Debate House Prices


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Misery of the BTLers and property developers...

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  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Kenny4315 wrote: »
    Nope what is apparent is your jealous of BTLers who have no worries .... and are hopeful that it will crash so you can get a 100% mortgage, based on salary x 3, because you have no deposit.... ;)

    Probably you ain't made a bean in the HPI and your not HP about that either....

    You can but hope GD, but hell will freeze over before I'm in negative equity... get the rosary out and start praying.

    LOL, you are so way off the mark on two things.

    No worries!?

    And also, I have a deposit thanks, not that I have ever felt the need to gloat about it and don't feel the need to say how much, unlike yourself over several pages on the thread! That doesnt mean I can raise a mortgage for the prices currently. Nor would I want to.

    But as were down to personal abuse, I'll say good game chap, you win ;)
  • Kenny4315
    Kenny4315 Posts: 1,133 Forumite
    Graham_Devon wrote: »
    LOL, you are so way off the mark on two things.

    No worries!?

    And also, I have a deposit thanks, not that I have ever felt the need to gloat about it and don't feel the need to say how much, unlike yourself over several pages on the thread! That doesnt mean I can raise a mortgage for the prices currently. Nor would I want to.

    But as were down to personal abuse, I'll say good game chap, you win ;)
    Graham_Devon wrote: »
    I'm someone who has been effected by the greed of people like yourselves. Now smug, watching your downfall and insistence to deny this could get very sticky.

    Yes GD I can see this from your post here for example ......

    ... let's hope a nice boom is round the corner from you .... and your priced out of the market indefinetly........ :money:
  • RetroBob
    RetroBob Posts: 171 Forumite
    FungusFighter wrote: »
    Misery of the BTLers and property developers...

    Dont forget estate agents!
  • mp2
    mp2 Posts: 80 Forumite
    Kenny4315 wrote: »
    Nope what is apparent is your jealous of BTLers who have no worries .... and are hopeful that it will crash so you can get a 100% mortgage, based on salary x 3, because you have no deposit.... ;)

    Probably you ain't made a bean in the HPI and your not HP about that either....

    You can but hope GD, but hell will freeze over before I'm in negative equity... get the rosary out and start praying.

    and just when you thought things couldnt get any worse, the uk is now showing the first signs of deflation, just like japan.

    not only have you got masses of debt, and bought assets during a bubble. the real terms value of your debts may even be going up as well.

    asset values going down. debt values going up. i wish i bought at the top.

    p.s japans residential land prices just hit a 24 year low. residential prices today are 50% lower than what they were in 1991!

    it must be one of those supply and demand issues. too much land or something.
  • Kenny4315
    Kenny4315 Posts: 1,133 Forumite
    mp2 wrote: »
    not only have you got masses of debt, and bought assets during a bubble. the real terms value of your debts may even be going up as well.

    I haven't got masses of debt, in fact I'm extremely adverse to debt ( I have currently according to recent valuations got a 64% holding on all my property, the bank debt is 36% .... :p:p:p

    And have cash in bank that is therefore increasing in value, if I used this to pay debt my new position would be owned 82%, bank debt 18%..... :p:p:p

    I didn't buy in the bubble, I was well below the peak, and rennovated and also sold a house bang on the peak .... :p:p:p

    DO YOU READ THE POSTS OR NOT ??? :p:p
  • mp2
    mp2 Posts: 80 Forumite
    Kenny4315 wrote: »
    I haven't got masses of debt ( I have currently according to recent valuations got a 64% holding on my property, the bank debt is 36% .... :p:p:p

    And have cash in bank that is therefore increasing in value, if I used this to pay debt my new position would be owned 82%, bank debt 18%..... :p:p:p

    I didn't buy in the bubble, I was well below the peak, and rennovated and also sold a house bang on the peak .... :p:p:p

    DO YOU READ THE POSTS OR NOT ??? :p:p

    firstly forget your ltv. the longer you hold your property the bigger your ltv will become.

    secondly, if i lose 60% of the value of my shares are you saying everything is fine, ive still got 40% left. what a savvy investor you are.
  • Kenny4315
    Kenny4315 Posts: 1,133 Forumite
    Savvy enough to be up around £500k in 2 years, if I sold everything at this point in time.

    How have you faired in the last 2 years ??

    Also savvy enough to be out of shares in april 2007 at 6900 ftse100.
  • Kenny4315
    Kenny4315 Posts: 1,133 Forumite
    mp2 wrote: »
    firstly forget your ltv. the longer you hold your property the bigger your ltv will become.

    secondly, if i lose 60% of the value of my shares are you saying everything is fine, ive still got 40% left. what a savvy investor you are.

    I bought in Nov 2006, and April 2007. The two properties I currently have. I just bought very well and worked very hard. The last property on the street sold for £625k plus they spent just over £200k on rennovating in August 2008, I have 2 on this street of a similar size. I bought both and refurbed both for less than £800k.

    While the market corrects by the 35% I expect I'm now going to have a break, and then catch it at the bottom. Whether that takes 6 months or more I'm not too fussed. If that takes 1 year I'll have plenty of holidays, and be spending alot of time at the gym, maybe I'll eventually manage a 6 plate deadlift.
  • mp2
    mp2 Posts: 80 Forumite
    Kenny4315 wrote: »
    I bought in Nov 2006, and April 2007. The two properties I currently have. I just bought very well and worked very hard. The last property on the street sold for £625k plus they spent just over £200k on rennovating in August 2008, I have 2 on this street of a similar size. I bought both and refurbed both for less than £800k.

    While the market corrects by the 35% I expect I'm now going to have a break, and then catch it at the bottom. Whether that takes 6 months or more I'm not too fussed. If that takes 1 year I'll have plenty of holidays, and be spending alot of time at the gym, maybe I'll eventually manage a 6 plate deadlift.

    they spent 200k renovating it and it was only worth 625k?

    by the time the market finishes correcting itself youll be in negative equity. even the 35% falls you expect will pretty much wipe you out based on even your most optimistic of current valuations.
  • Kenny4315
    Kenny4315 Posts: 1,133 Forumite
    mp2 wrote: »
    they spent 200k renovating it and it was only worth 625k?

    by the time the market finishes correcting itself youll be in negative equity. even the 35% falls you expect will pretty much wipe you out based on even your most optimistic of current valuations.

    How's that you mathematical moron.

    £350k purchase price + £70k refurb = £420k, value late 2008 £800k (after getting on for 15% of the drop), another 20% would take that down to £640k, meaning I'd still be up by £220k. The O/S mortgae balance is £225k, as I put £100k down and paid a further 10% without penalty. So it would have to fall over £700k or just over 75% from peak, or well over 65% from the end of 2008 position.

    In other words the country well and truly dekcuf, as there are plenty of folk ahead of me in the negative equity queue.

    They may have a period of NE but unless your totally stupid which is a significant possibility it is clear that I have no possibility of NE. :money:
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