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

[Bobthebuilder]

13 minutes ago, With a crooked smile said:

asking prices and reductions in asking price are completely irrelevant. What did other houses historically sell for in the road. you need proper context 

House Prices in BH1 3EU (rightmove.co.uk)

Nothing recently to compare unfortunately.

 

Edited April 2 by Bobthebuilder

[spunko]

1 hour ago, With a crooked smile said:

asking prices and reductions in asking price are completely irrelevant. What did other houses historically sell for in the road. you need proper context 

Surely sentiment is key. If the vendor thinks their £1m house is worth £2m, it's up to an agent to convince them otherwise.  The fact they listed it at £2m suggests they're both as delusional as each other.

[With a crooked smile]

7 minutes ago, spunko said:

Surely sentiment is key. If the vendor thinks their £1m house is worth £2m, it's up to an agent to convince them otherwise.  The fact they listed it at £2m suggests they're both as delusional as each other.

I sold a house I bought in 2011 for 352k 9 years later for 640k. More than one estate agent told us to put it on a 600k. I orginally put it on at 695k and it didnt sell. Gradually reduced it and sold for 640k. The way I look at is is I did ok by 40k and had very little chance with the 95k. Bit you never know. Always worth a try imo. 

[spunko]

58 minutes ago, With a crooked smile said:

I sold a house I bought in 2011 for 352k 9 years later for 640k. More than one estate agent told us to put it on a 600k. I orginally put it on at 695k and it didnt sell. Gradually reduced it and sold for 640k. The way I look at is is I did ok by 40k and had very little chance with the 95k. Bit you never know. Always worth a try imo. 

Yes but if the agent valued it at £600k that would mean you would need to put it on at £1.2m?

If using the same ratios from the example above.

[Bobthebuilder]

1 hour ago, With a crooked smile said:

I sold a house I bought in 2011 for 352k 9 years later for 640k. More than one estate agent told us to put it on a 600k. I orginally put it on at 695k and it didnt sell. Gradually reduced it and sold for 640k. The way I look at is is I did ok by 40k and had very little chance with the 95k. Bit you never know. Always worth a try imo. 

Dorset prices did pretty much double in some areas between 2019 and 2022. These 50% falls in asking prices are quite common with some property in the area. As you said before asking prices are irrelevant and do not show up in the indices.

[Bus Stop Boxer]

5 hours ago, Bobthebuilder said:

Dorset prices did pretty much double in some areas between 2019 and 2022. These 50% falls in asking prices are quite common with some property in the area. As you said before asking prices are irrelevant and do not show up in the indices.

My house has been a fucking crap investment.

Luckily it wasnt an investment. But it has been shite all the same.

Did you see Philip Road has sold?

Im sure it began life with the first agent at £475k, sold at an offer on £400k.

[Bobthebuilder]

8 minutes ago, Bus Stop Boxer said:

My house has been a fucking crap investment.

Luckily it wasnt an investment. But it has been shite all the same.

Did you see Philip Road has sold?

Im sure it began life with the first agent at £475k, sold at an offer on £400k.

No I didn't see that, I have noticed a few places in the old town getting some bids recently, at higher prices than I was expecting.

 

If you are able to get to Bryanston club May bank holiday I am playing a gig.

[Loki]

On 31/03/2024 at 17:01, Frank Hovis said:

 

Yes, that.

A slight caveat in that I know estates which were going up timber framed in the early 80s so you need to ask that question before proceeding with a survey.

1984 - 5 here and it's absoutely fine.  Ideal Homes build.  No complaints from immediate neighbours either 

[spygirl]

Back to NW

Nationwide's Dominic West advert banned by watchdog

https://www.bbc.co.uk/news/business-68711510

[spunko]

47 minutes ago, spygirl said:

Back to NW

Nationwide's Dominic West advert banned by watchdog

https://www.bbc.co.uk/news/business-68711510

Damn, I thought they were going to finally clamp down on them calling themselves a 'building society'.

[HousePriceMania]

1 hour ago, spygirl said:

Back to NW

Nationwide's Dominic West advert banned by watchdog

https://www.bbc.co.uk/news/business-68711510

"A Nationwide advert featuring actor Dominic West that claimed the building society was not closing branches has been banned.

The Advertising Standards Authority (ASA) said in fact that Nationwide had been closing branches."

Lying cunts.

[Mandalorian]

2 hours ago, spygirl said:

Back to NW

Nationwide's Dominic West advert banned by watchdog

https://www.bbc.co.uk/news/business-68711510

Aren't these ASA "bans" actually a voluntary thing?

Bit like a D Notice.

 

EDIT;  They used to be voluntary but the broadcasters went along with ASA rulings.

It's the same now except that OfCOM enforces the ban if the broadcaster doesn't pull the ad.

Edited April 3 by Mandalorian

[Democorruptcy]

20 hours ago, Bobthebuilder said:

Dorset prices did pretty much double in some areas between 2019 and 2022. These 50% falls in asking prices are quite common with some property in the area. As you said before asking prices are irrelevant and do not show up in the indices.

The Rightmove House Price Index is based on asking prices.

[HousePriceMania]

Stolen from Tos.

 

 

I’m 87 and my mortgage means I’ll owe my bank £200k when I sell my home

https://inews.co.uk/inews-lifestyle/money/property-and-mortgages/mortgage-means-owe-bank-sell-home-2968116

  Quote

Brian Neville was 'desperate' when he took on a shared appreciation mortgage in the late 1990s. Now he regrets it. Brian Neville took out a mortgage for £20,000 in 1997, on a small bungalow in Poole, Dorset. Now, aged 87, he feels he cannot sell the property, believing if he did, he may owe his bank ten times this amount. Under the terms of Brian’s mortgage, if he sold his home, he would likely owe his lender, Bank of Scotland, around £200,000 – or ten times his initial mortgage size – from the sale. More than a quarter of a century later, he feels “trapped.”

The type of mortgage he took out was a shared appreciation mortgage (SAM), which was a type of equity release mortgage sold in the late 90s. Under this type of loan, the borrower releases equity in their home – in this case £20,000 – and gets a lower interest rate on the repayments. In return though, they owe the bank they borrowed from a share of the increase in their home’s value.

Brian bought the property for around £84,000 in 1997, after financial issues left him having to downsize. But he describes the process of getting the mortgage as “haphazard” and says he felt rushed into taking it by the advisor, who told him this type of mortgage would be removed from sale very soon. “Frankly I was desperate. I had absolutely nothing – no assets except the house – and so I believed this was my only choice,” he told i. He later found out that he would owe his lender, Bank of Scotland, 75 per cent of the profits on the property’s appreciation of value, which he said he had no idea about when he signed, as he thought it was 25 per cent. “I rang Bank of Scotland and was essentially told this is what I’d signed for – but at the time I just really needed the money”, he added.

If he were to sell the property now, he believes he would get around £350,000 from the sale, but under the terms of the mortgage, he would owe £200,000 of that money to his bank.

Expand  

[HousePriceMania]

9 minutes ago, Democorruptcy said:

The Rightmove House Price Index is based on INITIAL asking prices.

The whole housing market is based on asking prices.

 

Edited April 3 by HousePriceMania

[Bus Stop Boxer]

16 hours ago, Bobthebuilder said:

No I didn't see that, I have noticed a few places in the old town getting some bids recently, at higher prices than I was expecting.

 

If you are able to get to Bryanston club May bank holiday I am playing a gig.

Looks like a nice venue now. Not that i ever went there in days of yore.

As ever i am stuck with my responsibilities but will keep it in mind. Doesnt get any easier looking after a 90 yr old.

I see theres a Madness tribute band that i am aquainted with, playing the Teddy Rocks thing this year.

Nice bit of period Blandford there. Stiff Little Fingers GRA-FEE-TEE showing the towns punk sensibilities nicely. Jack did not approve. imagine what he would make of things now...Although i did see "PUNK IS SHIT" scribbled next to it.

Im going to stick some of the old OOTs on for the old man, think he would approve.

Theres quite a few "alternative thinker" talks getting put on round here at the moment. There's one coming up in Tisbury soon, i think. Getting quite a regular thing over there. Quite encouraging that the Middleofnowehreshire is cottoning on.

I've seen a few places shifting, but tis still a trickle really. Today i'm seeing up to £600k ish bracket dropping in to the sub £500k bracket in my search area.

https://www.rightmove.co.uk/properties/141130970#/?channel=RES_BUY

Started life at £550 in Oct 23. All the fluff in prices, caused by Sunaks SD cut, is getting kicked out of the market.

Edited April 3 by Bus Stop Boxer

[Bobthebuilder]

29 minutes ago, Bus Stop Boxer said:

Nice bit of period Blandford there. Stiff Little Fingers GRA-FEE-TEE showing the towns punk sensibilities nicely. Jack did not approve. imagine what he would make of things now...Although i did see "PUNK IS SHIT" scribbled next to it.

I didn't do any of that graffiti, but without a doubt it was a few of my mates.

Nice looking place, I was near there the other week had a look at Fovant badges, then drove on past Win green, Compton Abbas airfield, then to the town on the high road, lovely area.

Had to stop at one point to let a big flock of sheep cross guided by sheep dogs, have not seen that in a while.

Edited April 3 by Bobthebuilder

[spunko]

2 hours ago, Bus Stop Boxer said:

.Although i did see "PUNK IS SHIT" scribbled next to it.

Blimey, I thought i was the only one.

[Ash4781b]

10 hours ago, spygirl said:

Back to NW

Nationwide's Dominic West advert banned by watchdog

https://www.bbc.co.uk/news/business-68711510

Pretty sure Nationwide knew advert would get banned.  The problem is if the UK bank heads had a call how pissed off are they. I suppose it’s the ones who do big mortgage business. Long term banking is all software right but they retain the monopoly on money creation. Nationwide has a seat at the table now but if they have annoyed their rivals. Dangerous I think 

[JoeDavola]

Topic that's going somewhat viral on the NI Reddit about what lying bastards EA's are here making up fake bids:

 

Edited April 4 by JoeDavola

[roundhouse]

Family member selling/buying again in Midlands last year had first offer on theirs fall through. Still more viewings and then a while later another offer which they accepted, really liking the buyers and their attitude and were glad to pass their renovated house on to them. End of that day the agent called saying a previous viewer (months before) was now wishing to make an offer which they should know about. Just a few £K higher but they turned him down honouring their agreement and due to not liking his attitude when visiting - they felt he'd be a right hassle trying to sell to (landlord I think they said) so not worth losing the likely good sale. Pat on the head!! Timing of his offer suggests either the EAs were trying to make a false bidding war or they had a preying landlord buddy who swoops in like a vulture once offers are made. 

[belfastchild]

10 hours ago, JoeDavola said:

Topic that's going somewhat viral on the NI Reddit about what lying bastards EA's are here making up fake bids:

 

Had 2 houses to see today. One has 71 viewings lined up. Yes really.
Another isnt even going live on the website as they have 10 viewings and thats all the vendor wants to see.
Another one had a cash offer of 15% above asking to take it off the market before the viewings even started.
These are all for doer uppers.

One house this week has been on the market for around 4 months. 'Sale' fell through twice. Went sale agreed for 25% above asking price, but couple pulled out as they found a better house elsewhere. Went sale agreed for 20% above asking but buyer couldnt get the finance. Currently theres an 'offer' on the house at 10% above asking but they cant get a hold of the vendor to arrange a viewing (probably on holidays over easter). Im thinking of offering 10% below asking for cash and show him my bank statement. Fucking even considering the old cash in the briefcase trick! (or shiny gold coins!)

Theres a shedload of newbuilds going up around Ballyclare and other places but they are slow being built and being dripped onto the market so everything else here is being fought over.

 

[JoeDavola]

57 minutes ago, belfastchild said:

Had 2 houses to see today. One has 71 viewings lined up. Yes really.
Another isnt even going live on the website as they have 10 viewings and thats all the vendor wants to see.
Another one had a cash offer of 15% above asking to take it off the market before the viewings even started.
These are all for doer uppers.

One house this week has been on the market for around 4 months. 'Sale' fell through twice. Went sale agreed for 25% above asking price, but couple pulled out as they found a better house elsewhere. Went sale agreed for 20% above asking but buyer couldnt get the finance. Currently theres an 'offer' on the house at 10% above asking but they cant get a hold of the vendor to arrange a viewing (probably on holidays over easter). Im thinking of offering 10% below asking for cash and show him my bank statement. Fucking even considering the old cash in the briefcase trick! (or shiny gold coins!)

Theres a shedload of newbuilds going up around Ballyclare and other places but they are slow being built and being dripped onto the market so everything else here is being fought over.

 

I can well believe the 71 viewings figure my folks got a similar number in the one house that met their lofty standards in recent months - they didn’t even get as far as attending a viewing as there was 3 cash buyers all bidding each other on it so the vendor didn’t want to deal with anyone with a chain.

Whole market is more fucked than ever - for an economically unproductive country we sure seem to have plenty of money knocking about.

What price point are these fixer uppers at are we taking sub-200k?

This market is just gonna stumble on for years like this. No crash happening ever, just fuck all supply and as you say desperate folk fighting over what little is there.

One things for sure my parents can fucking dream on if they’re expecting sone show home in East Belfast to fall into their lap.

Their best bet by the sounds of it, and I’d never suggest they do this, is sell up and be ready to pounce as cash buyers.

Edited April 5 by JoeDavola

[JoeDavola]

Also @belfastchild how come one house has 10 viewings before going on the website - are EA’s reaching out directly to buyers on their books before making listings public?

[Royston]

35 minutes ago, JoeDavola said:

 for an economically unproductive country we sure seem to have plenty of money knocking about.

 

Absolutely this.

And not just when it comes to property.

I'm seeing no evidence at all of this supposed "cost of living crisis" when it comes to people's spending habits and lifestyles.