'We've reached a tipping point' Signs of house price weakness

Crashy_Time

ukcarper wrote: »

It's funny how your mate HPC-troll accuses people of being rude to him when you are one of the most obnoxious person on here.

Ok, I will apologise for that, bad joke, but you keep avoiding the obvious and coming at things from leftfield. MSE is one of the best known sites in the UK, the housing discussion is only (recently?) hidden because of these little slanging matches, Hamish has made about 18,000 posts, but you want to imply that only about 23 people are reading his output?

Crashy_Time

ukcarper wrote: »

Cheapest flat in Edinburg on rightmove is £460 a month.

Maybe if they dropped the price they would get a tenant?

Jack_Johnson_the_acorn

Crashy_Time wrote: »

If someone in your street sells for less than you paid, and the houses are similar, that is the new value of your house, you have no control over the process.


As my rent has not increased in 17 years I am not holding my breath for sudden increases any time soon. In fact I am pretty sure that if I continue to rent I will be DECREASING the payments as more and more BTL`ers get desperate for tenants.

You didn't ask a question you Muppet, you simply asserted that the value of house "A" is equal to house "b" I fail to see where you asked me a question.....

Now stop avoiding my "actual question"
If I sell my house for 200k and buy another house for 100k does that indicate that houses are decreasing in value?

ukcarper

Crashy_Time wrote: »

Ok, I will apologise for that, bad joke, but you keep avoiding the obvious and coming at things from leftfield. MSE is one of the best known sites in the UK, the housing discussion is only (recently?) hidden because of these little slanging matches, Hamish has made about 18,000 posts, but you want to imply that only about 23 people are reading his output?

It's been hidden for years I didn't say only 23 people read his posts just that there only 23 looking last night 30 at the moment.

Rota

wotsthat wrote: »

I 'rented' a debt from a building society. Broad brush figures..

- I've been in this house for about the same time as your journey (a bit less)
- Average mortgage rate 4.34%
- I've paid £35,200 'rent' to the bank
- Another £2,600 in interest (and a few years) and I'll own outright
- I'm fixed to just about the end of the term so will be unaffected by rate rises
- This is for a 3 bed detached in the Midlands. Nothing special but would cost, at least, £250/ month more in rent than the mortgage.
- I've paid £9,700 in maintenance in this time.

So, in summary, I'll have paid £47,500 in interest & maintenance (plus the capital of course) and will own 100% of my house. A crash of 100% would still leave me £50k better off buying rather than waiting and hoping.

These are 'standard' calculations and worse case - I stoozed on 0% credit cards for a while and spent quite a few years with £20k offset against the mortgage that was 5.68% at the time. I offset cash savings as well. I didn't think it fair to include these because I withdrew the gains to put towards a holiday home after the crash.

By contrast you've paid £81k over the same time period and own 0% of nothing.

This is a good exercise. Ill give my numbers.

- Paid 165,000 for flat on Chiswick/Acton (West London) Border in 2004.
- Managed to outsmart HSBC by going .54 bp above BOE rate lifetime tracker in 2007
- Spent 20k on maintenance and repairs. Both external building as part of leaseholder/freeholder responsibility and internal remodeling. No builder required for the internal work. Lease extended.
- Used every bonus to smash principle as fast as possible, overpaid as often as possible mortgage repaid in full June 2014.
- Got smarter, tripled salary in the last decade.

165,000 purchase
20,000 upgrades/repairs/25 year lease extension (now 120 years)
35,000 mortgage interest

---

220,000

---

Place would easily sell for 350 now. But I like having council tax, water and power as my only bills so this suits.

Just going through the motions of buying another place in my native country (Australia).

ukcarper

Crashy_Time wrote: »

Maybe if they dropped the price they would get a tenant?

Cheapest let is £425

Jack_Johnson_the_acorn

Rota wrote: »

This is a good exercise. Ill give my numbers.

- Paid 165,000 for flat on Chiswick/Acton (West London) Border in 2004.
- Managed to outsmart HSBC by going .54 bp above BOE rate lifetime tracker in 2007
- Spent 20k on maintenance and repairs. Both external building as part of leaseholder/freeholder responsibility and internal remodeling. No builder required for the internal work. Lease extended.
- Used every bonus to smash principle as fast as possible, overpaid as often as possible mortgage repaid in full June 2014.

165,000 purchase
20,000 upgrades/repairs/25 year lease extension (now 120 years)
35,000 mortgage interest

---

220,000

---

Place would easily sell for 350 now. But I like having council tax, water and power as my only bills so this suits.

Just going through the motions of buying another place in my native country (Australia).

Congratulations on being mortgage and rent free!!!! I'm Hoping to achieve something very similar.

10% deposit Dec2011
£127k purchase
£114k mortgage

Just started making whopping overpayments of 600 this is more than my regular mortgage payments.
2.95% mortgage.
Could be mortgage free in 8yrs.

Rota

ukcarper wrote: »

Cheapest let is £425

It must be an absolute toilet for that coin.

Rota

Jack_Johnson_the_acorn wrote: »

Congratulations on being mortgage and rent free!!!! I'm Hoping to achieve something very similar.

10% deposit Dec2011
£127k purchase
£114k mortgage

Just started making whopping overpayments of 600 this is more than my regular mortgage payments.
2.95% mortgage.
Could be mortgage free in 8yrs.

Good on you, you won't regret it. It's a fantastic feeling. Sacrifice holidays, sacrifice a new (second hand :rotfl:) car, sacrifice nights out. At the end you are the winner. :beer:

ukcarper

Rota wrote: »

It must be an absolute toilet for that coin.

http://www.rightmove.co.uk/property-to-rent/property-37534244.html

Don't know area flat could be better.