Fooking selling houses!!!!
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I've just been informed today that my house sale has fallen through!
Its the 3rd time this has happened!!!! Annoyingly as well its not that the people dont want to buy mine, quite the opposite, purely a breakdown in the chain below them!!!



Very very miffed as had just had an excellent offer accepted on a property i liked.

sell it asap mate, word on the street is a market crash after christmas.

Check the current barclays situation

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im talking about not being quiet as fussy with the offers comming in lol, or buy it yourself on a 100% buy to let mortgage and rent it out :)

there isnt a chance of a house price crash round here, honestly. prices are well well below the national average.

i was tempted to take theirs in PX and then put that on the market next spring with a wedge of cash in my pocket.

but then there is another move to go through, solicitors etc.

just annoys me, when i say i'm buying something i buy it.

the clubby i sold and the cheque was in the post for the deposit, well it must of got lost...

Just read up on the "price crash"

it appears that they dont really expect one, at most a 3% drop in prices, certainly no reason to panic! as i say up here, that 3% is 3% of not a lot!

mate thats bad news, was only talking to mr jones about your new house earlier

something else will come up soon hopefully

For every analist that says there will be a crash there is on that says there won't. It is daily mail readers making head lines that spread worry round the country.

Selling houses is always a pain, stick with it Iain, it will all work out in the end.

If anybody has a bit of cashand is looking for a place in Leicester I spotted this the other day, Fantastic:



http://www.rightmove.co.uk/viewdetails-160...pa_n=5&tr_t=buy

Edited by Ben H on 9th Nov, 2007.

http://www.twin-turbo.co.uk
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A man without a project is like a like a woman without a shopping list.

Sorry to hear about that iain, stick with it at least your in a house i carnt afford to buy one ? must admit its nice here at home and got a fancy car but do want a house.

Ben that loooks mint. Mini workshop and house above.

At least you've managed to sell your house 3 times Iain. Had mine on since the Start of August and only had 2 viewings. And it's not just my house on the estate either, no-one is looking at any of them.

Fastest 998 mini in the world? 13.05 1/4 mile 106mph

At least your on the ladder, im still trying to save to 20-30k deposite needed round here!

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1/4mile in 13.2sec @ 111 terminal on 15psi

House prices fell 3% in a month in America.

I think the future looks dim for the ecomomy. Oil price, raw material, food costs all shooting up. Inflation means higher interest rates. The Goverment measure of inflation is a biased joke. But even this is going to go over the magic 2% again.

The financial sector is in a state, northern rock is the tip, there's loads more to come. The banks could be in for a hamering if the economy takes a dive with the enormous lending they have out. They have been stupid and unregulated in many areas. The Bank of England dosen't have the cash to keep bailing out banks or injecting money for the banks to borrow. BoE sold most of the gold reserve, or its leased out (may not be seen again!). So you could't have your money's worth in gold if everyone wanted there cash as gold. This is the whole theory of what gives your currency value. But get this, the BoE can still borrow money for the national debt based on the gold it leased out and may never get back !! Guess who foots the bill for all this, the tax payer at the end of the day.

Gold is at all time high at the moment, why?? Because investors are getting out of currency all together. If the value of a currency falls your sheilded from it.

Look at all the dodgy self cert morgages, there's your own large UK sub-prime loan market, not to mention those with bad credit history etc.

Buy to let bubble will burst. Who in there right mind thinks its a good idea to to buy when rent wont cover interest only mortgage. Owners who bought a few years ago are going to able to bail out of the market at a loss over todays price as markets slide and still take profit (like the majority of home owners who have owned there house for over 5 years). They may as well take out there money and put it where it will earn than see it decline over a few years in property, they can alway buy on the way back up.
Personell Dept UK=1.2 Trillion, more than the country brings in in a year, need i say more !!!

I could go on, but hey maybe i'm a doom merchant, maybe you should believe what your trustworthy politicians tell you as they never gloss up the truth or lie !!! lol

SELL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Edited by Mirage on 9th Nov, 2007.

Mr Mirage, very well put.
Your quick summary is very accurate (imo), you are not a doom merchant, all those in apparently secure jobs, just stop and think what would happen if you were to become unemployed tomorrow !!
God help all the self cert potential victims, there will be no mercy from the banks or government for them.
I have a feeling that the key to the future is a)minimum overheads, b) minimum borrowings, c) do not rely on property inflation to cover the future of your debt.
The financial vultures are circling, watch out because if you get it wrong they will have you.
dave

So thats why the government want to double fines and points for speeding motorists....

SO they can help repay the national debt lol.

Could be worse guys. A friend I worked with was selling up here, to move to Scotland. Both he and his partner handed in their notice, effectively leaving work ( she had to give 1 month ) to move to Scotland.
Needless to say, when they went so sign the handover, and move that weekend....they arrived to hear the person buying their property..had bailed.
My mate would have killed him if he got his hands on him. Luckily, he could retain his job, his partner couldnt. Now they stuck in a big house, with big mortgage, and 1 earner !

They say average house price here is about £230k, which is about 10-12 times an average salary here.
People are getting 30-35 year mortgages etc, just so they can afford something at £180k, which is a fairly basic terraced house, 2bedroom type of thing.

That retard wanker Gordon Brown, has well and truly fucked up the British economy...and Im sure it will take years to correct.

9.85 @ 145mph
202mph standing mile
speed didn't kill me, but taxation probably will

Perhaps that is why many brits are moving abroad.
I agree Gordon is what you say but taking a mortgage at 5x income is also a bit daft.
Dave

Edited by stevieturbo on 10th Nov, 2007.

9.85 @ 145mph
202mph standing mile
speed didn't kill me, but taxation probably will

Lemmings spring to mind

"With house prices rising so fast, some people are simply desperate to get onto the property ladder, while there is still a slim chance they can afford it. Even when in reality, they cant afford it."

Its this mentality that drives bubbles. Wouldn't it be good if we all just said no we are not paying that price?

The banks have played a huge role in their lending. Removing the old fixed salary multiplier to new affordability system meant they could lend huge sums when interest rates low. They got this money on the open market. Lent it out then repackaged this dept and sold it on in products called cdo's to investment houses to form part other investment portfolios like pensions etc. The money was then of the banks balance sheet and the money made. The more the banks could get us to borrow the more they make and boy have they made some big profits in recent years. as well as trading these cdo products they are also used as guarentees against loans. So when you suddenly find there is loads of bad dept in them there value is questionable. This is whay the banks have stopped lending. Trading in this stuff can be several layers deeps as its shifted around the system so they aint sure how badly affected they are.

I think some of the shift to housing as investment came as result of people looking for a good long term in response to the dot.com crash and market fallout etc. There was also Mr Brown sticking his hand into pensions and i think it was standard life that had problems leading to people doing their own pensions in property and junping on the buy to let bandwagon.

I think some of the blame should be with some of the tv programs telling every muppet that they are developers and you cant fail. I wonder if the presenters may have made money on property portfolios they may own by helping things up!! lol

The whole of the so called labour wonder years have been built on layer upon layer of dept, it everywhere its all over your tv and pouring through your letter boxes. The goverment has borrowed money when the economy was good and not payed of national dept, so whats going to happen to Darlings borrowing figures when the economy turns sour? More dept

Bubble bubble bubble.

Edited by Mirage on 10th Nov, 2007.

Im just waiting for the great depression to kick in and houses go back down to 4 figures.

Me dad was never lucky on the market, his first house sold for 70k. 2 years later market flew up and it was worth 150K!!!! Hes had to start all over agin on the property ladder wit a nice new mortage. :(

Edited by Jordan on 10th Nov, 2007.

Back once again like a renegade master

to be perfectly honest i think everyone is looking a bit gloomy!

around here £160-200k buys you a pretty decent 4 bed detached with terraces around £80-100k.

this is why in my area i cant see a house price crash as people can still easily afford a reasonable house.

i would be very suprised if we have a house price crash, its nothing like the problems with lending the USA have got at the minute, we are very regulated compared to what they were.

have to say one bit of good fortune ive had is buying this house i bought it just before it boomed and it almost doubled in value instantly and has very slowly risen since, i paid a wedge of my morgage from my accident money as well so if i carry on i hope to have paid it of and be morgage free within 10 years

http://www.vebra.com/home/search/vdetails....&cl=3875&src=12

here's my house for example.

Nice area as well and to be honest prices still seem to be going up as the town is being redeveloped. its excellent for commuting to numerous large towns and cities as well. plus london kings cross is only 1hr30 on the train and a 15min drive to the station.

Well I don't have much more to say because it's been pretty much covered. But yeah I have been at Uni 8 years to try and build a stable, well-ish paid career. Sadly, if I stayed on in Sainsburys from when I was 18 and never went to uni, I could have bought a 3 bedroom bungalow in 2000 on my £16k salery. I would have been waaay better off. So the trick is, how well off you are doesn't depend on your income, but rather on when you got into the property market. I can't even afford a terrice house (or as I call them in Belfast "terrorist house"!) in a nasty area. Only last night I got through to my parents why I haven't thought about buying a house. I would need 8x my salery, my sister (no pics) bought her house 4 years ago at 3 times her salery. Never have I thought there would come a time when people couldn't afford to live on this earth! So alas, forget houses, I am going to waste money on cars!

P.S. I was back in OZ a few weeks ago and BIG houses were going for about £80k. OK you might have to travel a bit to work but with pertol 50-60p a litre (LPG was 20-25p!!!) and insurance as cheap as chips...

P.P.S. Sorry Ian for dragging the topic further away from your original post!

Edited by Jay#2 on 10th Nov, 2007.

makes me wonder why the imagrents come here bar the free gov stuff its very hard to have anything nice here

all my friends that have gone to Auz canada ect have a far better standard of life

Trust me, going to oz etc is all too tempting! i finish my degree around may next year so if it doesnt sell till around then... take my money and run!