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House Price Crash Forum

Fairies Wear Boots

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Everything posted by Fairies Wear Boots

  1. Sorry, I've never bought a house before, but I have been looking into the process. Surely the bank should do a survey and go, that's now overvalued and you'd have to have a much bigger deposit if you're going to pay that or otherwise ask for an 8% reduction. Sounds like poor sap doesn't have much money anyway. Mortgage advisor will probably tell him he can't afford to buy place he rents and to stop being so stupid.
  2. Whole rows of houses standing empty, because a company hopes they will appreciate? Now that's really mad. Who are they going to sell them to? The people around the area who are now priced out? People are going to start forking out 500 K for a holiday home? It also sounds that squatting could become socially acceptable in Cornwall. I've seen a few programmes on T.V. where locals are complaining that more than half of the village has become second homes, and the young cannot afford to buy. Be funny if second homes 'go out of fashion' because the young squat in anything they know is a holiday home.
  3. Is it totally true though? Surely raising interest rates puts some people off buying? Does this mean when there's all this money coming in, that banks lower their standards so as to be able to loan it out? Not an economist, so are quite confused how higher interest rates can mean more lending.
  4. I love how on HPC people argue points and some try and convince others the crash IS happening now. Granted things are much more chirpy here now. But on property pin , the Irish site, they just sit round laughing deliriously. Hopefully that'll be happening here in six months.
  5. Hurrah! I've been reading this site long enough now to know that's good news!
  6. Maybe he should lean on the 'Independant' BOE and ask them to stick up interest rates up if he wants to keep inflation down. Oh, what's that? He wants to keep inflation AND interest rates down? Is he stupid?
  7. That's very interesting. Is that the reason why banks have dropped their standards of lending so much? Whoever's buying it must be rather short sighted. They must realise some of it is subprime, and who'd buy up 'self cert' loans, unless they were extremely cheap? How does it work at a nuts and bolts level? If I take out a mortgage with Halifax, and they sell on my loan, so now someone else holds the debt. What happens then? Does halifax take a service fee for collecting the repayments? Is my loan definitely owned by one other organisation? If it goes into packages, surely it must be? Some banks will let you take payment holidays. Does that mean that the new owner of debt has to let Halifax administer the debt as per usual?
  8. Where? Scarily, we want to buy a house in South East London which is on for 335. Only ten grand more than the asking price of your friends house. I don't suppose we could get away with such a cut in London, (yet!)
  9. How long do I have to wait for this bloody crash? What with the latest interest rate rise, and the promise of more, the sudden upsurge in papers discussing a property crash or calling the top of the market. Also thought prices are going down in most parts of the country and London growth cut substantially? Girlfriends friend, who is buying a house in Tooting, said the estate agent said it was ... a buyers market. I had also hoped that because America, Spain and Ireland's corrections have already started, that the press could go 'Look sheeple, prices do go down too'. Waiting for a crash is more boring than watching paint dry.
  10. Farout. I read this site and it seems logical what most people are saying. What's really been worrying me is this 'sticky downard' trend. Where things don't go pop, they deflate slowly. So, even if we are at the top of the market, it's still going to be a while before prices have come down a reasonable amount, and they won't actually come down much. Especially as Ireland seems to be teetering on the brink of a crash. It's going down a little bit, but who the hell is still buying now? Surely you'd have to be nuts to buy a house a present? If it's all looking shakey, shouldn't everone wait and then start bidding a hell of a lot less? 50 % off, nice. When will Barratt's start giving that sort of discount?
  11. What do you reckon then? If in a years time he says '550 for the next twelve months'? They'll go, 'better than a void period'.
  12. And I presume that if you for other reasons gave a months notice, like moving city or something, they'd then try and rent the place out for 700 - 750 because that's what their costs are? But they have to wait a year, till they can put the place on the market for 800 (to cover extra IR rate rises). If they are already shelling out for the losses on the other places, a nice void period would be great for them. I'm slightly worried that lots of numpties try this (rise rents to match interest payments), they actually succeed. Not everyone can move back home if BTLer go crazy. Apart from that MUHAHAHA !
  13. Think we really need house prices to go down nationwide as an average. If 60 % of the country is going down and London is still keeping the average house price rising, I wouldn't call that a crash. 'Northern falls' might be best to describe that. Mind you, I'm confident the fat woman will soon start to sing.
  14. We had a rate rise last month. That actually seems to be biting! Price drops around parts of the country and in the beast that is London, rises halved. At least we have something to look forward to next month!
  15. Yes, but all it takes is for sentiment to turn. (I hope ) (cross fingers) (prey to the BOE)
  16. A wasted vote is a vote for Labour / Conservative / or Lib Dems - if its not then explain why - as they are all the problem??????????????????? You can't trust them so why vote for them - 'unless you're sheeple of course????????' Seriously GIVE ME A REASON WHY YOU SHOULD VOTE FOR THEM? THATS ALL I WANT - A GOOD REASON (I bet you'll struggle) Well I personally have had enough of Labour. So will vote for whoever is Labour's main challenger, which won't be UKIP.
  17. Looked up the difference between real and nominal on net and couldn't understand it. Where is the "difference between Real and nominal for dummies" manual?
  18. Well his place would have to drop by 50 % for him to lose money on it. Plus he lives in it. No problem there then.
  19. 1) Wasted vote. 2) Ex Leader a talk show host. 3) Don't know sod all about them. Do they really promise to save people from themselves in regards to debt?
  20. Gordon Brown has been Chancellor of the Exchequer for 10 years! I take you point about Cameron not doing anything about it nor Campbell. But that means in my book there isn't really a ' sort it out house prices ' party. If it was the case that Gordon Brown was coming to power a month before an election, I'd laugh at his promise to sort out house affordability and vote for nu labours main opposition in my electorate. (I've moved, so don't know if thats Lib Dems or Conservatives). Very much doubt I'll be voting for nu labour under Brown in two years, and I consider myself leftwing.
  21. I've noticed people who've bought recently, especially when they're paying big chunks of their salary to the bank each month on a 30 year loan, don't really want to look at HPC or property snake. My friend in Aus, gives great advice. She know's I want to buy in London. Aparently London is a great big vibrant city where everyone wants to live because it's soooo much fun. That means property will never drop there. Funny, how many people 'up north' shudder and screw their faces up when you say you live in London. Must be because they want to live here and can't afford it. Well, she is making a hideous loss. But hang on folks ... just look at those capital gains! I suppose now that she has kicked out her tenants and is living in it again that break has gone? And then back to my girlfriend, who now wants to nest. She now does believe a crash quite possible. How long till houses come down? Well apparently it's a sticky slide, unlike a sharemarket crash says I. Two years to the bottom she screams?! (Mentioning three or four is not good). I'm not waiting that long. So, If we buy a 300 K place at the start of the crash and it's of decent size, we could possibly be losing two grand a month.
  22. I have a friend in Sydney who two or three years ago bought a flat. She moved to Spain and rented it out. Tenant gave her 700 dollars a month toward her 2000 a month interest repayments. No, you didn't read that wrong. She tried to justify it by saying one day it'll be hers and she can write the loss off against her tax. I heard Sydney had a mini crash. She reckons she's still 60K up. She bought inner city and did lots of work to it before going to Spain (apparently). In reading the article about Sydney going tit's up, it also said that the government was thinking about stopping letting you write off your losses against property, because so many people were claiming losses it was affecting the tax take. I've told her I'm trying to convince my girlfriend here to wait till prices adjust, and she tells me I'm crazy. Quite frankly, even though she is a friend of mine, I want a decent crash, so I can go 'told you so'. Back to my girlfriend (who pores scorn on me everytime she catches me on this website), she went off to some social gathering last Sunday, and there she met a builder. He said, there isn't going to be any crash. So there you go you flat earth house price crash freaks. THERE ISN'T GOING TO BE A CRASH! My girlfriend was reliably informed by a builder on Sunday, and a few weeks back, her work colleagues mother who is an ESTATE AGENT said there isn't going to be one either. So buy a place that's three times dearer than renting, and start making those payments, because that's the only way you'll ever get out of the rent trap. You bunch of sad fence sitters. As for my friend, she's now back in Australia. She is absolutely potless and will be that way for eighteen months. Her parents are coming over from New Zealand, and she's embarrassed to have to tell them, she can't afford to buy anything more than a few vegetables. That's what happens when you have six weeks off in between jobs and are subsidising a tenant. But in 28 years time, that flat will be hers!
  23. I thought Merv thought interest rates would come down in the medium term because energy prices were tipped to come down. Then George 'dubya' went and parked nine warships off the coast of Iran ... and lo and behold, oil went back up again. No ? I'm going to be slightly annoyed, if I have to wait another month for the rise. But not totally surprised.
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