Property crash, just maybe it really is different this time

[Hardhat]

36 minutes ago, dnb24 said:

Maybe it is different this time @HousePriceMania @spygirl-

this place

https://www.rightmove.co.uk/properties/111496385#/?channel=RES_BUY

was up for sale in the summer at £625k. Very close to Leamington spa, probably 1/2 acre of land, house in need of work-but liveable- at the time it was inundated with viewings - we went- decided way too expensive and needing too much work. Sold within a week. Yesterday Back on market with a 20% reduction. This should cause significant waves in the local market- because 1/2 mile down the road you have semis for 500k, and next door is for sale at 400k. 

https://www.rightmove.co.uk/properties/105280064#/?channel=RES_BUY

What kind of work did it need doing out of interest?

[dnb24]

Nothing too structural- back roof maybe needed work, inside needed a lot at the back- floors taking up, heating re doing, re-wire would be required, pipe work and plumbing significant changes to make it work for a family, moving walls around. Liveable but to make it enjoyable would need a fair amount of money and work to do it.

[Bobthebuilder]

2 minutes ago, dnb24 said:

Nothing too structural- back roof maybe needed work, inside needed a lot at the back- floors taking up, heating re doing, re-wire would be required, pipe work and plumbing significant changes to make it work for a family, moving walls around. Liveable but to make it enjoyable would need a fair amount of money and work to do it.

From the listing description.

"This is a property that does require development and we would advise people to take this into account before viewing."

[spygirl]

31 minutes ago, Bobthebuilder said:

From the listing description.

"This is a property that does require development and we would advise people to take this into account before viewing."

Thats why the bank walked.

 

[HousePriceMania]

1 hour ago, dnb24 said:

Maybe it is different this time @HousePriceMania @spygirl-

this place

https://www.rightmove.co.uk/properties/111496385#/?channel=RES_BUY

was up for sale in the summer at £625k. Very close to Leamington spa, probably 1/2 acre of land, house in need of work-but liveable- at the time it was inundated with viewings - we went- decided way too expensive and needing too much work. Sold within a week. Yesterday Back on market with a 20% reduction. This should cause significant waves in the local market- because 1/2 mile down the road you have semis for 500k, and next door is for sale at 400k. 

https://www.rightmove.co.uk/properties/105280064#/?channel=RES_BUY

NW saying house prices at all time unaffordable levels and sitll they lend, if it's different this time then it's different in a MUCH WORSE kind of a way

 

[Don Coglione]

23 hours ago, With a crooked smile said:

So you and the count are two seperate people but he's lived in the same house as you? 😂😂🙄 And he's stopped posting on TOS? 😂😂😂

 

I'm calling utter bullshit myself. 

And an identical, retarded, posting style...

[Long time lurking]

 

[HousePriceMania]

1 hour ago, Long time lurking said:

 

Its getting interesting.

Will the BoE refuse to raise IRs.  I personally think so.  They'll come out with a plan tomorrow, that plan being raise Irs 0.15% in December with a view to possibly, maybe raising rates next year.  Then there will be some terribly bad news for the economy before that can happen.

Lets be honest UK interest rates should currently be 5%+.

we are being robbed.

I wonder how all those polish people who came to the UK to make their fortune now feel seeing the Zlotty powers on while they face massive tax hikes and state sponsored banker oppression.

 

Edited November 3, 2021 by HousePriceMania

[eek]

6 minutes ago, HousePriceMania said:

Its getting interesting.

Will the BoE refuse to raise IRs.  I personally think so.  They'll come out with a plan tomorrow, that plan being raise Irs 0.15% in December with a view to possibly, maybe raising rates next year.  Then there will be some terribly bad news for the economy before that can happen.

Lets be honest UK interest rates should currently be 5%+.

we are being robbed.

I wonder how all those polish people who came to the UK to make their fortune now feel seeing the Zlotty powers on while they face massive tax hikes and state sponsored banker oppression.

 

I suspect that really isn't going to age well... 

[Chewing Grass]

Jed Clampett the BIL has just sold his 2 bedroom semi-detached 'E' rated 200 year old hovel with 10 or 12 acres of land that floods to some young horsey bitch for £950K and is currently living in a house somebody has lent him for free.

If the fucker gets a HPC while sitting pretty on a pot of cash I shall not be amused as he always drops lucky.

This is a bloke who literally holds his pants up with string.

[HousePriceMania]

33 minutes ago, eek said:

I suspect that really isn't going to age well... 

You think they're suddenly going to start doing the right thing ?

I  hope you are right but nothing they have done in the last 20 years show they will.

[Option5]

35 minutes ago, Chewing Grass said:

This is a bloke who literally holds his pants up with string.

A gentleman would use his old school tie.

[leonardratso]

39 minutes ago, Chewing Grass said:

Jed Clampett the BIL has just sold his 2 bedroom semi-detached 'E' rated 200 year old hovel with 10 or 12 acres of land that floods to some young horsey bitch for £950K and is currently living in a house somebody has lent him for free.

If the fucker gets a HPC while sitting pretty on a pot of cash I shall not be amused as he always drops lucky.

This is a bloke who literally holds his pants up with string.

you mean a true cheapskate dosbodder - or eco warrior/recycler as the govt like to call them.

[Chewing Grass]

1 hour ago, leonardratso said:

you mean a true cheapskate dosbodder - or eco warrior/recycler as the govt like to call them.

talks in grunts as well.

[Boon]

Purplebricks profit warning:

https://www.ft.com/content/85131b5c-bdbb-47fd-9baa-81f88523527f

Chief cause is a lack of listings, think this is a common theme industry-wide.

EA's are mainly snakes, so I wonder if their narrative may change a bit? Becoming a bit more bearish on house prices and creating some fear might motivate more people into selling. By and large they would benefit from panic, even if prices were 10-20% off.

[dnb24]

31 minutes ago, Boon said:

Purplebricks profit warning:

https://www.ft.com/content/85131b5c-bdbb-47fd-9baa-81f88523527f

Chief cause is a lack of listings, think this is a common theme industry-wide.

EA's are mainly snakes, so I wonder if their narrative may change a bit? Becoming a bit more bearish on house prices and creating some fear might motivate more people into selling. By and large they would benefit from panic, even if prices were 10-20% off.

Interesting- we spoke to an estate agent on the weekend and she was talking about this- very keen to get more listings but frustrated because the market is so slow at the minute- and when your wage relies upon sales- wonder what you’re going to do next.

on top of this- in our area- banks have stopped lending- see my post from yesterday but this came up again yesterday - “sold” in July for £555k ( I think) they took offers on it- now listed again at 500k

https://www.rightmove.co.uk/properties/110782322#/?channel=RES_BUY

 

interestingly this is about 2miles from the one I put on here yesterday - that had been reduced from 625k to 510k. If you compare the two- the place linked above is a box of frogs- sitting tenant, needs knocking down- boundary issues, so this is going to have to drop the price again to get people to look at it- things are looking interestjng

[HousePriceMania]

Some numbers from Property Lion today.....average current asking prices hit another all time high, skewed by the London market where asking prices are up 8% yoy and listings down -25% which is about half that of elsewhere.  London/SE/SW ( the expensive areas ) have as many properties for sale as the rest of the country.

Regionally, the north looks to have turned but generally there are around 50% less properties to buy than a year ago so the while thing is skewed by the top end listings.

If a surge of people wanting or having to sell  happens then I'd expect we'd see a reversal of these numbers pretty quickly.

Will be interesting to see what happens in the new year.

 

[Boon]

My 'London +1 miles, last 24 hours' search only yields 731 properties today - been using this for years and this number is under half of pre-pandemic.

Quality is well down as well - guessing as with most areas, anything that has a combination of being nice and well-priced will vanish almost straightaway. Maybe not even making it on to Rightmove, sold before marketing. So what you are left with is overpriced stuff, and not nice stuff. 

Doesn't seem much urgency to sell - I know TOS has the 'multiple drops' thing but I reckon for every one property on there, there are many more where the owners just take it off or leave it on at high prices rather than go through a voyage of price discovery.

It wouldn't harm EA profits to shake the tree a little would it? I'm pretty sure if I phoned one up today and asked if I should sell because the market is uncertain he would tell me to go ahead because prices look ripe for a fall.

[HousePriceMania]

59 minutes ago, Boon said:

My 'London +1 miles, last 24 hours' search only yields 731 properties today - been using this for years and this number is under half of pre-pandemic.

Quality is well down as well - guessing as with most areas, anything that has a combination of being nice and well-priced will vanish almost straightaway. Maybe not even making it on to Rightmove, sold before marketing. So what you are left with is overpriced stuff, and not nice stuff. 

Doesn't seem much urgency to sell - I know TOS has the 'multiple drops' thing but I reckon for every one property on there, there are many more where the owners just take it off or leave it on at high prices rather than go through a voyage of price discovery.

It wouldn't harm EA profits to shake the tree a little would it? I'm pretty sure if I phoned one up today and asked if I should sell because the market is uncertain he would tell me to go ahead because prices look ripe for a fall.

I think it's the same everywhere.

No idea what is going on really, could be the market is so buoyant that everything is selling as soon as it's listed, or it could be the market is so out of kilter with reality that no one is even bothering to sell.

Need an honest EA to tell us what's really going on.

I did a viewing recently, was a repo and the agent said to expect a lot more to come on.  Someone offered over the asking price on it  according to the agent, we offered 25% below the asking price   it's a repo for goodness sake, the banks just need their money back and you could see the previous sale price.

Only other anecdote I have is that someone we know bought a house for a £100K more than the people tried for 5 years to sell it for, having taken it off the market and rented it out for a year.  The person concerned didnt believe us that it was listed for years at 100K less despite having to walk by it everyday taking their children to skool. They could only afford it because a downsizer paid well over the odds for their house.

Even when confronted with reality people really dont want to listen.

 

Other stuff locally, not that there is much, has sat unsold all year even after price drops.

Edited November 4, 2021 by HousePriceMania

[HousePriceMania]

21 hours ago, eek said:

I suspect that really isn't going to age well... 

it's aged quite well do far, sadly 

[eek]

36 minutes ago, HousePriceMania said:

it's aged quite well do far, sadly 

Yep 7-2 vote against raising rates was a surprise - although pointing out that most families will be £888 worse off next year probably didn't go down well in treasury circles.

[HousePriceMania]

24 minutes ago, eek said:

Yep 7-2 vote against raising rates was a surprise - although pointing out that most families will be £888 worse off next year probably didn't go down well in treasury circles.

They didnt point out the other 30,000,000 would would be better off ?

Weird.

[Hancock]

1 hour ago, eek said:

Yep 7-2 vote against raising rates was a surprise 

Yes if was a 5-4 you'd write it off, but that's one hell of a victory for the communists aka globalists when a rate rise was deemed almost certain.

But its what happens when they only employ doves, and people only become hawkish when they're near the exit door.

Edited November 4, 2021 by Hancock

[HousePriceMania]

3 minutes ago, Hancock said:

Yes it was a 5-4, but that's one hell of a victory for the communists aka globalists when a rate rise was deemed almost certain.

But its what happens when they only employ doves, and people only become hawkish when they're near the exit door.

How can this be allowed in a democracy ?

[Hancock]

1 minute ago, HousePriceMania said:

How can this be allowed in a democracy ?

How can it happen when their mandate is to keep inflation at 2% ... its the fact they even predicted inflation to be higher and go on for longer.

I do wish that Argentinian woman would fuck off back to where she came, along with the Belgium cunt, bad enough being financially raped by indigenous English let alone inviting foreigners in to do so.