Where will the property bubble burst first?

[HousePriceMania]

14 hours ago, Bus Stop Boxer said:

Prices coming down in my 5 fingered bit of Dorset.

Asking prices were up but air is coming out of balloon post SD coming back.

You're probably right..even will collapsing listings prices fell QoQ in the SW

 

[Bobthebuilder]

On 29/11/2021 at 14:15, HousePriceMania said:

Thrice now

 

£1,018,024

Price Change History

26/11/2021	Price changed from £1,038,800 to £1,018,024
15/11/2021	Price changed from £1,060,000 to £1,038,800
01/11/2021	Price changed from £1,090,000 to £1,060,000
10/10/2021	Initial entry found: £1,090,000

 

Still, that's some crazy price rise.

The agents must be making up prices to get anyone on their books.

 

 

 

This was listed again today as reduced, when they have in fact put the price up?????

https://www.rightmove.co.uk/properties/114593033#/?channel=RES_BUY

 

[Phil]

8 hours ago, HousePriceMania said:

https://www.healthline.com/health/polydactyly#:~:text=It occurs in 1 in,in 1 in 150 births.

 

• It occurs in 1 in 1,000 births in the general population.

• It’s found more frequently in the African American population, occurring in 1 in 150 births.

 

Surprisingly common !!!

has anyone met someone with 6 fingers ?

I think Sunake might have 7 the way he's pickpocket-ting everyone

Go to wednesbury.

[Hancock]

6 hours ago, Bobthebuilder said:

This was listed again today as reduced, when they have in fact put the price up?????

https://www.rightmove.co.uk/properties/114593033#/?channel=RES_BUY

 

Nice house but it doesnt look like a million quids worth, seems Corfe Mullen is only for those who inherit.

Edit - Doubled in price since lockdown

[Bobthebuilder]

On 29/11/2021 at 14:15, HousePriceMania said:

Thrice now

 

£1,018,024

Price Change History

26/11/2021	Price changed from £1,038,800 to £1,018,024
15/11/2021	Price changed from £1,060,000 to £1,038,800
01/11/2021	Price changed from £1,090,000 to £1,060,000
10/10/2021	Initial entry found: £1,090,000

 

Still, that's some crazy price rise.

The agents must be making up prices to get anyone on their books.

 

 

 

https://www.rightmove.co.uk/properties/114593033#/?channel=RES_BUY

"Slip sliding away".

[spunko]

13 hours ago, Bobthebuilder said:

https://www.rightmove.co.uk/properties/114593033#/?channel=RES_BUY

"Slip sliding away".

I wouldn't post 500k for that. 

[Axeman123]

14 hours ago, Bobthebuilder said:

https://www.rightmove.co.uk/properties/114593033#/?channel=RES_BUY

"Slip sliding away".

It is bizarre how out of balance that property is. The bi-folds etc and then a relatively modest area of rear garden. The off-road parking for 20 out front, that covers probably over 1/3 of the plot, laid in cheap and nasty tarmac.

Once upon a time that was probably a lovely bungalow, now it is a confused mcmansion that somehow makes a 1/3 acre plot seem pokey. The very definition of over-developed.

[HousePriceMania]

There's a new Property Lion index out today

 

 

 

Given how few properties are for sale now, I think:

a) The markets dead

b) The data is becoming volatile.

Still, good news for Scotland and the S.E.

 

 

 

 

 

 

Now, imagine IRs hit 2% in 2022.

And what if listings continue to collapse due to the extreme prices, the banks will need a crash to get the market going.

 

 

[Bobthebuilder]

I have booked myself 4 summer weekends in a lovely thatched pub in the shires this week, 4 weekends is enough for me in a year. Bed, breakfast, double room with dog, £750 for the year.

On this basis my £700k 2nd home budget will allow me to do the the same for the next 866 years.

[Option5]

I wonder if it will be in one of these places?

https://www.ilivehere.co.uk/top-50-worst-places-to-live-in-england-2022

[spunko]

On 11/01/2022 at 14:39, Bobthebuilder said:

I have booked myself 4 summer weekends in a lovely thatched pub in the shires this week, 4 weekends is enough for me in a year. Bed, breakfast, double room with dog, £750 for the year.

On this basis my £700k 2nd home budget will allow me to do the the same for the next 866 years.

Very nice. Anywhere near me? Kent is underrated in summer IMO.

[Bobthebuilder]

3 minutes ago, spunko said:

Very nice. Anywhere near me? Kent is underrated in summer IMO.

In a quiet valley in Dorset, works out the same price as an airbnb, but they cook you a nice breakfast included in the price.

I do fancy a few weekends in Kent, this place in Wrotham is nice, lovely food.

https://www.thebullhotel.com/

 

[HousePriceMania]

On 11/01/2022 at 14:39, Bobthebuilder said:

I have booked myself 4 summer weekends in a lovely thatched pub in the shires this week, 4 weekends is enough for me in a year. Bed, breakfast, double room with dog, £750 for the year.

On this basis my £700k 2nd home budget will allow me to do the the same for the next 866 years.

I see what you did there.

 

did you factor in inflation and interest ?

 

I caculate with the UKs best savings rate of 1.6% and 2% inflation you run out of money after 394 years when you'll be forking out £1.7 per year.

[Bobthebuilder]

2 minutes ago, HousePriceMania said:

I see what you did there.

 

did you factor in inflation and interest ?

 

I caculate with the UKs best savings rate of 1.6% and 2% inflation you run out of money after 394 years when you'll be forking out £1.7 per year.

Factor in a higher yielding investment and no stamp duty, mortgage interest, bills etc, and I'm laughing.

If I bought a £700k 2nd home, the yearly £750 B&B cost would only cover 2/3 months council tax.

[HousePriceMania]

 

[HousePriceMania]

https://www.which.co.uk/news/2022/01/cheapest-mortgage-rates-revealed/

 

Mortgage rates are continuing to rise slowly, a month on from the Bank of England increasing the base rate to 0.25%. Borrowers with big deposits have seen the cheapest mortgage rates rise from historic lows of 0.79% to more than 1% in the last few months, as lenders prepared for an upcoming increase in the base rate.

 

If house prices are driven by credit and rates then shoudl we expect falls ?

[HousePriceMania]

5 minutes ago, Bobthebuilder said:

Factor in a higher yielding investment and no stamp duty, mortgage interest, bills etc, and I'm laughing.

If I bought a £700k 2nd home, the yearly £750 B&B cost would only cover 2/3 1/3 months council tax.

Give it 3 months.

[With a crooked smile]

2 hours ago, HousePriceMania said:

If house prices are driven by credit and rates then shoudl we expect falls ?

Difficult to say. We normally do payrises at end of financial year. We did them in January this year as an emergency measure. Most of us got in the region of a 20% raise. What do you think that means for house prices? 

[Bobthebuilder]

1 hour ago, With a crooked smile said:

Difficult to say. We normally do payrises at end of financial year. We did them in January this year as an emergency measure. Most of us got in the region of a 20% raise. What do you think that means for house prices? 

Probably nothing at this moment in time. If you can add that whole 20% to disposable income after tax, NI, bills, then it would add about £16k to an average worker's mortgage affordability.

Pissing in the wind in the current market, me thinks.

I tell people who have not looked for a while to go on their bank website and see what mortgage they will offer you. I did recently and was shocked, it was a real eye-opener for me.

[With a crooked smile]

50 minutes ago, Bobthebuilder said:

I tell people who have not looked for a while to go on their bank website and see what mortgage they will offer you. I did recently and was shocked, it was a real eye-opener for me

I got 320k mortgage 2021. That's what I needed don't know what would have happened if I'd asked for more. That was based on single  income as other half was in the process of closing down one Ltd and opening another one in a different sector. 

[Bobthebuilder]

15 minutes ago, With a crooked smile said:

I got 320k mortgage 2021.

To get that mortgage today through a high street lender, you would need to be clearing around £78K, a year after tax, NI and current outgoings. Commercial mortgages may be different, of course.

[With a crooked smile]

8 minutes ago, Bobthebuilder said:

To get that mortgage today through a high street lender, you would need to be clearing around £78K, a year after tax, NI and current outgoings. Commercial mortgages may be different, of course.

Halifax residential mortgage 

[Bobthebuilder]

11 minutes ago, With a crooked smile said:

Halifax residential mortgage 

Just checked Halifax and yes, you need to clear about £70k to get that today.

[Wight Flight]

2 hours ago, Bobthebuilder said:

Just checked Halifax and yes, you need to clear about £70k to get that today.

Which is over £100k gross to buy a 2 bed semi in many parts of the country.

[AWW]

6 hours ago, With a crooked smile said:

Difficult to say. We normally do payrises at end of financial year. We did them in January this year as an emergency measure. Most of us got in the region of a 20% raise. What do you think that means for house prices? 

Christ, what industry are you in?