Houses

[FoxesDeb]

1 hour ago, Wolfox said:

For myself to live in…. For a few reasons really

 

1 - I’m a skinflint 

2 - I don’t like paying for some else’s taste

3 - it’s nice to add value to your house

4 - I enjoy a project 

 

I have never viewed a house and looked at it for what it is…. I tend to look at what it could be….
 

Coming up with plans/ ideas…. Getting involved and sorting something out…. I am of medium competence when it comes to DIY…. I tend to hire people to do the bits that make a difference and try and do other bits myself.

 

On this project, I’ll be hiring more people than doing it myself as my job is so busy…. When I was young I did everything on a shoestring and got some good results…

 

I did up my first house on around £2k…. New heating/ plastering/ some carpets - complete redecoration - floor re-levelled - damp proof

 

i brought a kitchen for £100 from a lady at work

a mate did a few bits of plastering in exchange for beers

work gave me a customer return boiler 

I even through a load of crap into the grills of two gas fires and called Transco to come and cap them off so I could rip them out !

 

you get creative when you have zero money!

 

I might pop along with some before and after shots of the new project…. It’s deeply satisfying when you restore something and make something nice for your family…!

 

 

I would certainly love some pics as you go along, I love seeing stuff like that. Exciting times

[Leicester_Loyal]

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

 

'First-time buyers to get 95% mortgages in Boris Johnson’s new ‘Generation Buy’ scheme'

 

Thoughts? I think this will just drive prices up even more.

 

I need something to come onto the market soon, I want to be out by summer 2021. I'm trying my hardest to hold out for what I want, but think I might have to compromise.

[Manini]

I would also like to see pics @Wolfox. Good luck with it all! 

[Innovindil]

1 hour ago, Leicester_Loyal said:

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

 

'First-time buyers to get 95% mortgages in Boris Johnson’s new ‘Generation Buy’ scheme'

 

Thoughts? I think this will just drive prices up even more.

 

I need something to come onto the market soon, I want to be out by summer 2021. I'm trying my hardest to hold out for what I want, but think I might have to compromise.

My mortgage was 95% almost 3 years ago now. Can't see it changing much as it's nothing new, only recently have banks stopped offering 95% because of rona and shit. 

[Webbo]

It was the sub prime mortgages that caused the 2008 crash, I don't think this is a good idea.

 

The best thing to do would be to increase supply massively, problem is you have to tarmac over huge swathes of green fields which nobody wants. There aren't any easy answers.

[Wolfox]

1 hour ago, Leicester_Loyal said:

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

 

'First-time buyers to get 95% mortgages in Boris Johnson’s new ‘Generation Buy’ scheme'

 

Thoughts? I think this will just drive prices up even more.

 

I need something to come onto the market soon, I want to be out by summer 2021. I'm trying my hardest to hold out for what I want, but think I might have to compromise.

A good idea (pains me to say!!!)

 

simple maths…

 

A 2 bed terrace in Leicester is around £140k in an ok area

 

£7k down (some saving/ parental assistance) should be achievable with some focus / being careful (especially if your in a couple)

 

The mortgage payments would be around £550 - £600

 

@4.75 multiples means a provable income of £27k+ - accessible for quite a few (not all of course)

 

Rent for a similar property would be about £675 and you (hopefully) have an appreciating asset…

 

A good move to help ore people onto the ladder I hope?

Edited 6 October 2020 by Wolfox

[Wolfox]

3 minutes ago, Webbo said:

It was the sub prime mortgages that caused the 2008 crash, I don't think this is a good idea.

 

The best thing to do would be to increase supply massively, problem is you have to tarmac over huge swathes of green fields which nobody wants. There aren't any easy answers.

Sub prime was lending to a load of people who could in now way afford it…. Just because you lend @ 95% LTV doesn’t mean you should offer it to people who aren’t good candidates - provable income etc…

[Costock_Fox]

Would be shocked if the 95% thing isn’t in some way guaranteed by the government, banks have tightened LTVs across the board.

 

Magic money tree.

[Guest Fktf]

12 hours ago, Wolfox said:

Sub prime was lending to a load of people who could in now way afford it…. Just because you lend @ 95% LTV doesn’t mean you should offer it to people who aren’t good candidates - provable income etc…

Always thought banks should take years of paying rent, which as you've said in a previous post is usually more than mortgage payments, as solid evidence that someone would meet their payments reliably on a high ltv.

 

I've been so much better off each month since I got my own place. But it took me years to save a deposit whilst forking out in rent. Best part of 15 grand spent servicing someone else's mortgage when it could have been my own. 

[Julian Joachim Jr Shabadoo]

14 hours ago, Leicester_Loyal said:

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

 

'First-time buyers to get 95% mortgages in Boris Johnson’s new ‘Generation Buy’ scheme'

 

Thoughts? I think this will just drive prices up even more.

 

I need something to come onto the market soon, I want to be out by summer 2021. I'm trying my hardest to hold out for what I want, but think I might have to compromise.

Maybe short term, but if more people are suddenly wanting to buy they won't have the need to rent, so some landlords might be forced to sell properties they can't fill

[FoyleFox]

Has anyone else noticed there seems fewer houses coming to market of late? I know we're all looking at different areas and price bands but I've not seen as many for our search criteria - which admittedly is reasonably narrow location wise.

[rachhere]

14 minutes ago, FoyleFox said:

Has anyone else noticed there seems fewer houses coming to market of late? I know we're all looking at different areas and price bands but I've not seen as many for our search criteria - which admittedly is reasonably narrow location wise.

There's still quite a few coming up in South Birmingham. 

[Julian Joachim Jr Shabadoo]

25 minutes ago, FoyleFox said:

Has anyone else noticed there seems fewer houses coming to market of late? I know we're all looking at different areas and price bands but I've not seen as many for our search criteria - which admittedly is reasonably narrow location wise.

Definitely, a few months ago in the areas I look you'd usually get 5 or so pop up every day. This last week it's usually 1 or 2... And they're usually snotters as well

[newfox1]

Winters upon us, traditionally a quieter period. However, highest unemployment figures out today, certain sectors pretty much going bust, but house prices still going up?? When all the economic factors pointing to a huge slowdown yet prices continue to rise. If any market price correction doesn't happen now, they never will.

 

Of course , the multi millionaire politicians with huge property portfolios will fight tooth and nail to keep prices high. It's not all the immigrants fault.

[SystonFox]

On 12/10/2020 at 18:58, FoyleFox said:

Has anyone else noticed there seems fewer houses coming to market of late? I know we're all looking at different areas and price bands but I've not seen as many for our search criteria - which admittedly is reasonably narrow location wise.

On the estate I live in it’s gone mental with houses going up. Competitive market around here (Rothley)

[Footballwipe]

Some absolute shockers in pricing, too. Big house on Hinckley Road up for about £550k. It's entirely brick weave, no grass anywhere, and is directly next to the M1 (like seriously the end of the house boundary is the M1). Not even that special inside. Description is written by the agent almost like they know they're not going to get the money they want.

 

I've always wondered how agents deal with vendors who are determined to get XYZ when they know the house isn't worth that. Do they just suck it up and list it, putting in all that 'effort?'

 

Talked to a work colleague too, she sold her house and the one down the street, almost exactly the same, is up for £30k more and surprisingly hasn't sold.

[Julian Joachim Jr Shabadoo]

13 hours ago, SystonFox said:

On the estate I live in it’s gone mental with houses going up. Competitive market around here (Rothley)

Definitely - I've been keeping an eye out since the start of the year, and pre-COVID there was always a few terraced houses around Rothley for about £180k. I think there's literally been about 3 houses come up in Rothley in the last couple of months for just shy of £200k, and they're always tiny new-ish build 2-bed mid-town houses with barely any garden

Edited 14 October 2020 by Julian Joachim Jr Shabadoo

[Leicester_Loyal]

On 12/10/2020 at 18:58, FoyleFox said:

Has anyone else noticed there seems fewer houses coming to market of late? I know we're all looking at different areas and price bands but I've not seen as many for our search criteria - which admittedly is reasonably narrow location wise.

Nothing where I am, genuinely not been to look at a house in almost 8 weeks now, and I'm on all the estate agent sites everyday. I certainly won't be moving this side of Christmas now, so looks like I'll be at home for another 6 months or so minimum now.

 

13 hours ago, newfox1 said:

Winters upon us, traditionally a quieter period. However, highest unemployment figures out today, certain sectors pretty much going bust, but house prices still going up?? When all the economic factors pointing to a huge slowdown yet prices continue to rise. If any market price correction doesn't happen now, they never will.

 

Of course , the multi millionaire politicians with huge property portfolios will fight tooth and nail to keep prices high. It's not all the immigrants fault.

The stamp duty cut has ensured that houses pretty much each increase by a few thousand each, so there's a big jump in prices for starters. Plus with people in smaller houses, this lockdown has made them realise they actually want more space, incase we're stuck inside again for a long period of time, plus a lot of people saved money throughout the lockdown too.

 

There's no way they'll be a huge drop in prices, I don't even think they'll be more than a percent or two down, the Government won't let it happen. Plus the talk of these subprime 95% mortgages will ensure there's an influx of new buyers coming onto the market.

[Sol thewall Bamba]

On 06/10/2020 at 17:04, Leicester_Loyal said:

https://metro.co.uk/2020/10/06/first-time-buyers-to-get-95-mortgages-in-boris-johnson-new-generation-buy-scheme-13379517/

 

'First-time buyers to get 95% mortgages in Boris Johnson’s new ‘Generation Buy’ scheme'

 

Thoughts? I think this will just drive prices up even more.

 

I need something to come onto the market soon, I want to be out by summer 2021. I'm trying my hardest to hold out for what I want, but think I might have to compromise.

95% mortgages = horrendous repayments keeping people who take them out poorer for longer.

[Costock_Fox]

53 minutes ago, Sol thewall Bamba said:

95% mortgages = horrendous repayments keeping people who take them out poorer for longer.

Instead of paying rent they will own their own home, equity will hopefully increase, not sure I completely agree with this.

[Sol thewall Bamba]

2 minutes ago, Costock_Fox said:

Instead of paying rent they will own their own home, equity will hopefully increase, not sure I completely agree with this.

Yeah of course it's better being on the ladder than not but a no doubt higher interest rate on a 95% mortgage will lead to very high repayments. High chance of negative equity as well if there is a drop in prices as predicted.

[Costock_Fox]

5 minutes ago, Sol thewall Bamba said:

Yeah of course it's better being on the ladder than not but a no doubt higher interest rate on a 95% mortgage will lead to very high repayments. High chance of negative equity as well if there is a drop in prices as predicted.

I don’t think over there term of a mortgage there will be a price drop to be honest. The government has asked banks what would happen should they drop the interest rate to negative and therefore the demand for houses will stay high because banks won’t be scared to lend.

[FoyleFox]

7 hours ago, Footballwipe said:

Some absolute shockers in pricing, too. Big house on Hinckley Road up for about £550k. It's entirely brick weave, no grass anywhere, and is directly next to the M1 (like seriously the end of the house boundary is the M1). Not even that special inside. Description is written by the agent almost like they know they're not going to get the money they want.

 

I've always wondered how agents deal with vendors who are determined to get XYZ when they know the house isn't worth that. Do they just suck it up and list it, putting in all that 'effort?'

 

Talked to a work colleague too, she sold her house and the one down the street, almost exactly the same, is up for £30k more and surprisingly hasn't sold.

We were discussing this with our agents when deciding our asking price, as he was saying they have one listed which the vendors insisted on listing for £395k. The agents didn't value it near that and said to them they'll never get it but told them they'd list it at that if they insisted. It's still listed. Mind you so is ours  

Admittedly, it's more difficult to judge here than there as we've so many individual and unique houses, you can't compare to your neighbours much if you're outside the town area.

[UpTheLeagueFox]

For when the numbers come up on Euromillions....... wow.

 

https://www.rightmove.co.uk/property-for-sale/property-85869571.html

[Leicester_Loyal]

Saw on another forum that the reason for increased interest rates on mortgages at the minute is because the demand is huge, so they're trying to put some people off by doing that. No idea how true it is, but it could be a factor as to why they've increased by 0.5-0.75% in the last few weeks.