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wsn03

Is It Me?

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I have a house, no interest in the market at the moment, but believe there is a crash looming.

Found this interesting section in BBC website, and looked at my old postcode (Coventry, prices falling), then looked at flats - that is the first step on the ladder right?

Rugby, flats have fallen 16%.

http://news.bbc.co.uk/1/shared/spl/hi/in_d.../county98.stm?f

That is over supply, sell off from BTLs, and no first time buyers to underpin the market. Next that moves to terraces, semis, and finally detatched. This is called the first stages of a collapse. Add to this rates on the way up, most fixed term mortgages coming to the end of their (v low) fixed term.

Anyone who thinks a correction isn't on its way doesnt understand basic economics - I do, thats why I believe in an upset. When it happens, I'll buy a few flats for my pension - by that time the end will be nigh for ever, until of course the next generation of idiots start believing property is the only safe (and red hot) investment worth bankrupting yourself for.

The stupidity of human nature, always brings a smile to my face.

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when are you going to buy these pension flats ?

When absolutely every commentator and every purchaser has decreed the housing market as dead and buried. I'll buy the repossesed BTL properties.

I did the same in 98 with my house. Factory closed down, everyone tried to abandon ship, told me not to buy in the area. Of course, 3 years later, following redevelopment, it was THE area to be in. Of course I knew it would be, it had so much potential - I made a killing.

Its all about sentiment and short memories. The time to jump in is just after the last person has left the party and switched off the lights - anything is yours for a steal at that point. As soon as your parents and that wise neighbour of yours tell you property's a bad idea, that's is probably your time to start looking (note, same neighbour was probably boasting about the value of his house 2 years earlier, as if the dumb f*ck actually did something clever in his life by sitting on his @rse doing nothing).

Oh how it all makes me laugh.

Edited by wsn03

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hang on [scheming]

i am trying to defuse a UXT (unexploded troll)

stay back. i think its ticking....

right_freds_dead:

Bit of a presumptuous comment isnt it- and bit of a cheek also?

For your information I'm not a troll, I'm a business man, and a keen student of economics; with comments like that I doubt you are either.

I am also a member of 3 forums, and a moderator of one.

If you are a moderator of this site I'll pm you my details so you can see for yourself. If you're not you're probably one of the "anti BTL" brigade that frequent this site.

I'm surprised that by showing the evidence of a 16% falls of apartments in Rugby (from the BBC website) that anything I have said refers me to being a troll........or was it those fatal words - buying apartments for my pension? I do happen to have money and a healthy cashflow. If you have either of those speak to your accountant, its quite possible to finance apartments as part of a pension plan. via a Ltd Company (thats the component some business men use to make money with in case you needed it explaining).

Scheming:

Finance as follows - 4 shareholders (one is my accountant), one Ltd company. Rent doesnt cover the mortgage, the four shareholders loan to company during ongoing basis until mortgages paid off. We're targetting a town that has a massively transient population of business people and youngsters passing through.

By the way if you're ever struggling for a deposit for that first house here's what I did:

Bank said no deposit, no mortgage. Asked my other bank for 10K loan to buy a car, banks dont give a stuff whether you get the car, or require any proof. Filtered the 10K into savings over 3 months. Went back to previous bank and showed them I'd saved a deposit - eh voila, a 100% mortgage on v favourable terms due to my '5%' deposit (ie I was 100% in debt to banks!) If bank managers had brains they'd get better paid jobs.

Regards

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right_freds_dead:

Bit of a presumptuous comment isnt it- and bit of a cheek also?

For your information I'm not a troll, I'm a business man etc etc

Fred, you seem to have a sixth sense for these things. You should be a bomb disposal expert.

In this case you seem to have found the trigger and set it off prematurely, so not too much damage done. Good work, sapper.

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Didn't seem like a troll to me, seemed like a clued up contrarian.

frugalista

Thanks frugalista, I think that is a compliment?

I'm struggling to understand the troll in any of my comments so far. Perhaps one or two should just check out the link I posted?

http://news.bbc.co.uk/1/shared/spl/hi/in_d.../county98.stm?f

I think most of the posters are here are probably young ftb. I am middle aged, and do actually think the situation for ftbs is dire, and wrong, and caused by my generation. I'm also trying (in vain) to point out that economics has cycles, you're about to witness the down side of one. Am I wasting my time?

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Didn't seem like a troll to me, seemed like a clued up contrarian.

frugalista

Maybe not a troll. Maybe I just find the idea of a whole new wave of BTLs just waiting to "jump in when the market falls" too depressing to even contemplate. The gloating about tricking the bank seemed more of a Singing Pig sort of moment as well.

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Perhaps one or two should just check out the link I posted?

http://news.bbc.co.uk/1/shared/spl/hi/in_d.../county98.stm?f

I did. I thought it showed an area on the downers, with a bubble in new-build apartments.

I thought there was some friction between your view that a crash is on the way because property is overvalued and your slightly irritating plan to buy BTL at a price where the rent doesn't cover the mortgage. Surely that's not a particularly brilliant business plan even now, let alone after the market falls.

Personally I'm a bit against all speculation in property at this stage as it has been a major source of the problems we are in, and is sustaining the current overpricing, so excuse me if I'm not very impressed.

PS I also had the vague impression that the point of the post was to get HPCers to admit that really they all want BTLs too, and that the only difference is that they want to get them cheaper. I didn't use to have a fundamental problem with landlords, but now that BTL has become an "I'm Alright Jack" craze that has skewed the market, I do.

Edited by Magpie

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Indeed. And also creative. Like the loan idea.

NDL

Worked fine - check it out. Ask the bank for a loan on anything (new bike, car.......whatever). All banks want to know is that your credit rating says you can afford to repay the money you're borrowing. Its hard to save for deposits when you're paying rent, so try this out when the crash comes. One tip, borrow the most you can afford - after the crash rises will start again..........you know the cycle.

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The link 404'd for me.

I think most of the posters are here are probably young ftb. I am middle aged, and do actually think the situation for ftbs is dire, and wrong, and caused by my generation. I'm also trying (in vain) to point out that economics has cycles, you're about to witness the down side of one. Am I wasting my time?

No, please stick around. People with long economic memories are in short supply!

frugalista

Here is a working link (problem was you can't cut and paste Invisions output coz it munges it down to save precious characters).

http://news.bbc.co.uk/2/shared/spl/hi/in_d.../county98.stm?f

frugalista

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I think Fred was a bit premature in pressing the Awoooga alarm as I didnt think he was a troll. :unsure:

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When absolutely every commentator and every purchaser has decreed the housing market as dead and buried. I'll buy the repossesed BTL properties.

I did the same in 98 with my house. Factory closed down, everyone tried to abandon ship, told me not to buy in the area. Of course, 3 years later, following redevelopment, it was THE area to be in. Of course I knew it would be, it had so much potential - I made a killing.

Its all about sentiment and short memories. The time to jump in is just after the last person has left the party and switched off the lights - anything is yours for a steal at that point. As soon as your parents and that wise neighbour of yours tell you property's a bad idea, that's is probably your time to start looking

(note, same neighbour was probably boasting about the value of his house 2 years earlier, as if the dumb f*ck actually did something clever in his life by sitting on his @rse doing nothing).

Oh how it all makes me laugh.

:lol:

Now that is priceless... all in the space of a few lines.

Edited by Without_a_Paddle

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I think Fred was a bit premature in pressing the Awoooga alarm as I didnt think he was a troll. :unsure:

I think we might have to call up Awooga tech support for a service on the Awooga alarm. It seems to be going off at the slightest tremor.

frugalista

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Guest The_Oldie

I've just checked this out and wsn03's daytime IP address resolves to a property/construction company.

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I've just checked this out and wsn03's daytime IP address resolves to a property company.

Surely that would make sense given what he/she has posted (a BTLer to be, come the crash).

Or maybe just works in one therefore has a day-to-day view of the market?

frugalista

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I've just checked this out and wsn03's daytime IP address resolves to a property company.

Dont underestimate that RFD

I just thought the guy was not very bright, contradicting himself as paddle said

Theres not many posters who would laugh at others mis-fortunes and then do exactly the same thing themselves. (dont take these people as clever) The very best senario would be he was just a nasty person.

Edited by Flat Bear

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I've just checked this out and wsn03's daytime IP address resolves to a property company.

Give him some credit though...

He nearly converted a few bears with his 'poor man's MEW' scheme on how to get a £10k deposit.

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  • 301 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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