Property crash, just maybe it really is different this time

[JoeDavola]

1 hour ago, Herby said:

Update.. 

An elderly lady, currently living with her children, has made a cash offer above asking price. The vendor is waiting to see if anyone else will outbid that, but if other parties need a mortgage or in a chain, I personally think it would be madness!

A three-bedroom 100 sq m Victorian terrace came on today locally for offers over £600k. I'm going to have to wait for at least 6-months I think!

Note. This is a town which is an hour 30+ door-to-door each way into city of London, (closer to 1-hour 50 into to canary wharf area), not London suburbs. 

Local average salary apparently £28,500. 

That is insane. Even if prices dropped 50% they'd be too much.

Quite depressing that someone with £650K in cash thinks the best thing to do with it is buy a small house.

[haroldshand]

2 hours ago, JoeDavola said:

That is insane. Even if prices dropped 50% they'd be too much.

Quite depressing that someone with £650K in cash thinks the best thing to do with it is buy a small house.

I am rabbiting about this subject a lot lately and am obsessed this month, but will continue until I am told to shit the fuck up

But £650k in Central Portugal is the house of your dreams plus  with an income and where there is more than half the money leftover, lowest crime on the planet, wonderful people, wonderful culture, 3 magical cities with a few hours with everything you could ever want to last a lifetime, nature and wildlife, great food and drink, sun and even skiing 30 minutes away, only 10 million population  and on top of that it's one of the cheapest places to live in the EU.

One downside many of  Women tend to all turn into Robert DeNiro lookalikes when they get older

[Boon]

Second tier cities are even less.

Thing is I don't think the average old person in the country has any interest at all in moving somewhere where they can't speak the lingo, or even into another culture. Also think healthcare is a consideration.

Integration rates must be really low, I think an oldie would much rather retire in Hastings instead of somewhere in Greece.

Exception must be those old men who end up in Thailand.

[ribblerider]

6 hours ago, spygirl said:

Take the S21 to CAB.

See if its filled in correctly. Normally they are not.

 

 

Good advice. They usually get things like the date details wrong.

[Wight Flight]

1 hour ago, haroldshand said:

I am rabbiting about this subject a lot lately and am obsessed this month, but will continue until I am told to shit the fuck up

But £650k in Central Portugal is the house of your dreams plus  with an income and where there is more than half the money leftover, lowest crime on the planet, wonderful people, wonderful culture, 3 magical cities with a few hours with everything you could ever want to last a lifetime, nature and wildlife, great food and drink, sun and even skiing 30 minutes away, only 10 million population  and on top of that it's one of the cheapest places to live in the EU.

One downside many of  Women tend to all turn into Robert DeNiro lookalikes when they get older

Watch out for heating bills. Portugal does get cold at night in winter.

And water bills. They can be crippling.

[Democorruptcy]

The GB News Friday 6pm Dewbs & Co, 'Fix the Nation' hour, is all about housing.

In the past Michelle has seemed very worried about interest rate rises increasing her mortgage payment! I might try wind her up again. It wasn't housing but she once spent a full minute ranting at me about an email I'd just sent in. It was asking her not to look so angry on my TV screen

[Long time lurking]

 

[Wight Flight]

I don't think the cost of housing is the biggest worry anymore.

It is the availability of housing at any cost.

It is what was bound to happen if you make property an investment class, not a home.

[HousePriceMania]

 

[Balding Badger]

1 minute ago, HousePriceMania said:

 

I've got a degree in economics and I know the last thing we need is more government intervention, otherwise known as 'props'. Funny how a vested interest can make your vision cloudy!

[HousePriceMania]

27 minutes ago, Wight Flight said:

I don't think the cost of housing is the biggest worry anymore.

It is the availability of housing at any cost.

It is what was bound to happen if you make property an investment class, not a home.

The availability of housing is shooting up here and in other countries at the moment.

Now, if half of Europe decide to leave the UK and go back home as the country enters into a 2 year recession and mass job losses, you might find a lot of empty houses again.

One can only hope

[Wight Flight]

2 minutes ago, HousePriceMania said:

The availability of housing is shooting up here and in other countries at the moment.

Now, if half of Europe decide to leave the UK and go back home as the country enters into a 2 year recession and mass job losses, you might find a lot of empty houses again.

One can only hope

It's good to dream.

[HousePriceMania]

3 minutes ago, Balding Badger said:

I've got a degree in economics and I know the last thing we need is more government intervention, otherwise known as 'props'. Funny how a vested interest can make your vision cloudy!

Country is full of people like this. He only cares about himself and his own circumstance.  Doesn't see that if we didnt have a housing bubble/low IR economy his business would be steady and less prone to economic shocks.

 

[Balding Badger]

I don't think Europe will be any better off than us, much of it will probably be worse.

It will be interesting to see if we become less appealing to illegal migrants or distant family moving in from the rest of the world.

[HousePriceMania]

1 minute ago, Wight Flight said:

It's good to dream.

no need to dream, will be interesting to see if it keeps going up over the winter.  Either way it's a sharp increase.

If I come across the articles from america saying inventories are shooting up I'll post it.

[HousePriceMania]

 

[Boon]

13 minutes ago, HousePriceMania said:

no need to dream, will be interesting to see if it keeps going up over the winter.  Either way it's a sharp increase.

If I come across the articles from america saying inventories are shooting up I'll post it.

Can you break these numbers down by area?

It seems totally feasible to me that some areas will still have falls in availability and some areas will have a huge glut.

But both people will think what they are seeing must be the case with the rest of the country.

[haroldshand]

2 hours ago, Wight Flight said:

Watch out for heating bills. Portugal does get cold at night in winter.

And water bills. They can be crippling.

It's an issue with Portugal about getting cold in the short Winter, but that is more about houses not really geared up for that short event, one woodburner and I am more than covered for it, survived a lot worse

 

Edited August 4, 2022 by haroldshand

[HousePriceMania]

19 minutes ago, Boon said:

Can you break these numbers down by area?

It seems totally feasible to me that some areas will still have falls in availability and some areas will have a huge glut.

But both people will think what they are seeing must be the case with the rest of the country.

I do have the regional data but I only release it every quarter now, pure and utter laziness on my part.

Big surge in listings in SW and Wales, 8 and 10% respectively in a month.

If you have a region you want the numbers for let me know.

[Wight Flight]

4 minutes ago, HousePriceMania said:

I do have the regional data but I only release it every quarter now, pure and utter laziness on my part.

Big surge in listings in SW and Wales, 8 and 10% respectively in a month.

If you have a region you want the numbers for let me know.

Isle of Wight?

[HousePriceMania]

18 minutes ago, Wight Flight said:

Isle of Wight?

Comes under S.E. so Supply was up 4% in a month and prices down -0.05%

Listing back to around June 2021 levels.

When the listings get back to 2010 levels I'd expect prices to head back there too.

[Noallegiance]

Anglia?

[Bus Stop Boxer]

2 hours ago, HousePriceMania said:

 

"I think more intervention by govt is going to be needed"

How does 5% by April sound? 😎

Prick.

[tank]

2 hours ago, Balding Badger said:

I don't think Europe will be any better off than us, much of it will probably be worse.

It will be interesting to see if we become less appealing to illegal migrants or distant family moving in from the rest of the world.

Most of Europe will be better off because their immigration levels are much lower.

For all their rhetoric, the Tories are worse that Blair era Labour was on immigration.

Officially 7 million extra people since 2010 and a record 1 million net in the last year alone and, unlike when we're were in the EU, almost all of them from the third world. That means huge extended families and a lot more people. All done to pump the property market and low wage service economy.

Edited August 4, 2022 by tank

[XswampyX]

18 minutes ago, Bus Stop Boxer said:

"I think more intervention by govt is going to be needed"

How does 5% by April sound? 😎

Prick.

Can you imagine 15% inflation across the whole of the UK's population v's 11 million mortgages? Spiv bastards that owe on 5+ properties.

Spiv bastard no1 - "Yeah it's terrible, my portfolio is sinking up my own arse and discolouring my fake veneers, all my scum tenants are flipping me off, innit."

Spiv bastard no2 - "Yeah, I don't care about you obviously, but my tenant's can't even fill up my mini these days! What are they spending it all on? Food? Heating? Don't they realise we are providing a service? Hair products aren't fucking free!"

Spiv bastard no1 - "Yeah, I will have to get a job if this carries on. "