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Anyone purchase a house from auction before ?

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Minty
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PostPosted: 23:43 - 14 Jul 2017    Post subject: Reply with quote
Raffles wrote:
Polarbear wrote:
Is Stoke an utter shithole or are those prices indicative of the north? That's insanely cheap.

Those prices are realistic and not insanely cheap.
Why the fuck any sane person would pay mind numbing prices to live in the shithole that is Londonistan (and it's surrounding areas) baffles my simple mind.


Really?
Bought a house in 96 for £70k.
One house later, one road away, in a house worth over £400k.
Good wages, minimal effort, short commute.
Retire early, move away, cash out, buy drugs and loose women and waste the rest.

Yeah, fuck London.
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M.C
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PostPosted: 00:19 - 15 Jul 2017    Post subject: Reply with quote
Property generally makes very little sense to me. I get it's about location location location, but at some point you've got to look at what you're actually getting for your money. It's like people have gone property blind.
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Alpineandy
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PostPosted: 01:08 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
Property generally makes very little sense to me. I get it's about location location location, but at some point you've got to look at what you're actually getting for your money. It's like people have gone property blind.

It's not blindness, it's necessity pure and simple.
There are more people in London/South East than there are properties so it's simple supply and demand.
If someone doesn't like it then they can move away and try to find a job elsewhere (obviously not a simple task).
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TheSmiler
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PostPosted: 07:01 - 15 Jul 2017    Post subject: Reply with quote
Polarbear wrote:
Is Stoke an utter shithole or are those prices indicative of the north? That's insanely cheap.

I like that second one Smiler.


It's pretty standard around here price wise, if you want a bit of fun put in the value of your house into rightmove and see what you get using Stoke On Trent; do it within 15 miles and be amazed. Below is an example of what you can get for the price of a london flat.

https://www.rightmove.co.uk/property-for-sale/property-48914742.html

The area isn't the best really but its within commuting distance of Birmingham (45 miles), Manchester (45 miles) and Liverpool (57miles) on the edge of the peak district and I've seen a hell of a lot more people riding bikes in the last few weeks than when I was down in Bristol.


CaNsA wrote:
So.. staying in Stoke then...


Yes I want to look at the future at something I own that isn't that far away from family. Plus something that I can relax in. Living down south is just stupidly expensive. It's not worth the value you get either the only one great plus is that they rarely have snow that sticks. Closest thing that some people down there get to snow is casting sugar being spilt.
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Ste
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PostPosted: 07:32 - 15 Jul 2017    Post subject: Reply with quote
"Requiring A Programme Of Redevelopment."

With a listed property, that'd cost an absolute fortune! Laughing
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M.C
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PostPosted: 12:33 - 15 Jul 2017    Post subject: Reply with quote
Alpineandy wrote:
M.C wrote:
Property generally makes very little sense to me. I get it's about location location location, but at some point you've got to look at what you're actually getting for your money. It's like people have gone property blind.

It's not blindness, it's necessity pure and simple.
There are more people in London/South East than there are properties so it's simple supply and demand.
If someone doesn't like it then they can move away and try to find a job elsewhere (obviously not a simple task).

I don't think it's. Banks are lending increasingly absurd amounts of money, and that's driving the housing market. Wages haven't increased at anywhere near the same rate.
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Ste
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PostPosted: 12:41 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
Banks are lending increasingly absurd amounts of money, and that's driving the housing market.

Laughing

No they're not, their affordability tests / stress testing are really quite ruthless.
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Alpineandy
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PostPosted: 13:09 - 15 Jul 2017    Post subject: Reply with quote
Ste wrote:
M.C wrote:
Banks are lending increasingly absurd amounts of money, and that's driving the housing market.

Laughing
No they're not, their affordability tests / stress testing are really quite ruthless.


This /\ /\.

As a side issue, It's more difficult to get a mortgage now but equally it's much less likely to get up to a 15% interest rate (which I got caught out by) where people were actually putting their house keys and paperwork into the letterbox of their high street branch of Abbey National (or whoever was their mortgage co) and disappearing.
The choice of 1k per month rent or 2k per month mortgage is a personal choice of how you think your money is better spent.
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M.C
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PostPosted: 13:33 - 15 Jul 2017    Post subject: Reply with quote
Ste wrote:
M.C wrote:
Banks are lending increasingly absurd amounts of money, and that's driving the housing market.

Laughing

No they're not, their affordability tests / stress testing are really quite ruthless.

What happened in the 2007/08 recession then? It's exactly the same thing going on now, banks are safe in the knowledge they'll be bailed out if when it all goes tits up again.
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Alpineandy
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PostPosted: 13:41 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
What happened in the 2007/08 recession then?

Try applying for a mortgage and then tell us it's easy to get...
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Ste
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PostPosted: 13:58 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
It's exactly the same thing going on now

No, it's not.

Rather than affordability tests, they were largely only bothered about whether or not repossessing the property would cover the outstanding balance. Now they're being more responsible and taking affordability tests seriously because repossessing houses is bad mmmmmk.

As an example, a mate has been looking at remortgaging his house and despite it being worth ~£300k and him 'only' having a mortgage balance of ~£85k, it's being surprisingly problematic compared to when he first took the mortgage out 6 or 7 years ago. He's never missed any payments and has a reasonably well paid job but the mortgage brokers & banks are a lot more interested in all the small details now.

To quote from an email he forwarded to me: " they doing everything they can to ensure they do not put you in a position whereby they end up having to repossess your home. Therefore they will not lend to you if they feel it is unaffordable."
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M.C
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PostPosted: 16:51 - 15 Jul 2017    Post subject: Reply with quote
Ste wrote:
Now they're being more responsible and taking affordability tests seriously because repossessing houses is bad mmmmmk.

Laughing Why are interests rates still on there arse? Oh right the housing market Rolling Eyes If you think that's sustainable then good luck (if you have an expensive mortgage).
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Ste
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PostPosted: 17:18 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
If you think that's sustainable then good luck (if you have an expensive mortgage).

Which is precisely why they're not "lending increasingly absurd amounts of money" Wink
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NeverAgain
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Joined: 29 Oct 2016
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PostPosted: 17:55 - 15 Jul 2017    Post subject: Reply with quote
I can't remortgage my house for a lower interest rate with another bank. They decided I can't afford to pay less each month for my mortgage over a shorter period on a house I've never failed to meet payments for.

Affordability tests, yay! Thumbs Up
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Ste
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PostPosted: 18:32 - 15 Jul 2017    Post subject: Reply with quote
9 bedroom grade 2 listed manor house, £195k, in need of complete renovation. (removed from market)

https://www.rightmove.co.uk/property-for-sale/property-52780621.html
https://www.google.co.uk/maps/place/RAF+Lakenheath,+Brandon/@52.4172546,0.5653022,703m/data=!3m1!1e3!4m5!3m4!1s0x47d83856c0dc1a8d:0xce69d1cfe5f0daf9!8m2!3d52.38994!4d0.537442

"Agents Note 1) Viewings are strictly by appointment only, and extra care needs to be taken when viewing due to hazardous floors.

2) It is highly recommended children should not be present at viewings.

3) It can be incredibly noisy when aircraft take off.

4) The photos were taken in 2014.

5) It is advisable that viewers bring a torch. "
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M.C
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PostPosted: 19:53 - 15 Jul 2017    Post subject: Reply with quote
Ste wrote:
M.C wrote:
If you think that's sustainable then good luck (if you have an expensive mortgage).

Which is precisely why they're not "lending increasingly absurd amounts of money" Wink

So how are people buying houses then?

Maybe a graph will help:
https://inspired-solutions.org.uk/wp-content/uploads/2016/10/graph2.jpg

We're getting back towards financial crash levels, but wait this time it's affordable right?

Right?
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Alpineandy
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PostPosted: 20:03 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
So how are people buying houses then?

Is there a graph for the South East, which is what we're talking about.
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Polarbear
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PostPosted: 20:05 - 15 Jul 2017    Post subject: Reply with quote
Ste wrote:
9 bedroom grade 2 listed manor house, £195k, in need of complete renovation. (removed from market)

https://www.rightmove.co.uk/property-for-sale/property-52780621.html
https://www.google.co.uk/maps/place/RAF+Lakenheath,+Brandon/@52.4172546,0.5653022,703m/data=!3m1!1e3!4m5!3m4!1s0x47d83856c0dc1a8d:0xce69d1cfe5f0daf9!8m2!3d52.38994!4d0.537442

"Agents Note 1) Viewings are strictly by appointment only, and extra care needs to be taken when viewing due to hazardous floors.

2) It is highly recommended children should not be present at viewings.

3) It can be incredibly noisy when aircraft take off.

4) The photos were taken in 2014.

5) It is advisable that viewers bring a torch and a bulldozer. "


Edited for accuracy Laughing
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M.C
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PostPosted: 20:06 - 15 Jul 2017    Post subject: Reply with quote
Alpineandy wrote:
M.C wrote:
So how are people buying houses then?

Is there a graph for the South East, which is what we're talking about.

So that makes it worse Confused https://www.theguardian.com/money/2017/mar/17/average-house-price-times-annual-salary-official-figures-ons

South East's only second behind London.
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Ste
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PostPosted: 20:40 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
So how are people buying houses then?

Maybe a graph will help:

Your graph shows house prices vs real wages, it doesn't show anything to do with mortgage affordability tests.

Wink
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GSTEEL32
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PostPosted: 20:51 - 15 Jul 2017    Post subject: Reply with quote
Also, mortgages are taken over a much longer period than they used to be. So looking at wages, as a ratio of house prices, isn't a like-for-like comparison anymore.

People are also:

1) Living Longer
2) Working longer

So it makes perfect sense that they will be able to borrow more money, over a longer period, which will have the side affect of pushing up house prices.

Banks' affordability checks are being negated by the ability to push the debt over a longer period, therefore making the monthly repayments much lower.

I've just moved my product to a five year fixed. It took all of 5 minutes and no credit check was needed. The tightening of lending criteria only really kicks in if your asking to borrow more money.
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M.C
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PostPosted: 21:04 - 15 Jul 2017    Post subject: Reply with quote
Ste wrote:
M.C wrote:
So how are people buying houses then?

Maybe a graph will help:

Your graph shows house prices vs real wages, it doesn't show anything to do with mortgage affordability tests.

Wink

So it's affordable this time? I must be crazy to look at the same thing happening again and not expect a different outcome.
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Ste
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PostPosted: 23:18 - 15 Jul 2017    Post subject: Reply with quote
How affordable it is depends on who is being given big mortgages.
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-Monty-
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PostPosted: 23:24 - 15 Jul 2017    Post subject: Reply with quote
M.C wrote:
So it's affordable this time? I must be crazy to look at the same thing happening again and not expect a different outcome.


But it's not the same thing. You've just been told that. Have you tried applying for a mortgage recently? In days gone by, banks were handing out 100%+ mortgages. If you can find a mortgage lender doing that now, I'll eat my shit.*

Sam, not sure if you're aware, but the "free mortgage lender survey" will be, at most, someone driving down the street to make sure the house exists. They might not even do that, often it's just a desk survey.

*I will not actually eat my shit.
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M.C
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PostPosted: 23:38 - 15 Jul 2017    Post subject: Reply with quote
-Monty- wrote:
But it's not the same thing. You've just been told that. Have you tried applying for a mortgage recently? In days gone by, banks were handing out 100%+ mortgages. If you can find a mortgage lender doing that now, I'll eat my shit.*

You're right, this time when it goes tits up they won't be able to drop interest rates to save everyone.

https://www.telegraph.co.uk/personal-banking/mortgages/lenders-offer-100pc-no-deposit-mortgages/

Post evidence please Thumbs Up
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