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

[JoeDavola]

1 hour ago, Bobthebuilder said:

Agree.

I was going to comment on @JoeDavola post about unfinished renovations sitting on the market. If they offered good value and a potential re sale profit an estate agent or builder would be buying them off market. The fact that is not happening speaks volumes.

Yes, the days of flipping are over.

The renovation jobs stuck out to me because they were in an area where two years ago I had to listen to some twat at a dinner I was at brag about his 'genius' mate who was buying houses there and renovating them into HMO's.

He was expecting everyone to be really impressed and I told him his mate was a bottom feeder slumlord cunt

[nirvana]

1 hour ago, onlyme said:

Auctions may have changed over the years and how representative the above is, for years they have been swarming with investors and BTL, may only really be measuring that market now. There is only a small subset of the public that would consider the auction and likley even those will have been put off by the experience.

indeed and a lot of the 'cheapy houses' will have some sitting tenants.........how easy to evict a lot of the gypos, god knows...

soz I'm laffing to myself, I grew up in a council house but even we called the scummers in the north-east, gypos.....I think they did used to be 'salt of the earth' but to be fair I think we've now got a nation of drongo gypos due to the horrendous diets....direct result of free money, NHS shitheads, bla bla

aye, anyways, bring on the spring and the beautiful plants

Edited February 15 by nirvana

[Bobthebuilder]

7 minutes ago, JoeDavola said:

the days of flipping are over.

Flipping is never over, if you know the right things to buy and how to do the building works. For example, end of terrace side, rear and up extensions, another, chalet style, raise the walls and put a lower pitch roof on, cheaper than a extension and you will create an extra bedroom.

 

[nirvana]

1 minute ago, Bobthebuilder said:

Flipping is never over, if you know the right things to buy and how to do the building works. For example, end of terrace side, rear and up extensions, another, chalet style, raise the walls and put a lower pitch roof on, cheaper than a extension and you will create an extra bedroom.

 

v.good point Bob, it's like investing, don't worry about 'missing the bus'.......there's always another bus coming along.........at some time.......you might have to wait a while mind you......like decades for a house lol......

BUT fuk man, go do something else with the life......just don't let this shit like FOMO, greed, procrastination control your life.....

peace out bruvs......christ, can't wait to get my jars out and talk to the stars and the birds again

saw some beauty Jackdaws earlier

[onlyme]

11 minutes ago, Bobthebuilder said:

Flipping is never over, if you know the right things to buy and how to do the building works. For example, end of terrace side, rear and up extensions, another, chalet style, raise the walls and put a lower pitch roof on, cheaper than a extension and you will create an extra bedroom.

 

Time to complete and extent of works becomes more important in a falling market, a quick flip the market may not have shifted much against you, a big old total refurb and extensive repairs the margin may be in it when you first purchase but gone in 1 or 2 years and all for nothing.

[Bobthebuilder]

3 minutes ago, nirvana said:

peace out bruvs......christ, can't wait to get my jars out and talk to the stars and the birds again

I have been buying pottery recently, you know stuff made by independent hippies from the 1960s, form, function all that jazz. If you want to blow your mind look up how clay is formed over billions of years, and once fired it is almost impossible to destroy, as it is fired at 2000c and would survive a house fire.

Pass the fat one Nirv.

 

[nirvana]

2 minutes ago, Bobthebuilder said:

I have been buying pottery recently, you know stuff made by independent hippies from the 1960s, form, function all that jazz. If you want to blow your mind look up how clay is formed over billions of years, and once fired it is almost impossible to destroy, as it is fired at 2000c and would survive a house fire.

Pass the fat one Nirv.

 

Amen me old mucker! i got lots o clay dans me jardin lol.......the wide boy over the road has some diggers and I sorta don't wanna kill a largish tree but I want some bushes and flowery stuff cos

a) my name is Marvin and i wanna hide

b) it's easier to look after as I get older

c) the puffs next door gimme a strange look when I call em all cunts and just today I heard they can send me to jail now for speaking the truth.........fukkin state of it all eh?

enjoy the bud, bud

[tank]

9 hours ago, JoeDavola said:

If it pissed people off for me to say something other than "prices are crashing" on this topic then I'll stop but that must mean we need a second topic to discuss the actual market rather than cherry picked examples of areas/houses that have dropped in price in a big way.

Keep telling it as you see it.

I don't see any real falls in prices where I am either. I agree that it's a pretty stagnant market propped up by boomer cash in the best areas.

As long as you don't fall into terminal online inceldom and start posting pictures of cartoon fucking frogs, you should be right. 😀😀

Edited February 15 by tank

[nirvana]

10 minutes ago, tank said:

you should be right.

u from yorkshire? it's reet man, reet.........and leave the frogs alone, they're funny

[onlyme]

Oops, weren't there recent reports of London somewhat outperforming after sliding last year and longer?

 

 

[HousePriceMania]

 

 

[onlyme]

18 hours ago, Bobthebuilder said:

I have been buying pottery recently, you know stuff made by independent hippies from the 1960s, form, function all that jazz. If you want to blow your mind look up how clay is formed over billions of years, and once fired it is almost impossible to destroy, as it is fired at 2000c and would survive a house fire.

Pass the fat one Nirv.

 

Got bored in evenings when I first started work, so decided to do some evening courses over a few year, welding, sailing and pottery. I think I must have been eyeing retirement right from the start.

[Bobthebuilder]

14 minutes ago, onlyme said:

Got bored in evenings when I first started work, so decided to do some evening courses over a few year, welding, sailing and pottery. I think I must have been eyeing retirement right from the start.

My mate grew up in the same village as the potter in the film, he said you used to see him walking around, and he was always covered in shit.

[Calcutta]

I don't read this too often so I've got many posts to quote, sorry.

My best mate is buried in Blandford, that drive across the hills is probably the darkest journey I ever have to take. Always seems to be grey, drizzle, stuck behind a fucking tractor. I don't do it too often, once when the kids were tiny I was meant to but coming back from B'mouth as the sun was setting I just told the kids to wave across the hills and tell him we'll see him another time, took a right towards the A31 and got back to civilisation. Sometimes I buy a bottle of Badger ale and raise that for the boy. Is about as close as I get to Blandford for years at a time.

Salisbury is a shithole. The bit for tourists might look quite civilised but the Friary estate and Bemerton Heath have always been vile places. The locals might be white but they're a different breed than the rest of us. One night after a race we ended up in a house in Salisbury. The woman in charge was a tiny, crossed legged on the sofa rat faced hippy looking woman. Either side of her were two massive bald guys. As we went up to the house they had a 'spotter' on the corner telling them we were coming.

There were a couple of aluminum bats behind the sofa and a fucking army assault rifle (SA80?) Just lying on the fucking carpet in front of them. I nearly sat on the cunting thing trying to look relaxed. 

I had other bits to say....I've forgotten. Memory lane is a dark dark road to go down....

[onlyme]

14 minutes ago, Bobthebuilder said:

My mate grew up in the same village as the potter in the film, he said you used to see him walking around, and he was always covered in shit.

What was he throwing on his wheel?

[Bobthebuilder]

@Calcutta depending on your age I might have known yer mate.

My parents ashes are scattered around the Blandford area. When I travel down from London and go for walks with my remaining old mates it is always a bit melancholy, because we realise that we are next in line. It really is like last of the summer wine,

Edited February 16 by Bobthebuilder

[dnb24]

USA Portland CRE going down the swanny.

[Sasquatch]

Youngest is trying to buy her first house.

Offered on a doer upper ex BTL house which needed quite a bit of work. After some haggling, she agreed a price at 10% under. However, it was a back to back terrace with no garden and, after she came home for the weekend and had the 'chat' with us, she withdrew her offer....

Since viewed another back to back terrace, albeit an end terrace with tiny garden, she offered over the asking price on that one  ......but still missed out to someone who presumably offered even more. This second house was in nice condition and presented well. However, it had been bought by the current owner in 2021 for circa £150,000 and it looks like they may have achieved more than £210,000. Therefore a 40% rise in 3 years when all they appear to have done is redecorate, paint the kitchen cupboard doors, install a wood burner and put in some new carpets. Absolutely fucking mental.

We are desperate for both our children to get out of the big city and into a small local community closer to us. Cheaper better housing, closer knit communities, fresher air, etc etc. Doesn't look likely though and I fear they will be buying in the wrong place at the top of the market.

[JoeDavola]

Folks viewed antoher bungalow this week as I mentioned.

110 square meters so not huge. Went on at £310K and was bid up to £340K, with the top bidder being a cash buyer.

Thats 3 houses in a row they've been outbid by cash buyers at about £340K.

[JoeDavola]

Oh and they're going to view another house this weekend - IMO it's gotten to the point they're overpaying i.e. they're basically going to spend £70K of their savings to downsize to a smaller house just because it's detached and their current house isn't.

But I've always been wrong about the housing market so I'm probably wrong now. If it wasn't for the £70K council redundancy money they'd not be able to afford to move even with their £100K HPI gains in the last decade.

[Covid19 and life to go]

On 15/02/2024 at 10:53, HousePriceMania said:

 I dont live in Belfast, I have nothing to cope with and deny, prices round here are falling and I personally know 2 couples who can't sell their house and have had zero viewings in 6+ months.

"I’m hearing from plenty of people trying to modest family homes and prices are not dropping." 

How are you hearing this ?  Are you going around asking people ? Is in through your job ?

You've been ranting on here for months and months about prices going up, so much so people start thinking you a re a troll ( there words not mine ) then I post a good news story from the BBC and you have a dig at me.

I don't think you are a troll by the way bit I am starting to think you're sounding a bit lost, possible you have mental health issues.  Go and buy a house and put yourself out of this misery, prices will clearly just keep going up one way our another.  You can't lose on northern Ireland property.

P.S. with all due respect.

I do wonder sometimes if subconsciously Joe has a possible inheritance in mind and this distorts his wishes for the direction of the market.

His parents after all would likely have a half a million quid asset.  I believe Joe has one sibling?

@JoeDavola

[leonardratso]

22 minutes ago, JoeDavola said:

Oh and they're going to view another house this weekend - IMO it's gotten to the point they're overpaying i.e. they're basically going to spend £70K of their savings to downsize to a smaller house just because it's detached and their current house isn't.

But I've always been wrong about the housing market so I'm probably wrong now. If it wasn't for the £70K council redundancy money they'd not be able to afford to move even with their £100K HPI gains in the last decade.

see that could be you if youd just give up your avocado on toast and starbux shit ina cup

[JoeDavola]

3 minutes ago, Covid19 and life to go said:

I do wonder sometimes if subconsciously Joe has a possible inheritance in mind and this distorts his wishes for the direction of the market.

His parents after all would likely have a half a million quid asset.  I believe Joe has one sibling?

@JoeDavola

Not half a mill. Somewhere between £350K and £400K.

I'm not thinking about inheritence at all, I could very be very old or very dead before any of that becomes available.

Edited February 16 by JoeDavola

[Frank Hovis]

25 minutes ago, JoeDavola said:

even with their £100K HPI gains in the last decade

 

They're not real gains though are they, unless they intend to buy and live on a boat and so can now buy a bigger one.

My house is up 70% in ten years.  Every house I would consider buying is also up 70%.

I haven't actually gained anything.

When I moved in my neighbour bragged several times about having bought his house for about £8k (they had lived there since the house was built, 72 / 73), after hearing this one time too many I said to let me know when he wants to sell as I will buy his as well.

Tbf we did generally get on fairly well, though he subsequently referred to me as "that rich bastard".

[JoeDavola]

3 minutes ago, Frank Hovis said:

They're not real gains though are they, unless they intend to buy and live on a boat and so can now buy a bigger one.

My house is up 70% in ten years.  Every house I would consider buying is also up 70%.

I haven't actually gained anything.

When I moved in my neighbour bragged several times about having bought his house for about £8k (they had lived there since the house was built, 72 / 73), after hearing this one time too many I said to let me know when he wants to sell as I will buy his as well.

Tbf we did generally get on fairly well, though he subsequently referred to me as "that rich bastard".

I mean gains as in buying power in the market.

At least they're bidding on 'ok' older houses rather than these newbuild monstrosities that have you stepping out onto the pavement.