pig Posted June 30, 2013 Share Posted June 30, 2013 AFAIK in accounting terms when one owes money to a bank they are your "creditor" and you have credit on the liability side of your balance sheet. The bank has you as a "debtor" and has the dept on the asset side of its balance sheet. Ergo the interest you pay is the cost of the credit. That is interesting. Perhaps because as a private citizen you don't have a 'balance sheet' (in practical terms) therefore you simply call it mortgage ('death pledge') debt ? As a business you are more likely to have formal accounting procedures therefore you have such things as creditors and credit liabilities ? Then again private citizens do have 'credit' cards... As 'debt' is such a politically loaded term, I was wondering when is it actually technically correct to talk about the cost of 'credit' as opposed to the cost of 'debt'. Semantically, one term seems to emphasise your obligations (death pledge !) to others, the other seems to emphasise your financial power - almost opposite in sentiment. Quote Link to comment Share on other sites More sharing options...
snowflux Posted June 30, 2013 Share Posted June 30, 2013 you missed. Life insurance. maintenance Gardening and other stuff Homeowners spend fortunes on. 200K gets you a box around here. My rent of £900 gets me a very large 4 bedroom house, off street parking for about 10 cars, shed, washroom, garage, large back garden and views over fields. numbers dont always make sense when quality of life overrides. No, I didn't miss them. I don't have life insurance since it wasn't required for the mortgage. I kept the default settings for annual maintenance and renovation costs of 0.5% (i.e. £1000) each. Gardening was my responsibility when renting and had to be carried to the satisfaction of the landlord. I now only have to do it to my own, somewhat laxer standards, so actually cheaper now! The house a standard 3-bed semi in a posh-ish suburb of Birmingham on the same road as my son's school and with a garden big enough to kick a football around in. It suits me just fine. Mind you, I have to say I'm pretty impressed with the sort of deals that you and Bruce have managed to negotiate; there's no way I could have found a house like mine to rent around here for much less than the £750/month that I was paying. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 30, 2013 Share Posted June 30, 2013 (edited) No, I didn't miss them. I don't have life insurance since it wasn't required for the mortgage. I kept the default settings for annual maintenance and renovation costs of 0.5% (i.e. £1000) each. Gardening was my responsibility when renting and had to be carried to the satisfaction of the landlord. I now only have to do it to my own, somewhat laxer standards, so actually cheaper now! The house a standard 3-bed semi in a posh-ish suburb of Birmingham on the same road as my son's school and with a garden big enough to kick a football around in. It suits me just fine. Mind you, I have to say I'm pretty impressed with the sort of deals that you and Bruce have managed to negotiate; there's no way I could have found a house like mine to rent around here for much less than the £750/month that I was paying. no life insurance for the mortgage?? never heard of that. a quick google reveals it to be so. More sensible lending...lend to the hilt, at lowest possible rate, and dont bother with life cover....sheesh....thats another £50 the banker can add to his lend, his bonus and pension. Edited June 30, 2013 by Bloo Loo Quote Link to comment Share on other sites More sharing options...
winkie Posted June 30, 2013 Share Posted June 30, 2013 no life insurance for the mortgage?? never heard of that. a quick google reveals it to be so. More sensible lending...lend to the hilt, at lowest possible rate, and dont bother with life cover....sheesh....thats another £50 the banker can add to his lend, his bonus and pension. Single what is the life insurance for?.....the bank can sell it to get their money back.....a couple would be foolish not to have insurance to cover the other party.......not the bank. Quote Link to comment Share on other sites More sharing options...
I ♥ spreadsheets Posted June 30, 2013 Share Posted June 30, 2013 I`m assuming sales volumes have not remained static, meaning only the best of the best houses actually sell at a premium? No idea about volume, I'm just checking Rightmove sold prices (from the land registry), but houses that sold in 2006/2007 and have sold again since have achieved about the same or higher generally. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 30, 2013 Share Posted June 30, 2013 No idea about volume, I'm just checking Rightmove sold prices (from the land registry), but houses that sold in 2006/2007 and have sold again since have achieved about the same or higher generally. strange, the land registry says otherwise. only an idiot would say 2007 prices, those prices were at the peak of tho biggest, most destructive , credit bubble in history. nuff said. Quote Link to comment Share on other sites More sharing options...
I ♥ spreadsheets Posted June 30, 2013 Share Posted June 30, 2013 strange, the land registry says otherwise. only an idiot would say 2007 prices, those prices were at the peak of tho biggest, most destructive , credit bubble in history. nuff said. Well it doesn't does it, cos that's where the info is coming from Have a search on Rightmove for sold houses in Chandler's Ford, Eastleigh and you'll see that pretty much everyone in the area is an idiot, apparently Take note of the properties sold in 2006/2007 that have sold again, almost all in the past six months have sold for more recently. Quote Link to comment Share on other sites More sharing options...
Ulfar Posted June 30, 2013 Share Posted June 30, 2013 Well it doesn't does it, cos that's where the info is coming from Have a search on Rightmove for sold houses in Chandler's Ford, Eastleigh and you'll see that pretty much everyone in the area is an idiot, apparently Take note of the properties sold in 2006/2007 that have sold again, almost all in the past six months have sold for more recently. Must just be me but I didn't know Rightmove gave the price a property sold at. What a property is priced at and what it sells for can be very different things. I would always check land registry for actual price of the specific property. On the subject of using price data is land registry still excluding auction and repossession sales, so even this can be misleading. Quote Link to comment Share on other sites More sharing options...
I ♥ spreadsheets Posted June 30, 2013 Share Posted June 30, 2013 Must just be me but I didn't know Rightmove gave the price a property sold at. What a property is priced at and what it sells for can be very different things. I would always check land registry for actual price of the specific property. On the subject of using price data is land registry still excluding auction and repossession sales, so even this can be misleading. The sold prices ARE from the Land Registry source data And I can vouch for some of them as I have been out-bid on a few in the past year :angry: Quote Link to comment Share on other sites More sharing options...
Venger Posted June 30, 2013 Share Posted June 30, 2013 Must just be me but I didn't know Rightmove gave the price a property sold at. What a property is priced at and what it sells for can be very different things. I would always check land registry for actual price of the specific property. On the subject of using price data is land registry still excluding auction and repossession sales, so even this can be misleading. Yes, RM has sold prices, and the way they present info on it, makes it a very useful resource. You can scan whole villages/towns for recent sold prices, and also go back months/years to view data. The results are often accompanied by the listing photos of the houses that were on the market, harvested with the sold prices, which is useful. Also holds, where available, prices paid in earlier years for the same property. Test it. Put in a street or even entire village name. http://www.rightmove...se-prices.html/ Quote Link to comment Share on other sites More sharing options...
inflating Posted June 30, 2013 Share Posted June 30, 2013 Yes, RM has sold prices, and the way they present info on it, makes it a very useful resource. You can scan whole villages/towns for recent sold prices, and also go back months/years to view data. The results are often accompanied by the listing photos of the houses that were on the market, harvested with the sold prices, which is useful. Also holds, where available, prices paid in earlier years for the same property. Test it. Put in a street or even entire village name. http://www.rightmove...se-prices.html/ Very disheartening: a street I know in Southend (Essex), back to 2007's selling price in Dec 2012 plus 5K on top (4 bed semi). Nearby identical house a few doors away was 190K in 2003. In Southend, doesn't seem to have been a crash, and recently the Halifax said it had the most HPI in the country. Gobsmackingly unbelievable. Quote Link to comment Share on other sites More sharing options...
I ♥ spreadsheets Posted June 30, 2013 Share Posted June 30, 2013 Very disheartening: a street I know in Southend (Essex), back to 2007's selling price in Dec 2012 plus 5K on top (4 bed semi). Nearby identical house a few doors away was 190K in 2003. In Southend, doesn't seem to have been a crash, and recently the Halifax said it had the most HPI in the country. Gobsmackingly unbelievable. That said, what I have seen in my year of monitoring is that only the high quality houses seem to sell easily for higher prices. The badly located/terribly laid out houses hang around and are either taken off the market or sell for lower. It's these vendors who will struggle long term I reckon. Quote Link to comment Share on other sites More sharing options...
inflating Posted June 30, 2013 Share Posted June 30, 2013 That said, what I have seen in my year of monitoring is that only the high quality houses seem to sell easily for higher prices. The badly located/terribly laid out houses hang around and are either taken off the market or sell for lower. It's these vendors who will struggle long term I reckon. The ones I am talking about are 2 good sized 4-bed semis, perhaps quality compared to some, but even so... I don't want to live in Southend again anyway but if I did I would be completely rogered if I had STR in '06 or '07 hoping to come back and buy for less later. Unless that is, the HPC will happen there in the future in nominal terms. Very, very demoralised to see that. Has put me right off my supper. Just clinging to the hope the other areas I might relocate to aren't in the same HPI league. Anyway, I'll sign off here before I get accused of being a VI or some such which will do no good for my blood pressure today at all. Quote Link to comment Share on other sites More sharing options...
inflating Posted July 2, 2013 Share Posted July 2, 2013 The ones I am talking about are 2 good sized 4-bed semis, perhaps quality compared to some, but even so... I don't want to live in Southend again anyway but if I did I would be completely rogered if I had STR in '06 or '07 hoping to come back and buy for less later. Unless that is, the HPC will happen there in the future in nominal terms. Very, very demoralised to see that. Has put me right off my supper. Just clinging to the hope the other areas I might relocate to aren't in the same HPI league. Anyway, I'll sign off here before I get accused of being a VI or some such which will do no good for my blood pressure today at all. Having said that, just got an automated selling price email and note that a flat in the same road sold for not much more than the 2003 price of a flat at the other end of the street. They're different build years but it's a positive surprise to see that, unless the one that sold a few months ago is in a right old mess. Quote Link to comment Share on other sites More sharing options...
Vagabond Posted July 2, 2013 Share Posted July 2, 2013 Yes, RM has sold prices, and the way they present info on it, makes it a very useful resource. You can scan whole villages/towns for recent sold prices, and also go back months/years to view data. The results are often accompanied by the listing photos of the houses that were on the market, harvested with the sold prices, which is useful. Also holds, where available, prices paid in earlier years for the same property. Test it. Put in a street or even entire village name. http://www.rightmove...se-prices.html/ Yup thats fairly depressing and echos the data I've been seeing. House prices mostly being sold for the 2006 prices and rising. Bottom end of houses particularly strong (I would assume because the average wage around these parts is very low in comparison to the average price). Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted July 3, 2013 Share Posted July 3, 2013 Yup thats fairly depressing and echos the data I've been seeing. House prices mostly being sold for the 2006 prices and rising. Bottom end of houses particularly strong (I would assume because the average wage around these parts is very low in comparison to the average price). Same here, village basically back to 2007 levels for anything even half decent. J Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 3, 2013 Share Posted July 3, 2013 Same here, village basically back to 2007 levels for anything even half decent. J And the volumes of completed sales at those prices? Or is this just asking prices on Rightmove. Quote Link to comment Share on other sites More sharing options...
Vagabond Posted July 3, 2013 Share Posted July 3, 2013 And the volumes of completed sales at those prices? Or is this just asking prices on Rightmove. Sales volumes about half of peak but looks like they're starting to pick up a bit now. Asking prices seem to be sticking more whereas they were dropping this time last year. Does anyone know where I can find a breakdown of asking price vs sales price by region? Quote Link to comment Share on other sites More sharing options...
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