rantnrave Posted March 1, 2017 Share Posted March 1, 2017 (edited) Links on that CITY AM piece feed through to very bearish articles on London property... This one graph explains the horrors of London house prices http://www.cityam.com/259600/one-graph-explains-horrors-london-house-prices-and-why This is how far house prices have plunged in Chelsea http://www.cityam.com/258504/far-house-prices-have-plunged-chelsea Note the young age of the journo in the pic... Edited March 1, 2017 by rantnrave Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted March 1, 2017 Share Posted March 1, 2017 Do you REALLY think an Estate Agent's index will be truthful!!! Quote Link to comment Share on other sites More sharing options...
btd1981 Posted March 1, 2017 Share Posted March 1, 2017 So now I'm left trying to figure out what will be less depressing: buying an overpriced house soon or continuing to rent. Will I feel worse if we buy a house now and prices fall, or elect not to buy and prices continue to escalate beyond sanity. To be honest the second option in each case is something I probably wouldn't be able to stomach. Quote Link to comment Share on other sites More sharing options...
Fairyland Posted March 1, 2017 Share Posted March 1, 2017 55 minutes ago, rantnrave said: Links on that CITY AM piece feed through to very bearish articles on London property... This one graph explains the horrors of London house prices http://www.cityam.com/259600/one-graph-explains-horrors-london-house-prices-and-why Quote Some homes in central London have had their prices slashed by 30 per cent Waiting desperately for this to ripple out to the suburbs. Quote Link to comment Share on other sites More sharing options...
Mapatasy Posted March 1, 2017 Share Posted March 1, 2017 34 minutes ago, btd1981 said: So now I'm left trying to figure out what will be less depressing: buying an overpriced house soon or continuing to rent. Will I feel worse if we buy a house now and prices fall, or elect not to buy and prices continue to escalate beyond sanity. To be honest the second option in each case is something I probably wouldn't be able to stomach. Exactly how I feel. There's a lot that can be taken from this: http://www.kiplingsociety.co.uk/poems_if.htm Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted March 1, 2017 Share Posted March 1, 2017 I am in the rent or buy situation. To pay for an East European to wipe a Boomer's backpassage makes me sick, to pay SDLT to a load of liars makes me sick, for many, many reasons I am happy to wait. Quote Link to comment Share on other sites More sharing options...
Si1 Posted March 1, 2017 Share Posted March 1, 2017 (edited) Wtf's Carney gone and done now? Edited March 1, 2017 by Si1 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 3 hours ago, rantnrave said: Compared to BBC Headline: House Price Growth Speeds Up in February @emmahaslett That's £300,600 too much. #LondonMegaBubble Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 3 hours ago, btd1981 said: So now I'm left trying to figure out what will be less depressing: buying an overpriced house soon or continuing to rent. Will I feel worse if we buy a house now and prices fall, or elect not to buy and prices continue to escalate beyond sanity. To be honest the second option in each case is something I probably wouldn't be able to stomach. Definitely buying an over priced house. I bought a place in 2005 and spend over 12 months trying to sell it as I really didnt like living there....was like a weight round my neck that house was. Not once have I felt the same pain renting. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 3 hours ago, Sajid the Taxmeister said: Do you REALLY think an Estate Agent's index will be truthful!!! Or a banks. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 3 hours ago, btd1981 said: Will I feel worse if we buy a house now and prices fall, or elect not to buy and prices continue to escalate beyond sanity. You recognize the prices are insane but you consider buying...that would make you.... Answers on a post card please. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted March 1, 2017 Share Posted March 1, 2017 People dont sell property any more. They rent it. This is the problem. Only spoke to yet another colleague who owns and is renting it put her than sell it. Why should they? They own the one asset that rises 10% every year and pays the morgasge. Its your pension, innit. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 6 minutes ago, GreenDevil said: People dont sell property any more. They rent it. This is the problem. Only spoke to yet another colleague who owns and is renting it put her than sell it. Why should they? They own the one asset that rises 10% every year and pays the morgasge. Its your pension, innit. That's because they cant sell it. No one wants it at these prices, so the loons rent it out, remortgage and buy a new house at a crazy price off the back of what their original house isn't really worth. I know 2/3 that have done this now. Eventually, they will need to sell. Quote Link to comment Share on other sites More sharing options...
Muddlehead Posted March 1, 2017 Share Posted March 1, 2017 8 minutes ago, GreenDevil said: People dont sell property any more. They rent it. This is the problem. Only spoke to yet another colleague who owns and is renting it put her than sell it. Why should they? They own the one asset that rises 10% every year and pays the morgasge. Its your pension, innit. The 3% stamp duty surcharge has given people an incentive to sell. I'm not entirely clear what you're colleague is doing, but it doesn't sound typical. Quote Link to comment Share on other sites More sharing options...
Muddlehead Posted March 1, 2017 Share Posted March 1, 2017 Just now, Muddlehead said: The 3% stamp duty surcharge has given people an incentive to sell when moving, rather than becoming an "accidental landlord" on the place they move from. I'm not entirely clear what you're colleague is doing, but it doesn't sound typical. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted March 1, 2017 Share Posted March 1, 2017 7 minutes ago, Muddlehead said: The 3% stamp duty surcharge has given people an incentive to sell. I'm not entirely clear what you're colleague is doing, but it doesn't sound typical. You own a place with a mortgage. You are sitting on 50% equity, your mortgage has gone down to 400pm. You have some cash in the bank for a deposit. You buy another home. You rent the current one for 1200pcm. Simple. No Brainer really. Why should prices fall? Quote Link to comment Share on other sites More sharing options...
Mr Banks Posted March 1, 2017 Share Posted March 1, 2017 20 minutes ago, Muddlehead said: The 3% stamp duty surcharge has given people an incentive to sell. I'm not entirely clear what you're colleague is doing, but it doesn't sound typical. It is very typical of the people I work with who casually let slip they have a BTL. Now when one buys a house is is about rejigging finance so the old house can be let out. In the case of couples getting together some i know keep their old home as a hedge against a breakup. The 3% stamp duty surcharge is small compared to the increase in property prices over recent years and is really just a few months HPI for a Luton resident. Quote Link to comment Share on other sites More sharing options...
Muddlehead Posted March 1, 2017 Share Posted March 1, 2017 Even assuming someone thinks this way, they will likely be aggrieved at the injustice of the government taking 3% in addition to the normal stamp duty. They probably are also vaguely aware that they will eventually be liable for a lot of capital gains tax. I agree that for people who are ultra-bullish on property it still makes sense, but I think this is quite a small group. I've known chains fall through as the +3% stamp duty dawns on them and others who are desperate to sell in order to get the rebate before the deadline. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted March 1, 2017 Share Posted March 1, 2017 Stamp duty is too little too late. Some one posted a chart of debt against house prices. That's the problem IMO cheap money. And there is no sign of hast changing for the next 10 years at least. Quote Link to comment Share on other sites More sharing options...
LittlePig Posted March 1, 2017 Share Posted March 1, 2017 18 minutes ago, GreenDevil said: Stamp duty is too little too late. Some one posted a chart of debt against house prices. That's the problem IMO cheap money. And there is no sign of hast changing for the next 10 years at least. + Help to Rent? a £100k loan from Shark PLC - deducted from your future state pension? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 Says it all really.... if you conside the BBC is the governments news outlet...you can see what the government wants people to believe. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 1, 2017 Share Posted March 1, 2017 35 minutes ago, GreenDevil said: Stamp duty is too little too late. Some one posted a chart of debt against house prices. That's the problem IMO cheap money. And there is no sign of hast changing for the next 10 years at least. Even cheap money is expensive when they thing it's being used to buy is beyond affordable. Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted March 1, 2017 Share Posted March 1, 2017 (edited) 1 hour ago, GreenDevil said: People dont sell property any more. They rent it. This is the problem. Only spoke to yet another colleague who owns and is renting it put her than sell it. Why should they? They own the one asset that rises 10% every year and pays the morgasge. Its your pension, innit. You also have to factor in how relentless HPI means it appears crazy to ever sell property unless you have to Edited March 1, 2017 by Patient London FTB Quote Link to comment Share on other sites More sharing options...
btd1981 Posted March 1, 2017 Share Posted March 1, 2017 2 hours ago, TheCountOfNowhere said: You recognize the prices are insane but you consider buying...that would make you.... Answers on a post card please. They're not so insane here in deepest, darkest Shropshire. But they regrettably seem to be picking up on the M6 corridor/Staffs. When living in the South East, could have bought a couple of years ago but I thought the increases would cease or reverse. If I do the same up here, and expect different results, is that not also an indication of insanity Quote Link to comment Share on other sites More sharing options...
ST675R Posted March 1, 2017 Share Posted March 1, 2017 8 hours ago, TheCountOfNowhere said: They're handing out money that's been magiced out of thin air. What to people expect. Until the BoE is sorted out and the bankers regulated they'll just keep stealing from people. Britains very own sub-prime crisis. Totally this. You couldn't make it up, seems no-one has learned anything. Quote Link to comment Share on other sites More sharing options...
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