Property crash, just maybe it really is different this time (Part 2)

[JoeDavola]

3 minutes ago, BWW said:

So 50 m2 one bedders

Was almost ashamed of how I live until I realized my one bedder is actually a palatial 55 m2.

[spygirl]

13 hours ago, One percent said:

I was talking to an estate agent today. He said that prices were holding steady and that property was selling. The most impressive thing was that he looked me in the eye as he said that.   

Wasnt twat was it?

I dont think EAs - or most of the town - have a clue how much hot, leveraged money has poured in town in the last 10-15.

Loads n loads of dumb. leveraged money, from some scrubber from Pudseys, Wakey etc,

 

[Guest]

*sad trombone sound*

[Sasquatch]

News from the frontline.

MIL's flat still on the market. Zero interest. She dropped the price by 10% earlier in the year (our suggestion) but no joy.

I think it would need to come down another 15% to generate a potential sale. We think she should try it and then see what she can buy locally to us. 

[Noallegiance]

This house price stuff? I think it's a condition. Like depression. Or dudes thinking they're laydeez.

Despite everything going on around us right now, still I speak to people this very morning about current 'deals' being made who don't think twice about "....he bought a new build (well, 2017) end of terrace. Was up for £425k. Cheeky little offer of £375k. Accepted £390k. It's small but can extend out the back like the neighbours. Make some money on it. Nice little nest egg."

I've ceased interjecting with these people.

[One percent]

23 minutes ago, spygirl said:

Wasnt twat was it?

I dont think EAs - or most of the town - have a clue how much hot, leveraged money has poured in town in the last 10-15.

Loads n loads of dumb. leveraged money, from some scrubber from Pudseys, Wakey etc,

 

Tim richardson from richardson and smiths. 

[Axeman123]

6 minutes ago, Noallegiance said:

This house price stuff? I think it's a condition.

Its the promise of something for nothing, the illusion of a safe predictable financial future. The fantasy of being a superior being with an inside track to sucess. Accepting the crash is almost like cult deprograming or the trauma of the fall of the soviet union for beleivers.

In a way it is also like the people still routinely masking in public without any pressing medical need, clearly too traumatised by the potential realisation it was all a scam to accept reality. Perhaps they did things in the pandemic that they can't accept if it wasn't for something good, eg leaving elderly people isolated to follow the rules etc. A few people will similarly likely cling to house price fantasy right down to the trough, and keep predicting every dead cat bounce as the start of a surge to new ATHs.

[sleepwello'nights]

5 minutes ago, Axeman123 said:

A few people will similarly likely cling to house price fantasy right down to the trough, and keep predicting every dead cat bounce as the start of a surge to new ATHs.

The deceptive illusion is masked by the effects of inflation. Most of us don't have the inclination to compare prices in GBP with the price in other currencies or precious metals. There are interesting insights into property values when using other metrics than GBP. 

The more sophisticated media reporting rarely goes further than comparing property prices with average wages.  Most will simply compare nominal prices and ignore the fact that the nominal price may remain the same but the value will have fallen in line with the reduced purchasing power of the nominal amount.  

[Boon]

17 minutes ago, Noallegiance said:

This house price stuff? I think it's a condition. Like depression. Or dudes thinking they're laydeez.

Despite everything going on around us right now, still I speak to people this very morning about current 'deals' being made who don't think twice about "....he bought a new build (well, 2017) end of terrace. Was up for £425k. Cheeky little offer of £375k. Accepted £390k. It's small but can extend out the back like the neighbours. Make some money on it. Nice little nest egg."

I've ceased interjecting with these people.

Supposedly an Eastern thing but saving face is definitely a thing here, people don't want to admit stuff. Or when it goes well, they think its skill rather than the market.

Ie in the past decade there were plenty dudes like this who built an extension, got some gains and think it was their extension that did it, whereas even if they did nothing to the house the price would have gone up anyway, because the market.

Similarly now (London) I have seen places that sold 2020-ish, had some minor refurbs and now struggling to get out for even cost price. There was a really good period where some of these starter houses shot up 20% but since interest rates have become a thing those prices are really under pressure now. 

There was a guy on a whatsapp group I am in, bought flat £460k in 2016, tried to sell in 2020 for some ridiculously stupid figures because he fell for the Foxtons spiel 'put it up at £590k and hope for £575k', after 3 or 4 reductions down to £475k the psychological point was reached, he wasn't going to sell it for less than he paid for it, so he rented it out instead for the last 2 years.

I am sure either taxation or a resetting mortgage has got to him now because he is selling up again. It's not on the market yet but I am sure it won't have escaped his attention that similar flats in the block are now £375k and not selling, but I have a strange feeling it'll appear at OIEO £450k, because a £85k-100k loss is too much egg on face.

[reformed nice guy]

1 hour ago, Darude said:

*sad trombone sound*

Population has went up 6% in that time period according to the ONS, probably more like 12% if a true count carried out. The per capita fall in approvals is huge

[leonardratso]

2 hours ago, Noallegiance said:

This house price stuff? I think it's a condition. Like depression. Or dudes thinking they're laydeez.

Despite everything going on around us right now, still I speak to people this very morning about current 'deals' being made who don't think twice about "....he bought a new build (well, 2017) end of terrace. Was up for £425k. Cheeky little offer of £375k. Accepted £390k. It's small but can extend out the back like the neighbours. Make some money on it. Nice little nest egg."

I've ceased interjecting with these people.

why doesnt he extend it out the side, its an end of terrace, just run it into the middle of the road, or just 1 inch up to the next house if no road.

[Democorruptcy]

Tory party conference starts on Sunday, looking at the FTSE risers today. Land Securities, Barratt, Rightmove & Taylor Wimpey all in the top few.... unrelated to the conference or insiders knowing something about an announcement? Helmets on?

 

[One percent]

14 minutes ago, Democorruptcy said:

Tory party conference starts on Sunday, looking at the FTSE risers today. Land Securities, Barratt, Rightmove & Taylor Wimpey all in the top few.... unrelated to the conference or insiders knowing something about an announcement? Helmets on?

 

Daughter is going as part of her job.  I’ll report back if there’s anything interesting.  Mind, she is so woke she wouldn’t spot the things we would 

[Democorruptcy]

12 minutes ago, One percent said:

Daughter is going as part of her job.  I’ll report back if there’s anything interesting.  Mind, she is so woke she wouldn’t spot the things we would 

If there's anything interesting re housing, it would probably be leaked over the weekend.

[spygirl]

8 hours ago, One percent said:

Tim richardson from richardson and smiths. 

Oh, corduroy one.

[One percent]

4 minutes ago, spygirl said:

Oh, corduroy one.

Fyling hall one. Looked a bit like a slim rugby player.  

[highbot]

[One percent]

1 minute ago, highbot said:

That’s a spoof. Surely, no one is that dumb.  

[Wight Flight]

24 minutes ago, One percent said:

That’s a spoof. Surely, no one is that dumb.  

It's American so don't rule it out.

[Chewing Grass]

7 minutes ago, Wight Flight said:

It's American so don't rule it out.

Uses a photo of herself as a child so probably morbidly obese now and up to her eyes in debt and junk food, hence the threats. Would be lovely to find and proffer some European advice.

[JoeDavola]

The rise in IR's has done nothing to the NI property market in terms of prices, but even beyond that what I see as very expensive newbuild apartment developments keep on popping up:

https://www.propertypal.com/orchard-hall-apartment-7-orchard-hall-castlehill-wood-stormont-belfast/910594

Northern Ireland is a strange place where some places just get seen as being the 'in' or 'posh' place to live, and East Belfast where I grew up is for some reason one of those places now.

But £245K for under 70 square meters of space in East Belfast is absolutely ridiuclous. I don't know who is buying these, answers on a postcard please.

My folks house is in the east and is over twice as big as one of those flats and didn't actually sell for much more than they are asking.

@belfastchild - you're a loaded boomer who knows lots of rich folk, who the fuck are buying these flats?

EDIT: And personally I prefer it when my living room walls are plain old perpendicular to the floor:

Edited September 30, 2023 by JoeDavola

[spygirl]

2 hours ago, JoeDavola said:

The rise in IR's has done nothing to the NI property market in terms of prices, but even beyond that what I see as very expensive newbuild apartment developments keep on popping up:

https://www.propertypal.com/orchard-hall-apartment-7-orchard-hall-castlehill-wood-stormont-belfast/910594

Northern Ireland is a strange place where some places just get seen as being the 'in' or 'posh' place to live, and East Belfast where I grew up is for some reason one of those places now.

But £245K for under 70 square meters of space in East Belfast is absolutely ridiuclous. I don't know who is buying these, answers on a postcard please.

My folks house is in the east and is over twice as big as one of those flats and didn't actually sell for much more than they are asking.

@belfastchild - you're a loaded boomer who knows lots of rich folk, who the fuck are buying these flats?

EDIT: And personally I prefer it when my living room walls are plain old perpendicular to the floor:

In Noireland case the rise iR will it it hard,. less cos the raise in mortgage - though those are pretty chunky, but more in the cuts in public spending/jobs that are hurtling down the track.

 

[Democorruptcy]

Friday’s data also showed that net mortgage approvals for house purchases fell from 49,500 in July to 45,400 in August, the lowest level in six months. Those for remortgaging dropped to their lowest level since July 2012, to 25,000 from 39,300.

UK money supply contracts as higher interest rates weigh on lending

[belfastchild]

2 hours ago, JoeDavola said:

The rise in IR's has done nothing to the NI property market in terms of prices, but even beyond that what I see as very expensive newbuild apartment developments keep on popping up:

https://www.propertypal.com/orchard-hall-apartment-7-orchard-hall-castlehill-wood-stormont-belfast/910594

Northern Ireland is a strange place where some places just get seen as being the 'in' or 'posh' place to live, and East Belfast where I grew up is for some reason one of those places now.

But £245K for under 70 square meters of space in East Belfast is absolutely ridiuclous. I don't know who is buying these, answers on a postcard please.

My folks house is in the east and is over twice as big as one of those flats and didn't actually sell for much more than they are asking.

@belfastchild - you're a loaded boomer who knows lots of rich folk, who the fuck are buying these flats?

EDIT: And personally I prefer it when my living room walls are plain old perpendicular to the floor:

Who bought yours and the ones around you? Probably the same type of people.

I don't have a single btler in my friends circle although I did meet one earlier this year, part time uni lecturer with 40 of them. All interest only, he attracted a small crowd of people regailing them about his financial prowess. Sad to say it was a lot of young people wondering how to get through his selection process for his high quality rentals as most of theirs were shite.

I don't know many public sector people over here though  one or two nhs but that's it.

I lived beside divis flats, could never see why anyone would ever buy a flat in Belfast or anywhere really.

See the way I resisted calling you a cunt for saying I was a boomer, balls, nearly made it.

[JoeDavola]

14 minutes ago, belfastchild said:

Who bought yours and the ones around you? Probably the same type of people.

I don't have a single btler in my friends circle although I did meet one earlier this year, part time uni lecturer with 40 of them. All interest only, he attracted a small crowd of people regailing them about his financial prowess. Sad to say it was a lot of young people wondering how to get through his selection process for his high quality rentals as most of theirs were shite.

I don't know many public sector people over here though  one or two nhs but that's it.

I lived beside divis flats, could never see why anyone would ever buy a flat in Belfast or anywhere really.

See the way I resisted calling you a cunt for saying I was a boomer, balls, nearly made it.

Lest there be any doubt to casual readers here BC is not actually a boomer.

I am a cunt though.