Property crash, just maybe it really is different this time

[spygirl]

2 minutes ago, wherebee said:

yes and no.  NR also took on the debts of several smaller building societies back in the day that were collapsing - in effect taking bad loan books on under pressure from the gvt so as not to have a 'bank run'.  So the gvt is partially responsible for the pile of shit as well.  Same with I think Barclays being forced to take on Lloyds?

I dont think that's true.

When bs were mutuals they operated in a convoy, folding weaker failing societies into big more solvent ones.

NR was the first demure BS to fail - well, AbbeyNat did, but it was swept under the carpet.

NR took over Nierth Eng BS. As far as I can tell that was buying up the sales book nit bailing out.

[leonardratso]

9 minutes ago, wherebee said:

yes and no.  NR also took on the debts of several smaller building societies back in the day that were collapsing - in effect taking bad loan books on under pressure from the gvt so as not to have a 'bank run'.  So the gvt is partially responsible for the pile of shit as well.  Same with I think Barclays being forced to take on Lloyds?

dont you mean lloyds to take on HBOS.

Barclays took on some arabs and paid them to take them back on, or some such stupidity

[wherebee]

43 minutes ago, leonardratso said:

dont you mean lloyds to take on HBOS.

Barclays took on some arabs and paid them to take them back on, or some such stupidity

sorry, yes, lloyds taking on HBOS.  Brain...cells....failing.

46 minutes ago, spygirl said:

I dont think that's true.

When bs were mutuals they operated in a convoy, folding weaker failing societies into big more solvent ones.

NR was the first demure BS to fail - well, AbbeyNat did, but it was swept under the carpet.

NR took over Nierth Eng BS. As far as I can tell that was buying up the sales book nit bailing out.

but that convoy was under pressure from the gvt, even if the book being taken on was shithouse.  I'm not saying NR management were blameless, but the organisation had followed orders from the gvt which would have weakened the balance sheet before.

[spygirl]

8 hours ago, wherebee said:

sorry, yes, lloyds taking on HBOS.  Brain...cells....failing.

but that convoy was under pressure from the gvt, even if the book being taken on was shithouse.  I'm not saying NR management were blameless, but the organisation had followed orders from the gvt which would have weakened the balance sheet before.

The BS convoy ended a few years before they started de-muting.

As soon as they became private banks convoying ended dead.

The convoy system was administered  by the B-society assoc, with  some advice from the BoE.

UKGOV had very little to do with it. It was a pure BS mutual thing.

 

 

 

[Frank Hovis]

Now this is what I call a crash: £735k down to £97k.

You would have thought that even the most uninterested journalist who actually reads through what they have written before uploading it might have thought that a teeny bit more analysis of those numbers might be beneficial to the reader of the article.

 

 

Properties in Antony, near Torpoint on the Rame Peninsula, had an overall average price of £97,000 over the last year, Rightmove reports.

"Overall, sold prices in Antony over the last year were 64% down on the previous year and 87% down on the 2005 peak of £735,000," the real estate and property website reports.

https://www.cornwalllive.com/news/cornwall-news/cornwall-village-you-need-less-4888408

 

[Green Devil]

45 minutes ago, Frank Hovis said:

Now this is what I call a crash: £735k down to £97k.

You would have thought that even the most uninterested journalist who actually reads through what they have written before uploading it might have thought that a teeny bit more analysis of those numbers might be beneficial to the reader of the article.

 

 

Properties in Antony, near Torpoint on the Rame Peninsula, had an overall average price of £97,000 over the last year, Rightmove reports.

"Overall, sold prices in Antony over the last year were 64% down on the previous year and 87% down on the 2005 peak of £735,000," the real estate and property website reports.

https://www.cornwalllive.com/news/cornwall-news/cornwall-village-you-need-less-4888408

 

If you read the comments, it says that there was only one sale there in the year. Probably a family sale? One sale does not a crash make.  They also say

Rightmove added: "Most of the sales in Cornwall over the past year were detached properties which on average sold for £390,181. Terraced properties had an average sold price of £215,792 and semi-detached properties averaged at £238,004.

I think this is pretty much everywhere (south of watford anyway). May be the same north too but i cant comment.  Detached houses with gardens are increasingly difficult to find and sought after. Its a two tier market i think right now, the squeezed middle are stuck unable to move up the ladder, while stock for sale is increasing, prices falling, whereas those with detached houses are able to move from say the home counties or the smoke to farther south with ease as supply is non existant and demand high. They are also able to offer a discount on their london home and still easily afford a large detached home farther out of town.

 

[janch]

4 hours ago, Green Devil said:

One sale does not a crash make. 

LOL..............EAs use of statistics leaves much to be desired........

[sancho panza]

LCP lettings report via email.Tenatsn from EU up(Italy leading the charge-wonder why???),voids up(five times Dec 2019) to 77 days,tenancy lenght up,renewal rents flat to keep voids down and at the very bottom rents per sq foot down 10% and new tenancies rents down 11.48%...........proceeding nicely @spygirl got to be Nationwide about to get hosed in Londinium?

 

 

Almost 50% of new tenants in prime London were from the EU

 

[spygirl]

77 day void.

Thats ~2.5 months. in real money.

London LL have been operating on 4% gross yields since the early 00s.

A 4% means that a void of 2 weeks wipes out a years profit.

 

 

 

[Don Coglione]

32 minutes ago, spygirl said:

77 day void.

Thats ~2.5 months. in real money.

London LL have been operating on 4% gross yields since the early 00s.

A 4% means that a void of 2 weeks wipes out a years profit.

 

 

 

No it doesn't.

[Talking Monkey]

20 hours ago, spygirl said:

77 day void.

Thats ~2.5 months. in real money.

London LL have been operating on 4% gross yields since the early 00s.

A 4% means that a void of 2 weeks wipes out a years profit.

 

 

 

You sure about that Spy

[spygirl]

17 minutes ago, Talking Monkey said:

You sure about that Spy

Which bit?

 

IO BTL operate on skimming the narrowest of margins - most of the rent goes back to the bank to pay the IO mortgage

Typically the 'profit' is ~100 or 200 on a 800/1000 rental, giving a profit of ~1.2k/2.4k.

A one void trashes the years profit.

 

 

 

[Talking Monkey]

18 minutes ago, spygirl said:

Which bit?

 

IO BTL operate on skimming the narrowest of margins - most of the rent goes back to the bank to pay the IO mortgage

Typically the 'profit' is ~100 or 200 on a 800/1000 rental, giving a profit of ~1.2k/2.4k.

A one void trashes the years profit.

 

 

 

OK cool got it the point you made that 2 weeks void ie 4% of the year wipes out a 4% gross yield profit element sort of implied you were confused. In my mind I always thought a month or two void would wipe out profits for the more leveraged landlords. I take your point it might in fact be 2 weeks. The shittiest business model makes me laugh, fuck btl

[Hancock]

Wonder how long it will take for these Persimmons houses to crash.

Ironically bloke who points out how shite it is, is the one who gets sacked.

As opposed to the person who hired such cowboys, and the person who allowed them to continue finishing the house.

https://www.dailymail.co.uk/news/article-9183653/Builder-sacked-sharing-pictures-laughable-wonky-walls-shoddy-brickwork.html

[wherebee]

9 hours ago, Hancock said:

Wonder how long it will take for these Persimmons houses to crash.

Ironically bloke who points out how shite it is, is the one who gets sacked.

As opposed to the person who hired such cowboys, and the person who allowed them to continue finishing the house.

https://www.dailymail.co.uk/news/article-9183653/Builder-sacked-sharing-pictures-laughable-wonky-walls-shoddy-brickwork.html

If you buy a structure on a housing site called "Lodmoor SANDS" you deserve everything you fucking get.

[Democorruptcy]

18 hours ago, Hancock said:

Wonder how long it will take for these Persimmons houses to crash.

Ironically bloke who points out how shite it is, is the one who gets sacked.

As opposed to the person who hired such cowboys, and the person who allowed them to continue finishing the house.

https://www.dailymail.co.uk/news/article-9183653/Builder-sacked-sharing-pictures-laughable-wonky-walls-shoddy-brickwork.html

That photo looks fake. On the inside corner the bricks don't line up and the colours are all wrong.

[leonardratso]

9 minutes ago, Democorruptcy said:

That photo looks fake. On the inside corner the bricks don't line up and the colours are all wrong.

from the original photo on DM i dont think that was a corner, theres a gap between the brilliant background wall (as built by prince phillips indians - hehehe funny old fucker) and the corner of the foreground house.

Its the perspective makes it look like a corner when it isnt.

Edited January 26, 2021 by leonardratso

[Democorruptcy]

8 minutes ago, leonardratso said:

from the original photo on DM i dont think that was a corner, theres a gap between the brilliant background wall (as built by prince phillips indians - hehehe funny old fucker) and the corner of the foreground house.

Its the perspective makes it look like a corner when it isnt.

Looking at it again I can see what you mean but that would make the discoloured bit look very narrow to be a room.

[Don Coglione]

17 minutes ago, Democorruptcy said:

Looking at it again I can see what you mean but that would make the discoloured bit look very narrow to be a room.

Sounds about right for a Persimmons home!

[Hancock]

41 minutes ago, Democorruptcy said:

That photo looks fake. On the inside corner the bricks don't line up and the colours are all wrong.

I dont think anyone could come up with the idea to make such a fake. Its just shite workmanship from untrained EE Labour who are more use to sticking up breeze blocks than do brickwork.

Amazing to think that the govt handed over £100 million on year to their CEO, and vastly more to their shareholders.

[Hancock]

[leonardratso]

42 minutes ago, Democorruptcy said:

Looking at it again I can see what you mean but that would make the discoloured bit look very narrow to be a room.

id say it was 2 separate but close houses, maybe a small alley way between them, the bad wall being the gable end of the next house perhaps, hence no windows in it so you dont just look at next doors wall/window when you look out.

Ive seen 'detached' new builds with maybe 2 feet between the houses as the 'detachment', complete fucking shite and you might as well have built a thick wall between them and made them semi or terraces for strength, definately still be able to hear your neighbours mudering each other over that 2 foot of air and the cardboard thin walls.

[Ash4781b]

1 hour ago, Knickerless Turgid said:

Sounds about right for a Persimmons home!

They got to build them as fast as possible to hit the executive bonus targets. 

[Hancock]

2 hours ago, leonardratso said:

id say it was 2 separate but close houses, maybe a small alley way between them,

I know some of you fuckers on here are old, so i will do my good deed for the decade and attach a link to help in your lives. https://www.visionexpress.com/

If you piss the bed i cannot help.

 

[leonardratso]

ill admit, could be wrong, it may well be a corner, but my i cant believe that they would create such a shit wall against a fairly decent one, and the front all looks inline as well (the bad walls front).

@Hancock dont worry fellah, your time will come for eyes and piss.

The reason why i think its 2 different buildings is the same as @Democorruptcy mentioned, the bricks dont align, like its a perspective thing, 'these cows are small dougal, those cows are far away',

even a lumpy wall like that, the bricks would still line up vertically unless they were using different sized bricks, which looking at the fronts i cant see;

Edited January 26, 2021 by leonardratso