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

[A tremendous # on the lung]

9 hours ago, sancho panza said:

What sort of cunt moves house immediately when a "pandemic" hits with all the uncertainty that involves? They're all complete morons 

Edited March 30 by A tremendous # on the lung

[Hardhat]

On 29/03/2024 at 18:15, Frank Hovis said:

 

It sounds a very fancy block, a block for rich people. I doubt any council blocks have security and a concierge.

As you say - walk away and start again with something more affordable.

"The managing agent provides us with the costs of delivering a variety of services, including utilities, communal cleaning, security, concierge costs, repairs and maintenance, window cleaning, gardening etc.

https://www.bbc.co.uk/news/articles/ckkvkv32e1ro

 

Two bed flats in the area go for £600k or more.  That's going to cost a lot even buying with shared ownership because they'll be effectively paying rent on a £400k flat if they have bought a third of it.

 

 

I know exactly where that block is, the view out of those windows is of a carpark and a railway line.

In other ways, though, great location if young with cash in pocket.

I looked at shared ownership in similar blocks a few years before pandemic and couldn't see how it was any much better than renting. Seemed like renting with more risk tbh.

[Guest]

10 hours ago, sancho panza said:

I doubt the "race for space" and/or people moving further away from employment centres during the pandemic were ever happening to any meaningful extent, it's just estate agent guff.

House prices in the Home Counties are falling because they are massively overpriced given current wage levels and interest rates.

[Royston]

On 26/03/2024 at 20:57, AWW said:

By the way I'm still about £20k up on my weekend toy car even after a decade of running costs. They're not always a mug's game. But you have to buy the right thing at the right time.

And then have 15 years+ of asset price inflating QE and ZIRP topped off with the great covid money spunking spectacular.

[Bobthebuilder]

2 minutes ago, Darude said:

I doubt the "race for space" and/or people moving further away from employment centres during the pandemic were ever happening to any meaningful extent, it's just estate agent guff.

House prices in the Home Counties are falling because they are massively overpriced given current wage levels and interest rates.

It definitely was a big thing, I saw a 3 bed house sell for £164K in a Dorset town around 2018 when I was selling my late fathers house in the area, I saw it re sell for £325 during covid to some new out of town working from home types.

They are all going to get their arses spanked.

[One percent]

Just now, Bobthebuilder said:

It definitely was a big thing, I saw a 3 bed house sell for £164K in a Dorset town around 2018 when I was selling my late fathers house in the area, I saw it re sell for £325 during covid to some new out of town working from home types.

They are all going to get their arses spanked.

Agree. It went mad here with estate agents saying, name your price, to those selling.  And they were selling. 

[spygirl]

4 minutes ago, Bobthebuilder said:

It definitely was a big thing, I saw a 3 bed house sell for £164K in a Dorset town around 2018 when I was selling my late fathers house in the area, I saw it re sell for £325 during covid to some new out of town working from home types.

They are all going to get their arses spanked.

Reamed. Not spanked.

[One percent]

8 minutes ago, spygirl said:

Reamed. Not spanked.

What’s the uptick in property on the market from last yea again?  

[Chewing Grass]

Anecdotal: Was talking today to a bloke whose business I occasionally frequented and a fellow cyclist and off-road moocher. He retired last October (bastard) and sold his grandfathers small business to his workers (he has no children) who have moved into a rented unit from the families former smithy (up for sale) in a conservation area.

Now the gist is that no property devs are interested and he is having the same problem we are in that most locals are trapped in £350K Semi's on cheap mortgages that doubled once the fix ended.

The next step is either a cramped new-build detached £450K or an 'executive' one £650K, however even the best of the U35s will only have £150K equity so are looking at minimum £300K Mortgages whilst hopefully trying to raise kids and fund everyday costs.

Point is that without 'incomers', (huge numbers of SE White Flight and HKC in the past) it is very difficult to sell what were 'middle-class' houses even with very generous plots that need work. Local incomes do not support those size of mortgages.

What has happened is that reasonable houses that were £250K have magically become £350K even though interest rates have doubled because that is the maximum median affordable price.

3-Bed Semis (not new-build) on traditional estates are in a mega-bubble.

Edited March 30 by Chewing Grass

[spygirl]

25 minutes ago, One percent said:

What’s the uptick in property on the market from last yea again?  

About 40%

We are now in eye brow raised terroritry.

[Wight Flight]

11 hours ago, One percent said:

Agree. It went mad here with estate agents saying, name your price, to those selling.  And they were selling. 

Same here.

Same day sales without a viewing were not unusual.

[sleepwello'nights]

13 hours ago, A tremendous # on the lung said:

What sort of cunt moves house immediately when a "pandemic" hits with all the uncertainty that involves? They're all complete morons 

We moved duirng the covid nonsense. My rationale was to move to an area that was likely to be one of the best places to hold off and delay the oncoming tide of enrichment. 

Even so I see evidence of global warming and climate change in the population. 

[spygirl]

11 hours ago, One percent said:

Agree. It went mad here with estate agents saying, name your price, to those selling.  And they were selling. 

 

38 minutes ago, Wight Flight said:

Same here.

Same day sales without a viewing were not unusual.

IN 21ish my mum  had an hand written envelope shoved thru the door, Leeds address.

The diots then went and bought a place on - and Im struggling to use term 'road' which about ~3metres from the start of the cliff.

These houses cannot get mortgages.

They paid cash. ~3 families coughed up cash for an 'invesment' holiday home.

I doubt theyd have any survey.

They then ripped the house apart.

 

 

[spygirl]

13 hours ago, A tremendous # on the lung said:

What sort of cunt moves house immediately when a "pandemic" hits with all the uncertainty that involves? They're all complete morons 

Do you meet many brassy tarts from supposed upwardly mobile Leeds suburbs?

 

[Chewing Grass]

Just been to pick a bike up from the poshest estate in town (25 years ago) when these were new builds. Absolutely shocking the state of the houses, mortar falling from brickwork, damp up walls, fake Georgian stonework crumbling. Going to have a closer snoop over the summer. These things are starting to crumble, I wouldn't touch a used one with a bargepole.

[Noallegiance]

9 minutes ago, Chewing Grass said:

Just been to pick a bike up from the poshest estate in town (25 years ago) when these were new builds. Absolutely shocking the state of the houses, mortar falling from brickwork, damp up walls, fake Georgian stonework crumbling. Going to have a closer snoop over the summer. These things are starting to crumble, I wouldn't touch a used one with a bargepole.

I used to drive dustcarts. Many of my rounds included new toy town estates.

Going back 5 years ago they were already shit holes in the making. Crammed in. No parking. Shit looking flimsy crap for £hundreds of thousands surrounded by abandoned Evoques on the 'pavements' and land whales waddling around with pushchairs.

Ahhh memories.

[Herby]

1 hour ago, Chewing Grass said:

Just been to pick a bike up from the poshest estate in town (25 years ago) when these were new builds. Absolutely shocking the state of the houses, mortar falling from brickwork, damp up walls, fake Georgian stonework crumbling. Going to have a closer snoop over the summer. These things are starting to crumble, I wouldn't touch a used one with a bargepole.

What do you reckon is the best build era which is relatively modern? (Double skinned walls, decent foundations, ability to be insulated reasonably). I've owned about four properties in the past but following divorce, renting. Thinking of a mid 1970s detached property. @Bobthebuilder may well know what the best era is. Some say Edwardian. Not interested in modern builds with paper thin internal walls. 

[Bobthebuilder]

4 minutes ago, Herby said:

What do you reckon is the best build era which is relatively modern? (Double skinned walls, decent foundations, ability to be insulated reasonably). I've owned about four properties in the past but following divorce, renting. Thinking of a mid 1970s detached property. @Bobthebuilder may well know what the best era is. Some say Edwardian. Not interested in modern builds with paper thin internal walls. 

Probably a lot of different answers to that question.

Personally I think most stuff up to the mid 1980s is pretty decent. the problem with a lot of Victorian / Edwardian houses is they were built around the fireplaces and tend to not have cavity walls, sometimes just single brick between terraces so noisy as well as cold.

My own favourites are post WW2 ex council houses, sturdy as anything and usually have large gardens from the grow your own era.

[Chewing Grass]

4 hours ago, Herby said:

What do you reckon is the best build era which is relatively modern? (Double skinned walls, decent foundations, ability to be insulated reasonably). I've owned about four properties in the past but following divorce, renting. Thinking of a mid 1970s detached property. @Bobthebuilder may well know what the best era is. Some say Edwardian. Not interested in modern builds with paper thin internal walls. 

I'd go Mid 60s to Mid 80s before timber framing with a brick skin came in.

[Frank Hovis]

11 minutes ago, Chewing Grass said:

I'd go Mid 60s to Mid 80s before timber framing with a brick skin came in.

 

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.

[Rare Bear]

40 minutes ago, 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.

I wonder are all timber frames that bad. I knew a guy who was building quite a few in Derry in 1980 and I haven't heard about there being lots of problems there yet.

[Frank Hovis]

34 minutes ago, Rare Bear said:

I wonder are all timber frames that bad. I knew a guy who was building quite a few in Derry in 1980 and I haven't heard about there being lots of problems there yet.

 

Tbf a lot of it comes down to where they are.

If they are built somewhere dry and warm like East Anglia or Edinburgh then they are fine.

If however they are built in Devon and Cornwall then the timbers will begin to rot very quickly as the climate is damp and it never gets that hot.

Obviously it's not all timber frames, those cruck built medieval houses with huge timbers sitting on padstones will gp on for ever, but the softwood chuck 'em up quick and clad it in brick that went up from the early 80s will have big structural problems in damp parts of the country.

[Don Coglione]

On 14/03/2024 at 11:14, spygirl said:

And so it begins, the initial small ripples as fixes end.

'We can’t sell our flat and can’t afford to live in it'

https://www.bbc.co.uk/news/articles/ckkvkv32e1ro

Patrick Duffy bought his two-bedroom flat with his partner in 2017 under a shared ownership scheme run by the One Housing housing association. Mr Duffy, 31, says they were once optimistic about the future but now feel their "dream has collapsed in on us".

 

Don't worry, Patrick Duffy - in a few years, your partner will wake up whilst you are in the shower and it will all have been a dream.

[AlfredTheLittle]

37 minutes ago, Don Coglione said:

Don't worry, Patrick Duffy - in a few years, your partner will wake up whilst you are in the shower and it will all have been a dream.

Fucking hell they are properly shafted and I feel bad for them, though this is the kind of thing that I've been watching for years while everyone else jumps on the property ladder and I'm just paying rent, thinking is it me or is it them? Looks like maybe it's them after all.

[Phil]

1 hour ago, AlfredTheLittle said:

Fucking hell they are properly shafted and I feel bad for them, though this is the kind of thing that I've been watching for years while everyone else jumps on the property ladder and I'm just paying rent, thinking is it me or is it them? Looks like maybe it's them after all.

Shame ain’t it. Having said that, there would have been many sucked in as the need for shelter etc. Sad how they con us with everything.