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

[Democorruptcy]

Pwoperdee 118 aren't happy about the budget, they hate the FHL change but their video spends more time moaning about  what wasn't in the budget. No 99% mortgage scheme etc

https://www.property118.com/what-the-spring-budget-means-for-property-investors/

[One percent]

3 minutes ago, Democorruptcy said:

Pwoperdee 118 aren't happy about the budget, they hate the FHL change but their video spends more time moaning about  what wasn't in the budget. No 99% mortgage scheme etc

https://www.property118.com/what-the-spring-budget-means-for-property-investors/

He says the mortgage relief has been rescinded from today. I thought it was April 2025?   If he can’t get that fundamental right, im not listening to the rest of his carp.  

[Democorruptcy]

3 minutes ago, One percent said:

He says the mortgage relief has been rescinded from today. I thought it was April 2025?   If he can’t get that fundamental right, im not listening to the rest of his carp.  

I knew it only applied from April 2025 but I thoroughly enjoyed him saying that. I imagined it struck some fear into my enemies.

[Wight Flight]

9 minutes ago, Democorruptcy said:

I knew it only applied from April 2025 but I thoroughly enjoyed him saying that. I imagined it struck some fear into my enemies.

Gives them 12 months to sell and take advantage of the lower CGT (while it lasts).

Most won't though. They will rely on lobbying the government to change its mind.

[JoeDavola]

House was fine, less thrilled about the feeling of the general area around it but I probably can’t afford to be fussy with that given the house is sub 200k.

Kitchen old looking to the point that even I think it needs a new kitchen which is saying something.

Apparently there’s an offer on the place already but he told me to ask the EA for details.

I feel bad for the fella; he’s going through a divorce which is forcing him to sell the place - looks like he was married for 20 years then a business went south and the wife’s had enough. Having to sell up and rent with half the proceedings at 50 years old is pretty brutal.

Will have a think over the next few days.

Edited March 6 by JoeDavola

[spunko]

37 minutes ago, Democorruptcy said:

Pwoperdee 118 aren't happy about the budget, they hate the FHL change but their video spends more time moaning about  what wasn't in the budget. No 99% mortgage scheme etc

https://www.property118.com/what-the-spring-budget-means-for-property-investors/

I'm loathe to give the Tories any credit but this was probably one of the least property ramping Budgets for a while. All of the lists of demands/wants from the property ramping industry were all completely ignored.

[spunko]

16 minutes ago, JoeDavola said:

House was fine, less thrilled about the feeling of the general area around it but I probably can’t afford to be fussy with that given the house is sub 200k.

Kitchen old looking to the point that even I think it needs a new kitchen which is saying something.

Apparently there’s an offer on the place already but he told me to ask the EA for details.

I feel bad for the fella; he’s going through a divorce which is forcing him to sell the place - looks like he was married for 20 years then a business went south and the wife’s had enough. Having to sell up and rent with half the proceedings at 50 years old is pretty brutal.

Will have a think over the next few days.

 That's refreshing to come across a divorcing couple who dont set the asking price based on them both being able to buy the same house again. I've come across loads of houses for sale with couples like that who don't want to accept that you need to basically halve your expectations for your new house compared to the current one.

[Democorruptcy]

11 minutes ago, spunko said:

I'm loathe to give the Tories any credit but this was probably one of the least property ramping Budgets for a while. All of the lists of demands/wants from the property ramping industry were all completely ignored.

Yes but reducing CGT from 28% to 24% spoiled it a bit for me. Coming from a chancellor who supposedly wants to get more people working, reducing a tax that was already below 40% income tax, is a step in the wrong direction. Speculate on property and pay less tax, instead of doing a proper business that creates more jobs. He maybe had an eye on selling his 7 BTL flats.

[JoeDavola]

EA phoned house is already at £11k over asking.

[apples]

12 hours ago, JoeDavola said:

House was fine, less thrilled about the feeling of the general area around it

Trust your gut. You can improve the house, you can't improve the area.

[spunko]

24 minutes ago, JoeDavola said:

EA phoned house is already at £11k over asking.

Weird how different it is here to there.

House I viewed last week where the EA told me they had an offer, which was abour 10% under the asking, is still on the market unsold and they keep ringing me seeing if I can beat the low offer.

I dont know about the bottom ends but in the medium and top ends the market has collapsed here pretty much unless you're willing to take 10-20% under asking.

[JoeDavola]

16 minutes ago, apples said:

Trust your gut. You can improve the house, you can't improve the area.

The area is no doubt safe and all that….it’s probably snobbery on my part and also having ideas above my station with regards to where I sit socioeconomically but passing this on your walk home from the train isn’t great. 

[Democorruptcy]

1 minute ago, spunko said:

Weird how different it is here to there.

House I viewed last week where the EA told me they had an offer, which was abour 10% under the asking, is still on the market unsold and they keep ringing me seeing if I can beat the low offer.

I dont know about the bottom ends but in the medium and top ends the market has collapsed here pretty much unless you're willing to take 10-20% under asking.

If an agent is telling you an offer is about 10% under asking, it might be -15% or 20%.

[wherebee]

10 minutes ago, JoeDavola said:

The area is no doubt safe and all that….it’s probably snobbery on my part and also having ideas above my station with regards to where I sit socioeconomically but passing this on your walk home from the train isn’t great. 

no, it is great.  The gvt will be flooding areas with gimmigrants; the estates with the old guard on -  from both sides - will be one of the least affected.  Nice areas (think up the hill in Bangor, those nice 1930's houses overlooking the town) will be affected much faster.

[belfastchild]

2 minutes ago, wherebee said:

no, it is great.  The gvt will be flooding areas with gimmigrants; the estates with the old guard on -  from both sides - will be one of the least affected.  Nice areas (think up the hill in Bangor, those nice 1930's houses overlooking the town) will be affected much faster.

Its the opposite.
The people in Bangor dont mind the immigrants, just as long as they arent housed anywhere near them.

The lower working class areas and in particular the proddy ones near the student areas are seeing the influx. Goes back to my comments about state schools being the ones that will take them (and newly integrated schools which are usually all proddy).

Currently its just the ex-student areas in Belfast that are being hit. The shitty hmos that students used to frequent have been replaced by shiny new student apartments and housing blocks. The shitty hmos have nobody else to rent to except druggies and immigrants. Started with covid when students werent about and nowhere to put the druggies and homeless so they went to private landlords as there werent enough hotel rooms in Belfast to do the same as Dublin.

[belfastchild]

19 minutes ago, JoeDavola said:

The area is no doubt safe and all that….it’s probably snobbery on my part and also having ideas above my station with regards to where I sit socioeconomically but passing this on your walk home from the train isn’t great. 

You are going to get that everywhere there is public transport Joe. Thats just the nature of it all.

FWIW there are new estates going up all around Ballyclare. They are currently festooned with union flags and loyalist banners. Why? They dont want Catholics buying them.

Hope they get lots of retired peelers and prison officers buying them then renting out to immigrants. Theyve already put up 'warning' posters around parts of Belfast for private landlords renting to immigrants...

[belfastchild]

13 hours ago, JoeDavola said:

House was fine, less thrilled about the feeling of the general area around it but I probably can’t afford to be fussy with that given the house is sub 200k.

Kitchen old looking to the point that even I think it needs a new kitchen which is saying something.

Apparently there’s an offer on the place already but he told me to ask the EA for details.

I feel bad for the fella; he’s going through a divorce which is forcing him to sell the place - looks like he was married for 20 years then a business went south and the wife’s had enough. Having to sell up and rent with half the proceedings at 50 years old is pretty brutal.

Will have a think over the next few days.

Did he say when he bought the house? They may not have any proceedings depending on when they bought!

[JoeDavola]

5 minutes ago, spunko said:

Weird how different it is here to there.

House I viewed last week where the EA told me they had an offer, which was abour 10% under the asking, is still on the market unsold and they keep ringing me seeing if I can beat the low offer.

I dont know about the bottom ends but in the medium and top ends the market has collapsed here pretty much unless you're willing to take 10-20% under asking.

You’d maybe see prices here though and think they were giving them away compared to prices where you are.

The viewers before me were an obese boomer and his daughter - I know the type he had retired civil servant written all over him, so your competing with BOMAD.

I’ll also reiterate that someone on £50k now is earning the same as a couple of full time workers on minimum wage. Ie same take home household income. So especially if that couple had a little BOMAD then a single person on a ‘good’ wage in the UK is really at quite a similar level to a min wage couple.

[JoeDavola]

52 minutes ago, belfastchild said:

Did he say when he bought the house? They may not have any proceedings depending on when they bought!

He’s owned the house almost 20 years. He’s the one who paid for the additional building work I mentioned to you over PM. 

[belfastchild]

49 minutes ago, JoeDavola said:

He’s owned the house almost 20 years. He’s the one who paid for the additional building work I mentioned to you over PM. 

If they had sense they should be ok, but if the mortgage hasnt been paid off they might even be losing money overall with that price. Certainly with the prices 20 years ago, the mortgage and the building work they will be losing money in nominal terms (never mind real).
Like my mate going through divorce, sold the house for 170k or so and they both 'only' walked away with 50k ish each in their late 50s. Try getting a mortgage at all at that stage. He got a 10 year one on a 90k house.
6-7k a year min rent will soon eat into that 50k. Think his wife has already gone through over half of it in 3 years, living her best life of course.

[JoeDavola]

34 minutes ago, belfastchild said:

If they had sense they should be ok, but if the mortgage hasnt been paid off they might even be losing money overall with that price. Certainly with the prices 20 years ago, the mortgage and the building work they will be losing money in nominal terms (never mind real).
Like my mate going through divorce, sold the house for 170k or so and they both 'only' walked away with 50k ish each in their late 50s. Try getting a mortgage at all at that stage. He got a 10 year one on a 90k house.
6-7k a year min rent will soon eat into that 50k. Think his wife has already gone through over half of it in 3 years, living her best life of course.

They have a folded business on companies house that had both the husband and wife down as directors.

It folded about 15 years ago and then started up again with only the husband down as director. There’s an insolvency court order from April 22 as the last listing there.

His home office had lots of very American “how to succeed” business slogan stuff up on the wall. He mentioned he doesn’t go into the home office any more because of ‘bad memories’ or suchlike - more honest than most would be!

So there’s a fair chance they were up to their neck in debt for 15+ years and the IR rises finished them of.

[belfastchild]

1 minute ago, JoeDavola said:

There’s an insolvency court order from April 22 as the last listing there.
 

Fuck. Wonder how that plays with someone trying to get a mortgage or credit at that address now?
I know its not supposed to affect it these days but it used to.

[JoeDavola]

1 minute ago, belfastchild said:

Fuck. Wonder how that plays with someone trying to get a mortgage or credit at that address now?
I know its not supposed to affect it these days but it used to.

The newer business isn’t listed at their home address iirc. Found it by clicking on his name.

[sancho panza]

new add on for chrome I dont udnerstand how it works but poss worht tkaing a note of

https://www.housepricecrash.co.uk/forum/index.php?/topic/252088-new-and-improved-rightmove-chrome-plugin/

[Virgil Caine]

4 hours ago, apples said:

Trust your gut. You can improve the house, you can't improve the area.

This^

Always buy the worst house in the best area not the other way round.