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Property crash, just maybe it really is different this time

haroldshand

By haroldshand
in Property Prices & Economy

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Bobthebuilder

Bobthebuilder

Posted
Posted
12 minutes ago, mh9000 said:

What site is this taken from please? I'm sure you or someone has mentioned it before and I found it but now lost it again! 

 

Rightmove.

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  • HousePriceMania

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Ina
Ina

Massive feedback from my colleagues in New Build and Residential Property is that we are on the cusp of a serious turn in the market.  Everyone is extremely twitchy.  Estate Agents are very nervous.  

Democorruptcy
Democorruptcy

When you are looking at a property on RM they have an example mortgage payment with Nationwide at the bottom. I noticed the rate 3.8%, just for fun I clicked through on one to Nationwide and was quote

Ina
Ina

My lovely colleagues in our Residential Conveyancing team are suddenly very twitchy having noticed a recent sea change.  Our FD is more so.   In Probate granny houses with the usual artex, swirly carp

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Wight Flight

Wight Flight

Posted
Posted

House I looked at renting two years ago for £1700 has just come on the market again for £2500.

Rental inflation is out of control.

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Bobthebuilder

Bobthebuilder

Posted
Posted
5 minutes ago, Wight Flight said:

House I looked at renting two years ago for £1700 has just come on the market again for £2500.

Rental inflation is out of control.

That's Isle of Wight? Completely mental, I have lived in Dorset to London, and many places in between, but never paid anywhere near that in rent or a mortgage.

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Wight Flight

Wight Flight

Posted
Posted
5 minutes ago, Bobthebuilder said:

That's Isle of Wight? Completely mental, I have lived in Dorset to London, and many places in between, but never paid anywhere near that in rent or a mortgage.

To be fair it is a really nice 5 bed place.

Our problem is that we are full of people that sold their Fulham flat for £1m, and want to rent somewhere whilst looking for somewhere to buy for £500k. Rent money is just a minor cost of moving.

I am assuming / hoping it is a temporary thing. 

 

 

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Stuey

Stuey

Posted
Posted

Offered very reasonable amount for recent property I was first viewer for (estate agent clearly didn't know one of the locks was bust in locked position).

Outbid, and informed this within a hour or two so someone's offered without a viewing. A bit strange in Stockton...

 

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Noallegiance

Noallegiance

Posted
Posted
6 minutes ago, sancho panza said:

Rightmove market trends

https://www.rightmove.co.uk/house-prices-in-my-area.html

 

In my areas of interest (Essex), sales volumes are back to the low of March 2020, which is the same as the volume for late 2009.

The price difference is that they've gone up 15% since March 2020. From 2008 to 2009 they went down 20%.

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sancho panza

sancho panza

Posted
Posted
13 hours ago, Wight Flight said:

House I looked at renting two years ago for £1700 has just come on the market again for £2500.

Rental inflation is out of control.

Leics had a lot of sotuehrn moeny come in after lockdown eased.Punters paying over the odds straight away>local moeny couldn't compete.

It's eased off now.I did wonder if a lot of the moves were head of furlough ending lower down the rental food chain.

5 bed on since 24/8/21 £2500

https://www.rightmove.co.uk/properties/81588957#/?channel=RES_LET

Price Change History
25/08/2021 Initial entry found: £2,500 pcm

4 bed reduced 29/9/21 to £1600pcm

Price Change History
29/09/2021 Price changed from £1,700 pcm to £1,600 pcm
23/07/2021 Initial entry found: £1,700 pcm

4 bed £1595 reduced before property log captured it.

 

Price Change History
29/09/2021 Initial entry found: £1,595 pcm

4 bed been on a month

Price Change History
08/09/2021 Initial entry found: £1,300 pcm

 

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sancho panza

sancho panza

Posted
Posted

Let's have a look at some of our regular Londinium postcodes

E1 618 for sale/14=44 months inventory.Interesting to see some of the drops.

2 bed flat

Price Change History
21/10/2019 Price changed from £850,000 to £800,000
11/10/2019 Price changed from £885,000 to £850,000
21/05/2019 Initial entry found: £885,000

 

Check out this studio-yes studio apt-

Price Change History
12/09/2019 Price changed from £520,000 to £459,950
19/07/2019 Price changed from £545,000 to £520,000
04/04/2018

Initial entry found: £545,000

image.png.0519956b3aa7c14e2d55f62071871604.png

 

E17 352/58=6 months inventory

image.png.a4c465599880bc262d9ac4fc75f7218d.png

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sancho panza

sancho panza

Posted
Posted (edited)

SW19 675 for sale/58=11.6 months inventroy

here's a funny one.5 bed house.Didn't sell through 2020 and first half 2021,so put the price up £250k

Price Change History
15/06/2021 Price changed from £2,500,000 to £2,750,000
19/11/2019 Initial entry found: £2,500,000

image.png.4d18b2fb64325982a6b03a65635432b6.png

 

 

Some eye watering losses coming in Lodon

1 bed flat SW10

Price Change History
15/09/2021 Price changed from £790,000 to £650,000
28/08/2021 Initial entry found: £790,000

 

SW10 446 for sale/12=37 months inventory.

image.png.a6a492ddc533ce5aaf9cc13c92ef90a4.png

SW8 761/14=54 months inventroy

image.png

Edited by sancho panza
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HousePriceMania

HousePriceMania

Posted
Posted
1 hour ago, sancho panza said:

@HousePriceMania

How do you screenshot your proprety log data?all I cna get is copy the details but I want a picture of teh hosue for sale too?

Either do a screen dump then copy it, or just do a copy and paste from the right move website, which gives me this for example:

 

Price Change History
15/04/2021 Price changed from POA to £19,000,000
15/04/2021 Price changed from £19,000,000 to POA
15/04/2021 Price changed from POA to £19,000,000
14/04/2021 Initial entry found: POA
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Mapper

Mapper

Posted
Posted

I recently found Patrick Boyle's channel on YT. I think he was originally an options trader but he seems to put out topical  stuff too. He throws in a few deadpan comments along the way which I find quite amusing.

He has done a few pieces on Evergrande. This one ties Chinese property developers to the London real estate market.

 

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Bobthebuilder

Bobthebuilder

Posted
Posted
18 minutes ago, Wight Flight said:

Average property prices went up here by £55k in the last 12 months.

That is 23%.

Ouch.

 

My brother in law told me Devon and Dorset are up much the same over the last year. Its gone mental down your way.

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Don Coglione

Don Coglione

Posted
Posted
29 minutes ago, Wight Flight said:

Average property prices went up here by £55k in the last 12 months.

That is 23%.

Ouch.

 

I am surprised that the average house price on the IOW was below the national average last year, to be honest.

Sometimes a levelling up can work against you.

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Wight Flight

Wight Flight

Posted
Posted
1 hour ago, Don Coglione said:

I am surprised that the average house price on the IOW was below the national average last year, to be honest.

Sometimes a levelling up can work against you.

Our average wage was also below the national average.

And we don't have many mansions to drag the average price up.

It is actually quite a poor area. I don't think any of our schools rate above good.

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Stuey

Stuey

Posted
Posted
On 13/10/2021 at 19:52, Wight Flight said:

Average property prices went up here by £55k in the last 12 months.

That is 23%.

Ouch.

 

I offered a reasonable amount based on April 2021 same road sale price last week. Estate agent implied a much higher offer had come in. With asking price at 20% above my offer we might be seeing the same in the northeast :(

 

The last place to get sold in that area still isn't occupied many months on.

 

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Frank Hovis

Frank Hovis

Posted
Posted
On 13/10/2021 at 21:42, Wight Flight said:

Our average wage was also below the national average.

And we don't have many mansions to drag the average price up.

It is actually quite a poor area. I don't think any of our schools rate above good.

 

It's ironic that your move there was specifically to avoid being continually ripped off by SE rents and council tax.

The idea was right but the timing was off.

Just like my "retiring" end of March 2020; pretty much the same week that the country went into Lockdown.

And two years in I still can't even go abroad.

Who knew?

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HousePriceMania

HousePriceMania

Posted
Posted
6 hours ago, Stuey said:

I offered a reasonable amount based on April 2021 same road sale price last week. Estate agent implied a much higher offer had come in. With asking price at 20% above my offer we might be seeing the same in the northeast :(

 

The last place to get sold in that area still isn't occupied many months on.

 

Thats what estate agents do.

If they're talking, they're lying.

 

There's nothing for sale, same all round the country, but price rises have stalled.

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