Fairies Wear Boots
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Posts posted by Fairies Wear Boots
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Quite a few of the arguments on here make sense.
BTL, like all pyramid selling schemes has to be dead soon. Subsidisation for capital gains only makes sense when there is capital gains to be had.
If prices stagnate, people won't jump on.
The credit crunch will do it's job. Interest rates cannot stay at the historically low levels, and indeed they have gone up.
As for soft landing, b*llocks. Before I even found this site, I read a newspaper article talking about how many people were taking out liar loans, and I thought to myself, that could quite easily come to grief.
And as for the slight shortage of houses, that'll mean prices will only fall 30% instead of 45%.
If prices did soft land, and there is no crash then you can laugh at your landlord subsidsing you.
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I think it should be when we get the first nationwide MOM fall. Though others think it's already happening. And that is because of the lag between sale and being included in figures.
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The MPC in their ten years at the helm, have bought interest rates down to a 50 year low and they are 'too hawkish'? Yep, totally agree with the bloke. NOT.
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If you are a betting man you would have to say no. This question gets asked every month and the answer always turns out to be no. However, I'm waiting to be pleasantly surprised. People bang on here about how fast the crash will happen. Last time some people didn't even know about it after if had been dropping for a year. (Or so I've learned on here).
This time it is different. I'm sure the first time we get MOM falls nationwide, the press will repeat it every twenty minutes, it'll be a great story and RealistBears GC2 will be on!
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I couldn't believe it. The gist were house prices were going to keep going up astronomically.
They advised one London woman who had been priced out to buy a rental property in a place outside of London about to go up. Rent it out, rent in London and in ten years time, take the equity out of it, and use it to buy a house where you want to live.
Then the two guys buying together. No mention about how crazy that is.
House prices are crazy, but they're going to get crazier. Jump on quick. Start accruing equity!
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Why is GB popular?
What does he have to do to become unpopular?
Are the British electorate moronic?
Because he doesn't have much opposition?
Stay in power a while.
Undoubtedly. PFI's. Increased taxation. Selling off gold dirt cheap. Soon to sell government buildings to pay for services. Pension raiding. Increased government debt. But thank god, we have no boom and bust anymore and everyone's got heaps of money. Money? er strike that, things.
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Sticky downwards. I hate that term. I wanna buy a house now!
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What is the fundamental objection to IO mortgages? Given that half this site keep saying how great it is to rent a house, and the rest keep saying that a repayment mortgage is renting from a bank, whats the problem? So the borrower doesnt own it at the end of the mortgage? Whats so wrong with that? I just dont get this primal aversion to people that take on IO mortgages.
I think it's because people here see it as a way of being able to buy a place and stretching yourself to do so because you can't afford repayment.
I'd get an interest only mortgage if inflation was running high. If I'd bought a house 25 years ago IO, without a repayment scheme, I'd now have to give them £60,000.
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Why do these people put their houses on at unrealistic prices and then when they don't sell, think there's something wrong with the market? Surely they paid less for these houses, what makes them think they should have gone up to the price they're now demanding?
I just want to slap that woman. Easy commuting distant to London, why won't someone give me 1.1 MILLION QUID for it?
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This is absolute rubbish - houses are sitting with no viewers in NI, even the biggest moron born knows there is going to be a major hpc here!
Hopefully your miracle economy could export some of that (major HPC) here (London), please?
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Well some at the BOE. Blanchflower will probably demand a cut and Lomax will vote for a hold and a wait and see!
Danny, suck my fat one.
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I can't wait for the Australian market to go tits up. I have a friend out there who told me I was crazy to not buy. There was going to be no crash, and even if there was a little bobble, it wouldn't be worth waiting for.
Her rent was 700 a month, but she went out and bought a flat which she got a mortgage for, that cost 2100 a month.
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What are the tax implications? If I buy 5k's worth and it goes up and I sell it at 20k, do I owe 40% of 15k to the IR? Can I get relief at 8K per year for CG's? What if I make a loss, can I take that off my income for a year?
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I got the blame some years ago for the dot.com collapse in share prices.
Don't you in those circumstances tell them, 'I told you so'. And if you'd of listened to me, you wouldn't have got burned.
I have a friend who looked at my incredulously when I mentioned I wanted to buy a home, but was summing up whether or not it would be worth waiting for a HPC. I'm 34 and he is 33. Neither of us has a house.
His reasons for thinking I'm mad....
The economy is in great shape.
Prices are going up really fast. (I love this argument. They're going up stratospherically, so no way they're going to go down).
One of his Managing directors who's in his forties at work told him there's no problem with the housing market.
Oh and get this. Apparently, because of computers and stuff, the government can see much more clearly what is happening and so can avert depressions and slowdowns much more readily.
One day I was reading housepricecrash.co.uk, and they said, banks will lend to anyone who can fog a mirror. I thought, why doesn't he buy? So I emailed him and basically told him, you should put your money where your mouth is. Buy a house. He stated he'd tried to get finance and couldn't. He told another of my mates, renting is twice as cheap as buying in Richmond (Surrey, or greater London, whichever you prefer) and so I'm not buying. I've only just been told this by my 'informant mate'. Can't wait to see Richmond boy again and ask him why, if renting is such dead money, why he doesn't buy somewhere outside of Richmond. Renting is dead money, you're going to have to move out of Richmond to get out of that rent trap.
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OK.
I had this idea. That I totally know will not work. Too much effort required. Way too much effort required. But this thread is STOP BUYING HOUSES, so here is my unworkable plan to hasten the crash.
We build a website or use other means in order for people renting to get in touch with each other. We'd need lots of people, which is one area this plan falls down. That and no one would be ar$ed. Maybe we could get everyone from pricedout.co.uk involved in the scheme.
Anyway the plan is simple. All people taking part, work out who they rent from and submit their details. Then, half of the people give notice and move in to the other halfs accomodation.
For example, in one little village, six couples have decided they want to take part in the scheme. Three couples rent from x and three from y. They decide x is the most vunerable landlord. He only has three properties, where as y has six, with 50% of his properties oblivious to the scheme. Therefore everyone renting from x gives notice and moves in with people who rent from y. It's hell of course, for the tennants. But maybe they could pretend they are polish labourers and pledge solidarity, and a bottle of vodka would take their minds off the cramped conditions. Landlord x goes bust and his properties go on the market.
If we could get this to happen en masse, we could kill BTL in three months.
My plan is so cunning, you don't even have to put a tail on it to call it a weasle.
Another beer I think...
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I know this guy, he is a friend of a friend. We were discussing his current house upgrade. He makes about 4 grand every six months from music royalties and has some job dropping off P.C.'s and installing them, for disabled people or something. Wife is a P.A. Cheekily asked what she makes, he wouldn't tell me. But it can only be 40K or so? He can only make 35 at the most.
They have a flat that they are selling for £360K in Camden. Upgrading to something bigger, 470K and holding back most of the 70K equity in their flat to do up the house as it's a dump. Anyway, he's self certifying, so they can get the biggest possible place they can. Why? Because small houses will double in price and so will big ones. Bigger ones cost more so more profit. Get as big of a place as you can he advises.
He told me, that self certification is about how much you ESTIMATE next year. Maybe his mortgage broker told him that. So he tells me, when he estimates that he's going to earn 100K next year, it's no problem. My estimate turned out ridiculously high, oh dear.
I mentioned house prices possibly going down. He looked at me like I'd escaped from the funny farm. Then stated that there is no way Inner London is going to go down in price.
And that has been the point of quite a few people who have been telling me I'm mad, house prices are going up so fast. The meteoric rise, somehow gives indication of how strong things are, so they definitely can't fall.
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Was that five thousand apartments in Manchester alone that are empty because they're investments? If you have bought one of those, don't you need an exit strategy?
How come half of them aren't up for sale at this point in time? Because prices only ever go up?!
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Yeah, but they don't want to become too knee yerk. They'll wait a month or two to see what the figures are like.
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Surely a huge bubble must deflate a long way? Maybe they have come up from being undervalued, but they're the least affordable since the last crash and the base rate is only 5.75 percent. So if interest rates do have go up to 7 percent or higher we will have a glut of reposessions and those priced out now, will still be priced out.
If we have reposessions and nobody wanting to buy, it'll drop relatively fast?
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So, Oz is doing OK.
US is still positive according to both NAR and OFHEO.
9.1% here.
Is there anywhere in the world where prices are actually falling?
Wales.
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Those who live in London have to wait for something to jump up and down about. And when it finally does, there'll be a nice raft of national newspaper articles about 'HOUSE PRICE CRASH, how could we have not seen it coming'. Then people will know 'House prices only ever go down'.
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What are we, about three months out from seeing a negative month?
Guesses please.
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It's been great! Though people are dumb. For example, I put in an offer on a house a week and a half ago and I've been spending three hours a day on this site for months.
Interest Rates Have Peaked, Nationwide Predicts
in House prices and the economy
Posted
I'm with Tuffers. Those cheap deals to get people buying in summer, haven't lasted long, and them going back up again will really add to inflation 2.6 is my prediction