ReggiePerrin

Mrs Perrin, who works in mortgage admin, reported tonight that most of the main lenders today gave notice that they're withdrawing their 95% LTV mortgages. A 10% deposit will be the norm from now on. Even during the last crash I can't remember lenders not excepting a 5% deposit for a house purchase, things must be REALLY bad for them. My heart bleeds :-)

No I'll never get bored .. anyway this thread has generated more emotion than any of the recent 'the SM has fallen by .3%' or 'the inner workings of capitalism for dummies' type threads. We need more trolls, bulls, EA's etc to spice things up :-Edited because I can't smell

I thought the whole point of this site was to determine when is the right time to buy? If we don't continually keep asking this question then we could miss the boat. alright at the moment it's not a good time to buy but tomorrow...? Welcome to HPC Toilet. If you're a troll, a bored EA, a BTL'er in trouble or merely a human being like most of us then it makes no difference you at least deserve a curteous welcome

I was going by the fact the pictures of the two buildings had Barclays signs and posters on them.. You'll probably find the place is empty of money, much like the rest of the banking industry. They may even rob you if they mistake you for a customer :-)

There were no bids on Lot14, missed lot 15 but guess no bids for that as well as they move onto lot 17 quickly. If barclays are trying to sell them they must be closing the branches.. which means you'ld either have to find a new tenant or turn it into a wine bar. The rental figure they quoted must be rubbish??

Looks like Barclays are trying to raise some cash (Lot 14 and 15)

I think the 35% drop quoted on the programme is FP's prediction... blimey someone on HPC has gone mainstream!

or how about 3 1/2 times an average wage or 2 1/2 times joint average income to determine what average house prices should be now and in the future? Just like in the good old days before BTL became a fashionable talking point at dinner parties.

The user list has probably been copied to CD and posted to god-knows-where

Welcome to HPC and a good first post

Nice one FP, an excellent interview with a well articulated explaination of the mess that is the so-called housing market. So if 4 BTL'ers can generate over £1m of bad debt for banks.. how much more debt is out there if the bankers have given out over a 1m BTL loans over the last 11years. By the time this is finished it's going to be a blood bath. To anyone reading these forum posts who has any sympathy for these people on the program tonight... DON'T! These BLT'ers greed and others like them have stopped a lot of individuals and families from owning their own home, other families will be made homeless because they forced up house prices and mortgage payments to the point where they will or have lost their homes I say bring back Debtor's prisons for bankrupt BLTer's.

I wonder what the HPI figure would be if they ignored the houses over £1m? The number of of these sold is up and the number of houses costing less than a 1m way down... This has to be dragging their overall HPI figure up. The good news is the market appears to have died with regards to the volume of sales.

The BBC have reported on this link. Very scary figures in the BOE report.

Playing Devils Avocado ... I'm pleased there isn't much mention of this in the news. For years we've been slagging off Rightmove and how inaccurate it's index is, so why do we expect it to be accurate now and demand that it be widely advertised on all the news channels? It's good that the sheeple do not get wind of what's going on. Hopefully the snowball of crashing house prices will gather significant momentum before the press wakes up and 'popular demand' causes the politicians to make some sort of lame attempt to prevent the coming crash. In the same way they couldn't stop the NR route because they reacted only after the press showed queues outside of NR branch offices, which was then way too late to stop it So lets hope that the press only wakes up when the only things EA's can sell is their secondhand barely used Porsches and BTL'ers are weeping in the streets trying to find some mug to buy their 2 bed luxury slums for a fraction of the price they paid.

That's a heck of a tantrum :-)

Anyone know what's happened to cause the step dive? link

Using the back of a laptop and some very iffy maths. If you compare the sales volumes for June 2006 with June 2007 (England and Wales) there is approx a £2.2bn decrease in the total value of all property sold. My calculation suggest that £26.4bn worth of house sales took place in June 2006 against £22.4bn in June 2007 This is approx a drop of 8-9% YoY (The LR published a -11% drop in the volume of sales but I've tried to factor in the increase in avg house price) and this is in June, before the big freeze in the credit markets. I wonder what drop we'll see when the land registry release the sales volumes for September in a few months? I know for the majority of people here the cost of the house is important, and I include myself in that statement, but if the housing market is considered as such then any business that suffers that level of drop in turnover YoY has to be heading for trouble. The only way I can think of to increase turnover is to drop the price, give people easier access to credit (like that's going to happen , handout massive payrises ...

I guess as I age I depreciate and I have a bank account .... so you must mean me Seriously though what does happen if no one wants to buy the mortgage from a failed subprime bank/building society? I know NR have 'sold' on their **** up's to hedge funds etc. but if a bank/building society went into administration and no one wanted to buy the mortgage would the administrator be forced to sell the asset for the best price possible?

Out of interest if the asset, the house securing the mortgage (125% for some of NR's customers), is depreciating in value and no one wants to buy it, what then? The administrator sells the house for the best price it can get or what? This is a discussion Mrs Perrin and I are having atm.

Does it really matter? either way it has to lead to credit tightening, which leads to.....

Good link I enjoyed this one from the classic, and much under appreciated, Inland Valley Daily Bulletin. Their article on how to sell a house includes great tips such as drop the price, give the buyer money, pay the buyers mortgage... I hope we'll shortly see this sort of article in an English paper. link

Probably a reference to endowment mortgages, but as the investment portion of the loan was compulsary (unlike today's "honestly I'll pay you back at the end " approach) it's not really relevent. Oh yes, I forgot, this time it's different!

Mrs Perrin and I have had some heated discussions recently about what's going on with the land registry data. There seems to be either a problem with it or the EA's are playing tricks. What we've been seeing is properties going on the market in the streets around us, they have for sale signs outside them for a few weeks/months which are then replaced with 'Sold' signs. Then the signs disappear... Weeks, months pass but still there is no sign of any sales taking place according to http://www.ourproperty.co.uk/. My question is :- has anyone else seen this near them? Is this a problem with the data on ourproperty site? Maybe even EA's hyping up the market by using 'Sold' signs when they're losing clients? These and many more Q's I hope you can answer for us. Incidently this site has kept us going through all the years of madness in the housing market.

The biggest problem I've experienced with home working is pretending that I'm really at home when taking business calls, when in reality I'm pushing a trolley around Sainsbury's with a small, yet very vocal, child demanding the latest Dr Who branded yoghurts. It also doesn't help when they call for a cleaner to go the veg section to clear up a spillage. Shops should cater more for home workers.

and if the sample size is small and causing these weird figures then this just confirms that sales are down. Which is good news and RB's posts about increased inventory on the rightmove site isn't just about people offloading their property prior to HIPS becoming mandatory, inventory is also rising because not much is selling?