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Why So Few Houses For Sale?
Why So Few Houses For Sale?
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people are falling over themselves to get on these new rates talk of 1% or less ,but what you lender wont tell you is that he,s given you a great rate for a £1500 fee for a house thats probably over priced by 20 to 25%,if you keep jumping on 2 years fixes thats 12 x £1500 over 25 years, you need mortgages of 200 grand plus just to be in the ball park
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I can only go by averages in the same way that you don't always have a positive balance in the house from the first month .
repayment is a scam in the sense it makes folk feel they are better off ,but all it does is encourage higher house prices at the bottom end . In REALITY it also makes folk pay indirectly for the 'privalage' - that money though has tax and NI deductions - so better not to have it at all |
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Coachbuster
Coachbuster 16 Feb 15 16:51 Joined: 08 Apr 06 | Topic/replies: 27,578 | Blogger: Coachbuster's blog stewarty -= yes - esp if you took out the mortgage in your 30s - but the house could still be yours to live in , just owe the interest and then deduct at death sounds morbid ,but perfectly workable Coach, Ms stew is out tonight but I'm fairly sure she told me that the banks are not that lenient....for want of a better word. |
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can't be doing with all the scams that are going on in this green and pleasant land .
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No .stewarty - because the system makes too much money at the moment - it's money for nothing ,and as has been correctly mentioned on here it's also extra money from
Land duty  solicitors fees  estate agents fees other professional fees via comms and they pay VAT  which is even more money for the treasury  it's worse than BETFAIRS Premium charge  |
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* I'm fairly sure she also told me that interest only mortgages are more or less non-existent any more.
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* Unless you maybe have say, a 50% deposit.
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they are probably harder to get hold of ,like i say - not enough money in it for greedy banks
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or they know something about house prices that we don't
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High deposits mean either the banks are strapped for cash, or they're fearful of falls in the housing market.
Which one is it? |
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Both
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so if banks are sh1t scared what is fueling the market?
cash buying in from abroad |
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incredibly cheap credit means that every man and his dog wants to put money into property. BoE has indicated rates will not rise in the medium term, so all good as far as investors are concerned.
in response to the OP - I regularly attend house auctions in the midlands (3 this month). The cash rich asians (pakistanis) do tend to snap up all the larger family type homes (min 3 bed) at the lower end of the market to let out. |
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and how have they become cash rich ?
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Where at Emden Villa Park?
and how have they become cash rich ? There's one I know of who buys houses that estate agents can't sell and puts them through the auction. His costs are very high if you read his selling terms - that would catch a good many out for a start. He put one through which I know had got a mining report attached to it from an old advertisement on an estate agents website. There was no mining report in the online legal pack submitted through the auctioneers. It went for far too much. You can drop some right clangers buying from an auction if you don't do your homework properly. |
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The housing market ahs been strangled by politicians interfering in the mortgage market,ostensibly for good reasons. The RDR system for mortgage advisers and limitations imposed to 'protect' those who would want to get a mortgage from themselves has caused the approvals process to become so tortuous too many sales have fallen through and the chains have been breaking down. Sellers then give up,think back to early last year when the media went crackers about the housing market overheating and the B.o.E tightened up to stop it.When it cooled the politicians patted themselves on the back.
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if the housing market has been strangled then why do people get housing benefits whilst working full time?
surely that indicates they are over valued? |
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They get housing benefit despite having a job because their wages are dire.
The price of a new house, is based on the cost of the ground and what it costs to build it with the builder's profit on top. If somebody can't afford to buy it, it's not because the house is overvalued it's because they haven't got enough money. |