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eric pebble

The Vi's Are Spinning Away - As Hard As They Can....

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Well -- as we can see - the VI's are at it full throttle!! - spinning away about the "recovering" market - and YET - don't know about anyone else - I keep hearing endless stories about X Y & Z who just CANNOT sell their properties - many have had them on the "market" for over a year now - and still no sale. Yes - there are 1 or 2 who have sold - only becasue they didn't listen to the gormless EA and priced their place about £50-100k less than the stupid EA's suggested " price" ,,,,... but - I travel all accross the UK regularly - and cannot help seeing how many many places sitting on the market - looking sad and forlorn! AND - loads of 'new builds' - so GROSSLY overpriced that they have sat half built for well over 6 months!

I just want to re-iterate everything I've said ever since I joined this site: -

PLEASE, PLEASE - All you "First Time Buyers" out there - DO NOT NOT NOT NOT buy into this market: Do not sign your lives away. STAY OUT - STAY OUT!!!!!!! The "Housing Market" is the Biggest Ever Pyramid Selling Scam -- it is a MASSIVE SCAM.

First Time Buyers: I repeat the message - Whatever whatever you do, - Hang on, hang on, hang on - I stand by what I've being saying for a while :

http://www.housepricecrash.co.uk/forum/ind...opic=12762&st=0

See all my posts - PLEASE please please do not make the mistake of buying into the World's Biggest Ever Pyramid Selling Scam.... the UK "Housing Market".

http://www.housepricecrash.co.uk/forum/ind...sult_type=posts

Edited by eric pebble

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I have reached the same conclusion. I no longer believe Rightmove or any of the other VIs when they say house prices are rising accrosss the UK. I even wonder if the upright Mr. Prescott is massaging the ODPM figures with a little tinkering going on at the LR too. After all, its in the national interests to keep HPI going isn't it? :blink:

Interestingly, a number of frauds have been exposed in the US concerning "statistics" that are kept by licenses bodies who are supposed to report the truth. Governments have lied before and they will lie again if it is in their interests.

To me seeing my local paper full of houses for sale and about 10% marked "new price" or "no chain" speaks volumes.

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I can't be certain, and won't believe it until I hear it from the BBC.

:angry:

Yes! Well said Megaflop. As things are - it is pretty depressing. TRUTH - no such thing. I was interested to hear that even the Nationwide Spokesperson- [a lady?] saying something about things are about to change..... people have been priced out - and it cannot go on........

"Deteriorating affordability and rising utility bills will stretch income and act as a brake"

http://www.nationwide.co.uk/hpi/

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PLEASE, PLEASE - All you "First Time Buyers" out there - DO NOT NOT NOT NOT buy into this market: Do not sign your lives away. STAY OUT - STAY OUT!!!!!!! The "Housing Market" is the Biggest Ever Pyramid Selling Scam -- it is a MASSIVE SCAM.

First Time Buyers: I repeat the message - Whatever whatever you do, - Hang on, hang on, hang on - I stand by what I've being saying for a while :

I've (hopefully) just put my sister and boyfriend off buying. They are FTBs, just want to get on with their lives but were looking at £200K mortgage and £1500 per month repayment mortgage and this just for a 2 bed property :blink:

They wan't to have kids and I'd hate to see this decision ruin their chances of a family. For one, how would they afford the mortgage if my sister went off work, how would they have another kid if they got stuck in NE in a 2-bed property etc etc.

They asked me for advice because they'd read that prices were going up and they didn't want to miss out :blink:

Do I get an Eric Pebble award for putting off a FTB?

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I've (hopefully) just put my sister and boyfriend off buying. They are FTBs, just want to get on with their lives but were looking at £200K mortgage and £1500 per month repayment mortgage and this just for a 2 bed property :blink:

Crikey! :blink: I'm not surprised you managed to talk them out of buying if someones told them a £200k mortgage costs £1500 a month!!

I've no opinion either way as to whether they should buy or not but £1500 a month works out to a 7.5% interest rate!!! :blink: (unless, of course i've got my maths horribly wrong :o )

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Crikey! :blink: I'm not surprised you managed to talk them out of buying if someones told them a £200k mortgage costs £1500 a month!!

I've no opinion either way as to whether they should buy or not but £1500 a month works out to a 7.5% interest rate!!! :blink: (unless, of course i've got my maths horribly wrong :o )

Actually repayment over 15 years is about right ;)

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I've (hopefully) just put my sister and boyfriend off buying. They are FTBs, just want to get on with their lives but were looking at £200K mortgage and £1500 per month repayment mortgage and this just for a 2 bed property :blink:

They asked me for advice because they'd read that prices were going up and they didn't want to miss out :blink:

It sounds like you didn't have to spend too much effort in persuading them, but well done anyway.

Maybe they already really knew that the house they wanted was overpriced.

Presumably if they had felt the house was a "bargain" then you wouldn't have been so successful.

Tell them to keep looking until they feel they are buying at a low price.

Buy low...... sell high you cant go far wrong ;)

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Crikey! :blink: I'm not surprised you managed to talk them out of buying if someones told them a £200k mortgage costs £1500 a month!!

I've no opinion either way as to whether they should buy or not but £1500 a month works out to a 7.5% interest rate!!! :blink: (unless, of course i've got my maths horribly wrong :o )

I don't know the exact figures, they just quoted that the house was £210K and the mortgage (repayment) was £1500.

I think that £1500 repayment mortgage for £200K mortgage is about right isn't it? It would be £1000 IO which is IR around 5%.

Anyway I told them that prices are categorically not going to go up any further, to compare the IO mortgage costs (+£100 pm repairs) with what it would cost to rent. Then consider the difference can be saved and that they won't have to worry if/when IRs rise that they can afford the mortgage and have the freedom flexibility to move etc etc blah blah

Basically though their views represented what most finanically uneducated young people think. They had kind of picked up some VI new headline spin article saying that prices are rising, will continue to rise, will rise out of reach etc etc. Same view point held by thousands. I told them to consider the source more carefully as headlines don't tell the picture i.e. Halifax UK average price up 4% (ish) in 2005 when some counties like Somerset experienced 10% falls.

I told them there is no reason that those falls won't happen where they want to buy and that all it would take is a 10% fall to put them in NE and they would be stuck there for years in a property that is really only suitable for 3-5 years at most.

Edited by munimula

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I can't be certain, and won't believe it until I hear it from the BBC.

:angry:

I personally think the BBC have gone bearish. They are reporting job losses and debt before the housing Indices.

TB

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I don't know the exact figures, they just quoted that the house was £210K and the mortgage (repayment) was £1500.

I think that £1500 repayment mortgage for £200K mortgage is about right isn't it? It would be £1000 IO which is IR around 5%.

Anyway I told them that prices are categorically not going to go up any further, to compare the IO mortgage costs (+£100 pm repairs) with what it would cost to rent. Then consider the difference can be saved and that they won't have to worry if/when IRs rise that they can afford the mortgage and have the freedom flexibility to move etc etc blah blah

Basically though their views represented what most finanically uneducated young people think. They had kind of picked up some VI new headline spin article saying that prices are rising, will continue to rise, will rise out of reach etc etc. Same view point held by thousands. I told them to consider the source more carefully as headlines don't tell the picture i.e. Halifax UK average price up 4% (ish) in 2005 when some counties like Somerset experienced 10% falls.

I told them there is no reason that those falls won't happen where they want to buy and that all it would take is a 10% fall to put them in NE and they would be stuck there for years in a property that is really only suitable for 3-5 years at most.

£1500 a month repayment looks right for a 15 year term but very expensive over a 25 year term.

I think the advice you have offered them is very sensible. House prices have risen virtually every year for the past 10 and clearly this will not continue as a whole. Potentially there are areas where house prices will continue to rise but this is going to be very much the exception than the rule.

Whether there will be a complete crash is going to depend on many factors, not least exactly where you are in the country and what type of property you own. I hope that, with the wisdom of hindsight that, your sister will realise what good advice that is...

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£1500 a month repayment looks right for a 15 year term but very expensive over a 25 year term.

I think the advice you have offered them is very sensible. House prices have risen virtually every year for the past 10 and clearly this will not continue as a whole. Potentially there are areas where house prices will continue to rise but this is going to be very much the exception than the rule.

Whether there will be a complete crash is going to depend on many factors, not least exactly where you are in the country and what type of property you own. I hope that, with the wisdom of hindsight that, your sister will realise what good advice that is...

Yes, you are right. It would be nearer £1150. Looks like they didn't even know the figures themselves :blink:

Basically I'm trying to point out that a 2-bed property is no good to them, he is 35 now, she is 29 and they will want to start having kids soon. I pointed out that getting stuck in a 2-bed in negative equity would be a disaster for them. They should wait and buy a 3-4 bed home which they can still have a family in.

This is the problem today, FTBs are now in their mid 30's and suitable property is therefore average housing, 3-4 bed houses but most would struggle to buy 1-2 bed properties, only ever suitable for younger people.

Oh well, we've got immigration to fill in the gaps because we can't afford to have children ourselves

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£1500 a month repayment looks right for a 15 year term but very expensive over a 25 year term.

I think the advice you have offered them is very sensible. House prices have risen virtually every year for the past 10 and clearly this will not continue as a whole. Potentially there are areas where house prices will continue to rise but this is going to be very much the exception than the rule.

Whether there will be a complete crash is going to depend on many factors, not least exactly where you are in the country and what type of property you own. I hope that, with the wisdom of hindsight that, your sister will realise what good advice that is...

don't know if this has been posted before - but it looks pretty interesting:

http://en.wikipedia.org/wiki/Housing_bubble

Well -- as we can see - the VI's are at it full throttle!! - spinning away about the "recovering" market - and YET - don't know about anyone else - I keep hearing endless stories about X Y & Z who just CANNOT sell their properties - many have had them on the "market" for over a year now - and still no sale. Yes - there are 1 or 2 who have sold - only becasue they didn't listen to the gormless EA and priced their place about £50-100k less than the stupid EA's suggested " price" ,,,,... but - I travel all accross the UK regularly - and cannot help seeing how many many places sitting on the market - looking sad and forlorn! AND - loads of 'new builds' - so GROSSLY overpriced that they have sat half built for well over 6 months!

I just want to re-iterate everything I've said ever since I joined this site: -

PLEASE, PLEASE - All you "First Time Buyers" out there - DO NOT NOT NOT NOT buy into this market: Do not sign your lives away. STAY OUT - STAY OUT!!!!!!! The "Housing Market" is the Biggest Ever Pyramid Selling Scam -- it is a MASSIVE SCAM.

First Time Buyers: I repeat the message - Whatever whatever you do, - Hang on, hang on, hang on - I stand by what I've being saying for a while :

http://www.housepricecrash.co.uk/forum/ind...opic=12762&st=0

See all my posts - PLEASE please please do not make the mistake of buying into the World's Biggest Ever Pyramid Selling Scam.... the UK "Housing Market".

http://www.housepricecrash.co.uk/forum/ind...sult_type=posts

Good article here: -

"For sale - at a price that's far too high

Are you being ripped off by a dubious valuation on a new-build apartment? Mortgage lenders said this week that they are becoming increasingly concerned at valuations on new-build flats which are inflated to the point where a Manchester home can have a Monaco price tag."

http://www.tiscali.co.uk/money/guardian/fe...fartoohigh.html

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I don't know the exact figures, they just quoted that the house was £210K and the mortgage (repayment) was £1500.

I think that £1500 repayment mortgage for £200K mortgage is about right isn't it? It would be £1000 IO which is IR around 5%.

Anyway I told them that prices are categorically not going to go up any further, to compare the IO mortgage costs (+£100 pm repairs) with what it would cost to rent. Then consider the difference can be saved and that they won't have to worry if/when IRs rise that they can afford the mortgage and have the freedom flexibility to move etc etc blah blah

Basically though their views represented what most finanically uneducated young people think. They had kind of picked up some VI new headline spin article saying that prices are rising, will continue to rise, will rise out of reach etc etc. Same view point held by thousands. I told them to consider the source more carefully as headlines don't tell the picture i.e. Halifax UK average price up 4% (ish) in 2005 when some counties like Somerset experienced 10% falls.

I told them there is no reason that those falls won't happen where they want to buy and that all it would take is a 10% fall to put them in NE and they would be stuck there for years in a property that is really only suitable for 3-5 years at most.

numpties

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Whether there will be a complete crash is going to depend on many factors, not least exactly where you are in the country and what type of property you own. I hope that, with the wisdom of hindsight that, your sister will realise what good advice that is...

In a normal world you're right. But at the moment dark forces are at work.

Edited by eric pebble

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eric well said !!!!

The EA's are inflating the asking prices, but I just can't understand if people are actually paying the amounts asked for.

I'm seeing 1 bed flats being priced at 50-60K above what they went for before summer last year.

People are actually buying them ! Hmmmm :(

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eric well said !!!!

The EA's are inflating the asking prices, but I just can't understand if people are actually paying the amounts asked for.

I'm seeing 1 bed flats being priced at 50-60K above what they went for before summer last year.

People are actually buying them ! Hmmmm :(

As we no longer produce much of anything we are slipping into "Bannana Republic" status. In such countries you are expected to bargain for everything and sellers start with silly prices to get the barter going.

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Yeah,

I went out last night for a pizza, it cost me 41 quid for 2, with wine !

That's 41 quid. That make's sense to me. 350,000 for a one bed flat doesn't.

:)

Both are way over the top in my opinion. Have always thought pizza a rip off.

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Both are way over the top in my opinion. Have always thought pizza a rip off.

Have you noticed the pizzas get smaller and smaller!

Well -- as we can see - the VI's are at it full throttle!! - spinning away about the "recovering" market - and YET - don't know about anyone else - I keep hearing endless stories about X Y & Z who just CANNOT sell their properties - many have had them on the "market" for over a year now - and still no sale. Yes - there are 1 or 2 who have sold - only becasue they didn't listen to the gormless EA and priced their place about £50-100k less than the stupid EA's suggested " price" ,,,,... but - I travel all accross the UK regularly - and cannot help seeing how many many places sitting on the market - looking sad and forlorn! AND - loads of 'new builds' - so GROSSLY overpriced that they have sat half built for well over 6 months!

I just want to re-iterate everything I've said ever since I joined this site: -

PLEASE, PLEASE - All you "First Time Buyers" out there - DO NOT NOT NOT NOT buy into this market: Do not sign your lives away. STAY OUT - STAY OUT!!!!!!! The "Housing Market" is the Biggest Ever Pyramid Selling Scam -- it is a MASSIVE SCAM.

First Time Buyers: I repeat the message - Whatever whatever you do, - Hang on, hang on, hang on - I stand by what I've being saying for a while :

http://www.housepricecrash.co.uk/forum/ind...opic=12762&st=0

See all my posts - PLEASE please please do not make the mistake of buying into the World's Biggest Ever Pyramid Selling Scam.... the UK "Housing Market".

http://www.housepricecrash.co.uk/forum/ind...sult_type=posts

Same message applies this Easter - If not more than ever...... First Time Buyers!!!! Click on links above - AND WATCH OUT -- IT IS GOING TO BE HELL FOR YOU IF YOU BUY ANYTHING NOW......

Edited by eric pebble

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Have you noticed the pizzas get smaller and smaller!

Same message applies this Easter - If not more than ever...... First Time Buyers!!!! Click on links above - AND WATCH OUT -- IT IS GOING TO BE HELL FOR YOU IF YOU BUY ANYTHING NOW......

And Nu Labour are spinning the spin - - but as ussual doing nothing; why? Because they are all at it - many of them are on the BTL bandwagon - and they will not let this go through.... http://new.edp24.co.uk/content/news/story....3A45%3A30%3A007

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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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