Rics - worse figures since 1996

Running_Horse

MissMoneypenny wrote: »

Running Horse. Isn't it about time you let got of this thing you have against SquatNow?

Some of us (myself included) have disagreements with others on these forums, but we learn to move on and might even find ourselves agreeing with that same poster at a later date.

Its a forum. People debate. Sadly, all Squatty does these days is post and run ridiculous statements, in a sad parody of his former self, who at least came back to defend his silly assertions.

My point was entirely serious. He runs a website advocating people squat. He posts here that squatting is a viable housing option. He recommends others become squatters, without pointing out any of the legal pitfalls. Yet he does not squat himself. Asking why is a perfectly valid question.

So squatboy, why do you recommend others squat, but not do it yourself?

Sounds a little hypocritical to me. Are you a hypocrite?

teabelly

If you weren't ask to prove your income did you not get suspicious that you could be accused of mortgage fraud and that your broker must have thought you didn't meet the criteria fully?

Which part of Manchester were you referring to? Just found a nice 3 bed mid terrace in Wilmslow for £145k which is a decent size, not a shoebox. There were a few bungalows for £125k. 170k for a 3 bed terrace or semi in Didsbury. These prices are not much more than in some parts of chip as chips Stoke On Trent. Not even looked in the rubbish areas like Wythenshawe or Salford. Cheadle Hulme and Adswood also seem quite cheap and Cheadle used to be a decent area. I can't imagine you can get similar in a commuter village down south but feel free to prove me wrong

No one in their right mind pays the SVR. Even as a naive home owner many years ago I didn't understand why people would choose to have a more expensive mortgage when there were plenty of decent deals around without the current high exit fees. The best deals are still about 5.6% and that hasn't really changed over the last year or two. The irony is the best BTL are deals are actually at a lower rate still so lenders must thing that BTL lending is a safer bet.

PasturesNew

I think young people that shacked up too early together, just to 'get on the ladder' will be the biggest swathe of distressed sellers.

A falling market will force people who have split up to sell.

I suspect while a lot of people have previously hung onto the property and rented it out, watching it grow in value, they won't do this now.

They were scared into buying/shacking up too soon. And they'll be scared into flogging it off soonest too.

If they've lost interest in the relationship, they'll have lost even more interest now in a property that's losing value.

It seems to me that often these days people are literally buying a place within a year of meeting. Madness for most. You can't know anybody until you've been with them at least 2 years. Two annoying Xmasses, two annoying summer holidays. Two years to see the pure madness they each call "family".

I bet rising prices have shored up their relationship, they've been sitting quiet for awhile based just on the thought that "this might work out OK and at least the house is going up in value".

They'll just want shot.

poppy10_2

PasturesNew wrote: »

They'll just want shot.

That's a bit extreme! :eek:

SquatNow

Running_Horse wrote: »

Its a forum. People debate. Sadly, all Squatty does these days is post and run ridiculous statements, in a sad parody of his former self, who at least came back to defend his silly assertions.

My point was entirely serious. He runs a website advocating people squat. He posts here that squatting is a viable housing option. He recommends others become squatters, without pointing out any of the legal pitfalls. Yet he does not squat himself. Asking why is a perfectly valid question.

So squatboy, why do you recommend others squat, but not do it yourself?

Sounds a little hypocritical to me. Are you a hypocrite?

You've already asked this and I've already answered this in another thread. Twice.

For those who don't know, RunningHorse is a sociopath who has been stalking me online.

Squatnow is not trying to explicitly convince people to squat. People will be forced to squat by the coming events. The aim is to get people to squat SOCIABLY... in a way that instead of giving the government the moral basis to outlaw squatting in England, will encourage people to see squatting as both sociably acceptable and sociably responsible.

I do not squat myself. I am quite open about this. The rent I pay is near-as-dammit the same as I would pay in BILLS if I were to rent a similar place elsewhere. In exchange I've modernised the flat and done a lot of maintenance work to the flat and my landlady's own residence. (I live in an annex.) The arrangement works well and is the basis for the social squatting concept.

I encourage others to view the www.squatnow.com site and provide feedback.

I have nothing to hide and can't understand why runninghorse is so fanatical about his hatred of me. Maybe he is a BTL fraggle who is worried about loosing tennant to the squatting movement? Mabe he just needs to get laid. Who knows.

Nenen

PasturesNew wrote: »

I think young people that shacked up too early together, just to 'get on the ladder' will be the biggest swathe of distressed sellers....

....If they've lost interest in the relationship, they'll have lost even more interest now in a property that's losing value. ....

....It seems to me that often these days people are literally buying a place within a year of meeting. Madness for most. You can't know anybody until you've been with them at least 2 years. Two annoying Xmasses, two annoying summer holidays. Two years to see the pure madness they each call "family".

Whoops... better tell my dh who asked me to marry him 5 weeks after we met that he's made a mistake that's lasted 27 years!

SquatNow

Nenen wrote: »

Whoops... better tell my dh who asked me to marry him 5 weeks after we met that he's made a mistake that's lasted 27 years!

It's not that we don't beleive in "love at first sight", it's just that we think that the 5000% increase in cases of "love at first sight" in the last 27 years is more to do with men wanting regular sex than love.

carolt

teabelly wrote: »

If you weren't ask to prove your income did you not get suspicious that you could be accused of mortgage fraud and that your broker must have thought you didn't meet the criteria fully?

Which part of Manchester were you referring to? Just found a nice 3 bed mid terrace in Wilmslow for £145k which is a decent size, not a shoebox. There were a few bungalows for £125k. 170k for a 3 bed terrace or semi in Didsbury. These prices are not much more than in some parts of chip as chips Stoke On Trent. Not even looked in the rubbish areas like Wythenshawe or Salford. Cheadle Hulme and Adswood also seem quite cheap and Cheadle used to be a decent area. I can't imagine you can get similar in a commuter village down south but feel free to prove me wrong

No one in their right mind pays the SVR. Even as a naive home owner many years ago I didn't understand why people would choose to have a more expensive mortgage when there were plenty of decent deals around without the current high exit fees. The best deals are still about 5.6% and that hasn't really changed over the last year or two. The irony is the best BTL are deals are actually at a lower rate still so lenders must thing that BTL lending is a safer bet.

Hi teabelly.

Para 1 - Yes, that is exactly my point - 'affordability' mortgages are just another name for lie-to-buy, as there is no way of proving what is essential expenditure. Even showing bank statements would not make it clear - how could anyone else work out what your travel costs were from 3 months bank statements, for example, if you bought an annual season ticket? Or bought it on a credit card? It's blatant nonsense. That's why income multiples have traditionally been used, on the basis of average spending habits. They've worked for decades - affordability-based mortgages, that you are so in favour of, are lunacy.

Para 2 - It was Didsbury, actually, that I had as my comparison point - prices there on rightmove currently start at 200K for all bar 6 properties, 3 of which are virtually in Burnage (much more downmarket) and 2 of which are minute 2 beds at 190K. So my point stands. 200K will buy you a 2 bed in lots of pleasant commuterland down south; a 3 bed in parts.

Para 3 - Interest rates of 8-10% you quoted above were SVR's, not cheaper fixes or discounted rates. Please compare like with like. In fact, as the credit crunch kicks in, and lenders become more fussy about high LTV loans, coupled with falling prices, will mean a lot more people are stuck on the SVR. This is happening already - see the MSE Mortgages board devoted to thread after thread on just this problem - people stuck on very high SVR's. Northern Rock is particularly bad in this respect - where else can all those 125% mortgagees remortgage to now?

If you reply to this, please do CHECK YOUR FACTS. Thank you.

mystic_trev

http://www.rics.org/NR/rdonlyres/F1D8EC6B-085D-4DD7-980B-AECAAB4C8F74/0/hms_feb2008.pdf

It's interesting to note that prices in Scotland are still rising. It's also interesting to note that the same thing happened in the late 80's before the erm......:rolleyes:

wobblegobble

"Para 2 - It was Didsbury, actually, that I had as my comparison point - prices there on rightmove currently start at 200K for all bar 6 properties, 3 of which are virtually in Burnage (much more downmarket) and 2 of which are minute 2 beds at 190K. So my point stands. 200K will buy you a 2 bed in lots of pleasant commuterland down south; a 3 bed in parts"

Carolt - Sorry to hijack your dispute with teabelly , but I am very interested in the living near London/living up North dispute. I have looked on Rightmove and Didsbury - Greater Manchester brings up more than 10 pages of properties at less than £200k with the cheapest starting at £64k? Am I missing something??

Also you forgot to mention that unless you are living very close to London, a season ticket to London will probably cost you in excess of £2500k per annum? This would certainly eat up a large portion of any increased salary you might be earning down South? Not to mention the inconvenience of commuting........

Hopefully I have missed something completely, please prove me wrong?