Property crash, just maybe it really is different this time

[belfastchild]

1 minute ago, JoeDavola said:

Newtonabbey is a possibility being on the Metro bus route. My apologies in advance if I do move there and property prices near you collapse as a result

How do you know its not my house ;-)

[JoeDavola]

1 minute ago, belfastchild said:

How do you know its not my house ;-)

Cause I know enough details about your house to know it can't be this one, and there's a good chance I could find it on google maps if I use this one as a starting point!

[Democorruptcy]

12 minutes ago, JoeDavola said:

NI is cheaper than the south of England.

I think prices have been so high for so long NI seems cheap to some.

South of England? I'm in North Wales!

[Van Lady]

1 hour ago, belfastchild said:

Just also noticed the 'let by' sign on the house next door.

Imagine living next door to renters. Fuck me.

I live on the edge of a rural Scottish town. Around 80 similar bungalows. I’m in a semi some are a terrace of 4 but many of them have their own back entrance due to layout. Built around 1920/1930.

Anyway when I bought my home I knew the neighbour was an older woman not in the best of health and genuinely on disability benefits, pension credits. She’s very nice. Her’s is one of two of the houses still owned by council now housing association.

Didn’t bother me at the time because the house was allocated for folk like her. These days I hope she lives a long life, she’s early 70’s and still gets out a bit independently plus her daughter and daughter in law and their families who live very near look after her well.

Sometimes I worry who will be allocated the house if she dies before me!

[Bobthebuilder]

5 minutes ago, Van Lady said:

Sometimes I worry who will be allocated the house if she dies before me!

Probably some weed smoking druggies that will make your life hell.

[Van Lady]

50 minutes ago, Bobthebuilder said:

Probably some weed smoking druggies that will make your life hell.

That’s my fear or economic migrants…..sorry refugees. 
Anyway I can sell up if that happens as I have options.

[MrXxxx]

52 minutes ago, Bobthebuilder said:

Probably some weed smoking druggies that will make your life hell.

..but on a 'bright note', maybe she will outlive you @Van Lady :-)))

Edited March 3, 2023 by MrXxxx

[Noallegiance]

18 hours ago, AlfredTheLittle said:

Is that so out of reach though? I would think it must be very common for a couple to bring in at least £60k between them (say £40k full-time dad, plus £20k part-time mum). That's over £4k each month, after tax. And that's before you add in child benefit etc. So this mortgage still leaves £2.5k per month to cover bills and food, which would be no problem at all.

Based on what I'm seeing there doesn't seem to be much of a house price fall at all, and I'm starting to think house prices might only drop by inflation. £300k seems to be the floor for anything half decent across the whole south of England, at least.

In SE England a half decent family home is £600k. To make it cheaper monthly than renting one I'd need a £375k deposit at current interest rates.

It's wholly unsustainable.

[Ash4781b]

Just looking at my local Rightmove search area and it’s utter carnage, every page with multiple properties with notes referencing reductions. I thought the agents managed that so couldn’t flag as reduced.

[Bilbo]

1 hour ago, Ash4781b said:

Just looking at my local Rightmove search area and it’s utter carnage, every page with multiple properties with notes referencing reductions. I thought the agents managed that so couldn’t flag as reduced.

The agents like a reduction, however small, as it puts the property to the top of the list with the newly listed option.

 

[Yadda yadda yadda]

20 hours ago, Van Lady said:

I live on the edge of a rural Scottish town. Around 80 similar bungalows. I’m in a semi some are a terrace of 4 but many of them have their own back entrance due to layout. Built around 1920/1930.

Anyway when I bought my home I knew the neighbour was an older woman not in the best of health and genuinely on disability benefits, pension credits. She’s very nice. Her’s is one of two of the houses still owned by council now housing association.

Didn’t bother me at the time because the house was allocated for folk like her. These days I hope she lives a long life, she’s early 70’s and still gets out a bit independently plus her daughter and daughter in law and their families who live very near look after her well.

Sometimes I worry who will be allocated the house if she dies before me!

Council housing can be passed down for a generation. They're like a lottery win these days. Not sure about housing association.

I wouldn't be too worried about a bungalow owned by the housing association. Presumably not suitable for large, young families. Much more likely to go to an old person.

[Chewing Grass]

On 19/02/2023 at 13:47, Chewing Grass said:

So 239-223-228-231-226-226-224 -221-246-249-250-253-241-261 over the last 191 days.

Now 239-223-228-231-226-226-224 -221-246-249-250-253-241-261-268 over the last 205 days.

Number of listed properties is creeping up, no real rush to market, appears to be the more expensive places not shifting.

[BurntBread]

Town in the SE where I live, listings are up about 20% to compared to April last year (the closest comparator - I haven't yet lapped a year of listings). However, more significant I think is that for the first time I have seen whole blocks of flats up for sale in the town - in fact three of them. That does look like the bigger BTL players starting to hurry towards the exits.

[Chewing Grass]

11 minutes ago, BurntBread said:

However, more significant I think is that for the first time I have seen whole blocks of flats up for sale in the town - in fact three of them. That does look like the bigger BTL players starting to hurry towards the exits.

That might be selling before they have to refinance.

Edited March 4, 2023 by Chewing Grass

[Phil]

21 minutes ago, Chewing Grass said:

That might be selling before they have to refinance.

Will the fav to buy be Serco? Before the flats vanish to a different universal cosmo, only to reappear when number goes up. 

[Chewing Grass]

Just now, Phil said:

Will the fav to buy be Serco? Before the flats vanish to a different universal cosmo, only to reappear when number goes up. 

and Babcock.

At some point they will be looking to empty hotels and put the state sponsored scum in fully furnished flats.

[Phil]

22 minutes ago, Chewing Grass said:

and Babcock.

At some point they will be looking to empty hotels and put the state sponsored scum in fully furnished flats.

Hope the fire brigade have saved some water. If there is a drought they will be back in the hotels. State of this shitshow.

[Bear Hug]

1 hour ago, BurntBread said:

Town in the SE where I live, listings are up about 20% to compared to April last year (the closest comparator - I haven't yet lapped a year of listings). However, more significant I think is that for the first time I have seen whole blocks of flats up for sale in the town - in fact three of them. That does look like the bigger BTL players starting to hurry towards the exits.

Thought I'd check Reading. Not seen anything to be optimistic about just yet. Two bed terraces are 250-300k as they were for many years. 

[Noallegiance]

13 hours ago, Noallegiance said:

In SE England a half decent family home is £600k. To make it cheaper monthly than renting one I'd need a £375k deposit at current interest rates.

It's wholly unsustainable.

I'd like to add - that £375k 'deposit' is over 3x what my parents paid for a beautiful 4 bed in one of the best parts of town only 29 years ago.

For the fucking 'deposit'.

3x.

Cutting down on the odd takeaway is really making a dent, though.

 

[sancho panza]

Looks like  a marekt dropping from the top down

https://uk.finance.yahoo.com/news/surrey-named-house-price-discount-160949461.html

Surrey Heath has been named the house price discount capital of Britain, with three out of five sales done at a cut the price to their initial listing.

The Home Counties borough, which covers towns such as Camberley, Frimley and Bagshot, had almost double the national average of discounted property sales last month.

59pc of homes sold in the Surrey commuter belt district in February had a price change before a sale was agreed, according to TwentyCi, a data company.

 

The national average last month stood at 32pc.

Julian de la Poer Beresford, of Hamptons estate agents in Sunningdale, said discounts in Surrey Heath average between 5pc and 8pc.

Sellers in London and the South East are having to make the biggest adjustments. Across the South East, more than 5,000 properties were sold at a discount in February, accounting for 37pc of all sales in the region.

A year earlier only 26pc of sales in the South East faced a discount.

 

also Ozzies facing 10th straight rate rise

[nirvana]

On 15/02/2023 at 10:02, Democorruptcy said:

They wanted to change the name when their dodgy dealings were found out.

Sterling Over Night Index Average — known as Sonia — to replace the now infamous, scandal hit London Interbank Offered Rate (Libor)

i've just been getting confused reading about SOFR, thinking it was about SONIA

wot u knowing about SOFR bruv?

[Democorruptcy]

1 hour ago, nirvana said:

i've just been getting confused reading about SOFR, thinking it was about SONIA

wot u knowing about SOFR bruv?

SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral.

[nirvana]

1 minute ago, Democorruptcy said:

SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral.

you're actually quite clued up on the quiet eh bruv?? do you still have an IG account?

[nirvana]

10 minutes ago, Democorruptcy said:

SOFR is the average rate at which institutions can borrow US dollars overnight while posting US Treasury bonds as collateral.

right so trying to put my brain in gear again for a change, can they deposit 1 or 2 year T Bills? ie if they're getting 4.55% overnight as a rock solid bet, what's the point in them 'gambling' on the stock markets anymore?

thanks George! (Soros)

edit: actually hold on am I getting confused with borrowing and savings rates and the overnight 'FED repo'?

Edited March 6, 2023 by nirvana

[JoeDavola]

On 04/03/2023 at 21:52, Noallegiance said:

I'd like to add - that £375k 'deposit' is over 3x what my parents paid for a beautiful 4 bed in one of the best parts of town only 29 years ago.

For the fucking 'deposit'.

3x.

Cutting down on the odd takeaway is really making a dent, though.

That'll be the avocado toast.

I'm surprised at those prices that many of the young aren't just leaving that part of the country as they've no hope?