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Nothing for sale within 1/4 mile


sarahbell

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sarahbell

Absolutely sfa available. (20 SSTC most of which sold months ago and have new people living in them)

First time ever. Started looking in 2003. Usually 21 properties not sold.

 

17/68 in half mile radius. 

 

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HousePriceMania
14 minutes ago, sarahbell said:

Absolutely sfa available. (20 SSTC most of which sold months ago and have new people living in them)

First time ever. Started looking in 2003. Usually 21 properties not sold.

 

17/68 in half mile radius. 

 

Property lion says listings about 10% off all time lows, which was VERY low.

Market could take 2 years to recover listing volumes which will destroy many EAs and possibly banks

so not all bad news.

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spygirl

Again, welcome to my world.

After 2008, sales fell to multi decade lows. Actually, levels not seen since mortgages became mass market in the 70s.

And theyve stayed there.

Price flat, bar a bit of covid leap, which is rapidly being lost.

Noone can afford to buy they live in,. never mind a bigger one.

Banks are not lending to anyone under 40, who have all been milked of potential equity by IO BTL.

The only way the market can clear is much much lower prices and higher IRs.

Ive said it before- the OO will be cursing EAs/IO BTLers. 

Id point out that the nubmer of listings loal to me are ramping up at a rapid rate.

Theres a lot of people looking to exit property positions.

 

 

 

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Nobody will sell
Nobody will build
Nobody will be repossessed
The doors to the country will be left wide open keeping prices high when the market reopens

House prices won't 'correct', they may dip a bit, they may cool off but they are going nowhere. This government will never allow the market to correct itself (repos/BTL bonfires etc)

Edited by ste
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On 13/06/2022 at 18:00, ste said:

Nobody will sell
Nobody will build
Nobody will be repossessed
The doors to the country will be left wide open keeping prices high when the market reopens

House prices won't 'correct', they may dip a bit, they may cool off but they are going nowhere. This government will never allow the market to correct itself (repos/BTL bonfires etc)

I wish I could disagree with you. Sadly I believe you have nailed it.

There may be some sales, a few sales at massive levels *(the word massive is open to interpretation), below market value due to a forced sale (mainly due to death) but most people will simply not sell and there will be no repossessions due to government intervention with some scheme or other. The forced sales the ones going ‘cheap’ will be bought by friends of the estate agents or more probably by foreign cash buyers as a money box or store of cash.

The housing market is expected to crash in New Zealand by 9% this year … the crash after years of growth; 12% in 2019, 19% in 2020, 24% in 2021. So a 65% rise over three years and a 9% fall still means essentially a cumulative 50% rise in four years even after the ‘crash’. The UK will be no different.

Edited by satch
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With a crooked smile
12 hours ago, satch said:

I wish I could disagree with you. Sadly I believe you have nailed it.

There may be some sales, a few sales at massive levels *(the word massive is open to interpretation), below market value due to a forced sale (mainly due to death) but most people will simply not sell and there will be no repossessions due to government intervention with some scheme or other. The forced sales the ones going ‘cheap’ will be bought by friends of the estate agents or more probably by foreign cash buyers as a money box or store of cash.

The housing market is expected to crash in New Zealand by 9% this year … the crash after years of growth; 12% in 2019, 19% in 2020, 24% in 2021. So a 65% rise over three years and a 9% fall still means essentially a cumulative 50% rise in four years even after the ‘crash’. The UK will be no different.

I think you are probably right. IMO the govement has always wanted to inflate away the debt. To me this is what's happening now. Wages are rising rapidly house become slightly more affordable for a bit (income to house price drops a bit) and then shoot back up.

Lots of people in my company have been first time buyers over the last 2 years in the 26-32 bracket. Most have bought without buying schemes but have bought outside of London this is a SaaS based company where wages will be higher. I'd say most are on a minimum salary of 65k and that buys you a house on single income in a large chunk of the country (tho believe most have bought with a partner).

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Wight Flight
8 hours ago, With a crooked smile said:

I think you are probably right. IMO the govement has always wanted to inflate away the debt. To me this is what's happening now. Wages are rising rapidly house become slightly more affordable for a bit (income to house price drops a bit) and then shoot back up.

Lots of people in my company have been first time buyers over the last 2 years in the 26-32 bracket. Most have bought without buying schemes but have bought outside of London this is a SaaS based company where wages will be higher. I'd say most are on a minimum salary of 65k and that buys you a house on single income in a large chunk of the country (tho believe most have bought with a partner).

Sad to say even down here £65k income will get you a flat, not a house. Three years ago maybe, but not now.

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With a crooked smile
34 minutes ago, Wight Flight said:

Sad to say even down here £65k income will get you a flat, not a house. Three years ago maybe, but not now.

Seems doable to me?

Screenshot_20220619-210850_Rightmove.jpg

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Wight Flight
1 hour ago, With a crooked smile said:

Seems doable to me?

Screenshot_20220619-210850_Rightmove.jpg

Can you get a mortgage that large on £65k?

BTW I doubt there are more than a handful of jobs that pay that much here. You would need to work on the mainland which is why Ventnor is cheaper - the commute would be a nightmare.

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With a crooked smile
14 minutes ago, Wight Flight said:

Can you get a mortgage that large on £65k?

BTW I doubt there are more than a handful of jobs that pay that much here. You would need to work on the mainland which is why Ventnor is cheaper - the commute would be a nightmare.

I've dealt with someone fairly senior it that lived on the island and worked for NHS on the mainland. All I know is he had 2 cars one either side.

We had a bloke relocate to one of the Scottish Islands as we have a work from anywhere in UK policy (I thought he was pushing it big time tho).

I recon with a deposit 65k would go that far particularly if buying with a partner.

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Wight Flight
3 minutes ago, With a crooked smile said:

I've dealt with someone fairly senior it that lived on the island and worked for NHS on the mainland. All I know is he had 2 cars one either side.

We had a bloke relocate to one of the Scottish Islands as we have a work from anywhere in UK policy (I thought he was pushing it big time tho).

I recon with a deposit 65k would go that far particularly if buying with a partner.

The commute is doable so long as you have a very flexible job. In winter you will probably be late one day in three if you make it at all.

With the current staff shortages, if I need to be in the big island before noon I would travel the day before to be safe.

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