ian rush Posted February 4, 2005 Share Posted February 4, 2005 It's pity Seamus' job is unlikely to be one of the 100. Or is it that why he's bleating? Link to comment Share on other sites More sharing options...
sirdick Posted February 4, 2005 Share Posted February 4, 2005 Sorry to sound really stupid, but could someone please explain the concept of 'negative equity'? I tried the internet but couldn't find it written in layman speak. Sir Dick the site in question isnt a green field but an old derelict garage. Shouldnt the Island be encouraging Developments such as these where old buildings are transformed. This surely will enhance the appearance of our Island and doesnt impact on the countryside. <{POST_SNAPBACK}> Not to have a rant about Dandara/Heritage, I think existing buildings should be redeveloped by whoever is up to the job, however perhaps housing is not the ideal solution. Do D/H only build houses? I've always thought Douglas centre/quay area would be fantastic as pedestrian only with those tram things they have in Manchester, etc with a thriving shopping district. No more houses. Please. Link to comment Share on other sites More sharing options...
simon Posted February 4, 2005 Share Posted February 4, 2005 This exists when the liability portion (what you owe on a vehicle) of the equity equation is larger than the asset portion (what the vehicle is worth wholesale). (See alsoburied, upside down.)www.capitol-cadillac.com/finance_glossary.htm A situation where the amount owed on a mortgage exceeds the value of the property. www.ukloans.co.uk/glossary.htm Should the property be worth less than the value of the mortgage then the difference is known as Negative Equity. This most commonly occurs during a downturn in house prices. www.mortgageboss.co.uk/glossary.php3 This is the term used when charges are greater than the credits on the Equity Closing Statement. In effect, the transferee must pay AECC the Negative Equity amount in order for AECC to purchase the property. www.americanescrow.com/glossary/ Where the money you owe on the mortgage is greater than the value of the property. www.cyber-loans.co.uk/mortgageglossary.htm A situation that occurs when the amount loaned against a property is in excess of the market value of the property. www.mortgages.co.uk/glossary/n.html When the value of your house falls to less than the mortgage you have taken out to buy it. This means that you are unable to repay your mortgage by selling the property and therefore you are unable to move. www.a-mortgages-website.co.uk/glossary/mortgage-jargon-n.asp This is where the property is worth less than the outstanding mortgage secured against it. www.121-mortgage-advice.co.uk/glossary.htm This is where the money you owe on the mortgage is greater than the value of the property. For example, if you had a £60,000 mortgage on a property valued at £50,000, you would have £10,000 negative equity. www.pmm-uk.com/glossary.html when the value of the property has fallen below the amount of mortgage that the owner owes on the property. non-status mortgage where the lender does not need employment or income references from you. Often suitable for self-employed people. www.openthebook.co.uk/glossary/printglossary.html This is where the money you owe on the mortgage is greater than the value of the property. For example, if you had a £60,000 mortgage on a property valued at £50,000, you would have £10,000 negative equity. [top] www.mortgage-choices.co.uk/Glossary.html Bought a house for £80,000 and now it's only worth £60,000? Bad luck - that's £20K of negative equity you're sitting on there. See Gearing. uk.biz.yahoo.com/glossary_mot7.html A phrase now quite well known although its affects have more recently, largely disappeared. This occurs when the property value has fallen below the amount of mortgage still owing. There are a number of lenders who have products which can help such borrowers. www.hatchassociates.com/gloss.htm This occurs when the amount owed to the lender is more than the current value of the house. www.justforhomeowners.co.uk/moving%20home%20pages/glossary.html The shortfall between the value of a Borrower's property and the total amount secured on it i.e. when the borrower owes more than the house is worth. www.johndean.co.uk/glossary.htm When the value of the property is less than the amount outstanding on a mortgage. NON-STATUS MORTGAGE - Where the lender does not need employment or income references from you. Often suitable for self-employed people. Return to top www.propertyfinder.co.uk/glossary.html A phrase now quite well known although its affects have more recently, largely disappeared. This occurs when the property value has fallen below the amount of mortgage still owing. There are a number of lenders who have products, which can help such borrowers. www.mypersonalfinances.co.uk/data/glossary/Mortgage-Manager-Glossary.asp The shortfall in the amount that a property can be sold for and the amount of Mortgage or loan secured on it, for example, if someone is only able to sell their house for £80,000 but have a mortgage with an outstanding balance of £90,000 they have a Negative equity of £10,000 www.breezeandwyles.co.uk/glossary_of_terms.htm The shortfall between the value of a property and the outstanding sum owed on a mortgage. www2.thny.bbc.co.uk/homes/glossary/glossary_n.shtml Link to comment Share on other sites More sharing options...
Mr Biffo Posted February 4, 2005 Share Posted February 4, 2005 could someone please explain the concept of 'negative equity'? Equity is the name given to the profit you make when you sell a house. If you buy a house for 150k in 2004 and the next year the housing market drops and it becomes worth only £120k then you are in a state of 'negative equity'. Which means that if you decided to sell your house at that point you would make a loss and the amount of that 'loss' is the negative equity. Geddit guy? x Link to comment Share on other sites More sharing options...
Mr Biffo Posted February 4, 2005 Share Posted February 4, 2005 Cripes. I hope you read mine before Simon's. Link to comment Share on other sites More sharing options...
crumlin Posted February 4, 2005 Share Posted February 4, 2005 The Pinewood Pub is to Close, Haven Homes have bought the land and buildings it stands on, they intend to Build houses on the land. This land and its buildings have a caviat on them, the land is only to be used as a area of social entertainment and no compition is to exist between an businesses on the land. The Developer (alegded) is to try and have the caviat lifted, thus taking the social life out of Pulrose. It also states that no more than two units of homes can be in place. Link to comment Share on other sites More sharing options...
sirdick Posted February 4, 2005 Share Posted February 4, 2005 Thank you, that's cleared that up. Link to comment Share on other sites More sharing options...
FCMR Posted February 4, 2005 Share Posted February 4, 2005 One of my employees has a house up for sale at Governors hill due to getting a divorce, its been on the market for 5 months and has not had anyone view it. Link to comment Share on other sites More sharing options...
WilDDog Posted February 4, 2005 Share Posted February 4, 2005 One of my employees has a house up for sale at Governors hill due to getting a divorce, its been on the market for 5 months and has not had anyone view it. <{POST_SNAPBACK}> How many bedrooms and how much does he want for it? Link to comment Share on other sites More sharing options...
matty Posted February 4, 2005 Share Posted February 4, 2005 The Pinewood Pub is to Close, Haven Homes have bought the land and buildings it stands on, they intend to Build houses on the land. umm, who would buy a house in the middle of pulrose? edited - crap, forgot my husband is still signed in - sorry! (it's ykstarr) Link to comment Share on other sites More sharing options...
simon Posted February 4, 2005 Share Posted February 4, 2005 One important point re 'negative equity' is that it relates to the property being worth less than the money which is owed against it. A house which is worth less than was paid for it doesn't always represent a state of 'negative equity'. Link to comment Share on other sites More sharing options...
TheTool Posted February 4, 2005 Share Posted February 4, 2005 Good point there simon not everybody will need to worry because they got their house when say a 3 bed was worth £60.000 and i can never see prices dropping that low again, its the people who are buying the shoe boxes now for £195.000 that need there heads read. I think the next couple of years will be very intresting, i think old houses will sell faster than new one especially now they are cheaper. If anyone is thinkin of buying now i would wait for at least a couple of years just to see how the market goes, don't panic buy like they all seem to want you to do Link to comment Share on other sites More sharing options...
matty Posted February 5, 2005 Share Posted February 5, 2005 Really like the idea of owning a property, but so not interested in paying £170k for a dandara shoebox up in gov hill. At the same time I'm really pissed at paying £700 pcm rent. The housing market here stinks, I would say properties are being valued at least twice what they are really worth (IMHO). The market is now becoming saturated, and the sooner prices get back to a reasonable level - the better. Sorry if it means people have negative equity - that's part of the gamble. I remember the slump in the 80's - I beleive we're about to hit an economic period in a similair way, that's why I'm not looking at buying here for the next few years. I think a major part of the problem is estate agents over-valuing property, just to rake the cash in. Another major part of the problem is people letting out multiple properties they own, I think the government should set a limit on residential ownership - ie nobody shoud be allowed to own more than 3 residential properties (how can you reasonably live in more than one house) - this would cut down on the number of greedy bastard landlords, and would also help bring the properties/rent down to a reasonable price level for joe public. The sooner Dandara get out of here the better, I also beleive they're a major culprit in the housing problem. I beleive the market is about to crash - and the sooner the better, then maybe some of us locals might be able to afford decent housing (if there are any jobs left).... Link to comment Share on other sites More sharing options...
Pragmatopian Posted February 5, 2005 Share Posted February 5, 2005 You'd be a fool to buy a property right now in my area. I'm waiting until the 'price correction' occurs. I'm not sure about 50% but I think 30-40% is realistic as a reduction over the next 3-5 years. There are so many factors in unsustainable house price rallies, but the main one will always be having enough ill-advised people paying over the odds for property. Property is only worth what people are prepared to pay and now the first time buyers are exercising the only power we have - the power not to buy. Link to comment Share on other sites More sharing options...
joeyconcrete Posted February 5, 2005 Author Share Posted February 5, 2005 Does anybody know if rent decreases proportionally with house prices? I'd expect so, but I thought because of the inflated house prices, nobody is buying, therefore those people must be renting, as a result produces a greater demand for rented properties which means higher rent. Does the census have stats on the proportion of people renting/owning, and the number of properties they own? Link to comment Share on other sites More sharing options...
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