Property crash, just maybe it really is different this time

[HousePriceMania]

45 minutes ago, tlc said:

So we've had one viewing.

The woman asked the estate agent would we accept the asking price and estate agent said no. 

Speechless. 

How does the EA know ?

It's not his job to decline offers, it's his to pass them on.

[sancho panza]

2 hours ago, kibuc said:

Depends on your tenancy agreement. I like it where I've been living since 2019 so extended in August for another 3-year fixed term with no annual rent adjustments or break clauses in a hope that it secures the roof over our heads but I'm still sweating sometimes that we could be kicked out if the landlord dies or claims force majeure.

Pretty much the only waythey can evict you within your tenancy term is if they get repoed(but I'm not a lwayer)

I recently had to look this up but my solicitor said that courts take a view on whether you've acted in good faith wehn assessing claims for possession.If the LL has signed a contract and hasn't got permssion to let,I'm not sure even that can used as an excuse by the LL.

Mortgagees seeking possession is a different kettle of fish but if you've got kids the eviction process is long and drawn out due to court waits etc.That was the reason I talked to my sol as I think LL may get repoed.We're renting on a 1.98% gross yield ffs.

The main thing protecting us besides out two year deal is the fact that the lender will never cover their lossess and will likely extend and pretend because that's what those muppets genreally do when they're facing a loss

Edited October 14, 2022 by sancho panza

[JohnnyB]

4 hours ago, spygirl said:

Heres Malcom X means fuck off - 

 

https://www.shropshirestar.com/news/politics/2022/10/06/starmer-hoping-labours-fortunes-are-rising-like-arsenals-during-wolverhampton-visit/

 

Id not lend 50p to anyone who wears that suit.

 

So ... he works for financial company that offers, err, mortgages ...

 

https://a2ofs.co.uk/staff/zach-oakley/

I have been at Acorn to Oaks since 2019. I work as the Accounts Manager at Acorn to Oaks, managing clients monies and making sure insurers get paid promptly. I am currently studying to become a Chartered Accountant.

 

He writes like a 8 year old.

[spygirl]

6 minutes ago, JohnnyB said:

He writes like a 8 year old.

He has a ginger beard and funny suit.

His writing style is the least of his problems.

[kibuc]

1 hour ago, sancho panza said:

The main thing protecting us besides out two year deal is the fact that the lender will never cover their lossess and will likely extend and pretend because that's what those muppets genreally do when they're facing a loss

Yeah, I think we should find comfort in knowledge that financial irresponsibility of our LLs might be our strongest protection from harm

[HousePriceMania]

New Chancellor with at least 7 BTL flasts... and change of Direction from Truss' shambolic government.

Where next for the housing bubble?

( Up of course ).

[Stuey]

7 minutes ago, HousePriceMania said:

New Chancellor with at least 7 BTL flasts... and change of Direction from Truss' shambolic government.

Where next for the housing bubble?

( Up of course ).

Hip hip...

[onlyme]

On 12/10/2022 at 21:11, One percent said:

I know it’s not exactly the right county but one for @Frank Hovisand all those in tourist hotspots. Bring. It. On. 

https://www.dailymail.co.uk/news/article-11308033/House-prices-Cornwall-plunge-mortgage-rates-soar-second-home-buyer-demand-dries-up.html

House prices in Cornwall could plunge as the county recorded one of England's largest drops in demand from second home buyers amid turmoil in the mortgage market.

The end of the Covid 'staycation' trend coupled with higher mortgage rates since the government's mini budget announcement has threatened the second home market.

Demand has reportedly fallen in every UK county between June and September - but rural and coastal holiday properties have been hit the hardest, data shows. 
 

 

These were the properties with seaside views that were being bid up at multiples of listing price for the plot / pulldown in some cases. Some instant millionaires created out of the blue.

[HousePriceMania]

39 minutes ago, Stuey said:

Hip hip...

Replacement.

No one's getting one of those because of chunt.

[onlyme]

On 13/10/2022 at 07:09, Frank Hovis said:

 

No, as it happened I bought by pure chance at the nadir for London in 1996 after which they began to rise very slowly.

What was much more important however was the general expectation that they would continue to fall so even given the cheapness at the time nobody was rushing in to "bag a bargain" and I personally was a reluctant buyer but couldn't really argue against saving £325 a month by buying.

It took eight years of consecutive falls for that "property only ever goes up" mantra to entirely die a death in London.

Bought the same year, not London though. The offer negotiation went on for weeks, partly to try and drag our offer up and eventually to seller finding additional  finances to to make the figures work (negative equity). No pressure from the agent / counter bids, if they had a sale lined then up they were not going to take any chance to rock the boat as every place they sold pretty much had a lot of extra invested legwork just to match a somewhat willing/proceedable buyer and seller in the first place.

[Bobthebuilder]

Saw something today on my property search that I don't think I have seen before, a reduction on a new build that's not even finished yet. The estate is still half finished with some plots still at the foundations phase.

[One percent]

10 minutes ago, Bobthebuilder said:

Saw something today on my property search that I don't think I have seen before, a reduction on a new build that's not even finished yet. The estate is still half finished with some plots still at the foundations phase.

Funnily enough, i saw exactly the same last week. I did mean to post it but got distracted. 

[tlc]

7 hours ago, HousePriceMania said:

It's not his job to decline offers, it's his to pass them on.

Well that was my understanding.

Im majorly fucked off.

The spiv excited my greedy sibs giving a "valuation" over 500K.

I held out for lower but still seriously overpriced.

We get a REALLY LUCKY bite and the fucking spiv rejects without asking "us"

Sibs are like well, early days, could more.

The MOST a 4 bed detached sold for within a 1/2 mile EVER was 455K in the last two years

[Bear Hug]

2 hours ago, tlc said:

Well that was my understanding.

Im majorly fucked off.

The spiv excited my greedy sibs giving a "valuation" over 500K.

I held out for lower but still seriously overpriced.

We get a REALLY LUCKY bite and the fucking spiv rejects without asking "us"

Sibs are like well, early days, could more.

The MOST a 4 bed detached sold for within a 1/2 mile EVER was 455K in the last two years

Surely it's not in his own interest to decline?!  Doesn't make sense. 

[leonardratso]

1 hour ago, Bear Hug said:

Surely it's not in his own interest to decline?!  Doesn't make sense. 

his mate will save the day in a year with a 250 offer.

[Xtal]

15 hours ago, Bobthebuilder said:

Saw something today on my property search that I don't think I have seen before, a reduction on a new build that's not even finished yet. The estate is still half finished with some plots still at the foundations phase.

I've seen some similar 4-5% reductions too.

[UmBongo]

I've noticed more wreck properties than usual getting listed on RM this week. Last chance for property hoarders to get a reasonable price before the market crashes?

£50k for this 1 bedroomed flat. Short lease, cash buyers only.

1 br flat Norwich, Norfolk

The external block perhaps hasn't been updated since the 1970s or 80s. Could do with double glazing throughout. The letters of the name of the block have fallen from the 2nd floor balcony. It once read "Conrad Court". I wonder if the freeholders are contactable?

[Boon]

Can't see why anyone would buy it, a quick google brings up this.

https://www.edp24.co.uk/lifestyle/heritage/norfolk-conrad-court-refurbishment-1189544

For the last few years I think a lot of ex-council London properties fall into the same category ie this, almost unsellable and almost certainly riddled with social problems. 

An odd sale or two goes through either from a FTB willing to gamble, or from landlords as yields mean these can be the cheapest rooms in the area. But this results in everyone trying to get the same price and they rarely sell.

 

 

[JohnnyB]

3 hours ago, Boon said:

Can't see why anyone would buy it, a quick google brings up this.

https://www.edp24.co.uk/lifestyle/heritage/norfolk-conrad-court-refurbishment-1189544

For the last few years I think a lot of ex-council London properties fall into the same category ie this, almost unsellable and almost certainly riddled with social problems. 

An odd sale or two goes through either from a FTB willing to gamble, or from landlords as yields mean these can be the cheapest rooms in the area. But this results in everyone trying to get the same price and they rarely sell.

 

 

"But he said it will be up to the leaseholders of the 13 flats to 'stump up' the cash to pay for the work through a service charge."

"The freeholders [owners] don't have £125,000 to pay for the work up front,' he said.,"

 

If I read the article correctly the owners are his mum and auntie.

This is why housing is such a clusterfuck in this country, so many purely wanting to extract money from others.

 

[Bus Stop Boxer]

On 14/10/2022 at 13:32, JohnnyB said:

He writes like a 8 year old.

"I had prunes and custard tonite and mum says tomorrow she will take me and Sam swimming".

[Axeman123]

5 hours ago, UmBongo said:

I've noticed more wreck properties than usual getting listed on RM this week.

Once upon a time a developer would have been slipping brown envelopes to agents to maintain a pipeline of such projects. That demand ending IMO is a good indicator of the market turning, as savvy insiders stop buying. 

Edited October 15, 2022 by Axeman123
double

[Long time lurking]

 

[leonardratso]

4 hours ago, Bus Stop Boxer said:

"I had prunes and custard tonite and mum says tomorrow she will take me and Sam swimming".

see the blocked toilet thread, i reckon some of that will sort it.

[A tremendous # on the lung]

5 hours ago, Long time lurking said:

 

0.25 it is then 

[spunko]

19 hours ago, Boon said:

Can't see why anyone would buy it, a quick google brings up this.

https://www.edp24.co.uk/lifestyle/heritage/norfolk-conrad-court-refurbishment-1189544

For the last few years I think a lot of ex-council London properties fall into the same category ie this, almost unsellable and almost certainly riddled with social problems. 

An odd sale or two goes through either from a FTB willing to gamble, or from landlords as yields mean these can be the cheapest rooms in the area. But this results in everyone trying to get the same price and they rarely sell.

 

 

Live there for 5 years or just kill yourself after a day? Tough one.

(the London ones I mean!)