Jump to content
House Price Crash Forum

getdoon_weebobby

Members
  • Posts

    2,469
  • Joined

  • Last visited

Everything posted by getdoon_weebobby

  1. Hi HAVE £250K IN CASH. SHOULD I BUY SOMETHING FOR MYSELF IN LONDON OR SIT AND WAIT? IF I SIT AND WAIT WHAT SHOULD I DO WITH THE MONEY?? Background - mid 20s. I work in London trading on the futures markets. I have been very fortunate indeed to have been quite successful since starting 2 years ago after university and earn bonuses dependent on how much I make from trading the futures markets. I basically trade with a company in London but act as if self - employed. Earning the money I make in the markets and then paying the tax man through the self assessment tax method. Hence buying a property with an offset mortgage would be ideal for me as quite often for periods of time I am sitting on money due at a later date for the taxman. However although I feel bearish on house prices in general in the UK, I cant make my mind up on the direction of London house prices?. Prices are higher but seem underpinned by higher wages etc So if I dont buy a flat for myself just now then I have the equivalent of an STR fund and need to decide what to do with it? By Easter I will have over £250k (my own money after tax) + £100k+ due to taxman in Jan 09. I like to treat the money a 2 seperate amounts - my own and that which is due to the taxman. Basically looking for advise with what to do with the money? NSI?? The inflation linked one (£15k twice a year) looks good although the Gov't always keep inflation artificially low and we seem to have an arguement going between whether we are heading for inflation or deflation?? Banks?? Also would putting money in a SIPP even if just as cash till I decide what to do with it?? I am a higher rate taxpayer. If I put £20k in a SIPP does that mean I am taxed on £20k less when I do my tax return?? If anyone has any advice on the issues affecting me which I have underlined I would really be greatful. Just as an after thought I am newish to this website but have been trying to give as well as take input from discussions since I joined a couple of weeks ago. I think the whole concept of this website is superb. Its good to have somewhere to look at discussion between where people think housing/economy is heading. Keep up the good work. Thanks
  2. Hi Background - mid 20s. I work in London trading on the futures markets. I have been very fortunate indeed to have been quite successful since starting 2 years ago after university and earn bonuses dependent on how much I make from trading the futures markets. I basically trade with a company in London but act as if self - employed. Earning the money I make in the markets and then paying the tax man through the self assessment tax method. Hence buying a property with an offset mortgage would be ideal for me as quite often for periods of time I am sitting on money due at a later date for the taxman. However although I feel bearish on house prices in general in the UK, I cant make my mind up on the direction of London house prices?. Prices are higher but seem underpinned by higher wages etc So if I dont buy a flat for myself just now then I have the equivalent of an STR fund and need to decide what to do with it? By Easter I will have over £250k (my own money after tax) + £100k+ due to taxman in Jan 09. I like to treat the money a 2 seperate amounts - my own and that which is due to the taxman. Basically looking for advise with what to do with the money? NSI?? The inflation linked one (£15k twice a year) looks good although the Gov't always keep inflation artificially low and we seem to have an arguement going between whether we are heading for inflation or deflation?? Banks?? Also would putting money in a SIPP even if just as cash till I decide what to do with it?? I am a higher rate taxpayer. If I put £20k in a SIPP does that mean I am taxed on £20k less when I do my tax return?? If anyone has any advice on the issues affecting me which I have underlined I would really be greatful. Just as an after thought I am newish to this website but have been trying to give as well as take input from discussions since I joined a couple of weeks ago. I think the whole concept of this website is superb. Its good to have somewhere to look at discussion between where people think housing/economy is heading. Keep up the good work. Thanks
  3. right i think we should all get posting in support of Jack. Think I might call myself Jane
  4. walk by the canal from clapton to upper street - islington chance of survival - 50/1
  5. 3 bed at auction recently didnt sell - think its available for £157k now
  6. http://www.propertynews.com/brochure.php?p=PNC205946 this ones been on treesdontgrownonthesky about 4 weeks in a row. started out £235k i think. now £185k. Each week of no viewings another £5k seems to come off!! Nudge me when its £120k would you like a good lad.
  7. md23040 firstly thanks for trying to keep us realistic about falls. md23040 out of interest if someone put a gun to your head and asked you to guesstimate how big do you see the falls being?? what would your thoughts be? I personally think the UK is in for real term 20+ % falls (Scotland and London may be less), so Norn Iron IMO could see 30-50% real term falls. I feel Norn Iron rise was so unprecidented that you could see a long term fall in prices which is unprecidented on previous graphs. We already seeing 20-30% falls on thetreesdontgrowinthesky. Ok they are not the majority - most falls are 10% approx currently. but 3/4 months these vendors may have to drop another 10% and then another 10% further along the line. Unless you have a very unique property you will be dragged down by the similar properties. Last time I was over I couldnt get over how many new build property seems to sit empty in Fermanagh for instance. It almost feels like there is a 1 home for each person in Norn Iron. All that needs to happen is prices drop considerably so the majority can afford to fill them. This is what it has been like in Spain where my mother lives for last couple of years . People such as her herself with properties on the market for 260-300k euro when there are those desperate to sell with similar property on at 200k euro. You will get dragged down by those who are willing/most need to cut first. Look at what a flat costs in Glasgow. That is what one should cost in Belfast (2 bed city centre £130k basic new build -£180k penthouse) I suspect I will be able to pick up something like a 2 bed 'penthouse' apartment that may have touched £250k-300k peak for 50% less at auctions in 2 years time. IMHO. MD23040 your statement on developers not going to build new builds at a loss makes sense yes. But land values will drop and any builder who is sitting on high inventory will suffer. Also altho build costs are rising builders will take less profit per job just to keep going. In East Germany I could probably build a house for £80k but it might only be worth £40k due to lack of demand and oversupply. Why cant we have a scenario in Norn Iron in 5 years where there is so much oversupply that I could probably build a house for £160k (all costs including land) but it might only be worth £80k due to lack of demand and oversupply Watch for inflation there is only so long they can continue to fudge the figures. Oh and a Tory government sounds like bad news for Norn Irons public sector job dependence. Recession will not be good for all those FTBuyers in 16k 'retail jobs' with £200k IO mortgages to pay. = surge in repos IMHO
  8. yup 2011 for the botom pity ill have to wait four years to buy (seeing as i already have saved a deposit) my own place. tempted to buy in germany for now where BTL seems to make some sense and capital appreciation is a possibility. im sure they will be laughing at us in a few years with what some people paid for property in the UK. i am convinced Norn Iron will be in the textbooks alongside tulips , south sea and dot com bubbles. ah well 1300 days and counting till 15/09/2011.................
  9. http://www.timesonline.co.uk/tol/comment/c...icle3321789.ece sums up what i have thought about UK economy for a long time but took till the crdit crunch to turn into reality; "Britain now faces the worst economic prospects since the early 1990s and a high probability of the sort of property bust now playing havoc with the US economy. "
  10. http://www.propertynews.com/brochure.php?r...1166HF731251810 http://www.wilsonsauctions.com/property_de...new.asp?id=1096 come on we are in suspense how much did she go for ???? and the rest of them ??? !!!!!!!!!!!!!!!!!!!!!! ps http://www.housepricecrash.co.uk/forum/ind...showtopic=67765 the auctions could get more full of property in the months to come.................................. ????????????????????
  11. yeah prices really need to fall back at least to where rent covers interest only mortgage before i am interested in buying my first house. once people see capital appreciation as a thing of the past this should happen. need to sell i suppose it depends when the owner bought. on my link above the 300k property in Ashley Courtyard was only built a couple of years back so owner must be running at a monthly loss. Whereas the property you list is 10 years old so in theory if it still has the same owner from when built he will be running the property in his mind at a nice monthly propfit so may be in no rush to offload/cut price hence my property has seen biggest cut so far - £51k. Need to drop to £225k before I would be interested in viewing either.
  12. hey look hard and there is the odd ?51k drop in BT9!!!!! http://www.propertynews.com/brochure.php?p=PNC292312 ?51k off now a bargain at just ?299k. What does everyone think it is really worth???????????????????????????? I am looking to buy but this needs to drop to ?225k before I would be interested. Others thoughts?? anyone know rateable value??
  13. I hear that US Spy Satellite is heading for Helen Carsons desk at the Belfast Telegraph. ah we can but dream........................................................................... ..............
  14. http://www.treesdontgrowtothesky.com/Prope...NI/26.01.08.htm northern ireland is well and truely over a cliff 20% less than the UK average wage yet average houseprices somehow managed to rise above London (NI - 300k, London 292k) 1000 reductions a week at the moment. 7 over 30%. this website also records price rises - guess what not 1 in the whole of Northern Ireland Tulip Era in the Ottoman Empire South Sea Bubble Roaring nineteen - twenties Dot-com bubble Who is going to be the first to add Northern Ireland property bubble to that list on wikipedia ???!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  15. hi folks this my first post - you guys keep me sane in this very insane world we live in! i am 24 earn significantly higher than average salary and really want to buy somewhere nice to live. i feel i could wait a couple of years or just buy now - only if i feel i am getting a good deal tho. i think especially developers will have to cut prices to reduce there inventory - pressure from banks. hence therefore do people think a good chunk of the falls could happen very quickly???????????????? yet i cant get my head around prices being so out of line compared with say glasgow which i consider a similar city for comparison. really think prices should fall to 2005 rates values. http://www.propertynews.com/brochure.php?r=1&c=40&s=36572988&i=7&p=GOCGOC2010 reduced from 295 to 250. what do people think is a fair price?? has anyone seen any properties they think are fairly prices in decent areas of belfast?? thoughts folks?? thanks
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.