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House Price Crash Forum


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About 7Towers

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  1. I'm not sure Lada's are still available. Would a Skoda do or is that an unfair comparison now VW own them?
  2. I have read everyone's opinions with interest and can only be sure of one thing. NO one knows what will happen. My house is just on the market so yes I have a VI. I want/need to move to a larger place, however what I have found at the next level up is that most people have quite a lot of equity in their homes and aren't ready to relinquish it yet. In fact I see a long stand off period as I know of some people who have taken their houses off the market because they didn't get expected bids. I don't see much more than a 10-15% drop from current levels and rents increasing to get closer to mortgage payments. I think we have to face up to homes costing us more in the future in cost vs income.
  3. In exactly the same situation ie trading up because of changing circumstances. I need an extra room for a new arrival. I agree with you about pricing realistically but I'm finding the level above me are obstinately sticking to the asking price even though one we like has been on since the summer. My house will go on market in next few weeks and if I'm lucky enough to sell, I'm prepared to rent if necessary. My belief/hope is that if I have hard cash in hand the "asking price" will be negotiable. I will be interested in how you get on as well, although I tend to agree about the need to stay away from this site. It could potentially get you down if the house ends up sitting unsold.
  4. Such a cynic LOL There speaks a man who has been burned before. You have to do the £10 meal for £100 at least once! Where's your soul???
  5. There was me thinking people were starting to be a little more realistic!!! £200k for a shoebox in Ballyclare???? The double garage is nearly bigger than the house!!! £75k tops! As an aside, I had 2 EA's out to value my house as we were interested in a bigger place. Both valued it but weren't keen on putting it on the market, telling me to wait until Spring when the market will get going again. Xmas a bad time to put a house on, blah blah blah. EA's can't get rid of current stock and don't want to take anymore on. The more I think about it, the more I believe we have to get back to realistic figures. I believe rateable value + 10% - 20% would be affordable. It knocks about £100k off my place but hey I'm happy as long as it applies all the way up the chain. Plus I never had it in my skyrocket. It was only there cos the media and EA's told me so! FInally, I see USA is trying to prop up the housing market by holding mortgage rates where they are at to stem the flow of defaulters. Not sure of all the details so I'm sure I may be corrected. Sorry to sound heartless but if it ends up the people who didn't MEW or speccvest bail them out then I would be less than happy!! :angry:
  6. anyway - before i go here is my fav. HPC tune. enjoy. GREAT tune!! v funny
  7. Don't get me wrong I'm not planning to relocate to Japan but I thought it the best comparison to NI. It worried me a bit when I went looking myself at Tokyo property and couldn't see any prices that where quoted in the BT. Just playing devil's advocate and wondering that if prices stagnate for a few years, the multiples will only come down a fraction. Is this the future that we will face? More concerned about getting my offspring out of the house and onto the ladder!!! I'm of the same opinion of most people that multiples have to come down but what if they don't? I don't have much to back up my argument other than historical data.
  8. I decided to do a bit of homework on Japanese prices as I've assumed prices are on the floor. I got avg earnings data which is 380kYen per month. £1 = 212Y. Avg earnings p.a. are £21509, roughly the same as NI. http://www.stat.go.jp/english/data/figures/index.htm#o Now when I checked house prices I got a scare. This one is 56MYen or £264k for 2 bed. http://www.realestate-tokyo.com/sale/outer...0/450/photo.img. I can only see the outside but it doesn't look in the greatest of nicks. My point is what if the price vs earnings multiples don't come back to 5-1? Are houses going to be 8 or 10-1 from now on? Please check my data and see what you think as I value anyone's opinions.
  9. Enlighten me. What is a troll?
  10. Jim You probably have a different outlook from most of the other posters on here which does no harm to hear other people's views and opinions. I'm looking to move up the ladder but am hesitant to take on unmanageable debt in today's climate. FTB's must be so frustrated as they need to take on a lifetime of debt just to get a 2bed somewhere. I believe we are very close to a full scale recession which has been a result of the easy credit enjoyed for the last 7 years. Some people have went mad and MEW's or speculated and there will be a lot of people I think believe they are infallible but may get caught big style. What does the BOE do? Reduce rates so people continue with easy credit but inflation spirals and ££ devalues or increase rates to curb inflation but dent the economy even more. An economy with little or no manufacturing anyway, based on service industry which can go to Poland/India/China at the whim of an MD. The economy of UK & Ireland is kaput as I believe we need a manufacturing industry so that there is a tangible product to export. So apologies for digressing but yes I think we are on the cusp of a recession and because NI is low on political agenda and uncompetitive due to its location far away from the rest of Europe, we are going to suffer more than most other areas. Right, just off to get my green card.....................
  11. Folks, an interesting article in Motley Fool. http://www.fool.co.uk/news/property-home/m...ioowftxt0010011 Inside The Mortgage Massacre "By chance, I happened to meet a chap who has worked in the mortgage industry for more than fifteen years.......The bad news is that, away from the prime mainstream lenders on the high street, the mortgage market faces a grave crisis. Indeed, my contact warned that this was the worst environment he'd encountered in 1½ decades in the business............Like lots of homeowners, many in the mortgage industry have done very well from the housing boom and the growth in lending to ‘non-standard' borrowers (i.e. people who have a bad credit history, buy-to-let landlords and self-employed workers who cannot prove their income). Indeed, my interviewee admitted that some of his contacts now drive Aston Martins or Ferraris. Nice work if you can get it.....However, my acquaintance admitted that his firm was laying off employees by the dozen, and other lenders and brokers were following suit...........When I asked my contact how long he expected these problems to continue, he replied that he saw no respite before next spring............Until now, the housing and credit booms have continued regardless. However, I knew the bubble was set to burst when writing The Incredible Shrinking Mortgage Market last month..........Personally, I don't expect the ongoing credit tightening to stop at subprime mortgages. I believe that, after a decade of greed and excessive lending, lenders are genuinely fearful of what's yet to come. Therefore, I think unless you have a good regular income, a spotless credit history and a decent deposit, then you may find it more difficult to get a mortgage in the future. ......... Summary - The credit market is shafted. You will need a whiter than white credit score to even get a mortgage plus a return to sensible multiples. I forsee a lot of people remaining in their homes unless they accept a lower price which may take a while to penetrate the general homeowners consciousness IMO.
  12. I've no sympathy for the EA's. Just for the staff who gave up jobs to join and then are on the dole 6 months later.
  13. The McAfee story? About 1/3 of the staff were laid off ie just over 40. IMO very naively based their business on continuing along 2006 levels which just wasn't going to be sustainable. Cutting a lot of costs at the minute to try to avoid further redundancies. Got carried away with the HPI thing. I don't know the owner but I have to assume he must possess some level of business acumen, though to expand so rapidly because of your rose tinted spectacles was crazy. Disappointing thing is they employed people earlier in the year who they have since let go 7/8 months later.
  14. I agree with doc. I've been a regular viewer of this site since the start of the year and have read all the posts and enjoyed the intellect of some of the posters. My situation is I'd like to move up in the ladder to get more space for my family, however I am trapped now as I don't think my own would sell as the whole chain seems to have collapsed. The only solution is to get FTB's back. To do that prices have to become realistic. I have no problem with my own place dropping 50% as long as the next rung drops as well. This will mean a lot of pain for those who have bought in the last 2-3years. Unfortunately I can see this leading to bankruptcies, divorces and a possible return to the bad old days. I am against the government trying to bail these people out but they must be held accountable for letting the lenders exaggerate and distort the market so much.
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