news & politics:discussion

[Neil]

9 minutes ago, fraybentos1 said:

supply of properties for sale is up and demand to buy is down, he's doing the right thing

there's a huge number of people waiting for the right moment to make their move, also chains collapsing everywhere cos of mortgages being withdrawn. 

[Neil]

1 minute ago, fraybentos1 said:

So let me get this straight: it’s selfish to want house prices to come down (a pretty standard left wing view) but it isn’t selfish to want really low IRs to maintain your property’s value?

no, cos a market with lots of negative equity is more f**ked up than what we have now.

[Neil]

4 minutes ago, fraybentos1 said:

I really really doubt that occurs much in 2023. Defo since the financial crash I think things have got very strict. 

all it takes is the guy doing the strict checks to be dodgy -  the commission basis of a lot of the workers makes it open to corruption.

(there's a reason why financial services was the place to work in the 80s).

Edited August 9, 2023 by Neil

[Guest]

3 minutes ago, Neil said:

no, cos a market with lots of negative equity is more f**ked up than what we have now.

Of course it is, it’s a very real risk for many out there but that would mean people have to more past their selfishness and try to see other people’s concerns for a change. 

[fraybentos1]

6 minutes ago, Neil said:

no, cos a market with lots of negative equity is more f**ked up than what we have now.

So house prices can never drop incase people go in to negative equity? 

[fraybentos1]

2 minutes ago, Ozanne said:

Of course it is, it’s a very real risk for many out there but that would mean people have to more past their selfishness and try to see other people’s concerns for a change. 

Yeah yeah you’re so selfless ozanne! You want zero interest rates cause it benefits you and that’s the only reason you care. 
 

You’re utterly delusional.

[Neil]

6 minutes ago, fraybentos1 said:

I really really doubt that occurs much in 2023. Defo since the financial crash I think things have got very strict. 

back then you could self-certify income, i know they stopped that at the time of the financial crash. given the price of houses and the size of mortgage needed to buy many aveage-ish places, there must be people warping the system.

[Neil]

6 minutes ago, fraybentos1 said:

So house prices can never drop incase people go in to negative equity? 

i'm joining up the dots cos when there's negative equity people stop selling because the negative equity stops people moving.it doesn't really improve things for buyers. (i was looking to buy and went negative equity when prices crashed after black Wednesday). eventually the house was on the market but not at a bargain price and not quickly.

Edited August 9, 2023 by Neil

[fraybentos1]

1 minute ago, Neil said:

i'm joining up the dots cos when there's negative equity people stop selling because the negative equity stops people moving.it doesn't really improve things for buyers. (i was looking to buy and went negative equity when prices crashed after black Wednesday). eventually the house was on the market but not at a bargain price and not quickly.

People always have to sell- deaths divorces job moves etc.

why people think they have a god given right for their home to increase in value is beyond me.

Look I don’t want anyone to lose their home, I really doubt there’ll be mass repossessions but if someone’s house is worth 10 % less than it was when they bought it at peak bubble then so be it. 

[Neil]

Just now, fraybentos1 said:

why people think they have a god given right for their home to increase in value is beyond me.

they don't but do expect it to maintain value.

[Neil]

1 minute ago, fraybentos1 said:

I really doubt there’ll be mass repossessions but if someone’s house is worth 10 % less than it was when they bought it at peak bubble then so be it. 

i agree with you, it also won't be sold at a cheap price or any price, so the housing market drys up and comes to a standstill (houses are a huge driver of the wider economy. if housing is f**ked everything is f**ked).

some of us have seen all the scenarios happen, to know that making parts of the system worse will no cause abn improvement . house building can't be done on the necessary scale in the right places, or at the expected prices.

[fraybentos1]

3 minutes ago, Neil said:

they don't but do expect it to maintain value.

Nonsense, people want it to shoot up cause they think it’s inevitable.

Either way, property can go down as well as up. If your house goes down in value then so be it, it isn’t my fault.

These people are never moaning when their house shoots up 20% since covid despite them doing f**k all to it. 

[fraybentos1]

1 minute ago, Neil said:

i agree with you, it also won't be sold at a cheap price or any price, so the housing market drys up and comes to a standstill (houses are a huge driver of the wider economy. if housing is f**ked everything is f**ked).

some of us have seen all the scenarios happen, to know that making parts of the system worse will no cause abn improvement . house building can't be done on the necessary scale in the right places, or at the expected prices.

If the housing market is at a standstill then it’s the fault of greedy sellers. Property supply on right move is actually increasing drastically month by month - happy to share a graph which shows this.

The economy is f**ked tho and has been since the last crash but it’s been covered up by low irs and QE. It’s a bubble. And bubbles burst.  

[Guest]

It’s nothing to do with the value of the home, it’s the ability to live in your own home and pay an affordable repayment of your mortgage. It’s about being concerned that others will be able to afford their mortgage, have money left over to live off too, not have your borrowings be more than your house and not have anxiety about the place you live in.

Not everything is about value and wanting more. Try for once to think about others and not yourself. 

[Neil]

1 minute ago, fraybentos1 said:

Nonsense, people want it to shoot up cause they think it’s inevitable.

Either way, property can go down as well as up. If your house goes down in value then so be it, it isn’t my fault.

These people are never moaning when their house shoots up 20% since covid despite them doing f**k all to it. 

i've had a house price crash and been reposessed, so i've suffered for my house. - house i'm in now has appreciated loads and i'd like to move, haven't put it on the market cos i can't find anything i'd want in its place. the thought of moving is very stressful cos i'm useless to help, can't help packup, wouldn't be able to help sort (decorate/put up shelves/etc) in the new house, and then there's all of the paperwork, etc, I haven't even managed to sort out changing my broadband after selling the business.

[fraybentos1]

2 minutes ago, Ozanne said:

It’s nothing to do with the value of the home, it’s the ability to live in your own home and pay an affordable repayment of your mortgage. It’s about being concerned that others will be able to afford their mortgage, have money left over to live off too, not have your borrowings be more than your house and not have anxiety about the place you live in.

Not everything is about value and wanting more. Try for once to think about others and not yourself. 

You’re literally only thinking of yourself ozanne and we can all see it. 
 

Don’t you realise that if houses prices were lower you wouldn’t have had to borrow so much and stretch yourself (which was facilitated by 0 percent IRs) then this wouldn’t be an issue. It’s only an issue cause they kept IRs so low for so long. 
 

And I am thinking about other people when I say my generation has been f**ked and house prices need to come down. Maybe you should stop being so selfish?

[Neil]

4 minutes ago, fraybentos1 said:

If the housing market is at a standstill then it’s the fault of greedy sellers.

its not greedy to not want to take a loss of many thousands of pounds, often, taking the loss doesn't sort out the problem because often the sorts of people  making those considerations, are probably already in severe financial difficulties.

[Neil]

7 minutes ago, Ozanne said:

It’s nothing to do with the value of the home, it’s the ability to live in your own home and pay an affordable repayment of your mortgage. It’s about being concerned that others will be able to afford their mortgage, have money left over to live off too, not have your borrowings be more than your house and not have anxiety about the place you live in.

Not everything is about value and wanting more. Try for once to think about others and not yourself. 

well done, there's having an unaffordable mortgage and then there's paying off the £15k loss on the mortgage after selling at the corrected lower prices.

[Neil]

10 minutes ago, fraybentos1 said:

. Property supply on right move is actually increasing drastically month by month

thats quite possibly people cashing out at the top of the market.

[fraybentos1]

3 minutes ago, Neil said:

its not greedy to not want to take a loss of many thousands of pounds, often, taking the loss doesn't sort out the problem because often the sorts of people  making those considerations, are probably already in severe financial difficulties.

If prices have risen at least 20 % since covid and they’ve since fallen a few percent since the peak, then how exactly are many people gonna be making a huge loss right now? 
 

The peak of the market was last summer ish, even if you’d bought at the very peak you wouldn’t even need to be remortgaging yet so ur payments couldn’t gone up.

[fraybentos1]

2 minutes ago, Neil said:

thats quite possibly people cashing out at the top of the market.

No. The market peaked last year, supply is continuing to increase - 

 

 

[Neil]

1 hour ago, fraybentos1 said:

The market peaked last year

so people have seen the top of the market and know that now is the time to cash out.

[Neil]

1 hour ago, fraybentos1 said:

If prices have risen at least 20 % since covid and they’ve since fallen a few percent since the peak, then how exactly are many people gonna be making a huge loss right now? 

huge loss or not they wont want to sell for a loss plus there's costs from selling, and the problem of finding somewhere else to live.

[squirrelarmy]

6 hours ago, Neil said:

I haven't even managed to sort out changing my broadband after selling the business.

Not with Virginmedia by any chance? Currently under investigation by Ofcom for making it very difficult to leave them. I’ve had an absolute nightmare with them the last month as I’ve moved and changed my provider. Virtually impossible to talk to a human. 

[Guest]

7 hours ago, Neil said:

well done, there's having an unaffordable mortgage and then there's paying off the £15k loss on the mortgage after selling at the corrected lower prices.

Thanks, sadly some never seem to think of other people and how the current climate affects them. 

Edited August 10, 2023 by Ozanne