UK in recession, buy in Spain instead?

Spain Norman, this thread (and forum even) is about Spain.

S    P     A     I     N

easy when you can spell it.

Roberto

In my opinion this situation we are all in is a global issue but for the UK ( i know this thread is about Spain but the point is important) the matter has been made far worse by HMG allowing an economy to grow and the basis of this growth has not been what we produce but what our houses are worth. Now the walls are crumbling on the UK economy and I cannot believe a governemnt would allow the same situation to arise again...or am i just being naive.

Willoughby, the good news is, there's no longer any need to keep up with the Jones', because they're too busy running away from the bailiffs.

Norman, Technos second purchase was about a year ago, probably before any of us realised just what was going to happen - the point is, his move has been planned for some time. Those thinking about doing the same thing now have other factors to consider, that weren't neccessarily such an issue when Techno started the planning.

********: I know this is mainly about Spain, but it's also about leaving the UK for pastures new, so what's wrong with discussing other options sometimes? I think it's interesting.

Just for the record, if it wasn't so damned hard to get a visa, I would still be in the US and never would have even thought about coming to Spain. I also strongly disagree with Bobaol (and know he doesn't mind me doing so, because we're all entitled to our opinions) about the US having no culture or history. History doesn't have to be 200+ years old; yesterday is history, and the US is the best place in the world for making it interesting and relevant - just visit Ellis Island for starters. And if culture is about the arts, literature etc. etc., well, I needn't elaborate.

JC1, I don't know, but all's I'm saying is this is not the first time, and so it's a fair bet it won't be the last. Hopefully we won't see it again in our lifetimes at least.

how different are spending habits in Spain? i really dont know.   are they 'hell bent' on having the latest 'red' exclusive ipod, touch screen mobile or DFS sofa etc!!    with buy now pay later terms!!....   whatever ..they must be laughing at us materialistic BRITS.  I get the impression the home (living accomodation) of the Spanish would be top priority in order to keep a roof over the head of them & their extended family. 

i look at the size of my 'tax bill' and wonder how many plasma tv's & jimmy choo hanbags i have paid for...  thats it 'Gordon Brown' we will work more hours to earn money to pay off the debts of others..JOY

I hope those moving to 'Spain' from the UK will contribute to the Spanish economy not just for an income but also in the charitable sense.  There wont be Citizens Advice bureau outlets every 2 miles to welcome them when they cant find work or a place to live handing out benefits and crisis loans!! or will there????

Roberto,

I don't wish to be overley pedantic over Techno's purchase but please note that he bought and advised all to buy now even to the extent of telling us which agent to use on CDS.

Regards

Norman

Dear Jane,

SPAIN SPAIN SPAIN SPAIN

Hows that??????

If I can get my deposit back or raise another one, I would like another crack at buying somewhere in SPAIN SPAIN SPAIN.

But next time I will be using this excellent forum to assist me.

It is interesting to note that the downturn has made significant changes to the finances.

As everyone knows and Maria has spelt out, you are "all" in negative equity, please don't take "all" too literally.

Spanish properties are next to worthless, but please don't have a fit about it.

In the UK with 100% mortgages or 5% and 10% deposits the market can easily arrange negative equity.

That is not so easy with 30% deposits on what was supposed to be off-plan prices.

But the market in SPAIN SPAIN SPAIN has done it easily.

It could even be argued that I am financially better off having only lost 30%, those on my Casares development who insisting on making the best of it and completing on an unsatisfactory site, may have lost considerably more.

But there you go that is SPAIN SPAIN SPAIN for you.

I am older (perhaps too old) and wiser and have the forum to question matters in advance so may be successful next time, but nevertheless the lawyers, the courts and the accursed off-plan contract do need urgent change in SPAIN SPAIN SPAIN.

Regards to SPAIN SPAIN SPAIN

Norman

'all' in negative equity in spain???  ..... DEFFO NOT ME

people who purchased in Spain in past year or so maybe... but have you any idea how many people are 'NOT' in negative equity ... would be interesting to find out and maybe reassuring spread the good news not the bad

negative equity may have applied to millions of home owners 'globally' many times in the past but they simply werent 'made aware' of it....    they carried on as normal working & paying their mortgage whilst the property market prices produced and will continue to produce a 'rollercoaster style graph of activity' 

willoughby

i'm sad to see you knocking the Citizens Advice Bureau. I know the UK is often to soft on benifits, but the offices like this and The Office Of Fair Trading are set up to help the man in the street to have as much info' as possible on a subject often crucial to their wellbeing. Also to stop the big guy stamping all over the little guy 'because he can'  In my opinion any  type of watchdog such as this must help deter the sort of wealthy crooks who prosper in Spain mostly unchecked.  Many situations in Spain that lead to long and costly court battles, would have been sorted at the regulation stage in the UK, and if that fails, the threat of a CCJ, is often enough to bring the wrong doers in to line. There isn't even a body to complain to that's worth its salt in Spain if you get conned by a lawyer, as we and many others have been. It's tough luck. You just have to find another lawyer, or try to take the dodgy one to court, where the justice system will be very unlikely to see your side.  The body in place is just an ol' boys club that looks after its own, hence the amount of dodgy lawyers in Spain compared to the UK.  This is just one example of the very lack of regulation that has encouraged much of the corruption that has blighted Spain's costa's so badly.

goodstitch44

forgive me but.......

i wasnt knocking the citizens advice Bureau... where did i say anything  untoward about them??????

Dear All,

I have never understood or accepted the strange insecurity shown by Spanish ex-pats who only want news or facts if they are positive.

They seem to want to dominate the forum with positive spin only.

Why????

Is it because they all want to sell up?????

They actually talk about me in terms of a thing called negativity.

What is it???????

However on thread, I hope and positive, I hope, I would share the following.

My eldest daughter is a director of h.r. in a large firm of London Accountants and she was complaining of her working hours.

She left work on Saturday at 10.15 pm after completing an urgent report that was required, without fail, for first thing Monday.

The firm itself is in a turmoil of "restructuring", the accountancy side is short of work because of the downturn, conversely the insolvency side is having a boom. All because of the banks?

Her complaint is that only the Brits work such long hours and have such an appalling lifestyle because of it.

It is just not done, or even dreamed of being done by workers in France and even less in Spain.

Is she right??????

Perhaps Spain is the place to be if you can get a job and you cannot get into America?????

Positive or what????

Regards

Norman

Quote Norman:

Roberto,

I don't wish to be overly pedantic over Techno's purchase but please note that he bought and advised all to buy now even to the extent of telling us which agent to use on CDS.

Ok! ok! ok! You know, the boys in Vegas would say you’re trying to prove your point by going about it the hard way!

However Norman, I'm sure that if you sit back and listen to what I am saying, you will hear that what I am saying is that IF, and that is a BIG IF, people do want to buy in Spain, OR ANYWHERE ELSE, now is a good time to buy as the interest rates are low as are property prices!

In the future both interest rates and property prices will rise again, some like myself say sooner rather than later, some say later rather than sooner, but all are saying that both will happen!

Maybe property prices will not get as high as they once were, but they will get higher than they are now. Further Interest rates cuts will not be passed on in the future by most Banks, some may pass on a fraction, but most will be reluctant to pass any further cut on, These low interest rates will not continue forever!

Therefore, if anyone were to buy a holiday property now, should they be able to do so without relying on any extra income from the letting of said property, they could go for a mortgage product that starts with a period of interest only and have very, very low monthly repayments, whilst then enjoying that property for five to ten years and then sell the property in order to make a modicum of profit. On the other hand they could opt for a capital repayment mortgage over the full term, as the interest repayments would be low and would therefore be able to afford to repay a large chunk of the loan, thus when they sell the property they will have lowered the overall repayment back to the bank whilst also having made a modicum of profit from the sale of the house.

If you are thinking about a lifestyle change and purchasing property abroad in order to move there, or just want to move house in the UK, the same can be applied for the same reasons!

QED. 

I'm just saying that now is a good time to buy if you are thinking of buying for these reasons. Some people are saying don't buy because the prices are still going down, and indeed I did also say that prices may well continue to go down, but they will go back up at some point.

It is an opinion, it is my opinion, but don't crucify me for stating my opinion on a forum, as this is what forums are all about. I might be wrong then again I might be right, but by your very own admission I am a very shrewd person.

 I have always looked before I've leaped and went to just about every Estate Agent on the Costa Del Sol on BOTH occasions we purchased, and always stated that I would never, ever buy off-plan. The Estate Agents I mentioned are brilliant and I wouldn't hesitate to recommend them and I will always stand by that statement.

When one has success at ones goals in life, is it not nice to give recommendations to those that helped one achieve those goals?

Just remember this, when house prices start to go back up, interest rates will also start to go back up, so at some point it is going to be 'the time to buy' and for me I think it is now BEFORE the bottom of the barrel is reached, as some believe it already has, me I think in another month or two, maybe a bit longer, we will have reached that bottom.

willoughby

so sorry if i got the wrong end of the stick. I get angry when i think someone is knocking a service set up to help genuine people in need, and i tend to go of on one a bit!.

goodstitch

thanks for that ...no worries

debbie

Dear All,

apologies all round for my inadequacies, I have no wish to "crucify" anyone over anything at all, unless of course you can arrange for me to do away with a number of agents, lawyers and developers.

I was merely trying to understand why Techno should be selling in the UK and buying in Spain at this particular time. It may be that he is a new novice landlord and did not want the responsibility of letting at a distance. Or it may be that he needs the financial buffer for his new life in Spain?

In any case that is his business and he may yet be proved absolutely right, who knows?

For my part I applaud his conviction and hope he succeeds.

Further apologies for my earlier post this morning. I forgot......

I don't know what Justin has done with the weather wearing his Polar kit down there, but up here in coastal Kent we have a fine Spring day, sun streaming down from a low level but so warm it has been possible to turn the heat off and sit in the garden in ordinary indoor clothes to have coffee.

Had I a tractor and trailer I could have trundled down to the beach and collected a fortune in driftwood.

Has Spain come to Britain or is this just global warming??

One other complaint from the daughter and I have no idea where she gets it from, but she claims the Brits are the only ones observing the rules. It may be something to do with the queuing thing or she may have some insider knowledge?????

Regards

Norman

Norman said: "I have never understood or accepted the strange insecurity shown by Spanish ex-pats who only want news or facts if they are positive".

Good grief - I have never understood why you only read (or understand?) the posts you want to, instead of the whole thread. Why did Techno have to explain all over again his opinion?

How come you think those of us who live here only report, or only want to hear, positive "spin"? Jeez, I even had to change my forum profile recently because someone commented on the fact that I had listed as my hobby "moaning about life in Spain"!

Who's insecure? You even want everyone to believe that the weather in Spain is crap, based on one video on one day lasting a few minutes! Get over it.

Roberto, no objections to you disagreeing with me.  My post was, I thought meant to be tongue in cheek but with a good dose of truth.

However, I do have a complaint about your posting, and a pretty big one at that.

Your chimp has stopped shaking it's head!!!!!! For goodness sake, is there something wrong with my browser?  In IE it was moving slowly, in Firefox it looked like it was going to come off.

Now it's stopped altogether!!! Will you stop trying to confuse me???

Outraged of Tunbridge Wells.

Ok, all's right with the world.  The chimp is shaking his (sorry if I'm being sexist) head again.  Phew, at last the important things have been sorted out.  Back to the inconsequential matters of worthless property and overpriced supermarkets.  Pah! 

Overpriced supermarkets!! OVERPIRCED SUPERMARKETS!!!!!!

Now you've started ME off!

Did you know that I had to pay all of 58c for a litre bottle of beer today... 58c!!!!!!

That's more than half a Euro for almost two pints of beer!!!!

I am outraged, outraged I tell you!

Two weeks ago paid 62c for the same product in the same Supermarket.. Yes! 62c for the same.... Erm!!!,,, heh!!!... ah!.... Hmmm!... bye!!!

Just forget that I was here ok!

But, Technoape. Surely the price of Bisto granules has gone up?  What about English (sorry, Danish) bacon?  What about Cheddar cheese?  I'm sure this must have risen considerably in since the pound has gone so far down.  Oh, and that bottle of Valencian wine my missus likes?  Up from 95 cents to 99 cents in 3 months!!! How shocking is that????

Ah. well.  Back to Spain next week.  I'll really miss scraping the ice off my car in the mornings (what was that about Global warming?) 

Have a good one and enjoy your 58c a litre beer (not found one under 85c so I'll have to search around a bit more).

Sunflower oil has gone back down in price, thank God. I think this is somehow related to the Oil price (that's Oil with a capital "O"), although I for one never tried putting sunflower oil in the tank of my car.

The press reports that supermarket own brands are selling more now as people become more price-led rather than by brand name. So why are Supersols own brands disappearing? No cereal, no frozen peas, no cream, no grated cheese.......how strange.

Outraged of Tunbridge Wells - I have no control over my chimp. I have noticed the same, i.e. in IE he shakes slowly, in FF quickly or not at all. I think it may be some conspiracy by Mr. Gates and co., though to what avail, I haven't quite figured out yet.