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House Price Crash Forum

kpszip

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About kpszip

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  1. I know GM would go kicking and screaming in to bankruptcy, the effect would be very negative for them and the whole auto industry. It could pull them down into something that they may never recover from. Perhaps the US gov would end up buying them, kindof like AIG or Northern Rock?? I don't think Chrysler are so important, the 'Big Three' have been known as the 'Big Two and Half' for some time. I guess time will tell, I think it's unlikely that GM will be allowed to fail, too many of their employees voted for Obama!
  2. So (and sorry if I'm thick and just don't get it) lets say my contract started on the 15th of the January. It was a 6 month contract, and on July the 15th we went on to an automatic monthly contract. (This part has't actually happend to us yet and we have yet to receive any new paper contract, but I'm not sure we do anyway?) Now it's say August the 25th. If we want to leave now and we give 1 months notice. So I think that means we leave on the 25th of September? Or are you saying we leave on October the 15th? (As they need one full month of the contract so to speak?) Any help is appreciated.
  3. I'm in the same position myself, well similar. 6 month contract about to end, then I think it goes monthly automatically by law. Anyway do I have to get 1 months notice from any date, or does it have to fall on the same day that I started the now over 6 month contract. I don't know for sure, but I feel it's 1 months notice from any day you want. But if someone else knows better???
  4. I say fair play, you called it, stuck to you guns and sat it out while everyone was telling you what a fool you were (I'm sure someone did, as they did to me). I have the problem with the wife, she really can't wait to buy, not that I enjoy rented much either. but really do need to time our entry into the market properly. We are only half way there!
  5. As a rule of thumb in the rental market here (South Coast) and in the sub £850 price bracket they have dropped about 10% to 15%. Above the £850 mark they seem to have dropped by up to 25%. I think everywhere is different, so look in the local rag for similar places and see what they are being offered for, then drop it a bit as agent are being cheeky at moment, trying to keep things high in rental market. EDIT: Typo
  6. I live in a big city, (ish) about 110,000 people in and around. Used to have about 10 agents and maybe one or two lettings. Now have lost atleast 2 agents and the ones left are almost lettings agents now.
  7. Thats an intresting point. Your saying that the landlord can not force you to take out contents insurance that covers their applicances and such. I'd be really intrested to hear what the legal position on this is as am in the same position myself. Anyone got anything solid on this point?
  8. Seems like your 'own man' so to speak. You made a decision to buy and it sounds like you put a lot down, 75k. Prices are going to continue to fall in my opinion, the pace of decline may even increase. But only time will tell, no one can predict the future. In the current market a valuation is pointless, it's worth what someone will pay for it, and not many people can buy at the moment even if they wanted to. Buying in Dec 06 was probably the peak, or very nearly just after. You stand to lose a lot more in terms of equaty on that property at the moment, but as I said no one can tell you what will happend, and no one can tell you what to do. You decided to buy and you must decide what to do. You bought at the top, selling at the bottom is probably not the best idea. (Not that we have reached bottom yet IMHO). If you have a job, can service the mortgage, can stand living there, why not stay there? But at the end of the day, it's up to you.
  9. Sadly I agree, its going to take a long old time for peple to understand where they are. I personally don't think there is a shortage of funding, people are saying oh we've had viewings but they can't get the mortgage they need, thats rubbish in my opinion. Your house is over priced plan and simple. Bring it down to the correct level for market and there are no problems.
  10. I think they will go down, but not so much, as inflation is making everything more expensive, rents will fall relative to real prices, but say something that is £700 now, will be maybe £650 at best next year. It all depends on what happens generally if unemployment reaches two million then rents will be driven down more. But in my opinion rents will probably be static for the next year. Sorry I don't have better news, it sounds like you really need a big fall in rents, is there anything else you can do? Lodge with someone? Part time job?
  11. I really have tried to talk a friend out of this. Got a house and a 100% mortgage in about 2005. Now they have a baby and are thinking of another the two bd house they paid loads for is a bit small now. So they want to move up, there house has been on the market for ages and no viewings at all. (There's a point here guys, it means it's well over priced for the current market). So the new new idea, get a 'Let to Buy' mortgage, so they can let he house out they currently own and go and buy another one. You can see why I tried to talk them out of it. But they weren't intrested. Turns out housing will rebound soon and everything will be like it was before, 10% rises per year and all that. It's going to be a hard hard lesson for some people. I just wish I could make them listen, they are my friends and I have tried. There is nothing else I can do.
  12. Went in to a major building society the other day just as they were closing, so no other customers around. Said I wanted to open a particular saving's account. (I had two clerks to help me, as I said closing time and quiet in there). They asked if I wanted to buy a house? (guess they thought I didn't have one). I said no prices were coming down and I was waiting in rented. When prices came donw more I'd jump in. First lady said she had a flat she recently bough and was looking forward to all the money she would be making when she sold it soon. Second lady said now was great time to buy, some real bargins around. When they could see I couldn't be turned the second lady told me she was a property investor with her son. (This is the clerk remember). She said actually I was probably doing the right thing and they were taking it steady now. (Not sure what she meant) I found it intresting, though you might to.
  13. Do you think it's really possible that they could get into trouble? They are doing a right issue I think to raise a few quid. Doesn't that mean they'll be ok? (Not that I have any money in there).
  14. I just heard about some people losing their jobs from a local cement supplier. They made loads last year and the years before, but now sorry guys it's time to go. I guess this is just starting off really, there will be lots more the come.
  15. Yes, I know someone that did it. Bought about 2 years ago. Him and mate could not afford seperatly, so bought together. Idea was in a few years the price would have gone up enough for them to sell and both go their seperate ways with their own big deposits to get their own places. Now they are stuck there as NE is coming if not alreay there. I guess as long as they can live together and both keep paying they will be ok long term. but I'm glad I never even considered anything like this. I'm glad I decided to wait.
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