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House Price Crash Forum


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Everything posted by Antsy

  1. The rental market is near saturated and house prices in places such as Cornwall are so high FTBs are priced out, but BTL returns aren't worth it. The pyramid has no new entrants, therefore it's time it collapsed. (PS where can you get a 160k mortgage for 700pcm???? Might tempt me into the market, so long as it's self cert )
  2. I would wait till summer has passed before looking to see what's happened to prices. test the water by making 'pulling out' noises to the builder and see if they bite. If they do, then what does it tell you about their view of the market? People are talking themselves into a Spring Bounce at the moment, but it may not last. if prices just stagnate you are earning interest on your 35k rather than seeing inflation eat into it. I would say go for it if the 2 bed had a garden, but it doesn't. You have an extra room for a life change event ie if prices go down and you are stuck with it for 5-7 years in neg equity you can stay put and still house a small family of up to 2 kids while waiting for the next recovery BUT lack of garden will become a pain in the ****.
  3. feeding the troll makes me feel a bit dirty BUT... here we go. My parents managed to buy on a single (armed forces, non-officer) salary then go on to have 4 kids and keep up the mortgage repayments on a 3 bed home, even at 15% interest. We have one child, I am working full time the wife works part time and we could just about afford a one bed flat if interest rates stayed at the current abnormally low rate. We have one pay as you go mobile between us and gave up our car when the baby came along. We have the odd pub lunch on a bank holiday and a takeaway every other week - oh, and may have our first holiday for 2 years shortly by visiting friends abroad and booking £50 return Ryanair flights. what spendthrifts we are! Just saw Hometrack's London figures, btw. If we had decided to buy last summer rather than opening our eyes to the fact that prices can go down as well as up, we would be 5% worse off by now - the exact value of our deposit. Perhaps you should be called Poverty Guru?
  4. ‘Must be seen’ is another one. Presumably, must be seen to appreciate why this rotting heap has been on the market for months but still hasn’t had a whiff of interest. My ex-landlord’s flat has this on it, ha ha. It has been on the market since last July with a total of 3 agents now. I rang the current agent today to see how it was doing and he’s taken it off the market again. Last time he put in crappy laminate in the living room, hall, and to hide the spongy bits from the wet rot in the bedroom but left the knackered boiler, 70s kitchen and avocado bathroom with mouldy carpet untouched. The agent said (to me, possible buyer as far as he knew) that it was ‘grossly overpriced by a junior agent egged on by the vendor’ and should have been on for 5% less (still wildly optimistic IMHO). I am waiting to see where it pops up next. Auction? He might have to get it sold as he has until tomorrow to tell the county court why he still has our deposit or coughs up.
  5. Also looking forward to hearing more. It always makes me smile that people see housing as a one way route to riches rather than a home, especially when you remember that for every pound you borrow from the bank, you pay two in return. Bargain.
  6. i am willing to pay 175k for a 3 bed terrace in SE London (zone 3). That's a mortgage of about 125k (repayment 750pcm, like current rent on a big 2 bed flat), plus 50k from the Govt's key worker fund. That's about 3.4 times joint salary for us, but the repayments would be bearable. Currently such houses are between 230 to 250k, so we need a big drop.
  7. Profits of doom? I just see losses Illiterate.
  8. Will everyone stop including IO mortgages in their comparisons, PLEASE????? You need extra cash to pay into the endowment or whatever to pay off the capital, surely. What's the point in paying rent to the bank, just to have the right to paint your walls whatever colour and be liable for financing all your own repairs? I have yet to own a house so if there is more to it than that, please enlighten me...
  9. www.plotfinder.net Apparently they do very good business
  10. Argh - Homebuilding and Renovating is frrom Mrs A's company... they also do a website called plotfinder (.co.uk?) that will do what it says on the tin. But the price of land at the moment is ridiculous.
  11. For commercial property, see Times article in the blog... that has netted hima tidy packet. not sure about residential property, though.
  12. Missed the other stuff about FTBs - something to do with shared ownership? Someone came to the staffroom door just at the wrong moment. Anyone care to enlighten me?
  13. Don't forget how proud he is of more and more people earning above 30, 50 and 100k... no mention of the growing rich/poor divide though...
  14. The poor Blairs - my heart bleeds for them, especially as they were counting on the rent from those Bristol flats to offset the aching void at their London pile
  15. it's actually quite good that there has been no movement - in a sentiment based bubble, the threat of a rise hanging over rates is arguably more damaging than an actual rise, then the development of the 'well, that's the peak reached, then' sentiment...
  16. Exactly. As an OO, if the roof caved in and the boiler died all in the same month, how would you feed the kids AND make the house habitable again? Plus you could be stuck with tons of neg equity in a turkey of a home next to a school that had suddenly gone down the toilet (it happens, esp if a good head leaves and is replaced by an incompetent - good teachers tend to desert the sinking ship)... forever and ever and ever...
  17. I agree - so many people have become apathetic and just *assume* Labour will win that there is actually a real danger that the dark side may take over again, particularly with the rise of pensioner power as a block vote.
  18. reckon they will hold again - have been several bearish reports from retailers like Boots recently and manufacturers are whinging (tho no-one listens to them much anymore). depends how brave they are feeling - pressure to increase is growing...
  19. One thing the BBC website is good for (not bear-ish news, obviously) is a mortgage calculator that also includes a projection of what your repayments would be if rates hit 12%. I am sure a lot of people would have a heart attack if lenders handed out such info when they remortgaged. Especially when they saw the mini-difference between IO and repayment rates. Not such a good deal after all...
  20. Until I can get a slightly dodgy 3 bed terrace for under 180k (currently 220+ asking) or they announce they are withdrawing the Key Worker loan or I get to 39 (7 years' time). Other than that, I'll have to wait for the inheritances...
  21. Look, the best way to phrase this is to use the example of the lovely Mr Manic the younger from the BBC programme. It's okay if you are a FTB and can only afford a shitehole if that shitehole will be worth enough to buy a better property after putting up with living there for about 18 months. However, if prices are stagnating or even falling, no-one is going to enter the market. And just how many SIPPS investors are there? Not enough to buy all those 1 and 2 bedders, countrywide, I'll bet. A (rough) 6% rise in wages over 2 years isn't going to prop up the whole shebang.
  22. Try SE london - 45 mins to oxford circus, you can get a 3 bed for that amount in a decent location (Crystal Palace, Forest Hill) with decent parks that aren't full of nannies barking into their mobiles. Brixton is highly over-rated, but then people get scared when they aren't on the tube...
  23. One and two beds in SE4 moving well - who the hell is buying them?? Some 1 beds are up to 150k and they are still going. Acorn had 51 properties on its site, now down to about 31. If they are BTLs then the buyers are very foolish - the market is saturated with 1 and 2 bed flats to let at the moment. I suspect this may be mainly the case as it is still one of the relatively cheap areas in zone 2-3 so bandwagon jumpers think they have a bargain. Must have huge deposits to make any sort of return.
  24. sounds good - our plan was to say 'but we mentioned it to the agent when we signed the contract and he said it was okay...'. Not even landlords trust an EA who's about to geet his hands on commission.
  25. Mmm. Never understood it, except that BBC editors are quite well paid and so probably into BTL big time. People like Mrs A (features editor on magazine) are at 25k after 6 years' experience. Press agencies pay £50 per day. And they say journalism is glamorous...
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