Property crash, just maybe it really is different this time

[sancho panza]

21 hours ago, Wight Flight said:

A floorplan is normally a red flag that the owner is trying to sell it.

Expect to be kicked out after a short time.

you jsut need to negoitate a longer tenancy.round here in Leics,we've gone from being sneered at for asking for a two year deal to it's being a postive.We only move every four years or so but hearing this more and more local LL's want long term.

could be a city thing .

if i was a LL then I'd want min 2 years if poss rather than higher rent over 1.

[Wight Flight]

1 minute ago, sancho panza said:

you jsut need to negoitate a longer tenancy.round here in Leics,we've gone from being sneered at for asking for a two year deal to it's being a postive.We only move every four years or so but hearing this more and more local LL's want long term.

could be a city thing .

if i was a LL then I'd want min 2 years if poss rather than higher rent over 1.

Only works if the LL owns outright. Or your lease is worthless.

The BTL lenders don't normally allow longer than 12 months. I did get 5 on my Surrey place, but the LL didn't even have permission to let so it wasn't really secure.

[sancho panza]

1 minute ago, Wight Flight said:

Not a clue. I would think well north of £3m.

 

That's a 1.2% gross yield.super value if you can afford it.

but form the LL's poitn of view lot of risk if you get someone in who wrecks the place.seriuosly,why risk it for that return?even if you paid bugger all for it back it tut day,the refurb on a wrecking spree could cost you £100,000 plus,dining room table and chairs is well over £5k.could be more.

 

[Democorruptcy]

Wrong thread!

 

 

Edited October 5, 2022 by Democorruptcy

[sancho panza]

1 minute ago, Wight Flight said:

Only works if the LL owns outright. Or your lease is worthless.

The BTL lenders don't normally allow longer than 12 months. I did get 5 on my Surrey place, but the LL didn't even have permission to let so it wasn't really secure.

yeah I had to get legal advice when I had the Director of Risk of a small Building society coming round doing a discreet remo on our place wihtout introducing himslef.He was clearly hoping that if he wore jeans/didn't say much etc that I wouldn't find out who he was.wrong ..............

basically BS routes dodgy property loans through commercial lending arm to give them access to the mad gainz in pwopertee specualtion,until of course they turn into mad losses.our LL with the help of the membership of a local mutual BS overpaid at the top of the market for 5 acres of pasture and a bungalow.shocking imho that they get away with it.

 

Solictor basically agreed your point to a degree but also said court would take into account the facts of the situation eg who's acted in good faith etc and that eviction could take 6-12 months which woud be fine as that'd be the end of the tnancy for us.Alhtough this is a commerical laon our LL is sat on.

[AWW]

24 minutes ago, sancho panza said:

How much would that be worth WF.Looks nice.

weird they're doing a furnished let with the value of all that furniture.times msut be hard in millionaire land

Imagine that. Waking up in the morning and going for a quick dip in the sea off your own pier.

I camped near Yarmouth for a few nights in summer. It's a nice little town and the island itself felt very safe and family-friendly.

£3k/mo isn't much more than you'll pay for a 3 bed semi in an alright bit of London. Fully remote working certainly throws up some interesting possibilities...

[Wight Flight]

3 minutes ago, AWW said:

Imagine that. Waking up in the morning and going for a quick dip in the sea off your own pier.

I camped near Yarmouth for a few nights in summer. It's a nice little town and the island itself felt very safe and family-friendly.

£3k/mo isn't much more than you'll pay for a 3 bed semi in an alright bit of London. Fully remote working certainly throws up some interesting possibilities...

I hope you went to 'Off the Rails'.

Fab little place.

[AWW]

Funnily enough, I was cycling round with a 4-year old and we stopped there twice for breakfast as it's right on a bike path.

[spunko]

Battersea power station reopens shortly but the prices for flats are mental. Many still unsold. 

https://www.thisismoney.co.uk/money/markets/article-11280433/Battersea-powers-life-Industrial-relic-rises-ashes.html

I suspect this will be the thing that people remember most in years to come, when thinking about this looming recession. its shaping up to be a real white elephant.

[One percent]

6 minutes ago, spunko said:

Battersea power station reopens shortly but the prices for flats are mental. Many still unsold. 

https://www.thisismoney.co.uk/money/markets/article-11280433/Battersea-powers-life-Industrial-relic-rises-ashes.html

I suspect this will be the thing that people remember most in years to come, when thinking about this looming recession. its shaping up to be a real white elephant.

They’ve been pissing around with that for the best part of 40 years. 

[spunko]

1 minute ago, One percent said:

They’ve been pissing around with that for the best part of 40 years. 

The monthly maintenance charge starts at 400 quid for a 1 bedroom flat if I'm reading it right 

[HousePriceMania]

Slightly worrying...

 

https://news.sky.com/story/kwarteng-to-meet-high-street-bank-chiefs-amid-mortgage-market-freeze-12712690

 

"The chancellor will hold talks on Thursday with executives from lenders including Barclays and NatWest amid concerns about the impact of recent markets turmoil on home loans provision, Sky News learns."

 

 

[Frank Hovis]

Fooking hell!  If I win £865k on the lottery I am certainly not buying a studio flat in Battersea to enjoy the "millionaire lifestyle".

 

The power station has already sold 90 per cent of its 254 apartments – ranging in value from £865,000 studio flats to penthouse Sky Villas costing £7million a piece.

[Jeff2500]

25 minutes ago, Frank Hovis said:

Fooking hell!  If I win £865k on the lottery I am certainly not buying a studio flat in Battersea to enjoy the "millionaire lifestyle".

 

The power station has already sold 90 per cent of its 254 apartments – ranging in value from £865,000 studio flats to penthouse Sky Villas costing £7million a piece.

It also looks like only four of the flats will be able to have a woodburner. The guy that comes to sweep the chimney will hate you too

[Inque]

https://news.sky.com/story/uk-economy-latest-news-average-two-year-fix-mortgage-rate-approaches-6-repossessions-probably-unavoidable-12615118

UK economy latest news: Mortgage burden heading to highest level since late 80s - when housing crash followed

The average two-year fixed rate mortgage is now 6.07%, MoneyFacts says, amid a warning that repossessions on a significant scale are becoming inevitable.

[HousePriceMania]

 

 

I was monitoring asking prices on a weekly basis. they rose for 3 weeks in a row, they fell back by approx 1% this week which makes the MoM gain smaller than it could have been.

it wont take much now for YoY prices to go -ve.

Region data is on twitter feed or on ToS.  Most regions saw a monthly increase.  As ever London drives everything.

Some of the more detailed regional data is interesting...
 

 

 

 

[JoeDavola]

2 hours ago, spunko said:

Battersea power station reopens shortly but the prices for flats are mental. Many still unsold. 

https://www.thisismoney.co.uk/money/markets/article-11280433/Battersea-powers-life-Industrial-relic-rises-ashes.html

I suspect this will be the thing that people remember most in years to come, when thinking about this looming recession. its shaping up to be a real white elephant.

£865K for a studio. i.e. a room.

£865K to live in a room in a converted power plant.

You do wonder how the estate agents can keep a straight face.

[spunko]

1 hour ago, Frank Hovis said:

The power station has already sold 90 per cent of its 254 apartments – ranging in value from £865,000 studio flats to penthouse Sky Villas costing £7million a piece.

I suspect this will be like the claim that Fungus Wilson sold all his properties to a Chinese property developer, i.e. complete bollocks that journalists can't be bothered to verify.  I bet they haven't even sold 50% of them.

[Frank Hovis]

6 minutes ago, spunko said:

I suspect this will be like the claim that Fungus Wilson sold all his properties to a Chinese property developer, i.e. complete bollocks that journalists can't be bothered to verify.  I bet they haven't even sold 50% of them.

 

Yes, I agree that's highly likely.

That 90% will have a huge chunk of "reserved" and "sale agreed" within it.

A house near me went "sale agreed" and back to "for sale" three times before finally selling.  IMHO it was the rent a roof solar panels which are usually a blocker for the form the solicitor has to fill in to support a mortgage because the corporate owner of the panels has a charge on the property.

[Inque]

Ouch

 

[Axeman123]

14 minutes ago, Frank Hovis said:

That 90% will have a huge chunk of "reserved" and "sale agreed" within it.

I was about to post something similar.

I expect the next wailing sad face article will be "we can't complete on our off-plan purchase because the mortgage rates have gone up...and now we face losing our deposit"  (or perhaps being sued for specific performance).

[Boon]

You can check on houseprices.io, it seems like virtually no sales of new-build flats are going through in this area, the properties that do sell are the older style ones.

I do think the press seem to be trying to lay the foundations for some kind of government action here.

[spygirl]

58 minutes ago, Inque said:

Ouch

 

Its worse.

We are havingg to bear much higher goods inflation than the late 80s.

[Bilbo]

4 hours ago, spunko said:

The monthly maintenance charge starts at 400 quid for a 1 bedroom flat if I'm reading it right 

Clearing up all that muck from that flying pig 🐖 is expensive!

[HousePriceMania]

1 hour ago, Inque said:

Ouch

 

the mortgaged to the hilt MSM don't seem to do balance these days...sooo......

55 minutes ago, Axeman123 said:

I was about to post something similar.

I expect the next wailing sad face article will be "we can't WONT complete on our off-plan purchase because the mortgage rates have gone up...and now we face losing our deposit"  (or perhaps being sued for specific performance).