Panorama tonight - Bursting the house price bubble.(merged)

Generali

mystic_trev wrote: »

50% off with drug dealers and brothels as neighbours........

The services in these serviced appartments just keep on getting better and better. I remember when you'd be happy with room service and a cleaner.

brit1234

I was aware about the land registry fiddle a couple of years ago. I'm so happy it is finally out in the open. Now people can see why we have had double digit house price inflation year and its nothing to do with immigration or house shortages just fraud.

House prices are 50% overvalued, they will fall dramatically in this credit crunch.

poppy10_2

CYBERCIDERSAVER wrote: »

However it was an interesting point about the valuations taking into account the prices of nearby flats that had sold with these "gifted" deposits that were added to the actual price paid and lodged with the land registry.

I think they should ban gifted deposits completely.

Ban gifted deposits?

How about 5% gifted deposit, stamp duty paid, legal fees paid, overvaluation of your own home in part-exchange, and a £500 monthly bung for the next 2 years?

http://www.redrow.co.uk/developments/reassure/

Anything but lower the price!

CYBERCIDERSAVER

Poppy. I understand what you are saying but what I trying to get at is the distortion in house prices between Land registry figures and actual purchase prices.

ex.
I buy my mothers house for 50 000
She gives me gifted deposit for 1 million

Dozy solicitor (or greedy solicitor with 2k backhander) lodges price paid as 1 050 000

House prices in my new street go up by 500 000

i sell the next day to a dozy BTL investor for 750 000.

everyone is a winner!!!!


What I mean is that the gifted deposit money doesn't really exist. Can't say the same for fees paid etc.

Currently the land registry prices are clearly innaccurate. Banning gifted deposits would help reduce that.

Notlob

PasturesNew wrote: »

They will even relish the info that their enemy lost £100k on a property next door, yet not even entertain the concept that theirs too has lost this and the only difference is they aren't selling .... today.

When will people realise that any profit /loss occurs when the asset has been sold and not before!!!

I have little sympathy for fly by night investors, you pays your money and accepts the risk. The sad thing is, is that despite negative press and general doom & gloom on this board, there are lots of people who are still half glass full investors to such an extent that they will keep drinking and drinking and the glass will never drop below half full.
:beer:

Zebedee69

Generali wrote: »

The services in these serviced appartments just keep on getting better and better. I remember when you'd be happy with room service and a cleaner.

Now you get a cleaner, t i ts and a hand shandy plus a free cheeky grams thrown in:D

SouthCoast

And another developer with rigged selling prices:


http://www.barratthomes.co.uk/

PasturesNew

ixwood wrote: »

So..... who's going to be the 1st brave "I did that" on here then?

How about: I didn't do that.

I thought about it, I'd have not gone for new build, I'd have gone for something I personally liked/felt was homely.

I knew I could borrow up to about £2million without any problems.

I looked at my experiences/skills and decided: No way was I up to it in any shape or form.

So I opted for taking high street bank interest instead... and not having to deal with maintenance, laws ... and the worst bit ... people.

fc123

mystic_trev wrote: »

Those apartments look stunning. 50% off with drug dealers and brothels as neighbours........it can't be all bad

How can anyone pay £304k for a flat in Thamesmead and then believe that the high prices would send the area on the up....what did she say?..better quality neighbours :rotfl: I'm familiar with the area.
My OH has, over past 2 yrs, groaned at how we didn't benefit from the BTL bandwagon...."we should have bought this and that " etc .

Looks like fate saved us from doom.

However the same scams have been going on in the commercial propery market too re; Erinaceious (alledgedly).

One of these mini, inflated commercial property bubbles has just collapsed in our area.....franchise of extremely high profile brand did a moonnlight flit last night......all good evidence for my up and coming rent review.

Thanks for the BBC link....don't feel like the one left out who didn't see the prog:D

PasturesNew

For those in Wales, this is about to start on BBC1 (10.35pm)