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Has Coronavirus officially killed the housing market?


Post-Covid, what 3 changes are you going to try to make? (max 3)  

119 members have voted

  1. 1. Post-Covid, what 3 changes are you going to try to make? (max 3)

    • Work from home more
    • Walk more (drive less)
    • Avoid Chinese goods
    • Shop locally
    • Quit working (bennies)
    • Retire earlier
    • Leave the UK
    • Come back to UK
    • Cook more own food
    • Eat out more
    • See family more
    • See family less!
    • More time on hobbies
    • Worry less
    • Get divorced
    • None of the above

This poll is closed to new votes


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Anyone that had a 20% deposit before prices halved

Update on my landlords effort to sell his house with me in it... So been on market since December and second open day today. Supposed to be 5 viewings but two cancelled. So 5 viewings in over two

I've just spent a while browsing the 118 forums since my previous post.  Tenants not paying, tenants already fucked off, not a registered business, mortgage company doesnt want to know, how will

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1 minute ago, JoeDavola said:

https://www.bbc.co.uk/news/uk-northern-ireland-56098815

Similar story in NI including the heart warming story of one boomer cashing out at probably 8 times what she paid for it when she moved in 30 years ago.

Is she going to live in a cardboard box, unless she is or has found a bloke she has gained now't.

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4 minutes ago, Chewing Grass said:

Is she going to live in a cardboard box, unless she is or has found a bloke she has gained now't.

Yes, I used to say at work that once you had a bought a house it didn't matter if it was then valued at two million pounds or two pounds unless you were strongly considering selling it and sleeping in the doorway of Dixon's.

You could see the puzzled expression as the cogs worked that through.

 

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2 minutes ago, Frank Hovis said:

Yes, I used to say at work that once you had a bought a house it didn't matter if it was then valued at two million pounds or two pounds unless you were strongly considering selling it and sleeping in the doorway of Dixon's.

You could see the puzzled expression as the cogs worked that through.

 

Unless you then decided to move to an area with lower house prices.

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1 minute ago, Wight Flight said:

Unless you then decided to move to an area with lower house prices.

That's not however the mindset of somebody who glories in the increase in value of their house.

They think that because it has gone up then, because they are "richer", they will be able to move to a higher priced area.

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On 16/02/2021 at 08:58, Wight Flight said:

Or rented. 

There are currently only 11 three bed houses for rent on the whole Island.

And zero 4 bedders.

The desperation in people is reaching really scary levels. It's like a very nasty game of musical chairs.

 

 

I heard they've started chasing after house removal vans for tips on who might be moving

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One flat and a house for sale on a street near my folks went sale agreed within about a week of being listed.

Still shocking how fast things are selling. Anywhere that has anything going for it that's £200K or under really has to be viewed within a day or two of listing for you to have a chance.

The bungalow my folks viewed had 13 sets of people viewing it that day.

House near my brother that is basically built on a spare bit of garden, with awkward shaped rooms and no real garden of it's own that failed to sell a year or two ago sold for the best part of £200K.

Edited by JoeDavola
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An insurance re-build estimate for a 2-bed terrace (1 double bed, 1 small double) in Kent come back at £159K. This excludes the land. A little taken a back by that. Have building costs jumped? Suggests to me there’s been lots of inflation but it’s been massaged out of the official inflation statistics? What’s happened to prices up North where land is I expect cheaper ?  Can you get the land for free?  There can’t be that much difference in building costs can there?

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A near identical house (mine has better fixtures and a loft conversion, theirs's extended up above the rear kitchen) which just over the road from me, has just gone up for a staggering £70k more than I paid for mine just over 3 years ago.

Considering I only paid £180k in the first place that's insane! O.o

Edited by maffo
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2 hours ago, maffo said:

A near identical house (mine has better fixtures and a loft conversion, theirs's extended up above the rear kitchen) which just over the road from me, has just gone up for a staggering £70k more than I paid for mine just over 3 years ago.

Considering I only paid £180k in the first place that's insane! O.o

Whereabouts is this?

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16 minutes ago, JoeDavola said:

Whereabouts is this?

Old Town, Swindon.

Try to find a 2 bed Victorian terrace, with decent garden and rear access, for under £200k around the Lansdown road area(1/4 mile radius). Anything further north than Dixon Street is new town.

Edited by maffo
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48 minutes ago, Ash4781b said:

I’m still hearing anecdotal that chains are extremely fragile . So many pushing the boat to get in on the market and solicitors buckling under the pressure. 
 

Sunak will expect extend furlough and stamp holiday.

2 houses near me back on the market after going sold, they were on for stupid prices

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12 hours ago, ashestoashes said:

2 houses near me back on the market after going sold, they were on for stupid prices

I can only think it’s that people are seeing more and more of the loopy prices going on an panicked from fear of missing out. Asking prices appear to be rocketing but it’s too soon to be reflected in sold prices.

For me I think shite the UK currency is in trouble asset price expectations are ungrounding. Sunak really in his actions is trying to create wider inflation. Throwing money around and no one gives a damn. And essentially fear of being left behind.

Edit: I’m not calling a bubble as historically gov has propped up the housing market with public funds.

Edited by Ash4781b
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I think this flat has basically gone up in price by £100K the last 3 years or so; I could have sworn I saw it listed for £180K a few years back:

https://www.propertypal.com/14-laurel-wood-galwally-avenue-belfast/678296

(There's 4 flats in that structure, you aren't buying the whole thing.)

Edited by JoeDavola
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On 20/02/2021 at 05:52, Ash4781b said:

An insurance re-build estimate for a 2-bed terrace (1 double bed, 1 small double) in Kent come back at £159K. This excludes the land. A little taken a back by that. Have building costs jumped? Suggests to me there’s been lots of inflation but it’s been massaged out of the official inflation statistics? What’s happened to prices up North where land is I expect cheaper ?  Can you get the land for free?  There can’t be that much difference in building costs can there?

Quite a lot of regional variation I think. Where I live in East Anglia, a plumber for example charges about half the going rate for London.

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Oh what a surprise. So predictable.

“A new mortgage guarantee scheme to help people with small deposits get on the property ladder is set to be announced at next week's Budget.

The government will offer incentives to lenders, bringing back 95% mortgages which have "virtually disappeared" during the pandemic, the Treasury said.

The new scheme is not restricted to first-time buyers or new-build homes, but there will be a £600,000 limit.”


https://www.bbc.co.uk/news/uk-56218952

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