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House Price Crash Forum

Bob

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About Bob

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    HPC Poster
  1. Simple solution... Landlords don't like DSS as they are notoriously bad at paying rent on time and need chasing. Theres also a perception that if you are DSS you'll trash the house. So don't tell the landlord and get the DSS to pay the rent to you directly instead - you may be short occasionally and you'll have to chase the DSS for the rent. Also get a parent to act as guarantor on the tenancy.
  2. This is the classic ruse used by developers in a stagnant / falling market. Rather than reduce the sale price they effectively give you cash back after completion. Guess which figure is reported to the Land Registry though! Its a way of reducing the price without "officially" reducing the price. Its not in the developers interest if they've got 100 units remaining to start reducing prices willy nilly, nor to contribute to a crash by sending indexes south! Incidentally, when people get mortgages on these units, the surveyor uses comparable evidence from the market - guess which figure they use! Banks sign up to what they think is say 90% LTV when in fact its probably 100%. Nice.
  3. I've just sold my house - to a BTL. Market is slowing but BTL demand still seems strong. I had my house rented out last year at market value - this guy has put back on to the market at 20% more than I was charging. He may not get 20% increase but probably 15%. (i'm not BTL by the way - I moved area and thought I may be returning in a couple of years). Thats a 15% uplift in 1 year! Rents are going to increase unless theres a real glut of vacants on the market in a particular area. Its a shame. First time buyers are now priced out of the market and soon their rents are going to go through the roof as well. Thats why BTL are still buying. Also, ironically, BTL is less risky to a bank than a FTB. If a BTL can demonstrate that his rent covers the IO repayments he will get a loan. If the person renting loses their job and falls behind on their rent they are evicted and another renter put in. If a FTB loses his job hes screwed and the bank repossesses - the BTL is a buffer for the bank doing the work to avoid repos. You can say what you like about capital values but theres only one way that rents are going and thats up. BTL landlords will start to pass on the increasing costs of their mortgage to the failed FTB and the fact that more people are now forced to rent or choose to STR means its a self fulfilling prophecy and could prop up the capital values for a while longer.
  4. As stated by jimmyjazz it ain't legal.....but if the tenant doesn't know their rights or doesn't have the inclination to take the landlord to court after the fact, then some unscrupulous landlords will get away with it. Obviously different in a squatting scenario where the occupier doesn't have a legal agreement with the landlord. However, you still have to take peaceable re-entry, i.e., you can't physically remove them if they are on site - you have to wait until they have popped out to buy a pint of milk and then pounce! Thats why squats have multiple occupants so that theres someone at the premises 24 hours.
  5. I know Property Guru is ignoring me currently so this may not be a welcome addition tohis thread! Inflation is calculated over a basket of goods so if chicken eggs have gone up 13%, Ipods must have dropped in price to compensate. Having said that, Ipods aren't a neccesity good so food inflation hits the poorest hardest - worrying. Sorry don't mean to teach you guys to suck eggs!
  6. Oops sorry, got wrong end of the stick and didn't read your post properly - I thought you were referring to the asking price index. My comments probably still hold true though - the automated valuation model, I assume, uses past sales data - the same as a valuer visiting your house - only difference is that the valuation model won't take account of your god awful pink bathroom suite!
  7. Erm, sorry to disappoint you but this isn't price fixing- its an index of asking prices reported 1 month retrospectively. For a cartel to exist you need to prove that the EAs are all getting together and maliciously fixing prices artificially high. In your case as a surgeon, theres nothing wrong with checking what your competitors are charging (you'd be silly not to) but if you all sit around a table and artificially set a price, thats a cartel - it means you have removed competition from price setting andis illegal which is not the case with the Rightmove index.
  8. Prophet profit No offence taken as I'm not a bull. Sorry for hijacking your thread - I just wanted to make a point! Both clips v funny& V relevant!
  9. Ahhhh, Property Guru! I was starting to miss you! As eloquent as ever I see! You have a nice day too yuh hear!
  10. Hatchet Man. As you correctly assert, yields in commercial property are softening. However, commercial property isn't the same as the resi market. Commercial property is traded on sound investment principles by large players with knowledge of the market, or representatives who have knowledge of the markets. They will generally have a portfolio of investments with a weighted commercial property holding to diversify risk. The resi market is different in that most people who operate in it have little knowledge and aren't represented, particularly the buyers. I'd argue that the majority of sellers are also poorly represented by second rate EAs. Also the scale of investment is on a different scale and if £200 m is wiped off the value of a pension fund's property portfolio by a 0.25% yield shift then its small potatos in the scheme of things. However, if Joe Bloggs loses 20% of the value of his house overnight, thats a big difference to Joe! That why I argued in my post that sellers may well be inclined not to sell and batten down the hatches. Resi is probably the least perfect market there is so its like an oil tanker to turn - too much emotion and lack of knowledge. However, all markets are cyclical and fall it must.......at some point but, in my humble opinion, not yet. You have a nice day too now yu hear!
  11. Nice one Needle! Understood - maybe i'll retire early then..................or maybe i'll stick around for some fun!
  12. Hatchet man. Ahhhh you boys are so paranoid! To think that a nasty insurance broker in the city could infiltrate your cosy little crash love fest like a mole and start pouring poison into peoples ears! I'm actually a Chartered Surveyor working in COMMERCIAL property. No links to resi whatsoever and no hidden agenda - just liked the website for a while and thought I'd post. I'm just making a point that people get "Trolled" a bit too easily in my opinion. whilst my first post "It Takes Two To Tango" wasn't consigned to the troll bin, I was accused of being one for simply saying no crash for 12 months - 2 years and stating why. Is this not a discussion forum? It would be somewhat dull if everyone on here agreed wholeheartedly with one another! Less and less Bulls are posting now, partly because they probably don't feel as comfortable about thier position at the moment and partly because they are abused and lambasted at every opportunity from all angles and it gets somewhat tiresome! This site should beware: its had good press coverage recently and I'm glad it has, but the more elitist and biased it becomes, the less and less people will take it seriously, which is counter productive. The welcome link states "the forum where people are discussing the state of the UK housing market FREE FROM SPIN." If people with a bull mentality are consigned to the Troll bin for stating an opinion - how is this "free from spin." dgl1001 is a classic example for his / her post "Why there will never be a HPC - ever." Somewhat misguided title I grant you but just someone with an opinion, not someone with a hidden agenda - dgl1001 spent the best part of 2 days defending his /her opinion until the Troll gestapo moved in for the kill. Would a mortgage broker / EA really spend their whole weekend trying to talk up the market? Incidentally,my posts take a while to get through - I think because I'm still a newbie.
  13. I think some of my posts get lost in the ether when I mention individuals by name so i'll stop doing that! I'm not a mortgage broker - its quite deliciously ironic that you've accused me of this as its the other card that the militant bears pull to discredit people with different opinions! Playing your troll card is the equivalent of running home to mommie when the boys in the next street aren't playing nicely! Awwwww.
  14. Do you think a mortgage advisor could afford their own house? They're on £16 - £20k pa! No Matador i'm no mortgage broker - just a person who doesn't (quite) agree with others on this website (god forbid!) I had the audacity to suggest no crash for 12 months - 2 years PROVIDED IRs close to top of cycle and Property Guru played his Troll card! Its the equivalent of running home to your mummy when the boys from the next street aren't playing nicely! Awwwwww.
  15. Have a house but no mortgage so couldn't give a stuff if the market crashes or not! I'm just sick of certain people pulling the Troll card when anyone dares to challenge the "house" position - so I thought I'd even things up a bit with the reverse troll concept! I repeat: AWWOOOGGAAAHH!!!
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