Property crash, just maybe it really is different this time

[HousePriceMania]

Checked the latest UKPL current asking price data from last week...asking prices up 2% in a month while available listings keeps shooting up
 

 

[onlyme]

26 minutes ago, honkydonkey said:

Telegraph.

Mix adjusted? I bet not.

For years now some of the best houses have never seen a single RM listing, phone call to a list of willing buyers.

Noticeable last weekend driving aroud the countryside, a lot of half decent looking places with boards outside, mostly still for sale and the odd sold. Certainly more than the last few years. London buyers drying up.

[HousePriceMania]

1 hour ago, onlyme said:

Mix adjusted? I bet not.

For years now some of the best houses have never seen a single RM listing, phone call to a list of willing buyers.

Noticeable last weekend driving aroud the countryside, a lot of half decent looking places with boards outside, mostly still for sale and the odd sold. Certainly more than the last few years. London buyers drying up.

[MrXxxx]

Following on from @HousePriceMania post above with Rightmove showing a rise in ASKING house prices [https://www.sharecast.com/news/news-and-announcements--/uk-house-prices-hit-fresh-high-in-may---rightmove--13467608.html]

it was expected the HouseBuilder shares would rise on this 'good' news, as of 15.00 [so this includes most major stock exchanges opening] the 'scores on the doors' are as follows:

TW. = +0.057%

Bwy = -0.41%

Psn = +0.038

Bdev = 0%

Crn = +0.97%

Bez = +0.95

Crst = -1.13

So the market isn't really convinced!

[Boon]

I mean, who hasn't got a scenario like this near them? Take an average house in an average area.

In 2021, and a lot of 2022, this could go to market and get multiple bids, and end up OVER the initial price.

Since the interest rate rises in 2023 the same house going to market would try and pitch themselves near the peak price but require reduction(s) to sell. Certainly nobody's bidding over now.

Because the RM index only tracks the price of the new listing, it concludes the price of this house has risen, where in fact it has not.

[spygirl]

On 07/05/2023 at 19:38, spygirl said:

UK property has been wierd, false market since 2008.

Sales fell off the cliff and never came back.

The limited sales there have been powered by 'investors' btl, fhl. And the poor sods- who did HTB.

 

https://www.bbc.co.uk/news/uk-england-london-65668790

Living in a newly built block of flats deemed not fit for purpose by surveyors has been a "daily living nightmare," residents have said.

Leaseholders at 53 Agar Grove in Camden claim they have spent hundreds of thousands of pounds in legal fees fighting insurers and developers.

One resident, who bought his two-bedroom flat in 2019 for £850,000, said the experience had been "life-ruining".

A government spokesperson called the situation "deplorable".

When Daniel Bruce moved into the first home he'd owned, he hoped it would be his sanctuary, a place to build the next stage of his life.

But the 38-year-old told the BBC the problems he has experienced had "altered the complete trajectory of my life".

He said there were problems with the foundations, there were cracks in the walls, and the timber frame was rotting.

Daniel added that bathroom floors had collapsed, there was water damage and that window frames and doors had distorted meaning they were stuck either open or closed.

Oh dear. Didnt the £££ London popretee specualtion, usign HTB - Wed be idiots to turn it down .... pan out?

I was abotu to say - And another EUer  and HTB - 

https://www.bbc.co.uk/news/uk-england-london-65668790

Fellow leaseholder and neighbour Alexandra Druzhinin paid £900,000 for a three-bedroom flat in 2019.

After being the first to move in, the 49-year-old said she had been left "emotionally broken" by the ordeal which has left her "paralysed" and "crying a lot".

She said: "It's scary because I don't know how long this building is going to stand.

Shes Russian ... so totally above board ..

https://find-and-update.company-information.service.gov.uk/officers/7wMxuaoQzRLmQkhQdl5myAZW1K8/appointments

 

London has long moved on from the mid 00s when a hosue could make more money than youd earn in your lifetine, to a house losing more money than youd make in your lifetime ...

Rapid approaching a time when London property will be like Scabby n other Northern towns - no nominal lncrease since ~2004.

Scabby is going to be back to no nominal increase since 1998ish.

 

Date	Price	Address
31/01/2020	£700,000	Flat 4, 53 Agar Grove, London, NW1 9UE
29/03/2019	£850,000	Flat 7, 53 Agar Grove, London, NW1 9UE
20/03/2019	£900,000	Flat 6, 53 Agar Grove, London, NW1 9UE
23/07/2018	£700,000	Flat 1, 53 Agar Grove, London, NW1 9UE

 

 

 

[AWW]

I wonder if there were any clues as to the poor quality of the building before these people bought their flats?

 

[Frank Hovis]

29 minutes ago, AWW said:

I wonder if there were any clues as to the poor quality of the building before these people bought their flats?

 

 

It's not a palace but it doesn't look too bad.

Their only recourse would appear to be against the firm which signed off on the building regs but they don't have enough assets to compensate them.

Maybe their Professional Indemnity insurance might be worth going after.

Obviously they have to prove the case and if everything looked ok, and the inspecting form has the certificates to prove it, then it's game over.

I would say don't ever buy a leasehold flat but it's in London so a proper house may have been unaffordable.

 

SALUS (BUILDING CONTROL & FIRE SAFETY CONSULTANTS) LIMITED

Company number 04522351

https://find-and-update.company-information.service.gov.uk/company/04522351/filing-history

[spunko]

Almost a million quid to live in a stinking, filthy shithole (Camden) and a carbuncle flat with lopsided floors at that, and without even something as basic as a balcony. What the actual fuck is wrong with these people?

"...But at least I can get to the West End easily..."

[Calcutta]

Danny boy would've been about 35, he'd obviously fucked up life trajectory about fifteen years prior and now finally has a chance to blame it on someone else.

[AWW]

2 hours ago, spunko said:

Almost a million quid to live in a stinking, filthy shithole (Camden) and a carbuncle flat with lopsided floors at that, and without even something as basic as a balcony. What the actual fuck is wrong with these people?

"...But at least I can get to the West End easily..."

This is why I have little sympathy. The only reason people pay nearly a million quid to live somewhere like this is because they think they are going to make an easy few hundred grand offloading it onto a greater fool. It's obviously not worth paying this much money to live in a crappy flat in Camden. Daniel is a property speculator, but unfortunately he turned up at the wrong party, too late.

[spygirl]

6 minutes ago, AWW said:

This is why I have little sympathy. The only reason people pay nearly a million quid to live somewhere like this is because they think they are going to make an easy few hundred grand offloading it onto a greater fool. It's obviously not worth paying this much money to live in a crappy flat in Camden. Daniel is a property speculator, but unfortunately he turned up at the wrong party, too late.

https://www.dailymail.co.uk/property/article-12102619/flats.html

Software engineer Daniel Bruce, 38, sold his successful tech start-up to a bank and put down a 75 per cent deposit on an £850,000 apartment in the building in Agar Grove.

[AWW]

2 minutes ago, spygirl said:

https://www.dailymail.co.uk/property/article-12102619/flats.html

Software engineer Daniel Bruce, 38, sold his successful tech start-up to a bank and put down a 75 per cent deposit on an £850,000 apartment in the building in Agar Grove.

This makes no sense to me. He'd have been better off putting down 20% and keeping the company, using the income stream to pay the mortgage. Unless his tech company wasn't as successful as he'd like us to think.

[AWW]

Here it is: https://www.f6s.com/company/albert1

A finance app!

[AWW]

You couldn't make it up. From the company blurb:

About Albert

Aristotle defined a “man in freedom” as the pinnacle of human existence. 

I suppose that's why he put down a 75% deposit - didn't want to run the risk of being a mortgage prisoner.

[BoSon]

5 minutes ago, spygirl said:

https://www.dailymail.co.uk/property/article-12102619/flats.html

Software engineer Daniel Bruce, 38, sold his successful tech start-up to a bank and put down a 75 per cent deposit on an £850,000 apartment in the building in Agar Grove.

He also described it as his sanctuary. More like his prison.

[One percent]

23 hours ago, HousePriceMania said:

They can ask whatever fantasy price they like. Whether someone is daft enough to bite is a completely different matter. Imho, second homes and fhl will be the first to panic sell 

[One percent]

This is an interesting one following from my above post.  It’s relatively cheap and something that those living the dream would normally snatch up for crazy prices. Yet, it’s gone reduced today. No local would touch it as it will be riddled with damp, being built into the side of a hill. No parking and every time you left your front door you would be hit by a mass of zombie day trippers.  I know someone who lives on church street in whitby. Last summer, he left his door open. Some idiot tourists wandered in, thinking they were somewhere like Beamish.  

https://www.rightmove.co.uk/properties/130278401#/?channel=RES_BUY

 

[Wight Flight]

2 hours ago, One percent said:

This is an interesting one following from my above post.  It’s relatively cheap and something that those living the dream would normally snatch up for crazy prices. Yet, it’s gone reduced today. No local would touch it as it will be riddled with damp, being built into the side of a hill. No parking and every time you left your front door you would be hit by a mass of zombie day trippers.  I know someone who lives on church street in whitby. Last summer, he left his door open. Some idiot tourists wandered in, thinking they were somewhere like Beamish.  

https://www.rightmove.co.uk/properties/130278401#/?channel=RES_BUY

 

Love the retro 1970s fire.

[One percent]

10 minutes ago, Wight Flight said:

Love the retro 1970s fire.

It’s one of those back boiler things so I’m guessing that they wouldn’t stump up the cost of a new boiler. That boiler has got to be 30 years old. 

[Eventually Right]

Stolen from twitter:

[Xtal]

8 hours ago, spunko said:

Almost a million quid to live in a stinking, filthy shithole (Camden) and a carbuncle flat with lopsided floors at that, and without even something as basic as a balcony. What the actual fuck is wrong with these people?

"...But at least I can get to the West End easily..."

Indeed, I got off at Camden to go to the zoo recently and it was rancid walking down the high street.

[Bobthebuilder]

7 minutes ago, Xtal said:

Indeed, I got off at Camden to go to the zoo recently and it was rancid walking down the high street.

Its a place for the young to have fun and party, what do you expect.

Great you saw rancid.

 

[Democorruptcy]

SONIA swap rates used for mortgage rates (plus markup) up again today.

2yr 4.689% (4.472% a month ago, 2.243% a year ago)

5yr 4.25% (4.069% a month ago, 2.152% a year ago)

https://www.chathamfinancial.com/technology/european-market-rates

Current fixed mortgage rates seem cheap based on those. Either they are going up or the banks are paying savers so little, is still enabling the arbitrage to suppress mortgage rates. A bit back we thought something had happened one day and looking back it might have been the BoE telling banks to suppress saving rates, so they afford to suppress mortgage rates? The saving rates available with a 4.5% base rate are scandalous.

[Xtal]

27 minutes ago, Bobthebuilder said:

Its a place for the young to have fun and party, what do you expect.

Great you saw rancid.

 

I didn't remember it being quite so bad!