Property crash, just maybe it really is different this time

[spunko]

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

[Bobthebuilder]

20 minutes ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

The land has been in the same family for 150 years, this development will have restrictions on the remaining 20 acres for years to come.

[Wight Flight]

25 minutes ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

Where does it say there is planning permission?

This is a very strange line

Quote

Outside, to the front is designated parking for four cars. 

Almost as if the land is very heavily regulated.

The fencing suggests the same.

Edited March 8, 2023 by Wight Flight

[Chewing Grass]

24 minutes ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

This site near me had 6 three quarter built houses on it, however the land had an NHS covenant on it where IIRC 80% of the increase in the value of the land upon development has to go to the NHS.

The small time spiv behind it went bust and left them derelict for 5 years until they were pulled down, unfortunately the satellite shot is too recent to show the remains.

[Plan-b]

 .

Edited March 8, 2023 by Plan-b

[Chewing Grass]

Brother InLaw, bought this field for 15K at a failed auction, kept his manky nags on it as it has offroad access to Forestry Commission Land. Sold it when he moved house a few years later for £80K. Land had a Council Covenant but the bloke who bought it (well dodgy fella) had 'contacts' at got it overturned/removed.

[Plan-b]

44 minutes ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

Even without any covenants SE pasture and arable are about £8k and £10k per acre respectively

[MrXxxx]

4 hours ago, JoeDavola said:

You will never be seeing any photos of the inside of my gaff when I do buy one!

I thought you had already posted it on Dosbod's already @JD? [see below]

 

Edited March 8, 2023 by MrXxxx

[roundhouse]

59 minutes ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

Footpath through one of the fields. Used by who, how many and how often? 
 

And it's number 13!

[spunko]

24 minutes ago, Plan-b said:

Even without any covenants SE pasture and arable are about £8k and £10k per acre respectively

But look at it from above,  it'll get permission as infill housing easily. Assuming no restrictive covenants.

The developers for that house have even left one of those unended access points to open up and get into any new development in the field. 

[roundhouse]

1 hour ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

That last photo, what's the big circular pond? Sewage overflow or similar? There is a sewerage pump charge - so maybe it's whiffy in that house?

[spunko]

1 hour ago, Chewing Grass said:

This site near me had 6 three quarter built houses on it, however the land had an NHS covenant on it where IIRC 80% of the increase in the value of the land upon development has to go to the NHS.

The small time spiv behind it went bust and left them derelict for 5 years until they were pulled down, unfortunately the satellite shot is too recent to show the remains.

Ah yes it could be one of those uplift clauses here too I suspect.

[Wight Flight]

48 minutes ago, roundhouse said:

Footpath through one of the fields. Used by who, how many and how often? 
 

And it's number 13!

You can get a footpath rerouted.

it is a right legal PITA but it can be done.

[Ash4781b]

10 hours ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

All I could get to was “Stockwood Meadow Management Company Ltd towards maintenance of all shared areas and sewerage pump.”

The directors on that company are the same as listed on the planning application which I assume was original -  RR/2014/1256/P https://planweb01.rother.gov.uk/OcellaWeb/planningDetails?reference=RR/2014/1256/P&from=planningSearch

 Also seemed to then get amended. Not sure why. Not read it all something about archeology and area of outstanding natural beauty but may not be relevant. I Didn’t look at the plans where the houses were all going, how many were built

RR/2016/647/P

https://planweb01.rother.gov.uk/OcellaWeb/showDocuments?reference=RR/2016/647/P&module=pl

 

 

Edited March 9, 2023 by Ash4781b

[HousePriceMania]

14 hours ago, spunko said:

Would anyone like to explain what this is about?

 

Yes...

it's greedy bastard with a £400K house and £200K worth of useless land trying to find some idiot from London to pay double what's worth.

 

 

[spunko]

9 minutes ago, HousePriceMania said:

Yes...

it's greedy bastard with a £400K house and £200K worth of useless land trying to find some idiot from London to pay double what's worth.

 

 

Well, I don't want to continue rabbiting on about this but that land is easily worth a few million quid with planning permission. It sells for ~£1m an acre round here with PP. Obviously you couldn't build on it all but still. Just struck me as odd - I wondered if it was a developer realising that they'll be sitting on that land for years given that demand has plummeted for slaveboxes in England.

[HousePriceMania]

3 minutes ago, spunko said:

Well, I don't want to continue rabbiting on about this but that land is easily worth a few million quid with planning permission. It sells for ~£1m an acre round here with PP. Obviously you couldn't build on it all but still. Just struck me as odd - I wondered if it was a developer realising that they'll be sitting on that land for years given that demand has plummeted for slaveboxes in England.

I agree with that.

 

The fact land with PP is worth so much more is a sick joke.  People farming is more profitable than actual farming.

[Wight Flight]

38 minutes ago, spunko said:

Well, I don't want to continue rabbiting on about this but that land is easily worth a few million quid with planning permission. It sells for ~£1m an acre round here with PP. Obviously you couldn't build on it all but still. Just struck me as odd - I wondered if it was a developer realising that they'll be sitting on that land for years given that demand has plummeted for slaveboxes in England.

Just think how many pikies you could fit on there.

[sancho panza]

https://12ft.io/proxy?q=https%3A%2F%2Fwww.telegraph.co.uk%2Fproperty%2Fbuy-to-let%2Fmortgage-expert-buy-to-let-dead-buried%2F

‘I'm a mortgage expert – buy-to-let is dead and buried’

The sector is crumbling under the weight of tax rises, high interest rates and red tape

Martin Stewart 8 March 2023 • 6:30am

In the wake of Kwasi Kwarteng’s “mini-Budget” I watched my brokerage company’s turnover drop by 80pc in a few hair-raising weeks. I admit, I was one of those wondering if the mortgage market turmoil was an extinction-level event for the sector.

Lending rates soon hit 5pc, buy-to-let rates went to 6pc and specialist lenders were knocking on the door of 10pc.

Thankfully, the new year has seen some stability.

Committed buyers are still there and chains are holding firm and transactions are completing. The housing market is catching its breath.

 

But there is something hiding in plain sight, it is the elephant in the room; the smoking gun: buy-to-let. The last buy-to-let purchase we did was on Oct 14th. What once may have accounted for 20pc of our business is now suddenly rarer than a housing minister with more than 6 months on their CV.

If you are thinking of entering the buy-to-let market in London you will probably need a 50pc deposit to even start the conversation with a mortgage lender. Throw in additional stamp duty, EPC certification and a raft of legislation and regulation and then suddenly Bitcoin might start to look like a more stable bet. 

If you are already a landlord and you have a mortgage that is due to reset at some point this year, you might want to think about getting a mortgage broker (or maybe a counsellor) on speed dial. What was once a profitable business has rapidly become break even at best, and for many, loss making overnight.

It is not uncommon to see the mortgage payments for investment properties now remortgage from low rates of 1.5pc to be met with rates starting at 5pc. Furthermore, lenders’ background “stress tests” are now hammering nails into coffins so hard it is drowning out landlords’ calls for help.

 

Whether it is a house to live in or a place to rent out, we are talking about the homes of millions of families and individuals across the country. There is a huge systemic shock building up due to the Bank Rate moving from 0.1pc to 4pc in a little over 12 months. 

, to those of you with your fingers on the trigger, I say this: erring on the side of caution might actually help save the day and with it, the finances of millions of people.

---

Martin Stewart is the founder of London Money, a mortgage brokerage

[Democorruptcy]

20 hours ago, No One said:

The Volume in my Local market has broken the slow upwards trend that was at play since we came back form the holidays.

 

RICS report today:

Quote

 

Surveyors continued to report a fall in the number of properties coming on to the market, leaving inventory close to its lowest level since records began in 1978.

House prices fall across UK with estate agents gloomiest in 14 years

 

 

[HousePriceMania]

Gloomy 2nd hand house salesmen make me happy.

[belfastchild]

18 hours ago, spunko said:

Would anyone like to explain what this is about?

https://www.rightmove.co.uk/properties/132346148#/?channel=RES_BUY

A new build, pretty average really, but with 20 acres. The field next door.

Why is it so cheap? 20 acres with planning permission round here would sell easily for £5m. You'd think the owners would know this.

There is a premium to pay, if this didn't have the land I'd say it'd be on at about £700k. But it makes no sense.

On google maps, one of the fields looks like it used to have a stately home or rather large building in it.

[Sasquatch]

A house in our village has just come back onto the market, having been SSTC for perhaps 6 months. Back on at the original price...which is too much so I think their goose might have been cooked.

[sancho panza]

16 hours ago, Sasquatch said:

A house in our village has just come back onto the market, having been SSTC for perhaps 6 months. Back on at the original price...which is too much so I think their goose might have been cooked.

Speaking to a friend yesterday whose Mrs is trying to buy a hosue and the prices are somtimes delusional,even now.He had a chat with a frined of his who's a former CEO of a small building society and was told that they call it 'vendors premium'. ie you take the EA's reccommendation (which in the fomer CEO's experience is geared to getting a transaction) then add the 'vendors premium' and you get the asking price.

I'd never heard of that before.It explains a lot to me about where we are asking price wise given transaction levels msut be murdering the EA's.

Transactions data on RM is 6 months out of date

Edited March 10, 2023 by sancho panza

[spygirl]

13 minutes ago, sancho panza said:

Speaking to a friend yesterday whose Mrs is trying to buy a hosue and the prices are somtimes delusional,even now.He had a chat with a frined of his who's a former CEO of a small building society and was told that they call it 'vendors premium'. ie you take the EA's reccommendation (which in the fomer CEO's experience is geared to getting a transaction) then add the 'vendors premium' and you get the asking price.

I'd never heard of that before.It explains a lot to me about where we are asking price wise given transaction levels msut be murdering the EA's.

Transactions data on RM is 6 months out of date

They are not eharing financial tales of weos re property.

They will.

The two most repated properdee quotes I hear since 2018 are -

Weve made (2x) on the house. (Theyve not sold it, just counting chickens.

And -

X cant sell their house.

Its been a false market sicne 2002 with IO mortgages n all that.