LoveBucket

here. hold this monkey

thanks for the night out dude. was a ho train blast

LDMA

Can't wait for the crash...I might be able to buy a house here yet.

I'll wait til it bottoms out, and is into the sideways, and then grab some poor reposessed pensioners place...

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LDMA - Ajarn Forum Admin

I like ajarn.com. It is a fun place. I was going to get out my list of great grievances, grandiose gripes, grand groans, grave grumbles and my granduer of grating grim grisly grime, but I won't, because I can't stop growing with the gruesome gritty grubby and grotesque grin.

Duncecap

buddahas

Just make an offer to Nickyboy!

Classic-Chassis

Manchester became some what of a boom town with prices reaching the same as London in some areas, as did Sheffield. It's mainly in the quiet areas which, ten or fifteen years ago may have been stand alone villages but have now been connected to the city.
Blackpool, where I'm from prices rose gradually and I suspect will remain at about the same level.
As for finding a buyer we'll see. 4 bed victorian terrace with garage and converted loft. 115,000 pounds, interest rates dropping again, I don't see a problem to be honest Nick.
One bedroom shoebox, new build flat in essex for 250,000 pounds, I could see there being a problem there though.
We'll see anyway, I"m not going to make a discission for another 12 months. If thing stay stable, even though lenders are not willing to lend or don't have the money to, the "experts" still see things being as they are now in a year. They don't see a big "crash" but a "gradual slowdown." In my area houses have gone up 170% compared with your area of 209% as usual the worst place to be is London with house prices going up 250%. The higher it goes the harder it falls.

it's all on the BBC BBC NEWS | In Depth | UK House Prices | Overview

What you need to keep in mind is compared with Europe and even Scotland, England has more home owners per capita. we have Thatcher to thank for that. It was only natural that demand would eventually out way supply. That's what has just happened over the last 10 years. We are now in step with countries like France and Spain with the majority needing to rent because they simple cannot afford to buy.
If you or anyone, (sorry chaps) thinks that prices will drop 50%, 100%, 200%, you are in a dream world. Try 5% national average then they'll rise again.
The reason there's a slow down is because of the septic sub prime problem. UK lenders need to borrow money to lend it, usually from other banks and quite often from American banks. At the moment they just don't have the money. I may be wrong with the figures but I recall hearing on the BBC News the credit hole is that big in the US that every person world wide would owe over 100$, that's mental really. Once they sort their shit out things will be OK. There are also other nations banks queuing up to lend to UK banks.

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Those that want to read whatever they can want all freedoms, but have to understand they can have freedom, but it must be within the law.

Jon

Some are saying down 15% this year and the same next year. No one really knows! We are a million miles away from the 15% mortgage rates of yesteryear though.
I'm ok as my house can go down 50% and I still won't be in negative equity. The prices here are bloody stupid so some reduction has to be good for the next generation of wannabe house owners. We are a crowded island with high immigration so demand will always be high for housing.

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Nickyboy

Yes, Manchester shot up...but has now sunk way back down, unlike London.

Check this out:

Guardian Unlimited | Search | manchester

Never thought there'd be a huge drop (see my previous ramblings for evidence). Trouble is, even though the BOE has dropped the rate twice recently, the fucking banks are raising their loan rates and removing products from the market (like 100% mortgages), which makes it harder for people to get on the ladder.

Your house CC, sounds like a second home, so you've got a fighting chance.

buddahas

I'm reading Nickyboy's link. Two bedrom flats in Manchester bought in mid 250's are selling for 100 and change. That is over 50% reduction in price already....

The problem are not banks but crap consumers who can't afford shit. Sometimes I wish I lived in US, cuz I could have mortgaged 2 houses, then do a reverse mortgage and buy myself 2 nice cars. Then when they repo my house(s) I still come on top with 2 nice cars... easy, eh? If British consumers are anything like Americans, the price of real estate will be going down for years to come.

Classic-Chassis

That's Albion Mill in the city centre, one bedroom flats on buy to let mortgages where the rent doesn't cover the mortgage.
Sorry Nick, maybe it's me but i don't understand your terminology, what does "sounds like a second home" mean?
My house is rented out and I get 580 a month, (welcome to Blackpool) my mortgage is only 360 at the moment and I'm ten year into it. It will sell as a home, but IMHO the buy to let bubble on houses and flats has burst big time.
If it doesn't it's no big deal, I'll just sit on it for a few more years.

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Those that want to read whatever they can want all freedoms, but have to understand they can have freedom, but it must be within the law.

Nickyboy

What I mean is, it probably won't be bought by a FTB (first time buyer), but a family that already has a mortgage. They won't have a problem getting the money to buy it.

Sounds like you're in a very good position. Good on ya!

Classic-Chassis

^ no so rosy, I'm sweating as well mate. between you an me, if you can keep a secret that is. I don't have a buy to let mortgage thank f*ck. The problem is though lenders get ichy feet in times like these and I could get caught out, they could find out and foreclose on me, the 90Gs equity is better in my pocket than theirs, they'll see it the other way though.
I can hear you thinking "how will they find out?" Well about six months ago i tried to change my mortgage to a BTL because I wanted to be above board, they denied me because i don't live in the UK anymore, which in turn means they already know it's rented or department A can put it's head together with department B and work it out.
Top and bottom of it, I was foolish to raise my head above the trenches.
On a plus side it's C&G so they're less lightly to try and rip me off, and i've paid them for 10 years without missing a payment so long term it's better for them to leave it alone.

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Those that want to read whatever they can want all freedoms, but have to understand they can have freedom, but it must be within the law.

Nickyboy

I'm with C&G too. They think I live there. Recently started a payment holiday in order to buy me some breathing space.

esoteric1

How does this work?

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LDMA

Ha....he hopes! I've seen some pretty unattainable properties in this rather desirable area with "lowered for quick sale" tickets on them....suddenly 150k is becoming a half decent prospect again.

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LDMA - Ajarn Forum Admin

I like ajarn.com. It is a fun place. I was going to get out my list of great grievances, grandiose gripes, grand groans, grave grumbles and my granduer of grating grim grisly grime, but I won't, because I can't stop growing with the gruesome gritty grubby and grotesque grin.

Duncecap

Classic-Chassis

Read again louis, they could drop 170% and i'd still be in the black. you should've bought one while you had the chance, before you came to Thailand on an extended jolly. You'd probably still be here if you had. Again it's down to location louis, things round my old neck of the woods have never been unattainable. 150K would get you a very nice big house in Blackpool.
I've got a mortgage for about 35K now, 14 years left. i can just hold on to it and it's all down hill for me. the equivalent of 600 a month coming in as extra when i'm 53.
In fact louis i'm talking myself into it....Naaa fuck it it's not for sale. early retirement I say!!
Just some fact about house prices.
1: The average house price is six times the average mans salary, guess what, it's
always been that way. It's used as a measure by brokers.
2: house prices are up around 180% in 10 years, 300% over 20 years and 9,000% over 50 years. Only seems to go one way don't you think?
3: Analysts are predicting interest rates as low as 4% by the end of this year. That would
be to stop anything like a crash, which incidentally always coincide with high
unemployment and high interest rates.
4: The biggest drops are always in the same places you see the biggest rises, as nick pointed out
Manchester, Leeds and Sheffield.
The Northwest coast saw some of the lowest rises nationwide, only 170%.
louis if you can afford to jump on the band wagon as it slows down the i say do it, but you are taking the biggest gamble of all because you can never really be sure when the right time to buy is, and if the wagon goes any slower than when you jumped on it, you've got major problems.
As a house owner let me tell you, the saying "the first five years are the hardest!" is absolutely true, especially if you find you self in negative equity before you begin.
I will admit that a 5% drop is a little wishful I'll go with 15% this year.(probably less in sunny Blackpool.)