Yorkshire home loses 65% of its value

[willman 10]

As Willman states, it's a repo......not a demolition.....so there goes your theory.

 

65%...phew! That was a clanger....

 

But the loss was had by the building society. I bet the owner lost a minimal amont of deposit at worse.

[Sheffy2008 10]

But the loss was had by the building society. I bet the owner lost a minimal amont of deposit at worse.

 

 

Good point Willman.

 

But the vendor still owes the remaining outstanding debt to the mortgage provider. We don't know if the owner had other loans secured on the property too.

 

Not good for ones credit rating, but my original post was to ask how Sheffielders can minimise the effects of the house crash/credit crunch.

[BertieBasset 10]

by renting to more silly b*ggers like you

 

Good point Willman.

 

But the vendor still owes the remaining outstanding debt to the mortgage provider. We don't know if the owner had other loans secured on the property too.

 

Not good for ones credit rating, but my original post was to ask how Sheffielders can minimise the effects of the house crash/credit crunch.

[Sheffy2008 10]

by renting to more silly b*ggers like you

 

 

I have no idea what you mean, but even estate agents are calling for 25% drops before the end of 2008.

 

http://www.estateagencynews.co.uk/goodman_articles/mgood0908.asp

 

Not my words.

 

Don't blame the messenger.

 

It's not all bad news though, if you're house is worth less, you may get the council to lower your council tax band.

 

Good for renters.

[BertieBasset 10]

some people who own properties may be losing money on paper at the moment, but you lose money every month by renting with no hope of any capital gain in the future....

 

I have no idea what you mean, but even estate agents are calling for 25% drops before the end of 2008.

 

http://www.estateagencynews.co.uk/goodman_articles/mgood0908.asp

 

Not my words.

 

Don't blame the messenger.

[Sheffy2008 10]

some people who own properties may be losing money on paper at the moment, but you lose money every month by renting with no hope of any capital gain in the future....

 

Was that to me?

 

'Renting is dead money'.....nice one.

 

With falling house prices and rising interest rates on the horizon, and my savings firmly in a high interest account, I am very fortunate to be renting.

 

Just think 25% falls by the end of 2008.....and that's just a conservative estimate from an estate agent.

[BertieBasset 10]

estate agents would like a large one off fall because their business is based on volumes. They don't care if you profit or lose on a transaction as they'll get their fee....they just want large volumes of trade...surely you realise that don't you....???

 

Look at the Land Registry figures for real house price movements this year. Most people wont accept 25% less for their house, they'll either rent it out or curtail plans to move on until the wider economic context improves.

 

Some distressed sales will go through at much reduced prices (repossessions, divorces etc), but the bulk of transactions wont.

 

And what's re-assuring during these times is that there's always people like you who'll rent no matter what.

 

Was that to me?

 

'Renting is dead money'.....nice one.

 

With falling house prices and rising interest rates on the horizon, and my savings firmly in a high interest account, I am very fortunate to be renting.

 

Just think 25% falls by the end of 2008.....and that's just a conservative estimate from an estate agent.

[natsack 10]

Was that to me?

 

'Renting is dead money'.....nice one.

 

With falling house prices and rising interest rates on the horizon, and my savings firmly in a high interest account, I am very fortunate to be renting.

 

Just think 25% falls by the end of 2008.....and that's just a conservative estimate from an estate agent.

 

I think Sheffy2008 is just angry he/she can't get a mortgage and is therefore trolling at every homeowner on the forum to make them feel bad in some way?

[BertieBasset 10]

Sheffy has scuttled off to work out the exact extent of how he/she is paying his/her landlord's mortgage over 25 years.....At the end of the term the landlord gets the asset, mortgage free...Sheffy walks away with nothing...Sheffy you are the weakest link....goodbye!

 

I think Sheffy2008 is just angry he/she can't get a mortgage and is therefore trolling at every homeowner on the forum to make them feel bad in some way?

[wibbles 10]

Was that to me?

 

'Renting is dead money'.....nice one.

 

With falling house prices and rising interest rates on the horizon, and my savings firmly in a high interest account, I am very fortunate to be renting.

 

Just think 25% falls by the end of 2008.....and that's just a conservative estimate from an estate agent.

 

And eventually a 25% increase back to current prices. So unless you have a specific need to move then you won't. Sit tight and sell again when the market picks up.

[theoilguy 10]

 

This property crash, as we know, has arrived in every UK city, including Sheffield, but how can Sheffield residents minimise the effects and maintain a decent standard of life?

 

 

 

 

 

 

.......

 

 

The simple answer is to save, not spend.

 

Cut back on all non-essentials. Save your money for heat and food.

[theoilguy 10]

Sheffy has scuttled off to work out the exact extent of how he/she is paying his/her landlord's mortgage over 25 years.....At the end of the term the landlord gets the asset, mortgage free...Sheffy walks away with nothing...Sheffy you are the weakest link....goodbye!

 

 

Unless there are payment defaults by the landlord.