neil324

Handsworth has always been a slum and always will be, but funny enough when HPI was in full force, Handsworth property prices still increased by the same percentage as the rest of Birmingham. Why's that when it's a ghetto? When prices start tanking again falls will start in the shite holes then spread and drag down the nice areas, just like the ghetto's benefited on the way up. I'm currently living in Great Barr/ Kingstanding border, not sure if you know it. Anyway the Co Op local is getting robbed on a weekly basis, went in there last night they have clear plastic screens put up at the counters now and i joked with the cashier they will be coming in with guns soon. The Tesco local not far away is a similar story, the last time they cut a hole through the floor of the upstairs flat to gain entry. No jobs for the plebs, they will take what they need,more than likely target the nice areas and who can blame them i certainly can't.

I have a lot of respect for UB40, they always stuck around Birmingham and still have a recording studio in Birmingham today. The pub where the video for Red Red Wine was filmed and also 1 in 10 was written is going to auction next month http://www.pennycuick.co.uk/ I don't think Birmingham suffered any worse than other areas in previous recessions because of the manufacturing base, but that has now gone with an over reliance on public sector which is about to get axed, Birmingham is going to suffer bad this time as the figures are already showing.

I got some figures for you, in Birmingham 1 in 4 are inactive, 1 in 10 un-employed, this before the council or government swing the axe which is going to affect Brum particularly bad. Make no mistake house prices in Birmingham are going to fall, what happens in your area i couldn't give a flying, your children are welcome to it. http://blogs.independent.co.uk/2011/03/15/why-birmingham-is-in-crisis-and-its-future-bleak/

I'm hearing prices as low as £220 per thousand and £6 m2 of 100mm blockwork. The north being the worst prices. Hearing many stories of people getting bumped on wages, whether this is down to the national house builders not paying the subbie in the first instance or just the subbies not paying the workers i'm not sure, but maybe a bit of both. To put into context, before the crash, prices where £380-£500 per thousand and £10-£12 m2 of 100mm blockwork.

You don't eat tinned beans then?

No mention of near slave wages being paid now in that article is there.

Yes was a BMV needing complete renovation, seems the owner is on the verge of repossession. Paining over an offer, but suspect it sold already as the agent selling is renowned for under hand tactics, the house was listed on their website this morning but not on Rightmove and someone else was viewing it with me. 2008/2009 seems to have been the time to buy when the fear was at it's height. The postcode i'm looking a few where sold then at 2002 prices, anything that gets reduced to around 2004/2005 prices now gets snapped up now. Not specifically looking for a do-it-uper, just something priced to sell. If it doesn't happen within the nest few months, then i'm of to Thailand to see how long £10K will last.

Sorry my mistake they are talking about the BBA figures being adjusted. The last sentence in my previous post was meant to be a joke about the weather, poorly put i'm sure. Anyway aren't you a bull? in regards to being balanced, it wasn't on the way up, so why should it be on the way down. The UK is in a phoney war period at the moment. Just my opinion of course. Saying that i'm going to view a house shortly:(

Read the thread on HPC. Aren't the BOE also only approvals which don't always translate into lending. You need to buy a house and leverage yourself to the hilt, then i can adjust it for you.

The BOE seasonally adjust, the NSA are not widely available but are closer to the CML, there is a thread on HPC about it. I'm going to seasonally adjust the weather i think, or just move to la la land and be done with it.

Interesting take on the benefits safety net. So why are repossessions not running at zero then?

North Birmingham, flats down hard, very hard some as much as 40%. Houses some come on at 2007 prices others around 15% off, some nice repo's come up fairly often. I wasn't looking to buy in 2008-2009 but doing research on what's sold since then 2 house's have sold at 2002 prices and 1 even a 50%+ reduction from peak in the most desirable of roads. It's all about being in the right place at the right time, so i'm actively looking and when something comes up i will be buying. Noticed a lot of stuff going SSTC.

Taken from the front page of HPC comments section on the Nationwide figures today. Posted by phdinbubbles. Seasonal adjustments for Feb: 2001: -0.3370% 2002: -0.2599% 2003: -0.2225% 2004: -0.3108% 2005: -0.2393% 2006: -0.0599% 2007: -0.1550% 2008: +0.1178% 2009: +0.0306% 2010: +0.3219% 2011: +0.56% (based on the non-re-adjusted NSA figures, as with previous years) 2012: +5%? hmmm. Any thoughts on these stats?

Yes if it's a means tested benefit the rules are the same if your self employed regarding savings. £6k and below and sliding scale £6k - £16k. Saying that though i have read on the internet people declaring between £30k & £60k savings and being allowed JSA.Not sure if they where registered self employed;)

I assume people are talking about being self employed. I have heard stories of people being refused benefits when registered self employed. The reason is i think that it's part of being self employed and having gaps in employment. So lets say you work a few months,no work so you want to sign on,find work again for a few weeks or months, then want to sign on again. At a point you would be refused benefits and i have been told by people with families. As with recessions the gaps of not working get more frequent and longer. Although you can claim benefits(JSA/income support) while being self employed and as long as your not following the above pattern. Sickness benefit, they check your NI contributions from any 2 years from the previous 3, any gaps found, they will not pay ANY sickness benefit and you have to claim income support.

Meh. Wait till they roll out the 125%

Latest land reg London - MoM 1.6 YoY 2.4 South West - MoM 1.6 YoY -0.4 South East - MoM 0.5 YoY -0.1 East - Mom 0.4 YoY -0.2 West Midlands - MoM -0.4 YoY -1.4 East Midlands - MoM -0.5 YoY -1.9 North East - MoM -0.6 YoY -2.5 Yorkshire & The Humber - MoM -1.3 YoY -2.6 North West - MoM -2.0 YoY -2.1 Wales - MoM -4.2 YoY -6.1 North south divide. Look at Wales

Talking of rents, just reading on HPC that 40% of the private rental sector is paid for via benefits. No link and not sure if the figure is correct. A few doors down from where i'm living a guy in his 30's split from his girlfriend and has had his house on the market for over a year at 2007 prices, he can't drop the price as he bought it in 2007. He has decided to rent it out and the first day a stream of single mothers went through the door. Not cheap either the rent, must be renting it as furnished. He can kiss goodbye to his possessions then. Any number of similar properties in the area for sale going for 25% less. The Birmingham market is well and truly fucked.

Makes me weep being a bricklayer. I'd be inclined to say that work will boom at some point in future, but only if prices fall first, otherwise affordability will just choke any boom off. I mean how can another upturn start from 5x plus earnings.

Sadly it's a crash in sales, but if it continues then prices will be set at the margins, death,divorce,un-employment. Then all the kite flyers will be stuck.

Well like i said before in the thread Cottons next auction in Birmingham 25% of the entries are repo's. This is an unpreceded amount, remember these have been marketed with agents for a period with no takers and are now being dropped at auction at most likely big loses to the banks.

Taken from HPC http://www.bbc.co.uk/iplayer/episode/b00ym...and_08_02_2011/

That's it, there is no good outcome. They are trying to mitigate and set a course of least impact. But make no mistake this baby is crashing.

Well considering how close to the edge many people are, many could be pushed over with either inflation or interest rate rises. Thus bringing about the very thing you mention they are trying to avoid. Seeing a nice stream of repo's already. About the only thing selling in my areas. Latest Birmingham auction has a 25% repo entry, banks not holding back any more me thinks. http://www.cottons.co.uk/auctions.asp Government debt i agree.

Only with wage inflation, without it, the scenario will have a negative effect.