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Local Repo's Back With A Vengance

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In the small Town where my business is located, repossesions are popping - up all over the place - this is in marked contrast to the last 10 years.

On one new housing estate (an 'executive' estate - all 5 bed detatched) 3 are currently up for sale having been repossesed.

Enevitable casulaties of the easy credit boom?

Another interesting development is the use of auctions for local property, not something seen since about 1995 here.

Also detatched houses @£300000 are renting for £800 per month, a yield around 2.6%. A chap told me he has let his hor this. I said the money would be better off in a Bank account or better still invested in say Morroco, Germany or TEC SHARES (thats right folks, tec shares).

Perhaps sentiment has finally tipped...........

Glad I sold my B2Ls B)

;)

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I was just reading the blog about Manchester repossessions. Astounding

A BIG rise in bankruptcies and home repossessions has hit Greater Manchester - and brought demands for action from the government.

County court mortgage repossessions are up 42 per cent from last year and bankruptcies up 66 per cent. One of the most staggering increases is in Manchester itself, where there are 164 per cent more bankruptcies.

North west Euro MP Chris Davies fears this could signal recession and is calling on Chancellor Gordon Brown to take urgent action. He says many families are cutting back on borrowing.

"Their credit cards have kept the high street boom going and their mortgages inflated the housing bubble. But people are starting to tighten their belts," said Mr Davies, leader of the British Liberal Democrat group in Brussels.

According to figures from the Department of Constitutional Affairs there were 284 repossession orders in the last quarter, up 55 per cent, and 185 bankruptcies, a rise of 164 per cent.

Probably down to all the new build flats

Edited by breezi

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In the small Town where my business is located, repossesions are popping - up all over the place - this is in marked contrast to the last 10 years.

On one new housing estate (an 'executive' estate - all 5 bed detatched) 3 are currently up for sale having been repossesed.

Enevitable casulaties of the easy credit boom?

Another interesting development is the use of auctions for local property, not something seen since about 1995 here.

Also detatched houses @£300000 are renting for £800 per month, a yield around 2.6%. A chap told me he has let his hor this. I said the money would be better off in a Bank account or better still invested in say Morroco, Germany or TEC SHARES (thats right folks, tec shares).

Perhaps sentiment has finally tipped...........

Glad I sold my B2Ls B)

;)

Dogbox, I'm not sure about this. I have a terrible habit of saying the opposite of what I really mean by way of a bit of wind-up. Is this a wind-up?

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I went to Huddersfield today. Got caught by Visa - Told them to sling it, Went into Next - pushing store card - JJB - Pushing storecard. The went to Money Shop to send WU. Pushing cash til payday. No wonder bankruptcies are soaring.

Sheeesh

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Great news I would love to purchase a Large truck this weekend, chuck in my job and going out making a killing throwing these good for nothing half wits out of their over priced homes.

Driving of merrily (tis the season) with all the kids Xmas pressies Xbox360 anyone?, If only I had the balls.

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Interesting stuff Dogbox.

Can you clarify your current position for us. I know you were a bull who turned bear, but then you showed glimmers of bull again from time to time.

With the economic position now worsening fast and SIPPS blown away, are you nw more bearish again??

Cheers,

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Guest Charlie The Tramp

Dogbox, I'm not sure about this. I have a terrible habit of saying the opposite of what I really mean by way of a bit of wind-up. Is this a wind-up?

He only winds-up when he wears his Bull`s cap, just lately he has put his Bear`s cap on. ;)

According to figures from the Department of Constitutional Affairs there were 284 repossession orders in the last quarter, up 55 per cent, and 185 bankruptcies, a rise of 164 per cent.

You can get all the latest stats for repossessions and bankruptcies, regional and nationwide.

Right Here

Remember surveyor`s post of the 30th November

surveyor Posted on: Nov 30 2005, 01:43 PM

Just got back from a repossession, chatting at length to the estate agent whilst the locksmith worked. The agent said, a propo repossessions, that 'half' their vendors were banks. I immediately queried the 'half' bit and she confirmed the same. Even I was shocked. She says other ex colleagues in Lewisham/Sydenham area are even busier on this side of the closing down business. She also said many owners are just avoiding repossession after initial proceedings. Quality areas getting hit too. Certainly tallies with my experience. Much more of this to come. Obviously.

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Dogbox, I'm not sure about this. I have a terrible habit of saying the opposite of what I really mean by way of a bit of wind-up. Is this a wind-up?

I doubt it - the last four houses I have viewed have all been repossessions. Makes me even less likely to buy right now. The more that flood on to the market the more interesting it will get.

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The interesting thing is will the "short-term-fixedy-type" mortgages moderate the flow onto the market this time around????

:unsure:

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I was just reading the blog about Manchester repossessions.

Me too.

Where's apollo when you need her ? I'd love to hear her spin this one. :rolleyes:

I can hear the distant grinding of teeth.....coming from Didsbury.

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Local paper (surrey area) Secure Move Corporate Property Services advertising for

Repossession Team Leader _ "we are creating additional Team Leader positions ...."

Repossession Property Administrators

Property Care Administrators (to liase with repossession management teams)

"our core markets have expanded significantly in 2005 and we are planning for even greater growth in 2006"

based in Weybridge

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OK guys but to put in in perspective, this link shows 19000 for the last quarter,

how many was it per quarter in the last crash,

it is impressive though, doubled in a year.

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Guest struthitsruth

OK guys but to put in in perspective, this link shows 19000 for the last quarter,

how many was it per quarter in the last crash,

it is impressive though, doubled in a year.

http://www.moneyweek.com/file/2946/fsl-ukdebt.html

Properties taken into possession totalled 75,540 in 1991.

So by my reckoning, the 19,000 is well on the way to exceeding the peak of 1991 ?

No ???

B)

Edit: Not meant to imply that the proportion of loans repo'd is going to be equalled. . . .

;)

Edited by struthitsruth

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OK guys but to put in in perspective, this link shows 19000 for the last quarter,

how many was it per quarter in the last crash,

it is impressive though, doubled in a year.

"Statistical Background

High rates of mortgage repossession continue to be a major social problem in Britain. Between 1990 and 1998, a total of 454,280 households, containing 1.3 million adults and children, experienced mortgage repossession. Although the number of repossessions peaked in 1991 at 1,453 households a week, in 1998, 650 households a week were still losing their homes in this way."

http://www.insolvencyhelpline.co.uk/identi...epossesion6.htm

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I went to Huddersfield today. Got caught by Visa - Told them to sling it, Went into Next - pushing store card - JJB - Pushing storecard. The went to Money Shop to send WU. Pushing cash til payday. No wonder bankruptcies are soaring.

I was shopping in Swansea's M&S today and they tried to push a store card on me. They haven't done that before at the check-out in, well, never.

I pointed out that the UK population owes 1.3 trillion and asked the two ladies if they knew how much a trillion was - I said it was a lot.

The reply I got was: "Well, if people can manage their debt they will be all right!" to which I pointed out that people were not managing it and we would see the reality of this in the next 2 years.

They were a tad uncomfortable about someone challenging what lies behind them saying "Would you like a storecard sir?".

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"Their credit cards have kept the high street boom going and their mortgages inflated the housing bubble. But people are starting to tighten their belts," said Mr Davies, leader of the British Liberal Democrat group in Brussels.

are people starting to tighten their belts or is it the banks...

this is where it all goes wrong!... when the credit pool STOPS... people can't use credit to pay excessive credit... its so simple...

I blame the banks for house prices... i really do... and will laugh when they struggle with them all turning BAD!

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Guest Charlie The Tramp

don't mean to be pedantic ctt but the stats at http://www.dca.gov.uk/statistics/cjust.htm#part1

do not match up with the historical ones at the odpm................

so i can't see how to compare these with 1991

Well I understand the DCA stats are compiled from the County Court records dealing with repossession orders and bankruptcies. You will have to ask two jags why they don`t match up with his. ;)

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I went into a store in Reading a while ago. At the till I was asked if I would like a store card. I thought I would have a bit of fun.

'What's the interest rate?' I said. The woman behind the counter seemed a bit surprised by my blunt enquiry. She said, 'I think it's about 29%'

'29%!' - I must admit I shouted this out a bit - so the people in the queue behind me could hear. 'Do I look like a down and out? Do I look like I am so desperate to borrow money that I would borrow it off you - just to shop in this store - at a rate that is higher than I would expect to pay at some back-street low-life moneylenders?

She gibbered a bit and I ended up sort of apologizing for my outburst but my final gift to her was 'Tell your boss not to ask you to insult your customers by offering interest rates that are frankly obscene.'

I didn't do it to upset the woman serving me - I did it because I wanted her to tell her boss 'you know some people get quite upset at the interest rate we charge on our store cards. They seem to think we're taking the p*ss.'

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Marina,

LOL, nice one. Missed a trick. Should have said "if you are willing to rip me off on finance are you also doing the same with the pricing/quality of your goods as well?", plonked them on the counter and walked out. :lol:

Edited by OnlyMe

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Interesting stuff Dogbox.

Can you clarify your current position for us. I know you were a bull who turned bear, but then you showed glimmers of bull again from time to time.

With the economic position now worsening fast and SIPPS blown away, are you nw more bearish again??

Cheers,

To be honest I dont know what way the market is going. Although repo's are going up and will surely be reported as soaring next year, interest rates are still low which makes an I/O mortgage affordable for the masses.

I'm hopefully about to complete on my Berlin land and also UK office premises so selling my B2Ls made a lot of sense for me. The demand for UK office premises that are well located will in my opinion rise, I dont care what official figures say. The reasons for the rise will be the decline of traditional high street retail sector coupled with a rise in demand from service / internet sector.

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In the small Town where my business is located, repossesions are popping - up all over the place - this is in marked contrast to the last 10 years.

On one new housing estate (an 'executive' estate - all 5 bed detatched) 3 are currently up for sale having been repossesed.

Enevitable casulaties of the easy credit boom?

Another interesting development is the use of auctions for local property, not something seen since about 1995 here.

Also detatched houses @£300000 are renting for £800 per month, a yield around 2.6%. A chap told me he has let his hor this. I said the money would be better off in a Bank account or better still invested in say Morroco, Germany or TEC SHARES (thats right folks, tec shares).

Perhaps sentiment has finally tipped...........

Glad I sold my B2Ls B)

;)

I believe remember a post a while back where you said people in these estates were rich, 2 big cars and everyone looked well off, somone argued it was all debt and these people were poor but only appear rich. How things have changed on these estates :P

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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