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spyguy

Help to Buy property owners need help to refinance

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42 minutes ago, spyguy said:

Up to Sep 2017, 145,000 properties bought using HTB. 38% had income below 40k.

Most people assumed wage rises and HPI would see them able to remortgage the full lot after 5 years...but wages have been flat, house prices are stagnant/starting to turn and HTB properties would have carried a 'new' price premium that means they are worth 5-10% less once you come to resell. 

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Expect a lot of column inches dedicated to the HTB disaster as it unfolds....such a cynical attempt to distort the market could only end in tears and many unforeseen consequences.

It will become politically toxic and will hang heavy around the necks of the Conservative and may bring them down.

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The ones near me are so bad for the price even the Provi wouldnt lend to you on one.Those estates look wrecked after 5 years.Render falling off,cars and vans parked on every path,zero green space.The people buying them the last few years have pretty much ruined their financial futures.Negative equity,no hope of selling unless they slash the price by massive amounts.They wont be able to move to another house unless they can save up another deposit and enough to clear outstanding mortgages on sale.Utter disaster.Any parent who doesnt talk their children out of buying such a terrible investment should be done for neglect.My daughters friend and her partner have bought one in Stockton (see other thread on here for an idea of the place),the housing association has moved in people into 20% of the houses (almost all HTB estates have between 10% and 25% social housing on them) for £180k including the HTB loan.The front window looks onto a gable end 14 feet away.The back garden is 15 foot long and artificial grass with two paving slabs for the bins.They are struggling a bit already and both work for the NHS.They are trying to save so they can clear the HTB loan in 4 years.I reckon the house will go under £90k easily in a period of falling prices.

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Meanwhile:

Quote

 

A group of 130 bosses at housebuilder Persimmon are set to share a £300 million bonus bonanza in the biggest windfall in the history of the industry.

The unprecedented payout is part of a notorious bonus scheme that is delivering £75 million to the chief executive Jeff Fairburn.

Tomorrow’s payday will hand 130 senior managers an average of £2.3 million each. The handout is the second and largest part of an incentive scheme, that will take the total for managers below the board level to £500 million.

They previously shared in a £200 million payout over Christmas which was overshadowed by the storm over Fairburn’s £50 million.

http://www.thisismoney.co.uk/money/news/article-5904223/More-100-managers-join-Persimmons-bonus-gravy-train-300m-windfall.html

 

 

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3 minutes ago, spyguy said:

Im not sure why people dont employ a surveyor before paying for the new build.

 

'cos their pips are already squeaking and it's just a case of crossing fingers and hoping for the best.

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9 minutes ago, spyguy said:

Im not sure why people dont employ a surveyor before paying for the new build.

 

do you call the rac man out when you buy a brand new car. 

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Just now, longgone said:

do you call the rac man out when you buy a brand new car. 

OK, bring in lemon law for new house.

Too many problems, too often.

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1 minute ago, spyguy said:

OK, bring in lemon law for new house.

Too many problems, too often.

i agree Nhbcc was supposed to be just that. 

But this is the uk you just suck it up. 

😄😄

 

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8 hours ago, Maynardgravy said:

Even Merv got something right on his way out:

'The outgoing governor of the Bank of England Sir Mervyn King has warned that a government scheme to help the housing market should not become permanent.' 

https://www.bbc.co.uk/news/business-22581191

 

 

Unfortunately social media amnesia has grappled the public from foot to mouth 🤣  

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3 hours ago, Arpeggio said:

Wow. An AAA battery stuffed into the toilet pipe to try to fix a faulty seal. What a load of rubbish.

i think builders like doing things for a laugh. i mean why pay for skips when you can just stick it under floor boards 

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9 hours ago, longgone said:

i think builders like doing things for a laugh. i mean why pay for skips when you can just stick it under floor boards  

I discovered a few empty beer bottles in the hardcore under my place. When I took the scratch-plate off an electric guitar it had some Japanese writing inside, maybe something like "Godzilla will rise again". I haven't played the right thrash metal guitar lick to make it happen yet (thank God).

Edited by Arpeggio

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We have 2 new estates in the large village I live in. One is quite good. It is formed of 2 "T" shaped cul-de-sacs. The outer houses have stone cladding that matches the rest of the area. It has double width drives on the larger homes,  and a few parking spaces for general use. Its very middle class so doesn't endure the scourge of works transits being dumped up the kerbs every few metres either.

The other is woeful in every way. Your front window is about 8 feet from the kerb, giving you a detailed view of the on call engineer's van blocking out half the light all weekend. The main road is designed as a sort of chicane to calm traffic, but the cars parked up the pavement both sides mean you can't actually drive past oncoming vehicles.

To add insult to injury, it even has a stupid contrived little "green" in the middle - in a village that has a proper one already and a couple of parks - space they could have used for a sensible amount of off-road parking. 

The houses have a "master bedroom" that leaves about 3 feet of space around a standard double bed, squeezing in an en-suite that is so small I would be unable to shit or shower without at least one shoulder in contact with a wall.

It is just loathsome. The estate of ex-council semis nearby is vastly superior.

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  • 261 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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