Nationwide. 29 May 2008. -2.5 (month) -4.4 (year)

m00m00

!!!!!!? wrote: »

But it is different this time!

People have (on average) massive amounts of unsecured personal debt as well as whopping mortgages.

I may be being presumptuous here, but I would guess that in general the people likely to take on massive mortgage loans without thinking too much about it first are probably also the sorts of people who think little of running up huge overdrafts or credit card debts too.

and don't forget the Audis/4x4's on finance too .....

pickles110564

neas wrote: »

I wonder what pickles will say :P.

I want to ask him how it feels to loose 2.5% in one month on his properties....

In all honesty he prob wasnt bothered because his properties have risen so much since he made a lucky gamble back when he was 18.

Neas,
The only time you either win or lose is when you sell.
I have no intention of selling as I aim to just pass the BTL's on to my children when I die.
I too look forward to very big drops (as long as not too many ordinary people get hurt) as I will add several more properties to my collection.
Of course this will take them out of your reach and if you then start competing against me I guess it will push prices down even further?;)
When I finish renovating our current home it might have dropped down to £650k but it means that the next project will have dropped even further allowing me to bank a couple of quid and further add to the BTL's.

hostman

My gf thought I was mad earlier. Sat in the car, listening to the radio while driving her to work and I manically laugh hearing the Nationwide report on the news

Long may it continue.

Lets not forget, 40% of buyers have been taken off the market in recent credit tightening. That WILL translate into huge price falls over the next few years.

King_Of_Fools

Here is the updated BBC graph:


Just look at that cliff-edge!

boinging_2

pickles110564 wrote: »

Neas,
The only time you either win or lose is when you sell.
I have no intention of selling as I aim to just pass the BTL's on to my children when I die.
I too look forward to very big drops (as long as not too many ordinary people get hurt) as I will add several more properties to my collection.
Of course this will take them out of your reach and if you then start competing against me I guess it will push prices down even further?;)
When I finish renovating our current home it might have dropped down to £650k but it means that the next project will have dropped even further allowing me to bank a couple of quid and further add to the BTL's.

Just remind me again how you finance these extra purchases?

MissMoneypenny

boinging wrote: »

Just remind me again how you finance these extra purchases?

Don't you worry about that. Pickles and BTLNewbie have viewers ....thrusting cash into their hands
http://forums.moneysavingexpert.com/showthread.html?p=11098253#post11098253

Nenen

merlinthehappypig wrote: »

Hopefully estate agents will now start to get a little tougher with those sellers who have had the house up for sale for a year or so and haven't reduced the price.

If they want to sell then they need to make the price more realistic - if they don't then get them off the books and stop wasting everyone's time.

Anecdotal evidence: friend of a friend has had his house on the market at 265K (started at 270K for the first three months) for the last 6 months with no interest. EA contacted him yesterday to suggest he drop the price again. FoF was aghast and said he'd already dropped by 5K (big deal! :rolleyes:) and certainly wasn't taking any less or he'd be' giving it away' :rolleyes: EA then told him he should either drop the price 10K or take it off the market for at least six months!

Something tells me that 6 months is a little optimistic but I guess the EA just wanted it off his books!

brit1234

pickles110564 wrote: »

I have no intention of selling as I aim to just pass the BTL's on to my children when I die.

Thats nice, I'm sure your children will appreciate all the debt you put on them with your interest only portfolio especially at the higher interest rates predicted then.

Kez100

*If* you have any cover to ensure the debt gets repaid Gordon Browns successor will have 4 out of every 10 of them. *If* you don't have cover, or repayment loans, then- the way we are going - the lender will have them all.

WTF?_2

Kez100 wrote: »

*If* you have any cover to ensure the debt gets repaid Gordon Browns successor will have 4 out of every 10 of them. *If* you don't have cover, or repayment loans, then- the way we are going - the lender will have them all.

Somebody set us up the crash.
All your house are belong to us.