Property crash, just maybe it really is different this time

[Chewing Grass]

3 hours ago, Yadda yadda yadda said:

State of the cookies on that site.

Hunt mentions that mortgage increases so far haven't stopped people spending on discretionary items. Meals out, new appliances, etc. The people eating out a lot don't have mortgages. They're pensioners. I've bought two new appliances this year. Both because the old one was knackered.

Mortgage rate increases are also a delayed mechanism. It isn't until around the end of this year that half of mortgagees will have higher bills. The result will be people falling further into debt more than restaurants losing custom.

They need to target the people that are able to cut spending. The most obvious group is the Government. Cut Government spending.

There is a fucker at work who has 5 cars, yet comes to work in his wife's notability car that she obviously doesn't use. He has a perfectly good estate car (no need for mobility) that he uses to 'go to the tip with'. Two of the other cars are classics and the remaining one is a run around.

There is a little part of your waste.

[One percent]

1 hour ago, spygirl said:

 

 

I don’t understand his second point. There has been a massive bubble since 2008. 

[spygirl]

33 minutes ago, One percent said:

I don’t understand his second point. There has been a massive bubble since 2008. 

I think hes lookign at in purely terms f mortgage afofrdabiltiy.

Low rates = high LTE.

Hwoever as rates nornalise or go higher then, nope.

 

[One percent]

5 minutes ago, spygirl said:

I think hes lookign at in purely terms f mortgage afofrdabiltiy.

Low rates = high LTE.

Hwoever as rates nornalise or go higher then, nope.

 

Maybe but there has been a massive bubble driven by historically low interest rates 

[HousePriceMania]

4 empties on the front page of my RM search again today

 

[Bobthebuilder]

30 minutes ago, HousePriceMania said:

4 empties on the front page of my RM search again today

4 empty on my search yesterday, all small terraces.

[HousePriceMania]

49 minutes ago, Bobthebuilder said:

4 empty on my search yesterday, all small terraces.

If I go through the following 3 pages there are loads more

Definitely a change, I've not seen this happening to this extent before.

[Bobthebuilder]

2 minutes ago, HousePriceMania said:

If I go through the following 3 pages there are loads more

Definitely a change, I've not seen this happening to this extent before.

BTL sell off. Mine are all in a small market town, population around 12,500.

[HousePriceMania]

1 hour ago, Bobthebuilder said:

BTL sell off. Mine are all in a small market town, population around 12,500.

By the looks of the price drops the sell off is more a hope off.

[Dave Bloke]

20 hours ago, King Penda said:

 But even if I rented with a woman your basicly cutting your bills by 50% 

Not with my wife's shopping habits, you wouldn't !

[Dave Bloke]

8 hours ago, onlyme said:

Oh dear no money.

https://inews.co.uk/news/politics/jeremy-hunt-rules-out-help-mortgage-borrowers-backs-hike-interest-rates-2412428

Jeremy Hunt rules out help for mortgage borrowers as he backs Bank of England to hike interest rates

Well he's in hock to around 3 Trillion himself so the hike in rates is really going to be hurting, if Starmer takes over it will be the worst economy a govt has inherited since 1974.

[Dave Bloke]

21 hours ago, Darude said:

I wonder what proportion of the "build costs" are actually regulatory costs due to the planning system i.e. the cost of employing people to put together planning applications and chase them through the system plus s106 obligations. A future government might well decide to start cutting back these costs to get more housing built.

Green claptrap and 30% free social housing for migrants

[Petatep]

1 hour ago, Dave Bloke said:

Well he's in hock to around 3 Trillion himself so the hike in rates is really going to be hurting, if Starmer takes over it will be the worst economy a govt has inherited since 1974.

And it will be even worse when he passes it on, a few years later.

[Animal Spirits]

13 hours ago, wherebee said:

Look at Hong Kong.  That's the going multiplier for most half decent (by HK standards) rate.  Families go inter generational and pool savings.

The cabal want this future -slums for the masses, property only for the elite.  Over a 50 year period, if houses remain at these levels, every family would slip out of property owning back to renting, as it was in my great grandfathers day.

That makes me think of this scene from Bladerunner 2049:

Edited June 15, 2023 by Animal Spirits

[Boon]

This is interesting, if it becomes widespread. At least in my own circles remortgages were fine in last few years, banks happy to take desktop valuation even though it was clearly out of line with what a sale would be.

For a relatively small mortgage with no guarantee of the business it seems rather cautious to send out a personal valuer.

The poster here just can't understand why it's happened. But the reality is some flats are absolute dogs and won't shift until heavily discounted at auction, if repo'd still incurs fees. From the sounds of it a £260k flat in SE London sounds like it's gonna be in a shit area as well.

I don't see why flats should attract the same percentage mortgage rates as houses, as clearly they have different types of risk nowadays.

 

 

[One percent]

3 minutes ago, Boon said:

This is interesting, if it becomes widespread. At least in my own circles remortgages were fine in last few years, banks happy to take desktop valuation even though it was clearly out of line with what a sale would be.

For a relatively small mortgage with no guarantee of the business it seems rather cautious to send out a personal valuer.

The poster here just can't understand why it's happened. But the reality is some flats are absolute dogs and won't shift until heavily discounted at auction, if repo'd still incurs fees. From the sounds of it a £260k flat in SE London sounds like it's gonna be in a shit area as well.

I don't see why flats should attract the same percentage mortgage rates as houses, as clearly they have different types of risk nowadays.

 

 

That’s incredibly cheap for a flat in londonistan 

[Kendo]

Bit of a shambles but this came up today in Colchester: bought for 250k in 2018, now at £175-£195k guide price.

https://www.rightmove.co.uk/properties/136117598#/?channel=RES_BUY

[leonardratso]

7 minutes ago, One percent said:

That’s incredibly cheap for a flat in londonistan 

Like how they quoted similar spec sale value last year as a comparison, like nothing much has happened since last year.

Your right though, might be one of those all in one room with bed over cooker flats that dailymail always go on about in 'mocking' or 'furious' advertorials.

[Wight Flight]

23 minutes ago, One percent said:

That’s incredibly cheap for a flat in londonistan 

You can have this for £150k.

https://www.rightmove.co.uk/properties/131916173#/?channel=RES_BUY

[Boon]

21 minutes ago, One percent said:

That’s incredibly cheap for a flat in londonistan 

Plenty in Thamesmead are around that or even less for 2 beds. 

If it's a 1 bed or studio then anywhere outside Zone 1/2 in SE London you could get something.

18 minutes ago, Kendo said:

Bit of a shambles but this came up today in Colchester: bought for 250k in 2018, now at £175-£195k guide price.

https://www.rightmove.co.uk/properties/136117598#/?channel=RES_BUY

Poor sod that owns that.

'Investors only' and house looking like a shithole = it's tenanted and they ain't paying, so don't want the owner selling so will make it unappealing. Check out the dubious stains on the towel in the bathroom!

The house before when bought, it seems almost sad:

https://www.rightmove.co.uk/house-prices/details/england-44482917-7112044?s=2d225a52480b58b6f5da93b61e62bdd21d7cdfd9280c6cf53aa7f1bae1f4b273#/

[Kendo]

21 minutes ago, Boon said:

Poor sod that owns that.

'Investors only' and house looking like a shithole = it's tenanted and they ain't paying, so don't want the owner selling so will make it unappealing. Check out the dubious stains on the towel in the bathroom!

The house before when bought, it seems almost sad:

https://www.rightmove.co.uk/house-prices/details/england-44482917-7112044?s=2d225a52480b58b6f5da93b61e62bdd21d7cdfd9280c6cf53aa7f1bae1f4b273#/

Almost tempted as I need to buy a house in the next year (to live in) and the idea of buying a four-bed detached in Essex for cash would give me family bragging rights - for about 5 minutes until they saw it! 🤢Come on round to my shit house in Butt(hole) Road.

[leonardratso]

2 minutes ago, Kendo said:

Almost tempted as I need to buy a house in the next year (to live in) and the idea of buying a four-bed detached in Essex for cash would give me family bragging rights - for about 5 minutes until they saw it! 🤢Come on round to my shit house in Butt(hole) Road.

must be some cash left over from all that 70's fake wrestling TV action.

[wherebee]

6 hours ago, Animal Spirits said:

That makes me think of this scene from Bladerunner 2049:

I flew into Beijing at night a while back and it was very much like that in places, but more neon advertising.

[CVG]

8 hours ago, Wight Flight said:

You can have this for £150k.

https://www.rightmove.co.uk/properties/131916173#/?channel=RES_BUY

That post code has a really unusual House Price IO profile - little activity. No comment - just odd - never seen before.

[JoeDavola]

8 hours ago, Wight Flight said:

You can have this for £150k.

https://www.rightmove.co.uk/properties/131916173#/?channel=RES_BUY

That's actually not a bad price if you're obsessed with living in London. You'd probably get a great airbnb income from that too.