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

[Axeman123]

99% mortgages dumped.

https://uk.finance.yahoo.com/news/plans-99pc-mortgages-scrapped-backlash-184155299.html

Quote

...

Treasury insiders said the Chancellor had abandoned the taxpayer-backed scheme ahead of the Budget next week following a backlash from lenders that warned that the plans risked a surge in defaults among borrowers.

Banks have warned they would be forced to charge higher interest rates on 99pc loans because they would be putting up more cash to support the loan, while borrowers would likely be higher risk.

 

Under the plans, first-time buyers would have been able to purchase a home with a deposit of less than £2,000, with a portion of their mortgage loan underwritten by the Government...

Entirely predictable reasons.

[One percent]

32 minutes ago, belfastchild said:

Its why your next viewing has 20 booked. Mostly fucking time wasters going to see their forever home.
I wish they would stop showing me 400-500k houses with no fucking garage or worse, room to park 2 cars. What fucking use is that to me?

Nah, they are all over here. 
“Ah, we luv are Whitby.  It’s are special place”.  Said in a wessie accent.  

[belfastchild]

Just now, One percent said:

Nah, they are all over here. 
“Ah, we luv are Whitby.  It’s are special place”.  Said in a wessie accent.  

I was in Whitby about 25 years ago, had some great fish and chips in a wee chippie down near the harbour? Gonna have to go back now as it was a bit of a shithole then and all your comments make me think I must go and see it again!

[One percent]

6 minutes ago, belfastchild said:

I was in Whitby about 25 years ago, had some great fish and chips in a wee chippie down near the harbour? Gonna have to go back now as it was a bit of a shithole then and all your comments make me think I must go and see it again!

It’s even worse.  Ive just sent my second missive to the council in as many weeks regarding the human excrement in town.  

[belfastchild]

2 minutes ago, One percent said:

It’s even worse.  Ive just sent my second missive to the council in as many weeks regarding the human excrement in town.  

Youve made me go and look it up now, family used to live near Stamford Bridge. That was easy to remember!

[One percent]

2 minutes ago, belfastchild said:

Youve made me go and look it up now, family used to live near Stamford Bridge. That was easy to remember!

Yawk. Or very near.   Big battle there too, repelling some Scandinavians.  

[Plan-b]

1 hour ago, Axeman123 said:

99% mortgages dumped.

https://uk.finance.yahoo.com/news/plans-99pc-mortgages-scrapped-backlash-184155299.html

Entirely predictable reasons.

Finally some common sense from the UK Government and Banks regarding housing.

[leonardratso]

1 hour ago, One percent said:

It’s even worse.  Ive just sent my second missive to the council in as many weeks regarding the human excrement in town.  

Thats no way to describe your fellow whitbyers, they might be alcoholic junkies, but they definately are not human.

[Democorruptcy]

2 hours ago, Axeman123 said:

99% mortgages dumped.

https://uk.finance.yahoo.com/news/plans-99pc-mortgages-scrapped-backlash-184155299.html

Entirely predictable reasons.

That might dash the hopes of some vendors, would be nice to see price cuts in response. Also sales falling through as buyers thinking another prop was coming, now have second thoughts.

[Bobthebuilder]

@Bus Stop Boxer

I think I have found my flat, get rid of the posh furniture and stick in some marshalls amps and a drum kit and it is perfect. Garden runs right down to the Stour.

2 bedroom flat for sale in East Street, Blandford Forum, DT11 (rightmove.co.uk)

 

[Bus Stop Boxer]

17 minutes ago, Bobthebuilder said:

@Bus Stop Boxer

I think I have found my flat, get rid of the posh furniture and stick in some marshalls amps and a drum kit and it is perfect. Garden runs right down to the Stour.

2 bedroom flat for sale in East Street, Blandford Forum, DT11 (rightmove.co.uk)

 

Nicely done. Thats near the old Key Markets/ Prezzzo innit? Can get near the river from the car park at the back too.

Did you see the Railway houses have been reduced again?

The cheaper one has the bigger cellar and starting to look interesting at £355k.

[Bobthebuilder]

20 minutes ago, Bus Stop Boxer said:

Nicely done. Thats near the old Key Markets/ Prezzzo innit? Can get near the river from the car park at the back too.

Did you see the Railway houses have been reduced again?

The cheaper one has the bigger cellar and starting to look interesting at £355k.

Yep saw the railway hotel ones reduced, no interest or interest rates to high for the town.

I used to work in Key Market in the butchery section in 1988 as I planned world domination on my punk rock electric guitar.

The Members - The Sound Of The Suburbs (youtube.com)

 

Edited February 29 by Bobthebuilder

[spygirl]

Its comedy section of R4 Bizzyness news ....

No web article yet.

Housing market is recovering. Apparently.

RightMOves revenue is up. Err, they charge EA to advertise. They dont get a commission per sale.

And Nationwide are reporting an increase over the last year.

You mean theyve bodged their seasonal adjustments figures FFS.

HP fell last year. In the main, they fell a lot.

 

[spygirl]

NW blurb from FT

UK house prices rise more than predicted and post first annual gain in over a year

UK house prices rose more than expected in February, posting their first annual increase in more than a year according to the lender Nationwide, adding to evidence of a market recovery as mortgage rates eased.

The average house price was 1.2 per cent higher than in February last year, after a 0.2 per cent contraction in January, marking the first annual expansion since January 2023. 

Prices rose 0.7 per cent from January, taking the average price to £260,420.

Prices rose more than predicted by economists polled by Reuters, who forecast 0.3 per cent monthly and 0.7 per cent annual increases.

On Thursday, the Bank of England said mortgage approvals rose more than expected in January as mortgage rates eased. 

[spygirl]

Are those figure seasonally adjusted?

Ill let you know a secret - they are.

 

 

[sancho panza]

13 hours ago, spygirl said:

Again, Im notici g a massive slow down in To Lets -> Let.

The rental market is stuck.

As Ive said on BTL thread, the rental market is far far more flexible n dynamic than house sales.

Faced with higher rents the younger/poorer people either go into house shares, or fuck off somewhere cheaper.

At the syb 4% yield that idiot BTL have been buying, a 2 week void will wipe out a years 'profit'

Near me theres a rental thats been To Let and empty since November.

Round the corner theres an rental which went up for sale, and the family moved up (kids was in mrs spys class). That went Sold quickly.

However its back to For Sale.

 

 

 

 

lots of reductions in my search area.this one really sums it up.Ive psoted before.jsut been sat there for 4 months.and this is a nice hosue.lovely rental for the area, reasonable price.likely means the likely final bid is circa £1300pcm for what is a really nicely done up pad.Possibly less.

 

then there are others who jsut dont seem to have any grasp on the local market

[spygirl]

4 minutes ago, sancho panza said:

lots of reductions in my search area.this one really sums it up.Ive psoted before.jsut been sat there for 4 months.and this is a nice hosue.lovely rental for the area, reasonable price.likely means the likely final bid is circa £1300pcm for what is a really nicely done up pad.Possibly less.

 

then there are others who jsut dont seem to have any grasp on the local market

The bets way to frame it - 

The lower ZIRP n othe fuckwittery during peak Coof caused a mini in certain areas.

The boom was mainly down to a flood of money and idiots chasing a tiny number of houses.

That is over.

The rental panic/boom was nothing more than the eviction ban ending ~2y after Coof.

Unlike the OO sat in a 600k in Cornwall 2BR , commuting into London, a renter whos rushed and overpaid can just jack it in after 6 months.

 

 

[Plan-b]

1 hour ago, spygirl said:

NW blurb from FT

UK house prices rise more than predicted and post first annual gain in over a year

UK house prices rose more than expected in February, posting their first annual increase in more than a year according to the lender Nationwide, adding to evidence of a market recovery as mortgage rates eased.

The average house price was 1.2 per cent higher than in February last year, after a 0.2 per cent contraction in January, marking the first annual expansion since January 2023. 

Prices rose 0.7 per cent from January, taking the average price to £260,420.

Prices rose more than predicted by economists polled by Reuters, who forecast 0.3 per cent monthly and 0.7 per cent annual increases.

On Thursday, the Bank of England said mortgage approvals rose more than expected in January as mortgage rates eased. 

Get the the last of the suckers into GBP denominated assets before the BoE pulls the plug. In this case property - the plebs favourite 'Investment'.

The Pound is going down the shitter at some point and as many pounds as possible need to be trapped in assets that are difficult to get out of quickly, property fits the bill perfectly.

[sancho panza]

first time in 100 years.looks lovely.

 

[Chewing Grass]

6 hours ago, Plan-b said:

The Pound is going down the shitter at some point and as many pounds as possible need to be trapped in assets that are difficult to get out of quickly, property fits the bill perfectly.

We are trying to shift a house at the moment (deceased relative), cant see how the Nationwide can see an increase when little is moving and asking prices are being cut, continually.

When we listed we had viewings for about 10 days then nothing once the golden 2 week period was over, if it isn't 'sorted' and isn't cheap then it ain't going to sell.

I will add that a lot of youngsters are trapped in cheap fixes until they end, when they do end they are then so skint they can't move up to a more suitable house.

 

[sancho panza]

4 minutes ago, Chewing Grass said:

We are trying to shift a house at the moment (deceased relative), cant see how the Nationwide can see an increase when little is moving and asking prices are being cut, continually.

When we listed we had viewings for about 10 days then nothing once the golden 2 week period was over, if it isn't 'sorted' and isn't cheap then it ain't going to sell.

I will add that a lot of youngsters are trapped in cheap fixes until they end, when they do end they are then so skint they can't move up to a more suitable house.

 

its based on their mrotgage approvals which skews the sample,much like Halifaxx

[Mandalorian]

37 minutes ago, sancho panza said:

first time in 100 years.looks lovely.

 

Government will buy it and stick the New Britons in it.

[spygirl]

2 hours ago, sancho panza said:

first time in 100 years.looks lovely.

 

It's near Ipswich....

[AlfredTheLittle]

2 hours ago, sancho panza said:

first time in 100 years.looks lovely.

 

I could get this with one of those 99% mortgages

[Plan-b]

40 minutes ago, AlfredTheLittle said:

I could get this with one of those 99% mortgages

I'm afraid they've shelved that bright idea - for now.