Property crash, just maybe it really is different this time (Part 3)

[Wight Flight]

1 minute ago, Bobthebuilder said:

Would you even get a mortgage on that now?

I doubt you could get insurance, so no to a mortgage.

[spunko]

26 minutes ago, wherebee said:

could well be the buyer's first chain fell through.  Absolutely your right to counter offer - don't forget under UK law the agent MUST pass all offers to the buyer.  I suggest you put it in writing, give a copy to the estate agent, and post a copy through the letterbox with 'COPY' stamped on it.

If the agent doesn't pass your offer on, some nice legal fuckery can be done.

It turns out that, as someone said earlier, the EA just leaves them on Rightmove as 'Under Offer' even though they're long sold, presumably to drum up interest.

I've reported the agent to Rightmove as it's shitty behaviour.

[wherebee]

7 minutes ago, spunko said:

It turns out that, as someone said earlier, the EA just leaves them on Rightmove as 'Under Offer' even though they're long sold, presumably to drum up interest.

I've reported the agent to Rightmove as it's shitty behaviour.

Was it really sold though?  Agents are utter scum - if you phoned up and they said 'oh, it's sold', I wouldn't believe it without seeing an entry in the registry or seeing a new family move in.  Seriously!

[spunko]

1 hour ago, wherebee said:

Was it really sold though?  Agents are utter scum - if you phoned up and they said 'oh, it's sold', I wouldn't believe it without seeing an entry in the registry or seeing a new family move in.  Seriously!

I did ring them, they said they exchanged contracts last month, so quite why it's still listed as Under Offer I dont know, but literally 80% of the properties on Rightmove with this agent are Under Offer.

[sancho panza]

intersting post from @DoINeedOne in tut maint thread.cahrlei stig chat.interesting background listening

https://youtu.be/npzcPIvdxbg

Ive nicked a still or two.stig makes the point that approvals are on their arse but there's 5mn more people than 2011 and 10mn more than 1993

great long term chart

Edited March 4 by sancho panza

[Kendo]

The BSA coming out with a load of BS ahead of the budget, saying mortgage reforms have tilted too far in favour of financial stability to the cost of lending to first-time buyers (or sub-prime as it suspiciously sounds in the article): https://www.theguardian.com/business/2024/mar/05/mortgage-reforms-have-excluded-first-time-buyers-say-uk-building-societies

[wherebee]

10 hours ago, spunko said:

I did ring them, they said they exchanged contracts last month, so quite why it's still listed as Under Offer I dont know, but literally 80% of the properties on Rightmove with this agent are Under Offer.

I'd still drop a letter through the letterbox if you really like it.

I bought one place when I was in the UK after knocking on the front door and ending up having a cup of tea with the sellers; the estate agent was really pissed as I think he had it earmarked for a mate,...

[spygirl]

Bit from ToS

Mortgage lending to home-movers slumps to lowest level since 1974, says UK Finance

Mortgage lenders handed out 251,000 loans to home-movers, which is a drop of 26% compared to 2022

https://www.mirror.co.uk/money/mortgage-lending-home-movers-slumps-32276412

74 is roughly when mass mortgages started.

So ... 50y and the UK housing market ahs blown itself up.

Aint a market is no transaction.

 

Home moves fall to record low in first half of 2023: Halifax

In the first half of the year 121,712 first-time mortgages were completed, around a third fewer than the previous year.

https://www.financialreporter.co.uk/home-moves-fall-to-record-low-in-first-half-of-2023-halifax.html

 

Number of home movers drops by 35% in 2022 but market remains buoyant: Halifax

The number of home movers last year was largely fuelled by the stamp duty holiday, which supported the housing market during the pandemic and led to a 133% increase in home movers between 2020 and 2021.

https://www.propertyreporter.co.uk/property/number-of-home-movers-drops-by-35-in-2022-but-market-remains-buoyant-halifax.html

[Plan-b]

4 hours ago, wherebee said:

I'd still drop a letter through the letterbox if you really like it.

I bought one place when I was in the UK after knocking on the front door and ending up having a cup of tea with the sellers; the estate agent was really pissed as I think he had it earmarked for a mate,...

Yep a mate and a big back-hander

[spygirl]

So ... FTB have been longed priced out of the property market.

And ow existing home owner's are.

Wonderful thing, ZIRP n QE.

 

 

 

[Wight Flight]

On 04/03/2024 at 19:44, Wight Flight said:

Who knows?

This is in the same area. Would never have been that cheap last year.

https://www.rightmove.co.uk/properties/145403864?

Interestingly there has today been a post on the local page from someone that has found their 'forever home' in the area, and was asking advice.

51 out of 52 replies told them to walk away and buy elsewhere.

 

[JoeDavola]

Mentioned to Dad today that I’m viewing a house tomorrow - first one I’ve viewed in a year IIRC - he can’t make the viewing as he already had another appointment to go to but I’m once again struck by the close to zero interest from him in terms of offering an opinion or advice beyond a generic “well if there’s any issues you’ll find out in the survey”.

My parents search for accommodation is the main topic of conversation and has been for literally the last three years and counting, and your expected to engage with them on that yet when it comes to me finding somewhere zero fucks given.

No more than 30 seconds  after he’d loaded the house in question up on his phone and grunted a couple of comments he all of a sudden becomes all animated and goes “look at the fucking state of that brick work!” …. Great I think he’s spotted something I didn’t…he then shows me a photo of sone other fucking house…he’s so disinterested he’s started scrolling through other houses, ones he has no interest in buying, to critique their brickwork rather than actually talk to me about the one I’m viewing.

Guess I should know to expect it at this point but it’s terribly rude.

[Wight Flight]

1 minute ago, JoeDavola said:

Mentioned to Dad today that I’m viewing a house tomorrow - first one I’ve viewed in a year IIRC - he can’t make the viewing as he already had another appointment to go to but I’m once again struck by the close to zero interest from him in terms of offering an opinion or advice beyond a generic “well if there’s any issues you’ll find out in the survey”.

My parents search for accommodation is the main topic of conversation and has been for literally the last three years and counting, and your expected to engage with them on that yet when it comes to me finding somewhere zero fucks given.

No more than 30 seconds  after he’d loaded the house in question up on his phone and grunted a couple of comments he all of a sudden becomes all animated and goes “look at the fucking state of that brick work!” …. Great I think he’s spotted something I didn’t…he then shows me a photo of sone other fucking house…he’s so disinterested he’s started scrolling through other houses, ones he has no interest in buying, to critique their brickwork rather than actually talk to me about the one I’m viewing.

Guess I should know to expect it at this point but it’s terribly rude.

Just so you know in America you can legally 'divorce' from your parents.

[JoeDavola]

12 minutes ago, Wight Flight said:

Just so you know in America you can legally 'divorce' from your parents.

We had a mostly enjoyable weekend together last weekend.

However the complete lack of interest in talking about anything but his own life is so obvious. This is someone who was in joinery/building for 50 years, with an obsessive eye for detail on any house he’s thinking of buying, and all he can say when asked for his views on a certain type of house and some guidance on what I should look out for is “get a survey”.

Theres something really weird going on with the housing thing. Mum made a passing comment recently about Dad having no interest in my housing situation so she knows it too but doesn’t care to explain it.

Id much rather he said he doesn’t like a particular house rather than just saying nothing or being visibly annoyed at being asked about anything but himself.

I think the only way I’d get any support would be if he happened to see a house that he liked and thought I should buy and I bought that house. He has reccomended one house to me in the last year or so and it was a pokey depressing place he’d not be seen dead in.

Edited March 5 by JoeDavola

[Wight Flight]

2 minutes ago, JoeDavola said:

We had a mostly enjoyable weekend together last weekend.

However the complete lack of interest in talking about anything but his own life is so obvious. This is someone who was in joinery/building for 50 years, with an obsessive eye for detail on any house he’s thinking of buying, and all he can say when asked for his views on a certain type of house and some guidance on what I should look out for is “get a survey”.

Theres something really weird going on with the housing thing. Mum made a passing comment recently about Dad having no interest in my housing situation so she knows it too but doesn’t care to explain it.

Id much rather he said he doesn’t like a particular house rather than just saying nothing or being visibly annoyed at being asked about anything but himself.

I think the only way I’d get any support would be if he happened to see a house that he liked and thought I should buy and I bought that house. He has reccomended one house to me in the last year or so and it was a pokey depressing place he’d not be seen dead in.

At some point in life you realise you need to stop seeking the approval of your parents if it is never likely to happen.

luckily for me I realised that 30 years ago.

[Bobthebuilder]

3 minutes ago, Wight Flight said:

At some point in life you realise you need to stop seeking the approval of your parents if it is never likely to happen.

luckily for me I realised that 30 years ago.

I never asked my dad his opinion on the house I bought, but he gave me the money to fit a new kitchen.

We all have to make our own decisions,

[JoeDavola]

2 minutes ago, Wight Flight said:

At some point in life you realise you need to stop seeking the approval of your parents if it is never likely to happen.

luckily for me I realised that 30 years ago.

I know. I’m just asking for the same treatment my brother got when he was looking for a house (minus the help renovating it that he got) but it’s not happening.

My brother very sternly advised me over the weekend not to mention my house viewing to them as they had two house viewings themselves this week and were under pressure from their buyer so “had enough on their plate” and didn’t need the extra stress.

Am I alone in thinking that’s a bit mental? I’m just asking for an opinion.

[Bobthebuilder]

6 minutes ago, JoeDavola said:

Am I alone in thinking that’s a bit mental? I’m just asking for an opinion.

Don't take offence, but you come across as a drama queen sometimes. Just get on with it man.

[roundhouse]

On 04/03/2024 at 20:20, spunko said:

It turns out that, as someone said earlier, the EA just leaves them on Rightmove as 'Under Offer' even though they're long sold, presumably to drum up interest.

I've reported the agent to Rightmove as it's shitty behaviour.

There is a 2021 SSTC still in my search area, one month's nothing! Though this is agri land rather than house or dev land. Ridiculous agents! 

Viewing houses in the first covid Xmas-time, when agents were perhaps more prone to open up *honestly* about the market, one agent started saying it's so mental they're holding back LR listings. WTF thought I, agents not conveyancers do the registering? So they list the over-priced on time and hold back those at/lower than listed price, long enough to affect LR HPI figures?

For those that don't tune into Charlie (Moving Home With), he's started a true home price register with the aim to list sale prices on day of exchange. Really hope it takes off.

 

 

[Bear Hug]

6 hours ago, JoeDavola said:

I know. I’m just asking for the same treatment my brother got when he was looking for a house (minus the help renovating it that he got) but it’s not happening.

My brother very sternly advised me over the weekend not to mention my house viewing to them as they had two house viewings themselves this week and were under pressure from their buyer so “had enough on their plate” and didn’t need the extra stress.

Am I alone in thinking that’s a bit mental? I’m just asking for an opinion.

Have you been adopted? Do you look like your father? 

Seems like a lot of drama. I'd avoid contact with the parents completely, unless you expect an inheritance, and think that contact helps it. 

[spunko]

My mum bought a house next to a disused quarry, I told her not to buy it as it could easily be reopened, she didn't listen. The nice man at the solicitors told her it won't ever reopen and he knew best. 15 years later they're reopening the quarry....

I asked my mum for an opinion on my current house, she told me not to buy it, so I did. 

Edited March 6 by spunko

[belfastchild]

9 hours ago, JoeDavola said:

I’m just asking for an opinion.

Want me to come round with you and pretend to be your dad? I could sit with a sullen face on me and point out the shitty bits of the house to the seller?

I had my dad with me when I viewed this house, he knew nothing about houses or finance (lived in a council house at the time) but turns out he knew the sellers family so chatted to him for a half hour talking shite whilst I went round and poked in cupboards and in the loft and places. I told the seller I was going to put in an offer higher than they were asking first thing but it would be my only offer and time limited and he said he would accept the offer as he knew we were decent people.

Thats the sort of memory you want from buying anything, not some fucking begrudger. I dont mean that in a nasty way, its just it seems the whole thing about your parents and houses is a no go topic so leave it behind and get a friend or a work colleague to go with you. Go see it and if you want to bring him round later, arrange a second viewing after you have put an offer in.

[JoeDavola]

1 hour ago, belfastchild said:

Want me to come round with you and pretend to be your dad? I could sit with a sullen face on me and point out the shitty bits of the house to the seller?

I had my dad with me when I viewed this house, he knew nothing about houses or finance (lived in a council house at the time) but turns out he knew the sellers family so chatted to him for a half hour talking shite whilst I went round and poked in cupboards and in the loft and places. I told the seller I was going to put in an offer higher than they were asking first thing but it would be my only offer and time limited and he said he would accept the offer as he knew we were decent people.

Thats the sort of memory you want from buying anything, not some fucking begrudger. 

Yes I’m probably better going alone for the first viewing and then getting him round for a second if a put an offer in.

And @Bobthebuilder is also right on me whinging too much; habit of a lifetime

 

[sancho panza]

this place has finally got let accoridng to the sign.been watching it for some time.nice pad.prob @£1400 I suspect.

shows how long its taking to shfit

at least 4 months empty

[sancho panza]

https://www.telegraph.co.uk/business/2024/03/06/builder-layoffs-hit-highest-level-since-lockdown/

Builder layoffs hit highest level since lockdown in protracted housing downturn

Construction companies are laying off builders at the fastest rate since lockdown amid a protracted housing downturn.

Companies shed more jobs in February than at any point since November 2020 as builders scrambled to cut costs, according to the S&P Global UK Construction purchasing managers index (PMI).

Staffing numbers fell for the second month in a row, with companies blaming low levels of new work and high wage bills.