Nice to see RBS down 16% on its share price after the announcement that its issuing a 12bln rights issue. Barclays are about to release a 750mln pound one too. The UK banks are bankrupt.

Hard times are coming, read the front page of the FT today: No interest rate cut for 2 years.

 

hes just a cock

 

Im selling a small house at the mo (not my main residence), it was valued at 209k when I first asked about 5 months ago im looking at actually getting £184995 if I except that offer.

 

with regards RBS your 100% wrong my friend,

 

Really?

http://www.citywire.co.uk/adviser/-/...aspx?ID=303301

 

What he says, most know what line of business I'm in and it effects me also! Peoples biggest assests are bricks & mortar, and without the financial injection of a sale, they dont relocate

 

its time to buy chaps, I am looking for number 3 house as main house is almost totaly refurbed due to farming collateral out of the others.

If you went in with cash you can get houses 15 to 20 % below market value.

 

Had my valued in feb and have lost 10k on my house in two months when i went for a re morgage

 

10k you are being ripped off

house are stable or down a 1% or 2%

 

Hi Will


im telling you that most of the private housing builders like perssimons/bryan/taylor woodrow and a few others have stop building new houses ,

i was working on the old massey fergerson site in cov , and they have stop us from building the houses we have done any footings for the houses since christmas.
There will be alot of people laid of work shortly

I jacked my job last week fooking had enough ,due to fooking wank site manager that i never really got on with ,he is proper prick ..lol

marco

 

ypu sure? i agree we can barter for a good price but id be inclined to sit it out a little longer, lets face it its not gonna get better for a year or two yet and prices are not gonna go up in that time, i seriously think we have got more to come and prices are gonna drop further


one of us will have to refresh this post in 10 months time and see

 

Is this a good time to become a 1st time landlord?

Bought my house 10 years ago for 100k. Now its worth around 250k, but with a mortage of 55k.

I need to move to get the kids to a better school, so hopefully looking for house prices to fall a bit more.

Would it be worth it for me to rent it out? Any advice is much apprecaited.

 

I was gonna say that yesterday, quite widely known fact 100% in the trade. They've written down their forecasts, stop aquisitions and start dates....

Not a good sign at all... and a big problem which ever way you look at it as the Gov't has set out targets of new homes to hit.

 

The big players have put many sites on hiatus to such an extent that in certain areas local(ish) to me there are no new builds available.
I have, regretably, had to lay men off for the first time ever as certain projects are just not viable (appts, flats and low cost housing) in the present pessimistic climate. The Govt want affordable new build housing
but have created a situation where there is no incentive (bottomline) for the trade to build them.

 

if you buy a house purely for the profit and now you are crying because it's not worth as much then thats your fualt for being greedy

the house next to ours was up for about 6 months or so the last tiem around, before that it had been with anotehr agent for the past year, so a total of 18 months to flog a house (it went last year)

the house was up for sale at £340k, which is above hat it was worth but it's still a realistic price considering the other prices on the roa over the years
eventually it went for just a shade under £280k

so either the estate agent was a twat or the prices have gone down by 20%
and this wa about a year ago so it's not new news

 

A valuation this week has seen a 12% drop from 5 months ago.

 

Greed's a bit harsh mate. It was (until recently) a very wise way to make money.

 

There won'#t be a crash like there was in 89 / 90 but I suspect alot of silly people who borrowed 5 or 6 times their salary to buy an overinflated property price wise and were just about able to afford the mortgage back then are going to end up in alot of trouble. Prices will drop, but don't expect them to crash as I very much doubt they will. Mortgages are also alot harder to come by now as opposed to 3 months ago, as lenders have changed their tactics so as to be almost unrecognisable from the start of the year. The days of minimal deposts, as much as you want at a rock bottom rate are well and truly gone. The way the regulators are talking now I don't see they'll ever be back as this whole credit crunch has arisen out of the banks greediness, and rules will be brought in now to ensure this never happens again I suspect, both in the UK and the US.

 

I don't think there is a person in the land that has any sympathy for an estate agent or a lawyer bar an estate agent and a lawyer.They have made a mint in the last 10 years and will no doubt make another mint ten years from now in the next cycle of the property boom

 

That's 'greed' though!!! We made sure that we bought a house within our means, so even if I got sacked tomorrow we would still have a house if I had to get a crappy job.

 

i bought another house to live in, so even if times are hard, i won't struggle

people who bought to let and now are finding that they can't afford to pay the mortgage as no one wants to rent them out for the prices are the ones who should have known better
or at least researched better and known what the pitfalls were

if so they fair enough, but if they jumped in with both feet ebcvause everyoen was doing it then thats their tough shit

 

Missing the point mate. It was greed on the banks part, not the borrower....they had to pay what the market dictated the property was worth. And why were property prices like they were ? Because money was so easily available. And why was it so easily available ? Because the banks made it that way out of greed.

And I agree - estate agents and finance brokers have been making fortunes for 10 years so don't start bleating now about times are hard........won't be alot of sympathy about.

 

There are cheaper houses in CHELMSLEY WOOD.You would fit straight in. LOL.

 

[QUOTE=Mr S1;3292384]Missing the point mate. It was greed on the banks part, not the borrower....they had to pay what the market dictated the property was worth. /QUOTE]

If someone gets themselves a mortgage that they can barely afford, and then suffers from inflation then I see that as greed. The banks are greedy too, but entering into a long term monetary transaction where there is a risk of it exceding your finances is IMHO foolish and greedy.

 

Id have to agree with dojj! You buy houses for short term greed then you takes your chances and if you get burnt then TOUGH SHIT!

MY view is that property is and always will be a long term investment.

The complete MUGS who mortgaged themselves up to the hilt just to cash in and buy an M3 or merc to keep up with the jones deserve everything they get or more likely lose!



Im currently buying my first home and im not worried long term at all. As long as the mortgage company honour the mortgage offer then im happy as the 2 year fixed rate should ride out the storm.

I managed to get a 3 bed end terraced house with garage and just fully refurbished for 85k in stoke on trent.

Taken me two attempts to get a house as the last house i was trying to buy fell through in early april because the valuation came back 10k under what i offered despite plenty of comparables in the local area for similar houses at similar prices recently sold.

 

The signs are defo there, what will happens next is best guess though, I think Paul Ripley is right though, I was talking to an estate agent friend of mine last night up here who said that they have 3 times the amount of properties for sale then they did at the same time last year, and that's purely due to the fact they are not selling.
I also read an interesting article that says things are still in the early stages, i.e it's not so much that house prices are falling fast yet etc... but that the amount of transactions falling through are on the dramatic increase, which can only have a knock on effect.

 

interesting about house builders not building, i know Anwyl homes just bought some new vans and i bought one of their old ones out of a main dealer, you don't buy new vans if the jobs gone shit, unless you want to go bust quicker

 

Im with you waren on this, we have just bought our own place, ride it out for 2 years then hopefully get a better deal somewhere else

just glad to be on the famous ladder everyone talks about

 

We`ve seen a slight drop here in norway the last year or so aswell, but in the biggest cities the prices are still climbing.

 

just look to spain for the problems they are having

property prices are way above what they are worth as lots of people have bought with the thinking that the prices will go up and up and up rather than if they could afford to keep up the repayments

under these circumstances, there is nothing you can call it other than being neieve or greedy, it's one or the other