easily save 500pm or use on mortgage. 1000 with effort but probably not sustainably.
On the average, house prices over the last couple of years houses have risen faster than i could save!
Service personnel have become entitled to key worker housing and other schemes are in place such as 8.5k long service advance of pay to assist deposit, repayable over 10 yrs, and other schemes such as 5%deposit, 60%mortgage, 30%rent.
I obviously feel property is overvalued, and that prices will not continue to rise in 07-08, but not too sure there will be a massive crash. Maybe prices will be corrected over the next few years in a more gentle manner?!!!
However, should I take advantage of these schemes now? Im looking to buy a house for a lifetime investment - something to last 15-20 years before selling on...and moving abroad.
For the long term investment is it advisable to use these schemes (30% of the equity is owned by someone else) and at what point do you make the plunge and get on the ladder?
Are most people here REALLY waiting until prices drop 25% plus before re-investing ?
Cheers.
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BROWN COULD NEVER win an election
he is the most unpopular "future prime minister" ever
Well, did you see The Trial of Tony Blair last night? Written by Alastair Beaton (great bloke, very funny, met him once)... Gord takes over just as the country's economy is going to the dogs. Cherie Blair picks up a paper: 'did you see, house prices have dropped 20 per cent, and that's just in one month...' Ho ho.
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I am in the forces and recently attended a briefing from an admiral. He said that in order to get the cost of forces housing down that a spend to save idea was being seriuosly considered whereby you would be given a One off £30k payment If you promised to give back at least 7 years service and forgoed your entitlement to a forces house - i.e house yourself - along with forgoing some other allowances - such as boarding school allowance. This would be financed by selling of most of the sub standard housing for devlopment.....watch this space
30 grand...... yes sir
Christ - only 30k? Not much of a deposit, especially if you are stationed somewhere like Aldershot. I grew up in forces housing and it was pretty decent (air force). Boarding school allowance is also worth a fortune and you would have to be some kind of muppet to forgo it for just 30k, not to mention the horror of inflicting major psychological damage on children who will have to change schools every 3 years (and good luck finding space in a decent local secondary on a regular basis). Insanity.
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My teacher friend bought through a 35k gift scheme, it gets paid back when you move on and you have to share any capital gains in respective proportions. I think the same scheme now offers even more. Its a myth that such key workers cant buy property, but then tbh I think they deserve it, afterall it takes a minimum of 4 years to make it as a teacher and what thanks do you get these days...
The scheme now actually offers less - under the old one, normal teachers could get a 'gift' of up to 50k toward the home plus could borrow a maximum of 3 x income via any market mortgage that would have them. For a few teaching shortage subjects or at troublesome schools it went up to 100k. However, Under the new scheme you get a mortgage of up to three times your income / joint income with partner if your income is up to a maximum 60k at rates that are really awful from a 'choice' of three or four lenders (APR was about 7% last time I looked!). Then you are lent another 1 x income, half from the government, half from the mortgage co, and pay a very low rate for this. So, it's not a great deal at all. Our household income is just under 50k and 3 bed homes or flats start at about 230k in what is one of the cheapest areas of London. And they also take money off what they will lend you if you have dependants. Max they will lend us is 156k - we'd be lucky to find a two bed with that and could borrow the lot on the open mortage market for lower than our repayments would be through their generous scheme. All the woman at Tower Homes would say was 'well, it's not suitable for everyone'. MAybe if you are gay and not planning kids it would be okay? Otherwise you'd be stuck in studio hell forever. Cheers. Seeing as London has a recruitment crisis, especially for experienced teachers (older, more likely to have a family) you'd think they could do better. I'm not sure if the new scheme is countrywide or just in the south east, like the old one was.
The Missus Thwarted
in House prices and the economy
Posted · Edited by Antsy
I know - I'm from Cornwall and whenever I go back there the Guardian is bulging with overpriced nonsense and 'new price' banners. Our local situation is very, very wierd. I can't get why everyone is hanging on to their property. Maybe they couldn't afford their mortgage at current rates if they moved? If so, here's hoping, as it means the repo waggon may be rolling into town sometime soon? We've been looking round rentals as our landlord is selling up - saw a place we like but is a bit much per month. Landlord won't reduce it as he claims he's losing money on it already - we are talking £100 per month that we're quibbling over. I told the agent to call me again in a month if it's still on. Nothing like a month's void (plus council tax liability) to focus the mind. The crazy thing is that in that month, he'll have lost out on as much as it would have cost him to reduce it by a little bit for the year (rent = 1150 pcm + council tax = at least 1250, 12 x £100 = 1200). Nutter.