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Has Coronavirus officially killed the housing market?


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

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Surrounded by idiots
On 04/07/2021 at 15:44, Royston said:

Ooooh I was close... only £1.1m out!

I only got the decimal point in the wrong place. Surely that makes me the winner? :S

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haroldshand
13 hours ago, Bus Stop Boxer said:

Wells Fargo pulling credit lines in the states. Seems to have caused a bit of a to-do on Youtube.

More evidence of traps being set for the plebs?

How DO you manage to blow a property bubble in the middle of a "pandemic".

 

 

You throw free money and debt at it. 

In recent weeks I have heard that people struggling to fill good job vacancies, I can barley cope with my work load now and am struggling to find contractors, yet we have a yearly welfare bill of £220 Billion.

Don't ask me about about finances and bubbles etc as it is now totally over my head how it all works, seems like getting on in life with a nice house etc does not come with hard work, there are other forces at work.

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Royston
On 05/07/2021 at 18:35, Hancock said:

What id like to know is how comes that house gets planning permission, yet no one else can within that area.

I often think that with a lot of individual, isolated houses I see.

Presumably there has been some form of dwelling on that plot for a long time, since well before planning restrictions got ever tighter, and over the years it's just been extended and modernised to evolve into the footballers wives pad that it has now become.

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Hancock
1 minute ago, Royston said:

I often think that with a lot of individual, isolated houses I see.

Presumably there has been some form of dwelling on that plot for a long time, since well before planning restrictions got ever tighter, and over the years it's just been extended and modernised to evolve into the footballers wives pad that it has now become.

Probably the case, maybe a farm dwelling of some variety.

Just shows nicer houses were created prior to the govt stopping people build cheap houses where they wanted.

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Austin Allegro
6 hours ago, Royston said:

Christ Almighty, genuinely gobsmacked, I would have thought £600k would have been a realistic price and £800k a greedy, kite flying asking price for that one.

The coastal path runs along the cliff edge, plus public access to the beach and there's parking and a caravan sites just up the lane so the house is hardly in a secluded spot, it will have dozens of people traipsing up and down along the path at the bottom of the garden throughout the tourist season.

 

My guess is, bought by someone who has sold a fairly nondescript London terraced house for about £2m.

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Royston
44 minutes ago, Austin Allegro said:

My guess is, bought by someone who has sold a fairly nondescript London terraced house for about £2m.

That is about the only way it vaguely makes sense, that or it's some form of money laundering or tax avoidance/income write off scam.

I'd like to think I know the area and the local market reasonably well and £1.7m for that just makes no sense at all.

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Democorruptcy
7 hours ago, Royston said:

Christ Almighty, genuinely gobsmacked, I would have thought £600k would have been a realistic price and £800k a greedy, kite flying asking price for that one.

The coastal path runs along the cliff edge, plus public access to the beach and there's parking and a caravan sites just up the lane so the house is hardly in a secluded spot, it will have dozens of people traipsing up and down along the path at the bottom of the garden throughout the tourist season.

 

You've surprised me there. I thought Holyhead might get a mention!

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Austin Allegro
Posted (edited)
9 minutes ago, Royston said:

That is about the only way it vaguely makes sense, that or it's some form of money laundering or tax avoidance/income write off scam.

I'd like to think I know the area and the local market reasonably well and £1.7m for that just makes no sense at all.

My guess is wealthy Londoner with childhood memories of holidays there and/or service at RAF Valley. Anglesey has a certain upper-middle-class cachet about it, more so since Wills and Kate lived there - a sort of Cornwall-lite - that does not exist on the mainland of north Wales.

There may also be some appeal for people who have to spend time in London and Dublin as in travel times it's roughly equidistant. (about three and half to four hours each way IIRC).

Edited by Austin Allegro
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20 minutes ago, Austin Allegro said:

My guess is wealthy Londoner with childhood memories of holidays there and/or service at RAF Valley. Anglesey has a certain upper-middle-class cachet about it, more so since Wills and Kate lived there - a sort of Cornwall-lite - that does not exist on the mainland of north Wales.

There may also be some appeal for people who have to spend time in London and Dublin as in travel times it's roughly equidistant. (about three and half to four hours each way IIRC).

White flight. Ethnics hate the wind and rain. 

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Royston
1 hour ago, Democorruptcy said:

You've surprised me there. I thought Holyhead might get a mention!

To be fair it's not really Holyhead though, I don't know why most of the North Western coast of the island is classed as 'Holyhead'... possibly just because that area used to be served by the old Holyhead Delivery Office.

 I imagine a few of the postcode snobs aren't very happy about the association with it!

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Democorruptcy
Posted (edited)
35 minutes ago, Royston said:

To be fair it's not really Holyhead though, I don't know why most of the North Western coast of the island is classed as 'Holyhead'... possibly just because that area used to be served by the old Holyhead Delivery Office.

 I imagine a few of the postcode snobs aren't very happy about the association with it!

Can't fault the agent's "Trefadog Beach, Holyhead, Anglesey", it sold it!

I was at Pete's burger van today for a bacon bap :Beer:

Edit to add a photo

 

baconbutty.jpg

Edited by Democorruptcy
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Royston
11 hours ago, Democorruptcy said:

Can't fault the agent's "Trefadog Beach, Holyhead, Anglesey", it sold it!

I was at Pete's burger van today for a bacon bap :Beer:

Edit to add a photo

 

baconbutty.jpg

Well you won't be buying a £1.7m 3 bed bungalow on Anglesey any time soon if you're going to keep wasting money on such extravagant dining.

 

 

(But that does look bloody good!)

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Royston
13 hours ago, Austin Allegro said:

 

There may also be some appeal for people who have to spend time in London and Dublin as in travel times it's roughly equidistant. (about three and half to four hours each way IIRC).

I'd say more like 6 hours to London and that's assuming you avoid any major congestion at any point, which is almost guaranteed especially through Brum and on the outskirts of London.

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Democorruptcy
3 hours ago, Royston said:

Well you won't be buying a £1.7m 3 bed bungalow on Anglesey any time soon if you're going to keep wasting money on such extravagant dining.

 

 

(But that does look bloody good!)

I was more thinking about "Pete's" housing situation what with him losing the van's regular country park location. Plus the 66 year old and his young wife have recently had a baby, so he may need more space. Luckily he told me the new location is working out fine and his wife and baby are doing well.

https://www.dailypost.co.uk/news/north-wales-news/burger-van-man-humbled-hundreds-18616691

 

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Rare Bear
On 10/07/2021 at 06:35, Royston said:

I'd say more like 6 hours to London and that's assuming you avoid any major congestion at any point, which is almost guaranteed especially through Brum and on the outskirts of London.

I've never done it in 6 hours or anything like it. And it's always getting worse.

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Royston
On 10/07/2021 at 09:38, Democorruptcy said:

I was more thinking about "Pete's" housing situation what with him losing the van's regular country park location. Plus the 66 year old and his young wife have recently had a baby, so he may need more space. Luckily he told me the new location is working out fine and his wife and baby are doing well.

https://www.dailypost.co.uk/news/north-wales-news/burger-van-man-humbled-hundreds-18616691

 

Blimey 66 years old with a baby, I'd consider myself to be doing well if I'm still alive at 66, never mind still working and breeding!

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sarahbell

The man trying to sell his house on a short lease hasn't heard from the EA or his solicitor for  a long time.  Does this mean people have been told they can't get a mortgage on it?

 

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The Grey Man

https://aboutmanchester.co.uk/study-finds-half-of-manchester-movers-want-to-leave-town-better-than-most-uk-cities/

Only London had less folk leaving the city for a new house.

My view, outside of pocket niche areas, the government have succeeded exporting this pain to at least one market of size.

And we know this just spreads...urrgh.

Many other reasons and interpretations I am sure.

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wherebee
5 hours ago, sarahbell said:

The man trying to sell his house on a short lease hasn't heard from the EA or his solicitor for  a long time.  Does this mean people have been told they can't get a mortgage on it?

 

if it's on a short lease, it's not his house.... :Jumping:

 

i got done by this in my first property.  lease of 66 years.  didn't understand what that meant.  when I came to sell, got a letter from the leaseholder agreeing to extend by 1000 years for 500 quid and knocked that off the price.  was very lucky to escape.

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sarahbell
7 hours ago, wherebee said:

if it's on a short lease, it's not his house.... :Jumping:

 

i got done by this in my first property.  lease of 66 years.  didn't understand what that meant.  when I came to sell, got a letter from the leaseholder agreeing to extend by 1000 years for 500 quid and knocked that off the price.  was very lucky to escape.

I think his has 30 left 

Solicitors should see this and point out the complications. Well good ones will anyway.

 

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Off topic, but leaseholds put me in mind of The Bottle Imp.

Someone is going to be left holding the baby at the end. No-one wants to be that someone. Logically, you don't want to be the person before that someone either, because you won't be able to sell to anyone. You can then extend that all the way back, just like the Unexpected Hanging Paradox.

Yes, I'm being very black and white here. But I would never touch one myself! :(

Edited by apples
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Hancock

Boris does another speech on "levelling up". 

https://twitter.com/i/broadcasts/1OyKAEDolRbKb

DT does article about young being priced out of the southern property market.

https://www.telegraph.co.uk/property/uk/want-buy-first-home-south-england-now-impossible/

Property in the south of England is now almost entirely shut off to first-time buyers who do not have extra support, thanks to the pandemic house price boom.

First-time buyers cannot get mortgages to cover the cost of purchasing an average priced home in the South West, South East, east of England and London if they have only a 10pc deposit, according to analysis by data firm TwentyCi.

In the south of England, properties cost on average 5.78 times salaries, known as the loan-to-income ratio. Tighter mortgage rules that came in after the financial crisis mean few banks will loan worth more than 4.5 times a buyer’s salary.

This means that in areas where the loan-to-income ratio exceeds 4.5, it is effectively impossible for a first-time buyer to purchase without a deposit larger than 10pc. In these places, entry-level purchasers either need massive savings, support from Government schemes or help from the so-called "Bank of Mum and Dad".

ADVERTISING

TwentyCi measured the average price of an entry level property in each region against the median income. In inner London, a first-time buyer with a 10pc deposit would need to borrow 7.7 times their salary to purchase a typical £350,000 property.

Even in the South West, where the average entry-level property is worth around half that at £165,000, a first-time buyer would need to borrow five times their salary.

By contrast, in the North East and Scotland, the most affordable locations, first-time buyers with a 10pc deposit would only need to borrow 2.3 times their salaries.

Colin Bradshaw, of TwentyCi, said: “For people in the South of England it is now impossible without additional funds over and above an average mortgage and a 10pc deposit.”

An acute shortage of supply in the wake of the pandemic has pushed prices further out of the range of affordability. Outside London, the whole of England and Wales has between 1.7 and two months’ worth of property supply left to sell. This is half the historic norm. 

The number of new listings for sale was down 4.5pc compared to 2019, while the numbers of agreed sales and exchanges were up 33pc and 17.5pc respectively.

The massive imbalance between demand and supply means that the average asking price in the UK halfway through 2021 was £391,000, up from £361,000 in the same period in 2019 – a jump of 8.3pc.

The lack of homes for sale, combined with a slowdown in demand as the stamp duty holiday tapers will likely bring transactions back in line with pre-Covid levels, said TwentyCi.

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sarahbell
16 minutes ago, Hancock said:

Boris does another speech on "levelling up". 

https://twitter.com/i/broadcasts/1OyKAEDolRbKb

DT does article about young being priced out of the southern property market.

 

The BBC had an older woman bemoaning the fact she can't get a mortgage because she was furloughed.  She isn't now, she's back at work.

 

 

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