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

[montecristo]

3 hours ago, spygirl said:

I think NI is like a platypus.

Totally freakish, madness.

No real economy, all DLA, public sector n USA KissMeImIrish investment tax breaks.

It's a bearded lady, Claw handed boy freakshow.

Ukgov have down graded risk in noirland. Whether it's worth it, dunno.

But as Noirland comes close joining the sunny South, another Platypus economy,, it'll all look great until it becomes very very shite.

I used to think a United Oirland would blow up a few years after uniting.

Niw, with SF revealing it's gormless South American 1960s daft Marxist economics, and the South having its pants pulled on on its mainly sham economy, I reckon tgey both blow up before.

Maybe it'll get so bad that the South will ask to join the UK?

 

ROI are now funding road upgrades and sports stadiums etc in NI.  Tick Tock.

 

https://www.belfastcity.gov.uk/investinbelfast/connections/news/irish-government-announces-€800million-for-funding#:~:text=The Irish Government has announced,GAA stadium in west Belfast.

"Irish Government announces €800million for funding projects to benefit Northern Ireland"

[spygirl]

Via moving home charlie ...

https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary

• the provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2024 is 68,090, 10% lower than January 2023 and 20% lower than December 2023

Thats dire.

Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2024.

 

[spygirl]

Worth a watch

 

[onlyme]

29 minutes ago, spygirl said:

Via moving home charlie ...

https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary

• the provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2024 is 68,090, 10% lower than January 2023 and 20% lower than December 2023

Thats dire.

 

That's with all the new year media push (normal really, they peddle that every year) plus the promises of reducing interest rates on loans from pre Xmas. On the flip side to be fair nwe build volumes porportionately may be down as they are not doing the starts - but then what does that suggest in regards the housbuilding sector's bullishness.

[reformed nice guy]

5 hours ago, spygirl said:

Figure 5: Historic non-seasonally adjusted and seasonally adjusted UK residential property transactions by month between 2005 and 2024.

 

Now show it per capita

[AWW]

8 hours ago, spunko said:

It's like that everywhere in the SE though. Where do you suggest?

Places that aren't on the tube or which don't have a mainline overground station seem a bit more immune to it though. I think I'd be looking at one of the villages north or north-east of Epping if I wanted to live out that way. You only need to be a couple of miles away from a train station to lop a couple of hundred k off your mortgage. Folding bike or small leccy car for the station run those 2-3 days a week you're in the office. Cab home when pissed.

Appreciate some people just want to be a 5 minute walk from the tube.

[sancho panza]

9 hours ago, spunko said:

Just be grateful when your parents die you'll get some money, Millenial!

https://www.thisismoney.co.uk/money/pensions/article-13169829/Millennials-property-windfall-baby-boomers-mortgage-free-homes.html

What a article.

Interesting that most of the comments suggest it isn't like that; most people need to sell their parents home to pay for their dementia care.

Out of interest who pays for care homes & dementia care if you dont have a home to sell? Ie. say you've been in rented your whole life and have no assets. The taxpayer?

I think it falls on local councils but may well be funded by a central grant.

If carers visit then it's the local council again but not the district councils,I think unitary authorities and county councils but happy to be corrected

[Bobthebuilder]

7 minutes ago, sancho panza said:

I think it falls on local councils but may well be funded by a central grant.

If carers visit then it's the local council again but not the district councils,I think unitary authorities and county councils but happy to be corrected

When my old man was on his last legs he refused to get involved in any of this stuff, he got home care but left everything intact for the family for inheritance.

[Ianb78]

https://archive.ph/1mimB
 

interesting read 

[roundhouse]

13 hours ago, Ianb78 said:

https://archive.ph/1mimB
 

interesting read 

July 2022 article on HPC in 2026. Long article... only read the first bit. Has his predictions over last 18 months panned out?

[spunko]

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.

I reported this to Rightmove and this is their reply:

 

You recently got in touch with us about Hamptons not removing completed listings from Rightmove. Thank you for your patience whilst we completed a full investigation.

 

Based on our investigation I found that there was incorrect activity taking place. I’ve contacted the branch to explain our findings, and the potential consequences should this activity reoccur, which may include all of their properties being made invisible. 

 

Although I can’t share specific details about the case due to confidentiality and Data Protection, I can assure you that the appropriate action has been taken. 

 

 

(if anyone wants their direct email its [email protected])

Edited March 11 by spunko

[Ianb78]

11 hours ago, roundhouse said:

July 2022 article on HPC in 2026. Long article... only read the first bit. Has his predictions over last 18 months panned out?

Read the whole article 

Yes, it as seems to be following the predicted cycle 

[sancho panza]

this is an old one from Jan 24 -so we may have had it before-but I think the trend it highlighted has become confirmed,ie maret dropping form the top,creating downward spiral on expectations.

defintiely seeing it around leicestershire

https://www.telegraph.co.uk/money/property/house-prices/end-of-working-from-home-dream-shrinks-1m-home-club/

End of working from home dream shrinks £1m home club

Number of million-pound properties falls as white-collar workers sell their rural retreats

The number of properties worth more than £1m has slumped as pandemic-era demand for rural homes slows. 

There were 8.3pc (60,260) fewer properties worth at least £1m at the end of 2023 compared to the previous year, data show. 

The number of million-pound properties fell in every British region in 2023, with the total now standing at 670,100.

However, 80pc of the decline occurred outside the capital, as white-collar workers tempted during Covid to swap their city townhouse for a rural retreat sold up, according to estate agents Savills.

East and South East England, Yorkshire & Humber and Wales saw the steepest falls of 13pc, while London saw the lowest drop of 4pc.

Housing experts believe the boom in demand for countryside properties during the pandemic has started to reverse, causing prices to fall

Lucian Cook, head of residential research at Savills, said: “The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1m homes outside of London and other urban settings.

“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30pc of those whose homes crossed the £1m threshold, have, for the time being at least, become aspiring million-pound homeowners once again.”

The reversal coincides with workers returning to the office. For the first time since the pandemic, more people are working in the office full time (43pc) than hybrid (39pc), with only 18pc fully remote, according to data from recruitment consultancy Hays.

While the number of million-pound homes are down from their peak, there are still 52pc more in London compared to 2019 and 28pc more across the UK. Despite last year’s dip, the number of million-pound properties in Wales has risen by 113pc since before the pandemic. 

Ms Fildes added that while properties at the £2m-mark have been hit hardest, homes costing around £1m have also suffered from a “weird market” over the last two and a half years.

[HousePriceMania]

1 hour ago, sancho panza said:

this is an old one from Jan 24 -so we may have had it before-but I think the trend it highlighted has become confirmed,ie maret dropping form the top,creating downward spiral on expectations.

defintiely seeing it around leicestershire

https://www.telegraph.co.uk/money/property/house-prices/end-of-working-from-home-dream-shrinks-1m-home-club/

End of working from home dream shrinks £1m home club

Number of million-pound properties falls as white-collar workers sell their rural retreats

The number of properties worth more than £1m has slumped as pandemic-era demand for rural homes slows. 

There were 8.3pc (60,260) fewer properties worth at least £1m at the end of 2023 compared to the previous year, data show. 

The number of million-pound properties fell in every British region in 2023, with the total now standing at 670,100.

However, 80pc of the decline occurred outside the capital, as white-collar workers tempted during Covid to swap their city townhouse for a rural retreat sold up, according to estate agents Savills.

East and South East England, Yorkshire & Humber and Wales saw the steepest falls of 13pc, while London saw the lowest drop of 4pc.

Housing experts believe the boom in demand for countryside properties during the pandemic has started to reverse, causing prices to fall

Lucian Cook, head of residential research at Savills, said: “The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1m homes outside of London and other urban settings.

“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30pc of those whose homes crossed the £1m threshold, have, for the time being at least, become aspiring million-pound homeowners once again.”

The reversal coincides with workers returning to the office. For the first time since the pandemic, more people are working in the office full time (43pc) than hybrid (39pc), with only 18pc fully remote, according to data from recruitment consultancy Hays.

While the number of million-pound homes are down from their peak, there are still 52pc more in London compared to 2019 and 28pc more across the UK. Despite last year’s dip, the number of million-pound properties in Wales has risen by 113pc since before the pandemic. 

Ms Fildes added that while properties at the £2m-mark have been hit hardest, homes costing around £1m have also suffered from a “weird market” over the last two and a half years.

[HousePriceMania]

Top down collapse @sancho panza, good call.

[sancho panza]

37 minutes ago, HousePriceMania said:

Top down collapse @sancho panza, good call.

oen issue is lower transactions meaning its hard to confirm trend.

dow theory quite clear lower transactions can create erroneous pitcure of price equilibrium

defo seeing higher end cut asking prices,but way too early ue to lags to see if this is affecting sale rpices between £500k-£1mn

bottom end still looks liquid with plenty of buyers to me.

Edited March 11 by sancho panza

[spunko]

https://www.rightmove.co.uk/properties/106428314#/?channel=RES_BUY

Has there been a property on the market longer than this?

12 Jan 2024	£2,500,000	→	£2,000,000
9 Feb 2023	£2,750,000	→	£2,500,000
19 Feb 2022	£2,500,000	→	£2,750,000
30 Jun 2021	£3,000,000	→	£2,500,000
6 May 2021	First seen	→	£3,000,000

[spunko]

2 hours ago, sancho panza said:

this is an old one from Jan 24 -so we may have had it before-but I think the trend it highlighted has become confirmed,ie maret dropping form the top,creating downward spiral on expectations.

defintiely seeing it around leicestershire

https://www.telegraph.co.uk/money/property/house-prices/end-of-working-from-home-dream-shrinks-1m-home-club/

End of working from home dream shrinks £1m home club

Number of million-pound properties falls as white-collar workers sell their rural retreats

The number of properties worth more than £1m has slumped as pandemic-era demand for rural homes slows. 

There were 8.3pc (60,260) fewer properties worth at least £1m at the end of 2023 compared to the previous year, data show. 

The number of million-pound properties fell in every British region in 2023, with the total now standing at 670,100.

However, 80pc of the decline occurred outside the capital, as white-collar workers tempted during Covid to swap their city townhouse for a rural retreat sold up, according to estate agents Savills.

East and South East England, Yorkshire & Humber and Wales saw the steepest falls of 13pc, while London saw the lowest drop of 4pc.

Housing experts believe the boom in demand for countryside properties during the pandemic has started to reverse, causing prices to fall

Lucian Cook, head of residential research at Savills, said: “The race for space and dash to the countryside from mid-2020 drove a sharp increase in the number of £1m homes outside of London and other urban settings.

“However, increased mortgage costs and a rebalancing of demand back to city living have meant about 30pc of those whose homes crossed the £1m threshold, have, for the time being at least, become aspiring million-pound homeowners once again.”

The reversal coincides with workers returning to the office. For the first time since the pandemic, more people are working in the office full time (43pc) than hybrid (39pc), with only 18pc fully remote, according to data from recruitment consultancy Hays.

While the number of million-pound homes are down from their peak, there are still 52pc more in London compared to 2019 and 28pc more across the UK. Despite last year’s dip, the number of million-pound properties in Wales has risen by 113pc since before the pandemic. 

Ms Fildes added that while properties at the £2m-mark have been hit hardest, homes costing around £1m have also suffered from a “weird market” over the last two and a half years.

What a creative way to state what is actually quite simple: house prices are falling.

[Loki]

10 minutes ago, spunko said:

What a creative way to state what is actually quite simple: house prices are falling.

I really need confirmation from our Stockton correspondent.  This could be fake news

[sancho panza]

1 hour ago, spunko said:

https://www.rightmove.co.uk/properties/106428314#/?channel=RES_BUY

Has there been a property on the market longer than this?

12 Jan 2024	£2,500,000	→	£2,000,000
9 Feb 2023	£2,750,000	→	£2,500,000
19 Feb 2022	£2,500,000	→	£2,750,000
30 Jun 2021	£3,000,000	→	£2,500,000
6 May 2021	First seen	→	£3,000,000

this one was with another agent before this iirc

maybe somethign wrong with it or the elgal titel.

[CVG]

5 hours ago, spunko said:

I reported this to Rightmove and this is their reply:

 

You recently got in touch with us about Hamptons not removing completed listings from Rightmove. Thank you for your patience whilst we completed a full investigation.

 

Based on our investigation I found that there was incorrect activity taking place. I’ve contacted the branch to explain our findings, and the potential consequences should this activity reoccur, which may include all of their properties being made invisible. 

 

Although I can’t share specific details about the case due to confidentiality and Data Protection, I can assure you that the appropriate action has been taken. 

 

 

(if anyone wants their direct email its [email protected])

I've written to them a couple of times and got that type of response. They'll never do anything about it.

More worryingly, the ASA are happy to let them get away with nonsense like saying price has been reduced when it was never any higher! I reported that a couple of times and nothing happened. I guess its only to be expected.

[spunko]

21 minutes ago, CVG said:

I've written to them a couple of times and got that type of response. They'll never do anything about it.

More worryingly, the ASA are happy to let them get away with nonsense like saying price has been reduced when it was never any higher! I reported that a couple of times and nothing happened. I guess its only to be expected.

I don't want to blow my own trumpet but they've all been removed 

[leonardratso]

16 minutes ago, spunko said:

I don't want to blow my own trumpet but they've all been removed 

hahah you wish.

[spygirl]

3 hours ago, spunko said:

https://www.rightmove.co.uk/properties/106428314#/?channel=RES_BUY

Has there been a property on the market longer than this?

12 Jan 2024	£2,500,000	→	£2,000,000
9 Feb 2023	£2,750,000	→	£2,500,000
19 Feb 2022	£2,500,000	→	£2,750,000
30 Jun 2021	£3,000,000	→	£2,500,000
6 May 2021	First seen	→	£3,000,000

Inside 'old town' home steeped in character, with remnants of medieval pub

This curious home on one of Scarborough's oldest streets, near the harbour, is believed to be one of the town's most historic properties.

By Sally Burton

Published 6th Sep 2023, 15:43 GMT

https://www.thescarboroughnews.co.uk/lifestyle/homes-and-gardens/inside-old-town-home-steeped-in-character-with-remnants-of-medieval-pub-4283062

.....

https://www.dailymail.co.uk/news/article-3556207/Once-medieval-pub-smugglers-bolthole-three-bedroom-family-home-market-375-000-Grade-II-listed-building-said-haunted-ghost-warning-sailors-bad-weather.html

PUBLISHED: 13:54, 24 April 2016 | UPDATED: 15:10, 24 April 2016

 

 

https://www.yorkshirepost.co.uk/lifestyle/homes-and-gardens/historic-home-for-sale-after-restoration-by-antiques-expert-1811544

Historic home for sale after restoration by antiques expert

One of Scarborough’s best-known properties is up for sale complete with 700 years of history and some tall tales. Sharon Dale reports

By The Newsroom

Published 3rd Oct 2015, 07:57 GMT

[spygirl]

Restoration drama in Whitby

A townhouse that spent 20 years as an eyesore now dominates the approach into the seaside town of Whitby. Emma Spencer reports. Pictures by Scott Wicking.

By The Newsroom

Published 30th Aug 2014, 06:28 GMT

https://www.yorkshirepost.co.uk/lifestyle/homes-and-gardens/restoration-drama-in-whitby-1835744

 

Tarted up.

Not sure hwen he tried to sell it.

Maybe 2016ish?

https://theweek.com/97755/eight-of-the-best-properties-for-sale-for-around-800000

BY THE WEEK STAFF

LAST UPDATED NOVEMBER 14, 2018

 

Thistlebank House, Whitby, North Yorkshire. A Grade II-listed Georgian townhouse in a popular seaside town on the edge of the North York Moors National Park. The house dates from 1801 and has decorative wrought-iron gates and an imperial staircase leading from the front garden to the entrance hall. It also has a one-bed basement flat and a rear courtyard garden. 6 beds. 4 baths, 2 receps, games room, kitchen, breakfast room. £750,000 Savills 01904-617820.

 

Too cheap ....

Peek inside this beautifully updated Whitby property that's on the market

This Georgian townhouse in the heart of Whitby is a sizeable property that has been refurbished to stunning effect.

By Sally Burton

Published 22nd Feb 2023, 15:19 GMT

Updated 22nd Feb 2023, 15:20 GMT

https://www.thescarboroughnews.co.uk/lifestyle/homes-and-gardens/peek-inside-this-beautifully-updated-whitby-property-thats-on-the-market-4037464

Thistle Bank, Whitby, is for sale at £895,000 with Croft Residential, York.