satch

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About satch

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  1. satch

    Surveyor missed nearly £13000 of Damp

    How do you know, from the vendor or heresay and did you ask in writing via the list your solicitor submitted. What sort of survey? Valuation or full structural survey. The details are important if you want to bring a case.
  2. Not paranoid but just surprised at your contant snide remarks ....' you've type more you must be right .... get a grip .... stop with the paranoia'. I thought you were better than that and would have more considered responses but now you final word is always some snide comment when you either do not understand or have no reasoned response, seems I was wrong.
  3. So you did change the contents after I had responded to the mistaken post (every one can make mistakes) but again the snide 'Get a grip man.' An apology for your mistake would be in order.
  4. Why did you change the content of your post, it had an example of an over priced flat with the floor space circled and I responded with similar. Have you changed it to try and make me look stupid? Why did you change the contents of your post? Some flat in Forest Gate for 265k and 35m2 IIRC, perhaps you can confirm
  5. THIS IS THE REALLY BIG NEWS. Yes £325,000 for 26 Sq Metres
  6. The number are probably (round figures); £260bn 100,000 transactions per month at £230,000 per property. The total valuation of the property market is say £5 trillion so the 260bn represents 5% of the £5 trillion. Make what you will as to what a fall / loss of £1.2 bn means in a market with total transaction value of £260bn and total market valuation of £5 trillion or £7tn if you prefer the FT figures.
  7. Assume 20,000,000 properties at average price of £250,000 gives a value of 5,000,000,000,000 which IIRC re the zeroes would be £5 trillion. So you can adjust the # properties and average value to get a total value of UK property, the grauiad had the value at £6 trillion in Nov 2017. to add the FT had the value (I would say property priced at in total not 'value') as £7 trillion as did Savills (add date) Jan 2018
  8. Fine, I have asked some questions you will not or can't answer and you are under no obligation to do so. If my thoughts were that stupid then you would explain in simple terms why the scenario is / could be so wrong. If you fail to see my point in what I have outlined then there is very little I can do as it is straight forward and in plain English. Oh and I thought you were better than needing to resort to snide comments such as ; ' You're most likely right as you've typed more. '
  9. I was confused because earlier you said ‘banks’ ie ‘IMHO this lasdt 10 years has been all about the banks. Without sales volumes though the banks can't lend. The banks will demand a crash...now they are solvent. This is something Venger and I agreed on, we think the banks have been recapitalised and are now going to crash the market.’ So bankers from HSBC, RBS, nationwide, metro etc will decide together to raise mortgage rates to what level? Shall we assume a new mortgage svr of 8% ( and only mortgage rates as business lending needs to be sustained) where current mortgage svr are around 4% to ‘crash’ the market so they can buy houses from forced sellers at a knock-down price. During this phase transactions will plummet, no one wants to buy a falling asset, followed by price drops from forced sellers who can no longer hold on and the individual people whose work in banks (bankers) will buy them all up. Assuming a price fall 40% fall over two years how will the banks survive (not that the bankers care) with very low transaction rates ie people borrowing money with minimal new cash income as many borrowers will be on fixed rates. Would a banker buy after one year and say a 20% drop knowing the property would be another 20% cheaper next year. And the banker-buyers will need access to cheap finance or cash rather than borrow. Anyway assuming it works for them and after two years they have bought lots of property at 40% below current price then what? I assume re-inflate the property bubble to sell at the top of the next peak and reap the profit.
  10. I thought working people bought houses not banks, sure the people borrow money from the banks but the property is owned by the borrowers. If a house is sold for 500k with a mortgage of 400k and 100k deposit equity and prices collaspe by 50% and the house is re-possessed; the person still owes 400k to the bank the bank have a house they can sell for 250k. Unless the bank is going to buy 2 houses at 250k ... but banks do not buy houses unless you think the money they have lent to working man / owner is them buying the house.
  11. But currently transactions are about 100,000 per month and have been consistently since 2014 and since 2014 prices have increased by 40% (where we are in Greater London) and during this time interest rates have remained the same but I suspect mortgage rates have fallen a bit. I would argue 100,000 transaction per months (and there are excluded transaction in the Land registry as well of course) is not a stalled market. Back in 2003 up to 2006 there were around 120,000 transaction per month which fell by 44% in 2007 to annual total of 900,000. The various schemes (which I fundementally disagree with as property prices are insane and have been for years) have done what the governement set out to do which is keep the transaction levels (and stamp duty income) at 'normal' levels.
  12. satch

    Suspect package explosion Tube

    On the news for 10 seconds, not terrorist explosion. Move on nothing to see, explosions happen all the time and are not necessarily due to terrorist, Ok suspicious package but after a ten minute investigation TPTB have confimed ot is not terror related. MOVE ON.
  13. Really that simple. How do the banks benefit from year on year falls in property prices (say 5 years) when no one wants to buy and so no one wants to borrow. Why would you borrow with rising rates against a falling asset? Would you not have a grid-locked market with sellers unable to sell without going into -ve equity and buyers still priced out by high mortgage payments. Of course there will always be some forced sales ... death divorce etc but essentally a grid-locked market with those who can buy competing for limited supply, which would help sustain prices.
  14. So how exactly will the banks 'crash' the market and by how much. Where we are prices (actual sold prices) have risen by 40% over the last four years and are still rising so even a 30% crash would just take prices back to 2014. The crash of 2007 to 2009 saw prices in London fall by 20% maybe 30% in some areas and since 2009 prices have increased by around 80 to 100%. It would need prices to halve to get to anywhere near sensible (if you regard 2007 prices as sensible) and looking at some areas in London properties that sold for 100k in 1998 are now selling for 500k plus. If prices were falling by say 10% year on year for say five years then how would that benefit the banks as no one would buy as it would be cheaper next year and many would decide to post back the house keys and default.Seems to me a monumental irreversible f***up by the banks and governments who will now do all they can to keep the plates spinning with HtB schemes 107 thu 399 and beyond. And even if the property prices crash what will happen to rents which are linked to earnings ... just bigger returns for the LLs who own outright.
  15. No probably correct. I did the same a year or so ago. Assumed 2 kids, part time work and IIRC wife not working so I 'earned' around 9,500 and got 24,000 in extras so would need a full time job paying 55,000 rather than 16 hours at min wage. Totally insane.