Just bought this house in North England !

Just bought this house in North England !

Thoughts / help and tips for new builds ?

Thanks

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wow i like it annon.congrats

DULL AS FUCK AND SQUARE

>in North England
Why?

Beacuse a big company puts money into my bank on the 26th every month

>buying real estate
>in the UK

You just bought in at the top of the bubble, mate. Prepare to get fucked hard.

Shitpost, and then repeat shitposting over and over again for no apparent reason.

Near Hull?

Oh well. You can't have your cake and eat it

why would i get fucked ? have no intention of selling it

Where abouts in the north, I live in Newcastl,e the proper north

>British homes

Theyre all tiny and expensive as fuck, tbh

Do you have a mortgage? What is the term of that mortgage? Is it adjustable rate? Is your home a freehold or leasehold? What was the selling price?

Your on here to much brother

Looks fun, I bet it's haunted too.

Well at least you didn't buy one in the south, would have cost a fortune. What area did you buy it in? Yorkshire?

Why would any company put money into a bank account of someone that wants to live in North England.

got mortage - 27 years - yes its flexable and just dropped since the intrest rate just dropped. free hold and was 210K

i hope so

Yarm

Can't say I've heard of it. Anyway, enjoy your house user.

Well, at least you got a freehold. Variable rate mortgages are what is going to fuck everyone. A crash in UK real estate is coming fast and nobody is anywhere near prepared. The British have far too much invested in real estate and a crash will absolutely cripple them.

well its veriable for 2 years. why would it be a problem ? intretst rate is not rising fast anytime soon its just come down to its lowest

A crash won't bother anyone that does not need to move house. And salary/price ratio are now almost where they were at the last crash.

It really won't do as much damage as people think. Monied people will always be there to snap up property and add to their portfolio and it will hold the prices up,

>> and tips for new builds

well they just buffed fireball and ice spear

>A crash won't bother anyone that does not need to move house

Of course it will. A massive number of people have re-mortgaged and/or have variable rate mortgages and they would be VERY much effected. Then you have the follow-on effects. such as increased unemployment which would cascade from one industry to another, freezing up of credit, etc. Britain has a far, far worse housing bubble than the US had in 2006 and the consequences will be manyfold worse when it collapses.

>North England

Aw hell naw

House prices decreasing in value will not be a problem for people that do not need to move.

People losing their fucking job is a problem whatever house prices do.

Interest rates have been at 0.5% for 7.5 years. They ain't suddenly going to start ramping up interest rates while the economy is sluggish because the BoE want to encourage lending and stimulate the economy.

>gets a mortgage during Brexit

Enjoy you're negative equity.

seems dull as fuck man, nothing special about it...

Should have waited until after Article 50 invocation, property's going to take another tumble.

>House prices decreasing in value will not be a problem for people that do not need to move.

Again, yes it would. It could be a huge problem even for those who don't want to move. Did you not learn anything from the last major recession?

>People losing their fucking job is a problem whatever house prices do.

But it is an especially large problem for those who have a large financial commitment like a big, adjustable rate mortgage.

>Interest rates have been at 0.5% for 7.5 years. They ain't suddenly going to start ramping up interest rates while the economy is sluggish because the BoE want to encourage lending and stimulate the economy.

Unless we start getting stagflation, as many have predicted. If they ramp up rates for any reason, that mortgage could turn into a huge liability.

It will utterly fuck the economy, were talking the work of years to recover from. Get out of the £ now if you can, even though it's shit. It's going to get a whole load shittier.

If you can sit on your hands for a decade or so, no worries.

how much did u pay?

I think once Brexit happens house prices will drop around 20% at least... shoulda hung on a little longer...

>why would i get fucked ? have no intention of selling it

Because you're going to be locked into owning an asset, that will depreciate in real terms due to chronic stagflation for the next macro-cycle, principally as a result of brexit related downward pressures on the economy.

After that period the resultant (intentional) devaluation of the currency as a result of monetary policy measures that will be used to try and squeeze some life back into the UK economy, will in essence, increase your mortgage payments by 20-30%.

Also it looks like a box.
And finally you'll realise it was cheaper all along to have not paid interest, and rented instead... and that's before you factor in "Renter's Flexibility" of being able to leave the North of England before its demise.

lots of pseudo economic theory, all of it wrong.

i hope it's wrong but how can we know anyway, it's not like we have a prior brexit to look back at for hints

1. Falling house prices are not a problem if you can meet your mortgage payments and do not need to move. Negative equity is not a problem UNTIL you need to move. It really is that simple.

2. An increase in interest rates and failing to meet payments is a different problem to a fall in house prices. House prices could increase and if interest rates go up the problem you describe still occurs. It is not a problem of prices dropping. It is a problem of interest rates rising.

3. See point 2.

I don't need to thanks. I bought in 2009 and prices now are where they were pre crash 2007/8 time. Didn't take long to recover, did it.

A major housing price collapse is exactly what the UK needs to sort it it's dire housing situation. They are simply too expensive and not worth the money. When you have priced blue collar Joe out of the market then you have a serious situation at hand and a rapidly increasing wealth divide. The entire market needs to be slashed by 50%.

retard here. point 2: can interest rates go any lower? that alone should make it a good time to buy no?

should the average house price be 4.5x the average UK salary? could prices ever be like that?

Make sure you're absolutely clear on the terms of your warranty.

If you haven't already, find a surveyor you trust (preferably some dire old git) and get an idea of what's going to fall apart and be a pain in the ass in five to ten years' time. A lot of new builds have a great finish but piss poor actual construction. Better to pay for reinforcing joists now than to deal with sagging floors and falling plaster later.

Clean your gutters on the regular.

They used to be. Before greedy bastards came along using houses as risk free investment, over inflating them to a point we are now looking at the last generation of working class home owners.

youtube.com/watch?v=gHBHrIbqze0

>And finally you'll realise it was cheaper all along to have not paid interest, and rented instead... and that's before you factor in "Renter's Flexibility" of being able to leave the North of England before its demise.
And before you consider landlords rights to issue S21 no fault notice to get you out and the possibility of having to pay reference/credit check fees to a letting agent every 6 months, and of course the cost of having to actually move.

Well they could go to 0.25% or 0.00%. I may be wrong but I seem to remember seeing Japan briefly flireted witha negative interest rate.

Yarm's dead nice. Not a lot there though.

What the UK needs is a decrease national obsession with home ownership, more social housing, and more continental approach to property lettings by private landlords.

5 year tenancies in parts of Europe are not uncommon. It is regulated better than in this country and the scenario is such in some cases that the tenant is actually responsible for renovations/decorating and not the owner. Effectively making it more of a home.

Rental increases are also strictly regulated as well. Its essentially the flexibility some renters need without the benefits to people who bleed the system.

burn it to the ground

>social housing

No. None of that leftist bullshit will work. Go to bed, Jeremy.

Don't post pictures of your actual home or someone like me will do this,

53°44'12.0"N 0°33'49.4"W

> (You)
>lots of pseudo economic theory, all of it wrong.

To call them "pseudo" is to imply its nonsense, which it isn't. Its a plausible set of scenarios and responses to them by govt, no one has a crystal ball of course.

>
>i hope it's wrong but how can we know anyway, it's not like we have a prior brexit to look back at for hints

there are some analogue cases that can be inferred from, but agree there isn't a like-for-like brexit to use as a base case...

The British housing situation was one of the main reasons I moved to the states. Thank fuck I don't have to deal with that. You'd have to spend half a million quid to get anything even close to decent, and even then that would be in a bad location.

i dont know who the fuck owns a house these days, rich and old people, no idea how younguns get on the ladder without living at home until they are 40 saving

I just moved to the US and married an American girl. Makes it much easier. Bought a huge home in a decent area for less than I'd pay for a studio flat in a shit area of the UK.

>And before you consider landlords rights to issue S21 no fault notice to get you out and the possibility of having to pay reference/credit check fees to a letting agent every 6 months, and of course the cost of having to actually move.

I can tell you're one of those people that just signs whatever contract you're given without redlining/amending...

S21 is a landlord privilege, but there's nothing stopping a tenant negotiating a reasonable notice period that suits them... you'll find most landlords are agreeable to having a longer guarantee of tenants in longer because vacant days and turnaround costs quickly outstrip being able to get an extra 100 GBP p/m out of a new tenant...