The Evening (lack of) Standard(s) goes ramping mad

[Patient London FTB]

39 minutes ago, Venger said:

I owe one HPCer some step-back from a thread from some time ago where we had a difference of opinion.  I very much doubted anyone would take London HTB 40%.

Take-up of London HTB is much lower than non-London HTB though: 

Help to Buy loans were used to purchase 76,559 homes outside of London between April 2013 and April 2016. This is equivalent to 30% of the 255,960 privately built new properties completed in that period.

In London, there were 4,483 completions using equity loans, equivalent to 11% of the 41,480 privately built homes over the same time.

Source

[Venger]

Thanks for the Feb 2017 HTB info link, @Patient London FTB

As markets are set at the margin, have to assume those 4,483 HTB equity loans transactions have gone some way to maintaining the values around you.  Without HTB Equity Loan powered buyers, those 4,483 buyers would not be able to pay as much, and so some sellers may accept less.  Just my theory, feeling confused, and not in happy place about this thread and such buyers.

Read your linked article, with the comments, and then did lot more reading on HTB and 'schemes'.

If it was not for hope with Section24 / SDLT surcharge / MMR/ PRA, I would be feeling very tested at this point, with £400K+ buyers, 1 bed Deptford and wider price levels.  £25,000 saved toward such a 1 bed, as though it is an achievement.   There's a long way to go clearing the debt that comes with it, and I wouldn't want it hanging over me, on hope the good income will always flow, not to mention the interest on debt to be repaid.  Yet they have a hope-for-HPI 3 year plan, to upsize.

So many HTB stories with delighted buyers, horrible looking newbuilds, and box style apartments with balcony. 

My own area is very expensive from my perspective, but one have options including moving to somewhere where prices are far more reasonable, and where I have previously lived.   Regularly do searches of those areas just to check prices are - and for the moment they are still 2003-06-ing it.   Not sure if prices have bottomed out, or lower prices to come with BTLer shakeout, or whether we will see more buyers head that way.   Knowing still got an option calms me, although not the option want to really take.  Yet at least that way I would more or less own the house, and the house would not own us, with money to spend on ourselves, despite having to probably accept a cut in income.  Although from some reason I always have a fear in the back of my mind Gov might cut back on funding, including NHS / hospital, in a recession, to direct things London way.

Although when you are focused on buying in London (as I assume you are with your username... and I understand many of the reasons why people love London and those with good incomes dependent on being in London).  I don't really want to give up on buying in my own area (in North-West / Cheshire belt) either.

[SE10]

On 03/18/2017 at 11:29 AM, disenfranchised said:

I was in Deptford recently. It struck me it was a bit of a dump. A few bits around the middle looked like this boarded up scene I just grabbed off street view.  I recognise this view as being roughly infront of a Travelodge which is right next to the Deptford Bridge DLR and advertises itself as "Greenwich" but is just as close to Lewisham.

£423k + £12k stamp duty for a 1 bed flat here.

Insane

The A2 looks remarkably quiet in that pic. Normally it's full of traffic, esp busses due to the bus rank thing at Deptford bridge. All pumping out exhaust fumes because they're stuck in traffic.

And as for Deptford...

 

[pathfinder]

Using the good old basic BBC mortgage calculator and ignoring the fancy mumbo jumbo help to buy. Buyer will pay more interest than the original loan.

Hells bells, massive overpriced asset with a Brighthouse housing loan, what could possibly go wrong (....interest rate possibly) :O.