Your house may never be worth as much again

pop_gun

Joeskeppi wrote: »

Thanks for this post, I totally see the full picture now after that example of a single property.

and i suppose repossessions aren't up either. what about that headline about 43% of mortgages being in arrears. maybe if we all shut our eyes and try to think really nice thoughts, it'll all go away!

lets all give it a go

Blacklight

pop_gun wrote: »

maybe if we all shut our eyes and try to think really nice thoughts, it'll all go away!

lets all give it a go

That method hasn't worked for the handful of nutters who've been wishing really hard for a torrent of dreadful news about economic circumstances of normal hard working folk just so they can afford to buy bigger house rather than work for it like everyone else.

It doesn't seem to be proportional to the amount of tin foil you wrap around your head either.

chucky

pop_gun wrote: »

and i suppose repossessions aren't up either. what about that headline about 43% of mortgages being in arrears. maybe if we all shut our eyes and try to think really nice thoughts, it'll all go away!

is that you Brit1234?

IveSeenTheLight

mumps wrote: »

DS is just moving out of his house, he put it on the market and sold it within days, had three offers, two £5k below asking price and one at full price. He would have settled for £10k less so was really pleased. He bought at almost top of the market and made a slight profit,I guess the picture varies alot round the country.

Anecdotals are often frowned upon as being simply a good story unless it's been backed up with facts.

In the interest of fairness, it would be good to post the property address (after your DS leaves) so that a true comparison can be verified in a few months.

It's interesting to say that they bought almost at the peak and has made a slight profit.
Far different to other anecdotal stories we see which are never backed up.

Of course each local area can be different and why people should focus on their VI area instead of getting hung up on UK (England and Wales) averages.

Looking forward to seeing the facts in time.

System

pop_gun wrote: »

what about that headline about 43% of mortgages being in arrears.

I would love to see the source for this gem.

IveSeenTheLight

pop_gun wrote: »

and i suppose repossessions aren't up either. what about that headline about 43% of mortgages being in arrears. maybe if we all shut our eyes and try to think really nice thoughts, it'll all go away!

lets all give it a go

43% of mortgages in arreas lol.
Where did you get this figure from?
I think you have missread.

Here's a link from the CML that shows that arrears are falling and only 1.64% of mortgaged properties

http://www.cml.org.uk/cml/media/press/2612

Graham_Devon

Joeskeppi wrote: »

I would love to see the source for this gem.

Think they probably mean this, which isn't quite the same thing.

Research by Spareroom.co.uk found that 41% of landlords are only just meeting mortgage payments, while 43% said rents would no longer cover their mortgages if interest rates increased by 2%.

http://www.mortgagesolutions-online.com/mortgage-solutions/news/1722790/cash-strapped-landlords-struggling-cover-mortgages

chucky

Graham_Devon wrote: »

Think they probably mean this, which isn't quite the same thing.



http://www.mortgagesolutions-online.com/mortgage-solutions/news/1722790/cash-strapped-landlords-struggling-cover-mortgages

that's not in arrears though.

and that's only if rates went up

Research by Spareroom.co.uk found that 41% of landlords are only just meeting mortgage payments, while 43% said rents would no longer cover their mortgages if interest rates increased by 2%.

that article has too many holes to even discuss

an example - it's 25% here

One in four landlords have admitted rents from tenants are barely covering their mortgage repayments

but then it's 41% and higher here

found that 41% of landlords are only just meeting mortgage payments

which one is it - is 25% or 41%?

Blacklight

It doesn't actually say how many they asked either. It could have been four.

System

Graham_Devon wrote: »

Think they probably mean this, which isn't quite the same thing.



http://www.mortgagesolutions-online.com/mortgage-solutions/news/1722790/cash-strapped-landlords-struggling-cover-mortgages

Ah I see.

When people read stuff like that and come to the conclusion 43% of mortgages are in arrears, it's not much surprise that they are bearish. Beyond help really.