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Diary of a house sale....post covid


Sasquatch

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Viewings all done. Nothing nicked. Result.

Saw the EA drive off after letting the last ones out. No news expected until Monday. The quiet before the storm? I'm more afraid of the quiet before the quiet!

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My neighbour is an estate agent. He has said the small boom in sales is due to low inventory. Supply and demand.

They had many properties on the books before covid that post covid were withdrawn due to job insecurity/furlough.  Crap from a year ago that would not sell are now selling fast.

 

I suspect this will all change in October.

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Definitely picking up here. We had a viewing yesterday and they are dead keen but need to sell their house first.

Another viewing later in the week. 

Can't see it lasting though. I imagine January 21 will be extremely flat!

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DownwardSpiral
1 hour ago, logana said:

My neighbour is an estate agent. He has said the small boom in sales is due to low inventory. Supply and demand.

They had many properties on the books before covid that post covid were withdrawn due to job insecurity/furlough.  Crap from a year ago that would not sell are now selling fast.

 

I suspect this will all change in October.

Interesting stuff. It definitely ties in with what I am seeing in South Wales. Limited stock, prices flying high - the vast majority of it really awful - and I wouldn’t buy a lot of it even if you knocked 40% off the current asking prices. The rental market is also shocking in terms of quality.

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No joy so far. Wasn't right for 7 out of 10 viewers. That's expected. If they have more money then they can buy better!

The funniest case made an offer by email Saturday night and then withdrew it Sunday because they checked the crime stats and found them to be too high (there is hardly any crime around here - just the usual low level stuff every now and again that you know nothing about until someone tells you).

Oh well, now on to the drips and drabs viewings and continual action stations.

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Democorruptcy
2 hours ago, logana said:

My neighbour is an estate agent. He has said the small boom in sales is due to low inventory. Supply and demand.

They had many properties on the books before covid that post covid were withdrawn due to job insecurity/furlough.  Crap from a year ago that would not sell are now selling fast.

 

I suspect this will all change in October.

I agree there's low inventory. I had a list of about a dozen and every one has gone SSTC in the last fortnight. I'm struggling to see where enough supply will come from to reverse demand outstripping supply. It's going to be kite flying into the stratosphere now.

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Wight Flight
8 hours ago, logana said:

My neighbour is an estate agent. He has said the small boom in sales is due to low inventory. Supply and demand.

They had many properties on the books before covid that post covid were withdrawn due to job insecurity/furlough.  Crap from a year ago that would not sell are now selling fast.

 

I suspect this will all change in October.

I think you should move. You don't want to be living in an area with undesirable neighbours.

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Lightscribe
13 hours ago, Democorruptcy said:

I agree there's low inventory. I had a list of about a dozen and every one has gone SSTC in the last fortnight. I'm struggling to see where enough supply will come from to reverse demand outstripping supply. It's going to be kite flying into the stratosphere now.

Supply will come from BTL landlords, theres 2.5 million of them. Once October hits a fair chunk of the nation will be out of work. That means voids for the BTL landlords.

That plus full section 24 tax, plus former Airbnb competition for rent lowering yields will mean you’ll see a load come on the market. City service sector staff will have no jobs (office cleaners, sandwich/coffee/bar workers) HMOs will become untenable. 

The stamp duty prop will end next March, unless the government comes out with a free government 100% house loan prop, it should be well underway by then.

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Democorruptcy
1 hour ago, Sideysid said:

Supply will come from BTL landlords, theres 2.5 million of them. Once October hits a fair chunk of the nation will be out of work. That means voids for the BTL landlords.

That plus full section 24 tax, plus former Airbnb competition for rent lowering yields will mean you’ll see a load come on the market. City service sector staff will have no jobs (office cleaners, sandwich/coffee/bar workers) HMOs will become untenable. 

The stamp duty prop will end next March, unless the government comes out with a free government 100% house loan prop, it should be well underway by then.

The benefit system underpins rent. Ironically people losing their jobs might result in s24 being rolled back. The excuse being help landlords to help tenants! Cities don't interest me I'm in an AONB and there aren't many long term rentals, the money is in holiday lets and the staycation madness will create more demand for them.

Boris was talking about no stamp duty up to £500,000 in June 2019, I'll be surprised if it ends in March.

 

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1 hour ago, Democorruptcy said:

The benefit system underpins rent. Ironically people losing their jobs might result in s24 being rolled back. The excuse being help landlords to help tenants! Cities don't interest me I'm in an AONB and there aren't many long term rentals, the money is in holiday lets and the staycation madness will create more demand for them.

Boris was talking about no stamp duty up to £500,000 in June 2019, I'll be surprised if it ends in March.

 

nope.

S24 is a treasury thing.

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DownwardSpiral

Not just benefits underpinning rent in the BTL sector, but student finance. It is honestly worth looking on Rightmove/Zoopla at the number of rentals available in student areas/student cities. A lot of the student BTL landlords are now already into their second void month (the July to July crowd) and an army of them have just hit their first void month (August to August) + council tax eligibility comes into play. They are offering £0 deposits now, including all bills in the monthly payment, and slamming down the rental price such that the vile excess in the sector (making £750 - £1000 per house per month profit in places) is now mostly eliminated. I am tracking the numbers for a few such places and they haven’t moved in the last 6 weeks.

This is going to be a big source of future inventory, the problem is no one is going to want them in their current state.

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21 hours ago, DownwardSpiral said:

Not just benefits underpinning rent in the BTL sector, but student finance. It is honestly worth looking on Rightmove/Zoopla at the number of rentals available in student areas/student cities. A lot of the student BTL landlords are now already into their second void month (the July to July crowd) and an army of them have just hit their first void month (August to August) + council tax eligibility comes into play. They are offering £0 deposits now, including all bills in the monthly payment, and slamming down the rental price such that the vile excess in the sector (making £750 - £1000 per house per month profit in places) is now mostly eliminated. I am tracking the numbers for a few such places and they haven’t moved in the last 6 weeks.

This is going to be a big source of future inventory, the problem is no one is going to want them in their current state.

Agree, and don't forget the student house landlords aree not used to voids, as they insist the students rent a whole July to July contract even after they have left.

On top of this is the increase in university/private equity developed student accommodation yet the reduction (especially overseas) student numbers due to Covid...these providers due to volume will be in a better position to lower rates and  private LL will either have to follow or sell up.

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Green Devil
On 04/08/2020 at 08:27, Democorruptcy said:

Boris was talking about no stamp duty up to £500,000 in June 2019, I'll be surprised if it ends in March.

 

I can see it becoming a policy going forward. TBH IMO its actually a fair policy, why should you pay tax on your already taxed income to buy a home? Its a bullshit robbery tax. There are much better ways to tax. However, it does add fuel to the housing bubble, there needs to be some other limitation to limit its effects ie higher interest rates to homebuyers, or tigher borrowing.

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46 minutes ago, Green Devil said:

why should you pay tax on your already taxed income to buy a home?

How about refining it? Charge VAT on house purchases with an exemption for main home?

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Wight Flight
33 minutes ago, CVG said:

How about refining it? Charge VAT on house purchases with an exemption for main home?

How about if rental homes are owned by a limited company, make that company charge vat on rents if total rents are above the vat turnover threshold?

 

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Democorruptcy
2 hours ago, Green Devil said:

I can see it becoming a policy going forward. TBH IMO its actually a fair policy, why should you pay tax on your already taxed income to buy a home? Its a bullshit robbery tax. There are much better ways to tax. However, it does add fuel to the housing bubble, there needs to be some other limitation to limit its effects ie higher interest rates to homebuyers, or tigher borrowing.

Why?

The governbankment aren't doing it to help people they are doing it to try protect their own portfolio. Via the governbankment's 20% and 40% equity loans they are potentially on the hook to banks for £22bn in just the first 2 phases of HTB. The governbankment isn't a bystander, it's the biggest player in the market.

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Green Devil
17 minutes ago, Democorruptcy said:

Why?

The governbankment aren't doing it to help people they are doing it to try protect their own portfolio. Via the governbankment's 20% and 40% equity loans they are potentially on the hook to banks for £22bn in just the first 2 phases of HTB. The governbankment isn't a bystander, it's the biggest player in the market.

BUT, the governbankment doesnt care about the debt. They arent on the hook like a regular buyer. Its QE printed funny money. It matters not. In fact they would rather write it off anyway.

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Democorruptcy
2 minutes ago, Green Devil said:

BUT, the governbankment doesnt care about the debt. They arent on the hook like a regular buyer. Its QE printed funny money. It matters not. In fact they would rather write it off anyway.

If they had to hand money to bankers, the taxpayer scam would be exposed. It's not just about potential loss it's also potential profit. The equity loan that the buyer has to pay back, increases with the price of the house.

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Green Devil
8 minutes ago, Democorruptcy said:

If they had to hand money to bankers, the taxpayer scam would be exposed. It's not just about potential loss it's also potential profit. The equity loan that the buyer has to pay back, increases with the price of the house.

And the purchasers has to pay a 20% higher cost of entry to the pyramid ponzi scam, hook line and sinker, and they fall for it.

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Popuplights
On 05/08/2020 at 01:35, MrXxxx said:

, as they insist the students rent a whole July to July contract even after they have left.

Cunts. Cry me a river.

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Good viewing yesterday. Young couple. Spent ages looking around and making all the right noises. It looks like they have also viewed a similar but much more expensive house nearby but didn't like the garden for that one. 

The husband is MD of a local family business. I managed to find it on companies house last night and recent accounts show nice profits. 

Apparently they don't need to sell or are in rented. 

Therefore everything checks out.

We await an offer........

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sleepwello'nights
14 minutes ago, Sasquatch said:

 

Apparently they don't need to sell or are in rented. 

Therefore everything checks out.

We await an offer........

Good luck. 

We went with a high starting price anticipating negotiating to a lower price. Looks as if we started too high, or else we're now in the summer lull. We'll probably lower the listed price at the beginning of September. A number of houses listed in our area in the same price range have been reduced in the last week or so.

We're still looking at listings in the area(s) we consider moving to. Not many appeal to us. But then again we should sell first before trying to buy. 

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We are getting a lot more interest but no offers as yet. One potential buyer is behaving rather strangely. They apparently really like our house but haven't got their house on the market yet. However, they have engaged the services of their agent to carry out a home buyers report on our house. This is booked in for next week. They haven't offered yet! Never seen this before. It might make sense in their heads but we can't work it out. Nice people though!

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4 hours ago, Sasquatch said:

We are getting a lot more interest but no offers as yet. One potential buyer is behaving rather strangely. They apparently really like our house but haven't got their house on the market yet. However, they have engaged the services of their agent to carry out a home buyers report on our house. This is booked in for next week. They haven't offered yet! Never seen this before. It might make sense in their heads but we can't work it out. Nice people though!

Hide your physical. Third bird box from the left.

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