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Topic: House prices in your area  (Read 11292 times)

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Re: House prices in your area
« Reply #60 on: May 08, 2007, 05:10:28 PM »
No idea what houses365 is all about, their website isn't so good - I'd stick with well known UK sites that offer listings.

Latest news! - London is now officially the most expensive place on the planet to buy residential property - averages at £2500/Sq ft ! Monaco comes in next at £2100 ...

It's almost something most of us knew anyway !

However it's 'caused' by the super rich and their high net worth figures & property values.

without crossing data confidentiality - I've seen clients portfolio's and usually it's the 'elder' generation who now have lots of net worth from properties. One who now must be in his late 80's has a net worth of around £1.8 million - he bought his property in around 1965 for something like £60,000 and it's now worth about 1.4 million! - other clients had multiple properties...  i'd never seen so many zero's after their bank balance figures!!

here's the article -
http://uk.news.yahoo.com/afp/20070508/tuk-britain-property-sector-london-a7ad41d.html

Cheers DtM! West London & Slough UK!


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Re: House prices in your area
« Reply #61 on: May 08, 2007, 06:09:42 PM »
This is what I was talking about - couldn't remember the right name:
http://www.prweb.com/releases/2007/5/prweb524089.htm

Is it a con or a good thing?


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Re: House prices in your area
« Reply #62 on: May 08, 2007, 11:21:52 PM »
I've heard ads on the radio recently regarding businesses that will buy your property when you become insolvent and will rent it to you with the option for you to buy it back in a few years time.  Sounds like some sort of scam.  It looks like they do this as well.  However, it also looks like they cater to people who are emigrating or just need to sell quickly.  The idea of avoiding lots of fees and having the hassle of the normal selling process does sound good but I'd look at the fine print very closely.  I can't find much on the web about the company so not sure how legit they are.  I see on their website that they pay you 10-20% less than market value, I suppose if you don't think you're going to get more than that minus the fees then maybe it'd be worthwhile?  It's not a bad idea as so many people complain how moving house is one of the most stressful parts of their life.
And the world first spoke to me in Sensurround


Re: House prices in your area
« Reply #63 on: May 09, 2007, 02:11:42 PM »


Ok off topic but since we are talking about housing and how expensive it can be, I couldn't help myself with this one especially considering there are so many hard working people out there trying to get on the ladder.

Right now at work we are in the process of selling a large mortgage pool and I was using an old project plan from a previous sale (updating it for this transaction)...anyway, I see an item called "DSS Payments, procedures to set up new payment details", so I ask everyone around the table was it means, well it turns out that the gov pays people's mortgages if they are on benefits (the interest portion of the mortgage).  I almost fell out of my chair.  :o 

Then in private, someone on the project team (pretty high up in their career, tells me that their sister does this exact thing, she has a child (age 14!) and instead of going out to work, she is on benefits (the gov allows this) and the DSS/gov pays a portion of her mortgage.

To add more of a shock....her mortgage company just allowed her to take out a home equity loan against the appreciation of the house......and she has no income.  ???

Talk about a messed up system any way you look at it. The hard workers get nowhere and so many can't afford to buy a house and the loafers...they seem to make out just fine. Again off topic but I had to share because I am still in shock. 



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Re: House prices in your area
« Reply #64 on: May 09, 2007, 05:54:33 PM »
Jules,

You've discovered one of the main reasons many people 'hoodwink' the system in the UK when it comes to obtaining benefits. Of course, not all of us know everything about everything and in this instance you've fallen outta yer chair with a dropped jaw at finding out about this!

'Generally' speaking, the vast majority of the population 'knows' this and its still a minority albeit a growing and large minority who deliberatley defraud the system in order to gain personally.

Extreme examples are the stories you see in the paper of immigrants who dont speak a single word of english, who claim and get every benefit they can and use that money to live comfortably - the most shocking one was a 'person' of a certain religious denomination who landed in the UK and immediatley started raking in an astonishing £60,000 a year in benefits! obviously, not 'everyone' milks the system to that extent, and it's not only people from other countries/denominations that do it, plenty of home grown brits do it as well.

As everything is inter related, is it any wonder the taxpayer gets an even more raw deal as to fund the DSS we honest workers have to pay tax and be left with even less disposable income ? is it any wonder 90% of asylum seekers are actually bogus and are here to just milk the system?

my mum actually works for the DSS and is in the backoffice processing the claims that come through, and 'off record' and 'away' from work she's told us just how shocking it is at what people claim for and say and do for the 'handouts' from the government. In fact, there is or was a requirement for applications from a 'certain denomination' to go straight to the 'investigate for authenticity' department before any money was handed out !

They are trying to 'control' it, but with the vast number of claimaints and associated paperwork, doctors notes, proof of this that the other, the system is open to abuse.

lastly, from a landlords perspective, theres a hierarchy of renting to people. First and best choice is to get 'professional' tennants in, work history, credit and reference checks are easy to do, likelihood of getting rent paid is high, probability of stupid tennants is low.
second is those who are in employment, not so much professional type jobs but more the blue collar workers etc. In last place comes DSS tennants. These are people who are claiming benefits and as such, when they find a place to rent, they tell the DSS and they in turn pay the landlord directly the amount for the rent. Trouble is, many of the people are of a 'certain denomination/type' who frequently are associated with trouble and non payment and bogus claims etc etc. So whilst it's nice to know you'll ALWAYS get your rent from the council - the probability and liklihood of problems is very high, also if the claimant's situation changes and they need to be 're assessed' to their benefits, all payments stop to you as the landlord and it could be months before they're re approved and you get your money. I 'almost' had to approach the council to rent my place as a last resort, but I'm glad I didn't have to in the end - I did see one young 19-20 year old couple who did really seem very genuine see the place and I wouldn't have minded them being there, but he was turned down as he was only allowed to get a 1 bedroom place.

over all, the 'system' is good for those who are genuine, and ripe and open for abuse by everyone who thinks it's a free ride.

Give benefits to those who are genuine no problems with that, otherwise strip away benefits for those who are cheating and make them work just like everyone else or send them back to their respective countries quickly - simple.

Cheers! DtM! West London & Slough UK!


Re: House prices in your area
« Reply #65 on: May 09, 2007, 07:24:45 PM »

Give benefits to those who are genuine no problems with that, otherwise strip away benefits for those who are cheating and make them work just like everyone else or send them back to their respective countries quickly - simple.


Exactly, I have no problem with those in true need, in any country there are always people who need a helping hand.  I am just so tired of the losers that are allowed by the government to take advantage.   >:(

In my example and one other that I know about they are home grown Brits taking advantage of the system. Both able bodied people who can go out and work. There are many people in this world that are single parents who respectably raise children without receiving help on paying their mortgage and being free of council tax. (Exempt for council tax is another shocker!).

I love the term by the UK gov "key workers", yes they are key but do they get any real help like those mentioned.....no. Enough said.  ::)

Semi highjack over.  ;)

Back to the regular issue. We just had our house valued today and I was told that a house two doors down from us just went to a multiple BTL'er (50+ houses), I will do my best to make sure a young person/couple gets this house. Yes at the end of the day its all about money but we will wait (because we have time) to make sure this house goes to a 1st time home buyer/up grader). Call me a sap....but I am hard core about it!  :)






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Re: House prices in your area
« Reply #66 on: May 10, 2007, 03:49:40 PM »
dennis said: "Extreme examples are the stories you see in the paper of immigrants who dont speak a single word of english, who claim and get every benefit they can and use that money to live comfortably..."

that would be the family who live next door to my in-laws. the father has never worked a day since he arrived in this country, yet owns three houses. the kids are all successfully dealing drugs and driving posh cars.

yet here i sit, grinding away at a job i really don't give a rat's ass about for people i really do not like, for not even a fraction of the money i was making in the states.

who's the idiot in this scenario? *points to self*
it's not where you're born, it's where you belong

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Re: House prices in your area
« Reply #67 on: May 10, 2007, 04:01:41 PM »
Can we not get into the "immigrants taking benefits" argument, please?

We don't know why they are here or why they are claiming.  Some people can't work, and have no choice.  Some people aren't allowed to work, and have no choice.


Vicky


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Re: House prices in your area
« Reply #68 on: May 10, 2007, 04:03:04 PM »
I don't get it.  My passport is stamped 'not eligible for benefits'.  How do other immigrants have it changed to 'eligible for tons of free stuff'?

Um, directions, please...


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Re: House prices in your area
« Reply #69 on: May 10, 2007, 04:05:05 PM »
Because some people come here and claim asylum and are not allowed to work, so are given financial support and housing.

Vicky


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Re: House prices in your area
« Reply #70 on: May 10, 2007, 04:14:13 PM »
Dang, that won't work for me.  It's good that the government gives aid to genuine asylum-seekers, though.  Japan sends most of those people  back to problem areas, after some time in prison (often).  Even if they've had kids in Japan who can't speak anything but Japanese.

Anyhow, back to house prices! 


Re: House prices in your area
« Reply #71 on: May 10, 2007, 04:16:34 PM »
House prices in our area?

So ridiculous we're moving out.


Re: House prices in your area
« Reply #72 on: May 10, 2007, 04:30:56 PM »
House prices in our area?

So ridiculous we're moving out.

Same for us. Even though we own a lovely little house its not enough long term and we don't want to be overmortgaged to the hilt for something larger. Prices in the SE are crazy. That is one of a few reasons why we are moving back to the states. I am ready to live a bit better without feeling so squeezed everytime I turn around.

Side note - Interest rates went up again today.....out of the 7 months we have paid on a mortgage its gone up 4 times, well over £100 a month for us. The only thing that a rise in interest rates does is make the banks richer. The previous three rises did nothing to cool the property market.   ::)   


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Re: House prices in your area
« Reply #73 on: May 10, 2007, 04:52:20 PM »
Yeh slight sidetracked there!

Back to house prices -

Todays interest rate rise was of course expected, and the murmurs of a half a % rise wasn't actually done, but no doubt next month or 2 it'll go up again. There's been a lot of speculation of it hitting 6% by the end of the year and recently, mentionings of 'possibly higher' (than 6%)

House prices are expected to continue rising although not as such a crazy rate, so I'd expect pretty soon for there to be 'some sort' of correction as those interest rates bite in further.

I've been wanting to buy in the US (and/or Canada!) for quite a while - and I'm pushing just that little bit further to actually picking up the phone and saying to an agent 'sell this apartment' - yes i'd be a BTL investor which Jules really hates ( ;) ) but hey I look at it as a way of going towards providing for my and family future!

If/when theres a correction here and it slowly dwindles down, then during that time I can save up some dosh and when it hits a low, I could buy here again. If it crashes quickly - then yes, again I'd hope to be able to purchase then with savings I put towards currently.

Jules - where in the US are you moving back to? - I've been having trouble picking my jaw off the desk looking through Craigslist and it's property for sale sections in many different cities and states! some of these places are almost like Peanut money and 4 times the size !

Right now is a good time for any US people who are heading back as the US property market is in a slump right now - so looking further ahead, prices should start to increase so building up equity - get looking if you are in this situation!

Cheers! DtM! West London & Slough UK!


Re: House prices in your area
« Reply #74 on: May 10, 2007, 05:52:09 PM »
Yeh slight sidetracked there!

I've been wanting to buy in the US (and/or Canada!) for quite a while - and I'm pushing just that little bit further to actually picking up the phone and saying to an agent 'sell this apartment' - yes i'd be a BTL investor which Jules really hates ( ;) ) but hey I look at it as a way of going towards providing for my and family future!

Jules - where in the US are you moving back to? - I've been having trouble picking my jaw off the desk looking through Craigslist and it's property for sale sections in many different cities and states! some of these places are almost like Peanut money and 4 times the size !


Dennis I so need to get it straight that you are not the type of BTL'er that I dislike...its the multiple BTL'ers (mega portfolios). You are right....you are providing for your family and future!!  :)

We are moving back to the Baltimore area. The housing market has gone OTT there and I cringe a little at the prices considering what they were before I left but I know that we can live a little nicer there. My sister is a Real Estate agent (different than the EA's over here... ;)) and recently sent me some pics of houses for sale and I was pleasantly surprised even given the price increases what you can get for your money.  :)



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