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nautilus

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About nautilus

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  1. Have to agree with you there especially around the 250K mark. What struck me was the lack of variety - once you have looked at 1 house then the next 20 were almost the same with pokey sitting rooms. In the end we found one with a large side extension which broke the mould but will have to refurbish the kitchen as a payback! Swings and roundabouts.
  2. The majority of the drops on this thread are for apartments / flats as might be expected due to the relative glut of new builds in recent years. These are also the types of property that want-to-be property moguls will now be trying to offload ASAP. My point is that if we look at a single headline figure of % price drops for the whole country it is bound to be somewhat misleading - some areas and types of property will be falling more and others less. Quality is likely to hold up better than overpriced dross that is oversupplied.
  3. nautilus

    Remortgaging

    I was thinking that if the same rules were applied to people remortgaging with the same lender as are being applied to new borrowers then there would be a vast number of repossessions in a falling market. However as answered above it seems like the standard thing is to be put on the SVR which these days isnt so different from the majority of deals on offer.
  4. nautilus

    Remortgaging

    I was wondering what effect the credit crunch has on peoples ability to remortgage with their existing lender as this will have a big impact on repossessions. For example if someone is mortgaged up to the hilt and their house drops in value or their own situation deteriorates such that they fall outside the normal lending criteria how does the lender deal with this. Strainght onto the SVR with no deal or no mortgage at all offered?
  5. I noticed in our rental contract that if we were hypothetically to buy the property we are in from the landlord then the landlord would have to pay the letting agents 2% of the selling price as a finder fee. I had to laugh at that as it is nothing to do with the letting agents and would be an agreement between the owner and ourselves. However it would be enough to put the landlord off selling to current tenants. The point of this is to check if a similar agreement would be in place if you were to rent first and then buy.
  6. Exactly - not every region is going to behave the same and so it is fairly meaningless to look at figures which are an average of the whole country.
  7. My feeling is that things will stagnate to a large degree especially the better houses in better areas. The reason for this is that people increasingly wont be able to borrow what they need to buy. This will mean houses just wont shift irrespective of whether its a 5% 10% or 40% drop. For sure asking prices will drop but if they still dont sell I suspect the sellers will just give up and take it off the market unless they are forced sellers. I am bearish on the market but not to the extent of 40 or 50% drops. I have a family member trying to sell in N. Ireland - despite a couple of significant drops still nobody is even viewing let alone buying.
  8. I think that there is a tight control on new recruitments with the likelihood being that few senior appointments will be made without very good justification. Over tiime this will result in the more expensive older employees being replaced by younger and probably more motivated staff. The idea of widespread redundancies is probably wide of the mark. However university staff have a salary increase which is either 2.5% or RPI whichever is higher coming up in October. The way things are going this is going to be a significant increase in the wage bill.
  9. Completely off topic but I saw a big sign advertising a either a pet shop or vets in the Dominican Republic a couple of years ago "PET CHOP". Priceless!
  10. These types of changes on propertysnake are alsmost certainly not genuine. Could be a data inputting error. Nobody would make such a drop in one go on a house of this sort of price.
  11. I believe there will be marked regional variations which could widen the north south divide. The problem with looking at headline figures is that they are an average of the country. Thus a 2.5% drop may mean 5% in one place and 0% in another.
  12. Looks pretty awful for 650k. You would need to go sideways to get into the bedrooms unless you are Kate Moss.
  13. I wouldnt agree that Southampton is awful. The city is OK with some nice parks in the center and has some nice countryside and coast on the doorstep. Although prices here are high it is not as bad as I thought it would be before we moved here last year. For sure it will drop here in the coming months / years but Im still not convinced that it will be as big a drop as some think.
  14. Almost certainly they will not sell. If you look at the advert for the second one I think they are looking for around 235k. Would anyone bid anything like that on ebay!
  15. Having a tenant in situ is far from ideal and not what I would have chosen of course. Problem is the house is the only one out of about 25 we have viewed that fulfills our needs at the right price. It looks too good to miss but Im going to thoroughly check the tenants contract and get in touch with the letting agents first. I also think the seller is desperate to sell and will be more likely to accept a low offer. House is big for the price just needs a bit of sprucing up
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