Property crash, just maybe it really is different this time

[HousePriceMania]

It's interesting to know how many people see the crap I churn out on twitter...

 

 

 

Near enough 1 million views per month

 

I often wonder if it has any effect at all. 

[JoeDavola]

1 hour ago, Rare Bear said:

But the sale isn't a sale until the money's been paid. And that applies to everything, not only houses.

I think most of these are selling. Lack of supply and that.

Be interesting to see what happens with my folks - how many months their buyers are prepared to wait. I'd guess if my folks haven't found something by September they'll just throw in the towel themselves.

[belfastchild]

46 minutes ago, JoeDavola said:

I think most of these are selling. Lack of supply and that.

Be interesting to see what happens with my folks - how many months their buyers are prepared to wait. I'd guess if my folks haven't found something by September they'll just throw in the towel themselves.

September is too late. Id say they will wait until after the July holidays and then start putting pressure on. Still takes a long time to complete and September might be too late for Christmas. If they havent sorted it by early August, Id say they will pull out as they have a cash buyer.
Any other takers?

[Dave Bloke]

A boomer writes

"My son is struggling to refix his mortgage. My other two kids are okay for the moment but will face the same problem soon. I'm sitting in a pile worth a considerable sum of money which is far too big for me. Downsizing to a cheaper and smaller property would make sense but I really don’t want to move as I live in a wonderful location plus the costs of moving are eye simply watering.

I’m looking at an equity release mortgage, and have found a flexible product which would give me a “drawdown” facility, so I don’t have to take more than I need immediately, and flexibility to repay 10% a year and pay interest if I want. So it will provide an efficient flexible “savings” buffer, enabling me to run very low balances on my current accounts and get the mortgage rate of interest on my savings.

I can’t see any snags. All the kids are in agreement that it makes sense."

[Austin Allegro]

10 minutes ago, Dave Bloke said:

A boomer writes

"My son is struggling to refix his mortgage. My other two kids are okay for the moment but will face the same problem soon. I'm sitting in a pile worth a considerable sum of money which is far too big for me. Downsizing to a cheaper and smaller property would make sense but I really don’t want to move as I live in a wonderful location plus the costs of moving are eye simply watering.

I’m looking at an equity release mortgage, and have found a flexible product which would give me a “drawdown” facility, so I don’t have to take more than I need immediately, and flexibility to repay 10% a year and pay interest if I want. So it will provide an efficient flexible “savings” buffer, enabling me to run very low balances on my current accounts and get the mortgage rate of interest on my savings.

I can’t see any snags. All the kids are in agreement that it makes sense."

 

I wonder if any of them actually realise the full amount of the re-mortgage money plus interest has to be paid back at some point? Or do they think it's some sort of magical system to enable boomers to go on cruises and eat in garden centre cafes every day?

[Axeman123]

Just now, Austin Allegro said:

I wonder if any of them actually realise the full amount of the re-mortgage money plus interest has to be paid back at some point? Or do they think it's some sort of magical system to enable boomers to go on cruises and eat in garden centre cafes every day?

They will subconciously be expecting low interest rates and the property appreciation to run ahead of the bill, based on the last 15 years.

[Dave Bloke]

7 minutes ago, Austin Allegro said:

 

I wonder if any of them actually realise the full amount of the re-mortgage money plus interest has to be paid back at some point? 

I suppose the poster is hoping that when they keel over and the estate is wound up this will cover the remortgage?

Still this kind of thing could throw a lifeline to people drowning in debit.

[Austin Allegro]

42 minutes ago, Dave Bloke said:

I suppose the poster is hoping that when they keel over and the estate is wound up this will cover the remortgage?

Still this kind of thing could throw a lifeline to people drowning in debit.

I guess so. But I wonder if it always will in every case, especially if there are, say, 2 or 3 children with IO mortgages all needing help from mother.

[Ina]

In the last 8 weeks sentiment ie confidence in the market has changed massively.  In my niche sphere which is Probate sales I reckon it is because the doing up costs outweigh any potential profit.  The doing up and refurbishment costs have exploded.  My probate properties  used to receive offers above the asking price within days.  No more, that has gone.  People, whether doer uppers or developers are driving a very hard bargain. They are pulling out of unprofitable options all the time.

[JoeDavola]

2 hours ago, belfastchild said:

September is too late. Id say they will wait until after the July holidays and then start putting pressure on. Still takes a long time to complete and September might be too late for Christmas. If they havent sorted it by early August, Id say they will pull out as they have a cash buyer.
Any other takers?

Well early August won't be long coming round so we'll see.

Their current buyers are the only ones interested. Will be see if there is some point at which they get impatient - it's been over two months IIRC.

[JoeDavola]

53 minutes ago, Ina said:

In the last 8 weeks sentiment ie confidence in the market has changed massively.  In my niche sphere which is Probate sales I reckon it is because the doing up costs outweigh any potential profit.  The doing up and refurbishment costs have exploded.  My probate properties  used to receive offers above the asking price within days.  No more, that has gone.  People, whether doer uppers or developers are driving a very hard bargain. They are pulling out of unprofitable options all the time.

Yes this has been the case in NI for a while IMO - the probate houses falling to bits aren't priced anywhere near low enough to make them worthwhile to anyone except builders who can get cheap labour/materials - but they might now be too expensive even for them.

[Guest]

3 hours ago, Dave Bloke said:

A boomer writes

"My son is struggling to refix his mortgage. My other two kids are okay for the moment but will face the same problem soon. I'm sitting in a pile worth a considerable sum of money which is far too big for me. Downsizing to a cheaper and smaller property would make sense but I really don’t want to move as I live in a wonderful location plus the costs of moving are eye simply watering.

I’m looking at an equity release mortgage, and have found a flexible product which would give me a “drawdown” facility, so I don’t have to take more than I need immediately, and flexibility to repay 10% a year and pay interest if I want. So it will provide an efficient flexible “savings” buffer, enabling me to run very low balances on my current accounts and get the mortgage rate of interest on my savings.

I can’t see any snags. All the kids are in agreement that it makes sense."

So retarded. "My 3 children are all drowning in mortgage debt at a time of rising interest rates and falling house prices. Rather than hang on to my big paid-off house which one or more of them may end up moving back into I thought I'd dive in and join them. I feel us all losing our family homes at the same time would make a wonderful bonding experience."

[dnb24]

https://www.rightmove.co.uk/properties/129918584#/?channel=RES_BUY
 

Midlands back below 2014 prices

 

2014 sold £590k, for sale now £550k

This was on the market for £650k nine months ago

Edited June 19, 2023 by dnb24

[Ina]

I have a probate property listed in an unfashionable part of West Yorkshire. It is the size of a stately home but needs huge renovation.  A year ago people would have been fighting over it at say £250k plus.  We’ll now get substantially less.  Konttingley.  Don’t dox me.

[Petatep]

11 minutes ago, Ina said:

I have a probate property listed in an unfashionable part of West Yorkshire. It is the size of a stately home but needs huge renovation.  A year ago people would have been fighting over it at say £250k plus.  We’ll now get substantially less.  Konttingley.  Don’t dox me.

Is there a fashionable part of West Yorkshire?

[Phil]

17 minutes ago, Petatep said:

Is there a fashionable part of West Yorkshire?

A1 out.

Just now, Phil said:

A1 out.

Ment M62. Still out though.

[Phil]

1 minute ago, Phil said:

A1 out.

Ment M62. Still out though.

In fact, outside Yorkshire. Anywhere.

[spygirl]

6 hours ago, HousePriceMania said:

It's interesting to know how many people see the crap I churn out on twitter...

 

 

 

Near enough 1 million views per month

 

I often wonder if it has any effect at all. 

Arnt you the Kim Kardiwhatdit.

 

[Petatep]

5 minutes ago, Phil said:

In fact, outside Yorkshire. Anywhere.

Whitby's nice.

[Phil]

4 minutes ago, Petatep said:

Whitby's nice.

Only messing. But. West Yorkshire is indeed a s###hole.

[Petatep]

1 minute ago, Phil said:

Only messing. But. West Yorkshire is indeed a s###hole.

We very nearly moved to Elland many years ago, for a job opportunity. Glad we didnt.

[Wight Flight]

14 minutes ago, Petatep said:

for a job opportunity.

Yes. I heard they had one once. Well done for spotting it.

[HousePriceMania]

This tweet sums up all that is wrong in the UK.
 

Unproductive parasites demanding a bail out at any cost.

 

Who's to say they wont get it in the end.

 

[leonardratso]

it has nice bits and shit bits, i should know i come from there, trouble is its all becoming a shit bit.

[AlfredTheLittle]

2 minutes ago, HousePriceMania said:

This tweet sums up all that is wrong in the UK.
 

Unproductive parasites demanding a bail out at any cost.

 

Who's to say they wont get it in the end.

 

Good point. They did it to the energy companies, so why not the banks? I'm still waiting for a windfall tax on Tesco, as their chief exec was very public in supporting the windfall tax on oil companies but supermarkets are clearly causing inflation by putting up food prices. Can't see why the corporation tax rate shouldn't be 75% for every company anyway, it's only payable on profits.