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Am I the only person who think house prices will go up?


TheCountOfNowhere

Am I the last bear turned bull ?  

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I commented on ToS that I noticed a pair of one bedroomed ex council flats came onto the market in the last few weeks in my area. Nicely appointed inside but still horrendously overpriced. One was £132k but is now down to £125k (at OK ish 2 br flat asking prices) but the other is £130k.

I've noticed more flats coming onto the market so it should create more competition at the bottom end of the market here. I wonder if btl ers are bailing? 

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I won't even think about offending people with offers until very late this year, for what it's worth.  But then, this is clownworld, otherwise I'd say anyone that completes straight after entering the calm eye of the storm needs their head examined.

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17 minutes ago, UmBongo said:

I commented on ToS that I noticed a pair of one bedroomed ex council flats came onto the market in the last few weeks in my area. Nicely appointed inside but still horrendously overpriced. One was £132k but is now down to £125k (at OK ish 2 br flat asking prices) but the other is £130k.

I've noticed more flats coming onto the market so it should create more competition at the bottom end of the market here. I wonder if btl ers are bailing? 

Maybe just the result of BTL scumlords of sub-dividing every single family home they can get their hands onto into flats. It's rampant round here. If it's not houses it's garages turned into flats, lofts turned into flats, any house with a basement or garden raids where any houses with larger than normal gardens get brought and extra house built (which is always split into 2 or flats), or if they can't get planning permission they just build a large side extension and turn that into flats.

I sometimes think I got into the wrong the game, when I look around doing this seems the only game in town. 

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TheCountOfNowhere
22 minutes ago, UmBongo said:

I commented on ToS that I noticed a pair of one bedroomed ex council flats came onto the market in the last few weeks in my area. Nicely appointed inside but still horrendously overpriced. One was £132k but is now down to £125k (at OK ish 2 br flat asking prices) but the other is £130k.

I've noticed more flats coming onto the market so it should create more competition at the bottom end of the market here. I wonder if btl ers are bailing? 

I think they've been bailing for some time.  A lot of the stuff I saw on RM in the last 12 months were empty terraced houses and flats.

The clever ones will have sold out 2 years ago.  The lucky ones 6 months ago.  

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Democorruptcy
23 hours ago, sancho panza said:

Houses for sale over £500k LE7=64 

https://www.rightmove.co.uk/house-prices/LE7.html?propertyType=DETACHED&page=1

Houses that have sold over £500k since June 1st 2019=34

https://www.rightmove.co.uk/house-prices/LE7.html?propertyType=DETACHED&page=1

So roughly two years supply in houses>£500k

Perversely you could just be highlighting price rises xD

Your stats could be because the party of Help to Buy won the election with such a huge majority, so asking prices went up. More started coming to market at over £500k but less have been sold because covid closed the market for months. 

 

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On 02/06/2020 at 16:00, Royston said:

Yes there might be a few job losses, but that's no big deal, they'll just all become cupcake makers and kids party face painters having their non-existent earnings ''topped up'' with UC.

Not only that but we will increase the flow of immigration due to a shortage of Nurses.. Even though for every 100 cupcake makers on benefits we import 1 nurse.. 

The public will lap it up.. Overlooking the crumbling infrastructure, gridlocked roads, air will thicken with pollution and a 6 weeks wait for a GP appointment.. 

Anyone who does not agree with importing 10 million more people for the good of the nation will be a racist.. 

Cut down the trees concrete over the fucking lot.. until we become like one of those films where everyone lives in compartments in tower blocks and the sun never rises.. :-) 

 

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Frank Hovis
23 hours ago, UmBongo said:

I commented on ToS that I noticed a pair of one bedroomed ex council flats came onto the market in the last few weeks in my area. Nicely appointed inside but still horrendously overpriced. One was £132k but is now down to £125k (at OK ish 2 br flat asking prices) but the other is £130k.

I've noticed more flats coming onto the market so it should create more competition at the bottom end of the market here. I wonder if btl ers are bailing? 

I would say that it's an indirect consequence of the Grenfell fire.

Mugs have been buying these flats cheaply, either to live in or to rent out, without realising that they are cheap for a reason.

When the council / housing association has to renew the roof, render or do extensive fire safety work the costs can be high. £40k per flat is not unusual.

These bills are however infrequent so people don't think about them until the letter for the first consultation event drops into their doormat.

The widespread coverage of the costs of Grenfell-triggered fire safety works has made the leasehold owners realise that instead of being "nice little earners" these flats are highly likely to be net liabilities as much as are time share apartments.

I would accept them for free, though still seeing that as a gamble, but I wouldn't consider paying actual money for one.

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TheCountOfNowhere
2 hours ago, Frank Hovis said:

Mugs have been buying these flats cheaply, either to live in or to rent out, without realising that they are cheap for a reason.

 

Cheaply ?

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2 hours ago, Frank Hovis said:

When the council / housing association has to renew the roof, render or do extensive fire safety work the costs can be high. £40k per flat is not unusual.

True. The two in my post are in low rise blocks, 2 and 3 stories. I've heard the horror stories of leaseholders getting charged a five figure sum for building works. 

The flat in my post that was on for £130k has now gone down to £125k:

https://www.rightmove.co.uk/property-for-sale/property-92681051.html

 

Screenshot_20200605-121420.png

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Green Devil

Just called an EA to enquire about a property new to market. He advised that its been on a day, there are 28 viewings scheduled already, and its going to bids in 2 weeks. Looks like there is certainly pent up demand Must be all these folks furloughed with nowt to do except dream about upsizing.

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TheCountOfNowhere
1 hour ago, Green Devil said:

He advised that its been on a day, there are 28 viewings scheduled already, and its going to bids in 2 weeks.

He would, wouldn't he

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2 hours ago, Green Devil said:

Just called an EA to enquire about a property new to market. He advised that its been on a day, there are 28 viewings scheduled already, and its going to bids in 2 weeks. Looks like there is certainly pent up demand Must be all these folks furloughed with nowt to do except dream about upsizing.

That might well be the case, but it doesn't mean any of them will actually buy it. Viewing houses is, for many people, a hobby - something to do (no, I don't understand it either). That was pre-Covid, when they could have gone to the pub, a cafe, the cinema, the gym (anywhere) during their free time.  Not many leisure pursuits available at the moment, unless you like the outdoors.  There were mugs queueing for 5 hours to browse Ikea last weekend.  Cars backed up onto motorways at services with an operational KFC drive-through. So, no surprise that people can't wait to have a nosey around someone else's house.

A house I looked at in January, which had been on for 6 months, had a queue of others waiting to view. Agent said 8 viewings booked that day and another 7 or 8 the next. Apparently a divorced couple who "don't need to sell". Despite the seemingly huge demand for the house, and an unmotivated vendor, the agent said the vendor would be prepared to transact at 17% off the asking price.

The house is still for sale today, with the same asking price. And it's now available to rent for a yield of 3%. I imagine it's losing more than that in capital value.

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Green Devil
1 hour ago, AWW said:

That might well be the case, but it doesn't mean any of them will actually buy it. Viewing houses is, for many people, a hobby - something to do (no, I don't understand it either). That was pre-Covid, when they could have gone to the pub, a cafe, the cinema, the gym (anywhere) during their free time.  Not many leisure pursuits available at the moment, unless you like the outdoors.  There were mugs queueing for 5 hours to browse Ikea last weekend.  Cars backed up onto motorways at services with an operational KFC drive-through. So, no surprise that people can't wait to have a nosey around someone else's house.

A house I looked at in January, which had been on for 6 months, had a queue of others waiting to view. Agent said 8 viewings booked that day and another 7 or 8 the next. Apparently a divorced couple who "don't need to sell". Despite the seemingly huge demand for the house, and an unmotivated vendor, the agent said the vendor would be prepared to transact at 17% off the asking price.

The house is still for sale today, with the same asking price. And it's now available to rent for a yield of 3%. I imagine it's losing more than that in capital value.

That was my response to the EA. He sounded surprised when I said I'd leave it. It's one of those where they want to test the market drum up interest and go to bids. Swings and roundabouts. If it's still Available in a month I know the markets been tested on prime detached with land and theres no interest. And it might be time to bid 50k under asking 😂😂

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TheCountOfNowhere
27 minutes ago, Green Devil said:

That was my response to the EA. He sounded surprised when I said I'd leave it. It's one of those where they want to test the market drum up interest and go to bids. Swings and roundabouts. If it's still Available in a month I know the markets been tested on prime detached with land and theres no interest. And it might be time to bid 50k under asking 😂😂

Housings a bit like the share crash we've all just witnessed....DONT BUY AT OR NEAR THE TOP.

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Fully Detached

Estate agents at the moment are working themselves int a state of collective orgasm. Far from the worst economic situation in 300 years, you would imagine that we had been teleported back to 2007 or so. Viewed another place today with a friend who is looking. Agent has sold loads of houses this week, phone ringing off the hook, mortgages being approved left right and centrem, got to go, got another 15 viewings to do by the end of the day. In fairness, he did agree with me that prices aren't actually going up any time soon, but he seemed to think 5% would be a truly amazing discount to achieve at the current moment in time.

This from a mid-late 20s agent who is so good at his job that he parked his car slap bang in the only fucking parking space belonging to the house. I mean, what sort of fucking moron does that? I am not an estate agent, but is it so hard to work out that you're selling an aspiration? That you really want to potential buyer to experience parking their car on the driveway that could soon be theirs? To experience getting out of their car and walking up to their shiny new front door? Oh fuck it no get them to dump their car out on the street and worry about it getting dented or scratched, at least yours will be OK on the drive. After all, youre only expecting them to part with a quarter of a million quid, what's the big deal?

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Frank Hovis
5 hours ago, TheCountOfNowhere said:

Cheaply ?

A two bed ex-council flat is usually very cheap compared to a two bed house; they will provide similar rental income and the BTLer thinks "bargain".

What they don't appreciate are the big maintenance bills racking up.

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Green Devil
50 minutes ago, Fully Detached said:

Estate agents at the moment are working themselves int a state of collective orgasm. Far from the worst economic situation in 300 years, you would imagine that we had been teleported back to 2007 or so. Viewed another place today with a friend who is looking. Agent has sold loads of houses this week, phone ringing off the hook, mortgages being approved left right and centrem, got to go, got another 15 viewings to do by the end of the day. In fairness, he did agree with me that prices aren't actually going up any time soon, but he seemed to think 5% would be a truly amazing discount to achieve at the current moment in time.

This from a mid-late 20s agent who is so good at his job that he parked his car slap bang in the only fucking parking space belonging to the house. I mean, what sort of fucking moron does that? I am not an estate agent, but is it so hard to work out that you're selling an aspiration? That you really want to potential buyer to experience parking their car on the driveway that could soon be theirs? To experience getting out of their car and walking up to their shiny new front door? Oh fuck it no get them to dump their car out on the street and worry about it getting dented or scratched, at least yours will be OK on the drive. After all, youre only expecting them to part with a quarter of a million quid, what's the big deal?

They all drive Mercs now, so I don't blame the scumbag EA for not wanting to park on the road. 

Tbh it's just a piss easy job I'm half considering getting a job as an EA. But I don't think I'm enough of a slime ball. 

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Fully Detached
17 minutes ago, Green Devil said:

They all drive Mercs now, so I don't blame the scumbag EA for not wanting to park on the road. 

Tbh it's just a piss easy job I'm half considering getting a job as an EA. But I don't think I'm enough of a slime ball. 

Without wishing to be a cock, my car is newer and more expensive than his. And it's irrelevant - it's poor salesmanship. You let women fondle the material of clothing because they want to experience how it will feel against their skin. You let the car buyer rev the engine because he wants to experience what a big man he's going to feel with his V8 Mustang. And you let the house buyer park in the drive way so they're already imagining themselves coming home to the house before they even walk in the front door.

But I agree with you, I could seriously consider becoming an EA. The one today even told us that they didn't do lettings because it was "too much like hard work". I'm in the wrong fucking game.

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Green Devil
5 minutes ago, Fully Detached said:

Without wishing to be a cock, my car is newer and more expensive than his. And it's irrelevant - it's poor salesmanship. You let women fondle the material of clothing because they want to experience how it will feel against their skin. You let the car buyer rev the engine because he wants to experience what a big man he's going to feel with his V8 Mustang. And you let the house buyer park in the drive way so they're already imagining themselves coming home to the house before they even walk in the front door.

But I agree with you, I could seriously consider becoming an EA. The one today even told us that they didn't do lettings because it was "too much like hard work". I'm in the wrong fucking game.

It's getting to the 'if you can't beat em, join em stage'. 

I wonder what's involved. I guess you can start up as a franchise for low cost and pay licence to the mother company. Lease a shop front. There's plenty going, most of the other shops are shutdown now. 

The bonus is you get to pick the best property of the bunch for your mates, get the back handers and drive a shiny new merc.

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Fully Detached
2 minutes ago, Green Devil said:

It's getting to the 'if you can't beat em, join em stage'. 

I wonder what's involved. I guess you can start up as a franchise for low cost and pay licence to the mother company. Lease a shop front. There's plenty going, most of the other shops are shutdown now. 

The bonus is you get to pick the best property of the bunch for your mates, get the back handers and drive a shiny new merc.

But your soul, your soul...

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1 hour ago, Green Devil said:

 

The bonus is you get to pick the best property of the bunch for your mates, get the back handers and drive a shiny new merc.

Your mates won’t want to know you and you’ll be so paranoid about scratching the leased motor that you’ll want to park it on driveways wherever possible - whether it gets in the way of a potential buyers aspirations or not.

If you want a piece of the action Maybe go long brylcreem instead

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Green Devil
1 hour ago, Fully Detached said:

But your soul, your soul...

 

13 minutes ago, Sugarlips said:

Your mates won’t want to know you and you’ll be so paranoid about scratching the leased motor that you’ll want to park it on driveways wherever possible - whether it gets in the way of a potential buyers aspirations or not.

If you want a piece of the action Maybe go long brylcreem instead

 

Agreed, there are just way too many negatives. 

Be a cunt for life (at least while you are an EA.)

 

 

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Austin Allegro
On 02/06/2020 at 16:00, Royston said:

I said right at the very early stages of this all I can see happening is another post-2008 scenario all over again, more cheap money, more debt and even more asset price inflation.

Yes there might be a few job losses, but that's no big deal, they'll just all become cupcake makers and kids party face painters having their non-existent earnings ''topped up'' with UC.

Yes, I think this too. It's just going to be 2008 on steroids. Sunak has already borrowed and given away billions and although a few eyebrows have been raised, nobody's seriously suggested in the MSM that it will ever get paid back.

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DeepLurker
18 hours ago, Green Devil said:

Just called an EA to enquire about a property new to market. He advised that its been on a day, there are 28 viewings scheduled already, and its going to bids in 2 weeks. Looks like there is certainly pent up demand Must be all these folks furloughed with nowt to do except dream about upsizing.

I know it's just an anecdote, but I know personally of a ex-council house in Wythenshawe (mancs will know that it's not exactly the nicest neighbourhood of that fine city :)) that has been very nicely done up. Went onto the market, got loads of viewings and 2 firm offers in the first week.

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Fully Detached
30 minutes ago, DeepLurker said:

I know it's just an anecdote, but I know personally of a ex-council house in Wythenshawe (mancs will know that it's not exactly the nicest neighbourhood of that fine city :)) that has been very nicely done up. Went onto the market, got loads of viewings and 2 firm offers in the first week.

Although I despise the expression, there genuinely is some "pent up demand" out there - we've lost nearly a whole quarter due to the lockdown and there will be some people who have cash burning holes in their pockets. My sister, who I visited the place with yesterday, is a perfect example. Recently divorced, wants to buy a 3 bed semi as a place to rent out or live in if it doesn't work out with her new partner. And wants to do it asap:

Walks in through the front door and says to the agent, "Ooh isnt it lovely!". FFS.

Agent tells her there's another "cheeky offer" on the table already but the vendor is not inclined to accept. FFS

Sister asks him how the vendor would react to an offer of 5% below asking. FFS.

Agent says "He'd seriously consider it". No shit.

I talk about the BoE, Nationwide, casually mention the worst economic situation this country has known for 300 years, and hustle sister out the door before this gets any worse. Agent looks at me like he wants to shit on my head.

Sister calls me 2 hours after the viewing. The agent has called her. The vendor has decided to accept the other bloke's "cheeky" offer. Of course he has. Sister tells me she's going to offer 5% below asking. FFS.

Sister tells me she's spoken to two other people about it and they both think it's a bargain. They're both estate agents. FFS.

The above is 100% true. We need these people to spunk their cash and get out of the way before the rest of us can get in there and negotiate seriously. Similar on the lettings side - lots of people split up or deciding to move after the lockdown all hustling each other for the same places.

Let them all fight over the canapes, I'll save my ammo for the main course.

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