Property crash, just maybe it really is different this time

[AlfredTheLittle]

25 minutes ago, HousePriceMania said:

Still way too high, we really want it down below 2009 levels...

[Stuey]

17 minutes ago, AlfredTheLittle said:

Still way too high, we really want it down below 2009 levels...

Hmm. I think we need a healthy housing market, not a moribund one. 

[Wight Flight]

6 hours ago, No One said:

Homeowners turn to rental market to help pay the mortgage

I like this news.

Normally leads to much nicer rentals being available.

[onlyme]

1 hour ago, Stuey said:

Hmm. I think we need a healthy housing market, not a moribund one. 

A healthy market doesn't price out participants or rely on unaffordable debt based on interest rates that bear no relation to either inflation, the rate of money printing or general stability of the rest of the economy.

[spunko]

Cash buyers wanted! Incentives available to buy an overpriced hovel.

https://www.rightmove.co.uk/properties/131864372#/?channel=RES_BUY

[One percent]

4 hours ago, Axeman123 said:

Headline: House sales have worst start to the year since 2015

"House sales are off to their weakest start for the year since 2015, as properties go months without being snapped up..."

First line covers it really, interesting that they still slipped the "snapped up" phrase into an article about houses not selling!

https://uk.finance.yahoo.com/news/house-sales-worst-start-since-125323289.html

I’m confused. Are they saying that house sales are worse now than in the scamdemic lockdowns?  You know, that period when we were effectively under house arrest and not able to leave our homes. Something smells. 

[Wight Flight]

6 minutes ago, spunko said:

Cash buyers wanted! Incentives available to buy an overpriced hovel.

https://www.rightmove.co.uk/properties/131864372#/?channel=RES_BUY

Outside stairs?

Classy.

1 minute ago, One percent said:

I’m confused. Are they saying that house sales are worse now than in the scamdemic lockdowns?  You know, that period when we were effectively under house arrest and not able to leave our homes. Something smells. 

House sales during lockdown were mental.

[Formerly]

6 hours ago, Boon said:

Assuming tracker rates of 4.25% then that's only a mortgage of £100k on a £400k property.

That's a pretty big assumption. I would have guessed a sub 2% fix expiring in the next year or , hence the sell in 6 months goal.

[One percent]

2 minutes ago, Wight Flight said:

Outside stairs?

Classy.

House sales during lockdown were mental.

But people got fined for a walk in the park or sitting on a bench. How did it happen in practical terms?  Genuine question 

[Wight Flight]

Just now, One percent said:

But people got fined for a walk in the park or sitting on a bench. How did it happen in practical terms?  Genuine question 

House viewing was exempted from the rules.

And most did video tours.

[Ina]

I work for one of the largest volume conveyancing firms.  File opening in residential property is down 25% in 2023 compared with 2022.

[spunko]

1 minute ago, Ina said:

I work for one of the largest volume conveyancing firms.  File opening in residential property is down 25% in 2023 compared with 2022.

Do you have any more insights into the market lately? -25% drop isn't getting me excited. In fact, I'm really missing the doom and gloom in this thread lately.

Still crossing my fingers for mega crash soon. Pls.

[Ina]

Just now, spunko said:

Do you have any more insights into the market lately? -25% drop isn't getting me excited. In fact, I'm really missing the doom and gloom in this thread lately.

Still crossing my fingers for mega crash soon. Pls.

A 25% drop is not getting me excited either as it is something of a dead cat bounce.  I’m keeping my fingers crossed too for a mega crash.   I think what is preventing the market falling off a cliff is the massive Asian investment which is relentless.  Lots of my Probate sales aka sealed bids go to what is known as “best and final”.  I can guarantee that 90% of them will be Asian.  I’ve got one going to that tomorrow in LS7 so I’ll update you then.

[Axeman123]

18 minutes ago, One percent said:

I’m confused. Are they saying that house sales are worse now than in the scamdemic lockdowns?  You know, that period when we were effectively under house arrest and not able to leave our homes. Something smells. 

If you remember house sales were exempted. Not gyms, just house viewings...

[One percent]

12 minutes ago, Wight Flight said:

House viewing was exempted from the rules.

And most did video tours.

What?  Well i guess the establishment thought that you couldn’t possibly catch covid when viewing a house. They really did take us for fools didn’t they.  

[One percent]

1 minute ago, Axeman123 said:

If you remember house sales were exempted. Not gyms, just house viewings...

See my post above. The contempt with which these people treat us is disgusting. 

[Ina]

14 minutes ago, spunko said:

Do you have any more insights into the market lately? -25% drop isn't getting me excited. In fact, I'm really missing the doom and gloom in this thread lately.

Still crossing my fingers for mega crash soon. Pls.

I forgot to add that our cashiers team who would normally be processing a huge volume of transactions ie property sales and purchases have become eerily quiet so the Finance Director has got them working on other stuff.  It’s early days in the storm.  

[spunko]

34 minutes ago, Ina said:

A 25% drop is not getting me excited either as it is something of a dead cat bounce.  I’m keeping my fingers crossed too for a mega crash.   I think what is preventing the market falling off a cliff is the massive Asian investment which is relentless.  Lots of my Probate sales aka sealed bids go to what is known as “best and final”.  I can guarantee that 90% of them will be Asian.  I’ve got one going to that tomorrow in LS7 so I’ll update you then.

Asian as in Hong Kongers?

[Democorruptcy]

49 minutes ago, One percent said:

I’m confused. Are they saying that house sales are worse now than in the scamdemic lockdowns?  You know, that period when we were effectively under house arrest and not able to leave our homes. Something smells. 

This time in 2020 was a normal start to the year because we didn't lockdown until towards the end March. At the start of 2021 the market was still booming due to the 0.1% base rate, covid stamp duty cuts, bounceback loans and staycation's leading to more holiday lets being bought, etc. Early 2022 wasn't a lockdown.

[Ina]

3 minutes ago, spunko said:

Asian as in Hong Kongers?

Asian ie Pakistani or Indian or Bangladeshi.  I think the Chinese like flats which the Asians don’t.  Purely my experience.

 

 

 

[One percent]

1 minute ago, Ina said:

Asian ie Pakistani or Indian or Bangladeshi.  I think the Chinese like flats which the Asians don’t.  Purely my experience.

 

 

 

I think we need to stop referring to these people as Asian. I dont know where that term came from for these people. Asian to me means the far east and i think that’s always been commonly accepted.  The scum you are talking about are either Indian or from the Indian subcontinent. Far more accurate description. Me thinks this is deliberate obfuscation by the establishment. Control language and all that… 

[Plan-b]

1 hour ago, Ina said:

I forgot to add that our cashiers team who would normally be processing a huge volume of transactions ie property sales and purchases have become eerily quiet so the Finance Director has got them working on other stuff.  It’s early days in the storm.  

Thanks for this, please keep the insider information coming it is really helpful.

 

 

[Cosmic]

1 hour ago, One percent said:

I think we need to stop referring to these people as Asian. I dont know where that term came from for these people. Asian to me means the far east and i think that’s always been commonly accepted.  The scum you are talking about are either Indian or from the Indian subcontinent. Far more accurate description. Me thinks this is deliberate obfuscation by the establishment. Control language and all that… 

My partner is of Chinese heritige (2nd gen), her work got her to attend a 'BAME' meeting, she reported back that it was just a bunch of people moaning about how hard it is for them and she felt she had nothing in common with them, to her line manager

[AWW]

On 19/02/2023 at 21:53, Axeman123 said:

 accidental landlord

Is there a more ridiculous term in the language?

"I've accidentally not sold my old house and accidentally allowed other people to live in it and accidentally charged them rent."

[One percent]

9 minutes ago, Cosmic said:

My partner is of Chinese heritige (2nd gen), her work got her to attend a 'BAME' meeting, she reported back that it was just a bunch of people moaning about how hard it is for them and she felt she had nothing in common with them, to her line manager

Go girl.    if i were Chinese, i would be beyond pissed off to be lumped together with the offended by everything, ashamed of nothing brigade.