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House Price Crash Forum


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About barelythere

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  1. My symphathies, we only fully appreciate the value of heating and hot water until it's not there. I moved into a flat with 'gas central heating' in winter, to find that the gas wasn't connected. Turned out the gas suppliers had cut the gas off and would not reconnect it for the landlord, but once an unsuspecting tenant with a good credit history moved in, they were happy to reconnect but it would take a week or so to organise After calming down enought to be able to speak, I told the landlord I would be withholding rent - paying no rent for the period when there was no heating + an amount for inconvenience. He agreed without any argument.
  2. I've rented 4 different properties. Each of the contracts included a clause that the rent would rise by x% at the end of the initial term, but I've never paid increased rent. I've found that if you pay on time and look after the place landlords are always happy to waive this clause. They would much rather continue to receive some income than risk a month or two with no income while they find a new tenant.
  3. Definitely haggle - don't even consider paying the advertised price - there are always new properties coming on the market. I looked for ages to decide the area and type of place I wanted, then told all the local letting agents my criteria. One included a property well above my price range in the ones they showed me - hoping to encourage me to pay more. I wanted that one (obviously) but refused - despite much discussion - to go over my maximum. End result.. I'm renting a lovely 2 bed 2 bath place for the price of a 1 bed.
  4. http://www.hm-treasury.gov.uk/statement_chx_190109.htm includes the most recent additions, from the horses mouth and the open-ended commitment Details of all the official commitments should be in statements on the same site.
  5. It was stressed on the tv news earlier that Northern Rock was repaying it's existing loan earlier than expected.. how does that make any sense if they need to borrow another £3 billion?
  6. something that's been puzzling me about the whole inflation/deflation debate for a while is.. if you're right and banks do continue to lend, don't wages need to continue to rise so that people can service the debt? If wages stagnate or fall (as there are some indications might be happening in my industry (IT)) whilst essential commodity prices increase, the number of people able to take on more debt and service it will surely also decrease, leading to a spiral of more defaults and less lending?
  7. thank you!! the best post I've read in ages. I have no debt and significant savings spread around in various institutions and I'm investing in training to try to retain my earning power. I also have a large stock of vodka which I propose to use to drink myself into happy oblivion if it really gets so bad that you all need to use your guns and crossbows.. no point me getting one, I'd accidentally shoot my own foot off..
  8. Look at the prices of similar properties on rightmove etc. There are some 3 beds in LE3 for current asking prices below £200k - is yours similar or significantly better quality? If it is better quality, is there a market for that type of flat in that area of Leicester? Prices are not likely to go up between now and 2009 and could well go down significantly if there are still newbuilds being completed. If I were you I would take independent legal advice. If I could walk away now with a small loss I would do that rather than giving extra funds (if that is being requested) to a company that sounds like it may be in a spot of difficulty.
  9. No-one told the estate agents either it seems.. spent the weekend viewing properties to rent (don't think it's a good time to buy so decided to move into a nicer rented place) and all the 'letting agents' that showed me around (4 from different companies) usually deal with sales, but sales are so slack at the mo. they've been moved on to rentals. This was in West London around Chiswick. All of them said the rental market's good but that the sales market isn't generating enough work for them all at the mo. 2 volunteered the info that it probably wasn't a good time to buy and one of them actually asked what I thought would happen to house prices. It was a moment of sheer joy to see his face go white when I gave my prediction of 50% drops over 2 years - he said that was "even worse" than everyone else was telling him.. so I mentioned last months -2.5% Halifax figure and suggested he do the maths.. then I felt sorry for him and admitted I probably had quite a cynical view (well he was only a young lad).
  10. being the youngest in my family - I used to be last (number 4) in the bath.. using the same water (always cold, grey and scummy). You've all just scared the heck out of me - going to stop my daily cappucino and cookie breakfast and save the money for future hot water requirements.
  11. A cynic might think this was a way for the government to extend their (our) 'bailout' to other lenders in dire trouble hoping we won't notice. It has offered to cover any loss by financial institutions that provide money to Northern Rock so the bank can operate normal banking services.
  12. It's as normal as GMAC I think - NR at least has some depositors (if there are any left..) GMAC I don't think ever had any - bless 'em
  13. I understand that mortgage lenders like GMAC-RFC and Kensington have no money on deposit from Jo public, they offer only mortgages, not investment accounts. Their business model depends entirely on securitisation and sales of mortgage 'assets' to other lenders (such as Bradford & Bingley ).
  14. Mew Labour: political party providing 'miracle' economy based on rising house prices Mewsance caller: person who rings you to talk about their new 4x4 paid for by the increase in the value of their house Emew: Using equity to invest in european property
  15. QUOTE 1 The US mortgage market is worth $10,400 billion; 2 13% of that ( $ 1,350 billion ) has been lent to " sub-prime " borrowers; 3 14% of that 13% is delinquent ie the mortgagor is late with payments or has defaulted -so less than 2% of the total USA mortgage market is affected to date; 4 About 5% of that $1350 billion is in foreclosure ( $67 billion ), of which half is likely to be recovered; 5 Known losses so far are therefore about $33 billion; 6 That represents about 0.047% of the USA total national wealth. Regardless of whether it's correct (doubtful - depends on how they're defining sub-prime) the logic makes no sense. "3 14% of that 13% is delinquent ie the mortgagor is late with payments or has defaulted -so less than 2% of the total USA mortgage market is affected to date;" this and the following points assume the default rate on the remaining 87% of US mortgages to be zero .. which could be a little optimistic
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