Property crash, just maybe it really is different this time

[nirvana]

2 minutes ago, Axeman123 said:

Strong signs of demand destruction around already. I expect the fed will be late to pivot just like they were late to start raising rates.

history has shown that the markets crash when the fed pivots.......what you expecting this time? cheers

[Axeman123]

12 minutes ago, nirvana said:

history has shown that the markets crash when the fed pivotsfirst cuts rates.......what you expecting this time? cheers

We are probably not going to see a first cut in the US before 2024, or maybe late this year. Slowing and Pause will be bullish first IMO.

I could be wrong of course

[belfastchild]

On 19/02/2023 at 10:20, belfastchild said:

https://www.propertypal.com/33-hightown-gardens-hightown-road-newtownabbey/806074

There you go, 4 bed bungalow not far away and on the main bus route. If this is the one I was thinking about friends went for it a couple of years ago but got bid out stupid money. Turns out it was a developer because this is detached in a semi detached estate I think. They had plans to knock it down and put in 6 apartments but repeatedly thrown out at planning (I was at one of the planning meetings talking about another development) have eventually been told its never going to happen. Not sure its the same house but its either that one or one very close to it.
Looks like a shit tip but thats not more than a couple of days work for a gardener.

Inside pictures are up for anyone interested.

No fucking way am I going to look at that for family. Roof leaking, mould, laminate flooring buckled, paper peeling off walls, carpet tore out, its a timber framed house, its probably fucked internally.

[JoeDavola]

57 minutes ago, belfastchild said:

Inside pictures are up for anyone interested.

No fucking way am I going to look at that for family. Roof leaking, mould, laminate flooring buckled, paper peeling off walls, carpet tore out, its a timber framed house, its probably fucked internally.

Yes when you first showed it, I assumed for that price and with lack of internal pics it was probably an unmortgagable mess that needed knocked down - you're basically buying a site for the money.

City centre flats still going up in price, but the eye opener for me is the eye-watering service charges which will continue to soar due to inflation and the buildings themselves getting older... Queens Square is up to over £1900 a year:

https://www.propertypal.com/24-queens-square-belfast/808412/photo-17

So service charge plus rates (council tax for GB folk) means even if you own the gaff outright it's costing you almost £3300 a year just for the right to own it. I've been inside that block it's looking quite tired on the inside and I just don't understand why the hell anyone would drop over £200K to then drop £3300 a year on top of that just to own a flat beside fucking McHughes and the druggie social housing across the square.

I guess in its defence it's a good size for a flat but those maintenance charges are just going to up and up.

Edited March 2, 2023 by JoeDavola

[Wight Flight]

58 minutes ago, belfastchild said:

Roof leaking, mould, laminate flooring buckled, paper peeling off walls, carpet tore out, its a timber framed house, its probably fucked internally.

Perfect BTL then?

[belfastchild]

10 minutes ago, JoeDavola said:

Yes when you first showed it, I assumed for that price and with lack of internal pics it was probably an unmortgagable mess that needed knocked down - you're basically buying a site for the money.

City centre flats still going up in price, but the eye opener for me is the eye-watering service charges which will continue to soar due to inflation and the buildings themselves getting older... Queens Square is up to over £1900 a year:

https://www.propertypal.com/24-queens-square-belfast/808412/photo-17

So service charge plus rates (council tax for GB folk) means even if you own the gaff outright it's costing you almost £3300 a year just for the right to own it. I've been inside that block it's looking quite tired on the inside and I just don't understand why the hell anyone would drop over £200K to then drop £3300 a year on top of that just to own a flat beside fucking McHughes and the druggie social housing across the square.

I guess in its defence it's a good size for a flat but those maintenance charges are just going to up and up.

Are you old enough to remember dubarrys?
Might be the clientelle they are looking for ;-)

[JoeDavola]

2 minutes ago, belfastchild said:

Are you old enough to remember dubarrys?
Might be the clientelle they are looking for ;-)

Nope you'll have to explain that one to me auld fella!

I did hear about the ladies of the night round the albert clock if it's a reference to that??

[belfastchild]

1 minute ago, JoeDavola said:

Nope you'll have to explain that one to me auld fella!

I did hear about the ladies of the night round the albert clock if it's a reference to that??

Exactly that. When I was at school it was the slagging off thing 'yer ma works in dubarrys'.

[JoeDavola]

2 minutes ago, belfastchild said:

Exactly that. When I was at school it was the slagging off thing 'yer ma works in dubarrys'.

My Dad shouts "gat a match!?" in an old-school East Belfast (women's!) accent when referring to the ladies of the night.

I don't know if this is through experience or not.

I don't ask him and hope he never asks me.

Edited March 2, 2023 by JoeDavola

[belfastchild]

1 minute ago, JoeDavola said:

My Dad shouts "gat a match!?" in an old-school East Belfast (women's!) accent when referring to the ladies of the night.

I don't know if this is through experience or not.

I don't ask him and hope he never asks me.

'No Da, we dont say that any more, we just go online and.. err...'

[Wight Flight]

29 minutes ago, belfastchild said:

Are you old enough to remember dubarrys?
Might be the clientelle they are looking for ;-)

AFAIK they were the sailing boots for those that could afford better than the rest of us?

https://www.dubarry.com/women/footwear/sailing-boots/?

[nirvana]

2 hours ago, Axeman123 said:

We are probably not going to see a first cut in the US before 2024, or maybe late this year. Slowing and Pause will be bullish first IMO.

I could be wrong of course

BREAKING: *FED FUNDS FUTURES SHOW ODDS OF 50 BASIS POINT RATE HIKE IN MARCH NOW AT 33%

 

come on! lol

[Phil]

9 minutes ago, nirvana said:

BREAKING: *FED FUNDS FUTURES SHOW ODDS OF 50 BASIS POINT RATE HIKE IN MARCH NOW AT 33%

 

come on! lol

So no less than .25%?

[nirvana]

3 minutes ago, Phil said:

So no less than .25%?

not sure exactly, it's the direction that counts methinks

they'll be guided by CPi (lie) on 14th etc until the march decision, looks like that's march 22

[nirvana]

breaking, woo hoo!

BLACKSTONE DEFAULTS ON €531M CMBS AFTER PROPERTY SALES DELAYED

[Option5]

2 hours ago, belfastchild said:

Inside pictures are up for anyone interested.

No fucking way am I going to look at that for family. Roof leaking, mould, laminate flooring buckled, paper peeling off walls, carpet tore out, its a timber framed house, its probably fucked internally.

It's a serviced plot, knock it down and build your forever home 🤣

[nirvana]

hmmm MBS shit exploding again??

Collateralized Mortgage Backed Securities......I think it's commercial, probs nothing, carry on zombies

if you ever change yor mind about leaving it all behind, remember, no geography

 

[spygirl]

Call to help 'mortgage prisoners' trapped on high interest rates

https://www.bbc.co.uk/news/business-64813930

Some 200,000 mortgages were sold to firms which cannot offer new deals. Many homeowners are stuck on high rates as other lenders will not accept them.

The founder of the MoneySavingExpert website is calling on the government to free so-called "mortgage prisoners".

Err theyve had 10y of low IRs to ge tthe mrotgage paid dwn or the house sold.

Samantha has been stuck with her mortgage since the 2008 financial crisis. She told the BBC her payments, which were £546 a month last year, are due to rise to £952 next month.

..

Samantha got a mortgage on her two-bedroom terraced house with her ex-husband in 1998, and re-mortgaged with Northern Rock two decades ago.

 

Di she icnrease the size of the mortgage?

Im askign as 98 was 26years ago. That mortgage shold have been longed paid off.

Samantha, who works as an office manager in Swindon, has an interest-only mortgage on £150,000.

Ahh.

Shes had 20y to pay down that loan.  And very low interest rates.

Just paying ~4k/y (300/m) off over the last 15y would have got the mortgage down to  80k, when should got have easily remortaged.

What the fuck has she been doign?

 

 

 

[nirvana]

@HousePriceMania if this you bruv? good post lmao

 

[nirvana]

2 minutes ago, spygirl said:

What the fuck has she been doign?

living the life bruv! getting her hair dyed and her eyebrows and fanny plucked!!!

who do you think has been supporting the part time gimmigrant and FAT USELESS CUNT eCONomy FFS???

[GTM]

3 minutes ago, spygirl said:

Samantha got a mortgage on her two-bedroom terraced house with her ex-husband in 1998, and re-mortgaged with Northern Rock two decades ago.

 

3 minutes ago, spygirl said:

Samantha, who works as an office manager in Swindon, has an interest-only mortgage on £150,000.

A 2 bedroom terrace in Portsmouth could be had for around £40K to £45K in 1998. I doubt Swindon differed greatly in price.

[MrXxxx]

7 hours ago, nirvana said:

yeah I know I'm infatuated with the Japs at the mo, but to be fair I called 'turning japanese' years ago

Can get this out of my head now!

 

[nirvana]

5 minutes ago, MrXxxx said:

Can get this out of my head now!

fantastic song that mrxxxx san, enjoy! off for a cuppa, then I'll be back for a play

[Plan-b]

2 hours ago, spygirl said:

Call to help 'mortgage prisoners' trapped on high interest rates

https://www.bbc.co.uk/news/business-64813930

Some 200,000 mortgages were sold to firms which cannot offer new deals. Many homeowners are stuck on high rates as other lenders will not accept them.

The founder of the MoneySavingExpert website is calling on the government to free so-called "mortgage prisoners".

Err theyve had 10y of low IRs to ge tthe mrotgage paid dwn or the house sold.

Samantha has been stuck with her mortgage since the 2008 financial crisis. She told the BBC her payments, which were £546 a month last year, are due to rise to £952 next month.

..

Samantha got a mortgage on her two-bedroom terraced house with her ex-husband in 1998, and re-mortgaged with Northern Rock two decades ago.

 

Di she icnrease the size of the mortgage?

Im askign as 98 was 26years ago. That mortgage shold have been longed paid off.

Samantha, who works as an office manager in Swindon, has an interest-only mortgage on £150,000.

Ahh.

Shes had 20y to pay down that loan.  And very low interest rates.

Just paying ~4k/y (300/m) off over the last 15y would have got the mortgage down to  80k, when should got have easily remortaged.

What the fuck has she been doign?

 

 

 

Jasus 

"What the fuck has she been doign?"  Witchcraft

Every interest only mortgage should be accompanied by a capital repayment plan and not rely on mad gains forever

[The Grey Man]

2 hours ago, nirvana said:

fanny plucked

I am thinking mainly of Pheasant farmer and son.