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

[JoeDavola]

18 minutes ago, spygirl said:

TLDR; Old people should be moving to more central, service rich places.

Agreed.

My Dad was and still is an excellent driver but he's in his early 70's with diabetes and high blood pressure and all that stuff. It's not completely unthinkable that he might have to stop driving in the next 5 years.

They could move to a place where they could walk to shops, parks, a traditional pub a coastal walk all within a 10 minute walk...but instead they're choosing to move to frankly an ugly looking village near fuck all where a car will be even more necessary than it has been, because they will have a fancy detached house to show off.

It makes no sense at all.

Edited April 7 by JoeDavola

[One percent]

20 minutes ago, spygirl said:

Just this bit.

Average plebs really needs to be giving up driving in their 70s.

Mu home village is pretty big, and has buses north n south, 4x/h in summer; 2 in winter.

If my mums needs to get anywhere then she can.

Its gets her out of the house.

Keeps here active n mentally engaged. She can fuck off to it old lady keep fit in a another large village 8 miles away, 3 times a week.

We do know several other women also in ther 70s who are stuck in way way away places, up long the moors, in much smaller villages, which have litte to no facilities now - n pub shop or GP. Thee villages did have stuff when I was a kid - shops, pub. Combination of vast drop in agri jobs and tourism have reamed these places of services.

These wimmin - and the odd bloke - are miserable and ageing fast.

The odd few are found dead o n their floor after a few days - or week in one case.

TLDR; Old people should be moving to more central, service rich places.

 

Problem is, you can’t catch the bus from bay due to all the prats with walking sticks pretending they are some great outdoorsy person. 

[Cosmic]

1 hour ago, JoeDavola said:

Well it seems my folks eternal quest to move house might be coming to an end next week.

As per usual nothing is easy and they have been arguing all week about it according to Mum. Went to see a house, liked it, Dad texted me that he liked it and was considering a bid...then apparently went completely silent about it and didn't want to talk about it - think he's basically getting cold feet about leaving the area he's used to. (The new house is about 10 miles away.)

Mum's spent the entire week stressing about it, loves the house thinks its their "last chance" as they so rarely see houses they like etc...so they're going for a second viewing next week after rowing about it all week.

Hopefully they can come to a decision either way without having a stroke with the stress.

The thing is, in this case I think Dad is probably right, for rather morbid reasons...if he were to die before Mum (or get too sick to drive) this place would be too remote for her by herself as its beyond the main bus route and she'd probably have to move right back to the area where they are now.

But on the other hand it's a nice detached house and she understandably likes the house and is getting fed up with Dad's willingness to just drag on the "we're moving house" saga forever - I think he'd happyily drag it on for 5 years if the EA's keep dealing with him.

Personally I think there's a nicer more walkable and pretty coastal village they could move to that's more accessiable as its on the train line, but since I mentioned how nice it is they have refused to even go there once just to check the place out...30 min drive from their current house....ah well it's their life.

Put an offer in yourself, out bid them then drag it out and pull out in 3 months...

[spygirl]

19 minutes ago, One percent said:

Problem is, you can’t catch the bus from bay due to all the prats with walking sticks pretending they are some great outdoorsy person. 

If ones full, she just hops onto the other and goes there.

Th problem is that Arriva  (owned by Deutche Rail)has been shit

The bus co has been sod off and can only be better run.

 

[One percent]

13 minutes ago, spygirl said:

If ones full, she just hops onto the other and goes there.

Th problem is that Arriva  (owned by Deutche Rail)has been shit

The bus co has been sod off and can only be better run.

 

The buses are old and not serviced afaict.  Always breaking down.  

[spygirl]

1 minute ago, One percent said:

The buses are old and not serviced afaict.  Always breaking down.  

They are using the wrong engine.transmission.

If only ther was a large diesel  company in, say, Darlo, and a couch builder in Scabby .. who could help.

Skin flint Germans who went for cheapest option, suitable for a flat city.

 

 

[Covid19 and life to go]

23 hours ago, Frank Hovis said:

 

I don't think it can do that owing to what is now a genuine housing crisis.

There is nowhere for peopel to go.

Emergency Accommodation bills are growing exponentially for councils because whilst these were previously short term fixes whilst somewhere more permanent was sourced, the supply of somewhere more permanent has evaporated.

 

 

This is also highlighted by those being granted refugee status have also nowhere to live.

 

Clearing asylum backlog 'created another crisis' as refugees left homeless, charities say

There are 1.2 million people waiting for social housing across the UK, according to the charity Shelter. After the government managed to cut the asylum backlog by tens of thousands, groups have said those granted refugee status have nowhere to go.

https://news.sky.com/story/clearing-asylum-backlog-created-another-crisis-as-refugees-left-homeless-charities-say-13034925

 

Many of us have been saying "we're full" for years.

Well now we actually are.

Plenty of self storage units around ready to convert to the next HMO. We'll end up more claustrophobic than that walled city that used to be in China.

 

[Democorruptcy]

4 hours ago, JoeDavola said:

Agreed.

My Dad was and still is an excellent driver but he's in his early 70's with diabetes and high blood pressure and all that stuff. It's not completely unthinkable that he might have to stop driving in the next 5 years.

They could move to a place where they could walk to shops, parks, a traditional pub a coastal walk all within a 10 minute walk...but instead they're choosing to move to frankly an ugly looking village near fuck all where a car will be even more necessary than it has been, because they will have a fancy detached house to show off.

It makes no sense at all.

You need to try shape their minds, with an eye on your early retirement in a place that suits you.

[roundhouse]

13 hours ago, Covid19 and life to go said:

Plenty of self storage units around ready to convert to the next HMO. We'll end up more claustrophobic than that walled city that used to be in China.

 

Where will lodgers keep all their stuff when the storage units get converted??? Have you checked how empty or busy they are? Or maybe you mean the portable cabin type, in which case I'll shut up.

[HousePriceMania]

 

"Santander to extend interest-only mortgages as part of major shake up"

there are no words !!!

[spygirl]

1 hour ago, HousePriceMania said:

 

"Santander to extend interest-only mortgages as part of major shake up"

there are no words !!!

Under the shake-up, customers applying for an interest-only mortgage, who also intend to sell their property later as their way to repay the mortgage, must have at least £300,000 equity in the property. Previously this was £250,000.

...

For homeowner mortgages between £1,000,000 and £2,000,000, Santander is increasing the minimum LTV (loan to value) from 75% to 85%.

 

I like this.

The Dr Nick of financial experts - 

 

Rachel Springall, a finance expert at Moneyfactscompare.co.uk said: “It’s positive to see lenders reviewing affordability criteria and not just the rates charged on mortgages. There may well be borrowers out there struggling to get a new loan and currently use a sizeable amount of their net income on mortgage payments if they can’t afford to switch deals.

“Interest-only mortgages could help those who can afford to pay off the capital of their loan when it comes to an end, but its always wise to seek advice before entering any arrangement to ensure it’s the most suitable choice.

File under - only for 0.005% of UKPOP.

 

[HousePriceMania]

3 hours ago, spygirl said:

Under the shake-up, customers applying for an interest-only mortgage, who also intend to sell their property later as their way to repay the mortgage, must have at least £300,000 equity in the property. Previously this was £250,000.

...

For homeowner mortgages between £1,000,000 and £2,000,000, Santander is increasing the minimum LTV (loan to value) from 75% to 85%.

 

I like this.

The Dr Nick of financial experts - 

 

Rachel Springall, a finance expert at Moneyfactscompare.co.uk said: “It’s positive to see lenders reviewing affordability criteria and not just the rates charged on mortgages. There may well be borrowers out there struggling to get a new loan and currently use a sizeable amount of their net income on mortgage payments if they can’t afford to switch deals.

“Interest-only mortgages could help those who can afford to pay off the capital of their loan when it comes to an end, but its always wise to seek advice before entering any arrangement to ensure it’s the most suitable choice.

File under - only for 0.005% of UKPOP.

 

£300,000 equity...so they can lend the idiots more or so they dont loose as much when prices fall 

[Covid19 and life to go]

16 hours ago, roundhouse said:

Where will lodgers keep all their stuff when the storage units get converted??? Have you checked how empty or busy they are? Or maybe you mean the portable cabin type, in which case I'll shut up.

What stuff.  It's the medium term plan they won't have any stuff as it's all rented so they can just return it to rumbelows while waiting for the conversion in their rented tent.

[spygirl]

3 hours ago, HousePriceMania said:

£300,000 equity...so they can lend the idiots more or so they dont loose as much when prices fall 

Well, try n think it thru.

They are probably looking at 800k+ houses with 300k of equity.

Rapid shrinking of market to tiny numbers.

These are not mass market products.

They are not even specialist products.

First Direct do an IO mortgage. Used to be a very good deal - barely above base. However min earning was 100k,

[spygirl]

Nuts article from Guarduans head economics journo.

IMF warns BoE over keeping UK interest rates high due to fixed-rate mortgages

Risk of declining consumption, house price falls and defaults as tighter policy finally has impact

https://amp.theguardian.com/business/2024/apr/08/imf-bank-of-england-uk-interest-rates-fixed-rate-mortgages

The high proportion of UK homeowners on fixed-rate mortgages means the Bank of England should be wary of keeping interest rates too high for too long, the International Monetary Fund has warned.

The IMF said many borrowers had been sheltered until now from the impact of higher interest rates and there was a risk of declining consumption, house price falls and increasing defaults as tighter policy finally had an impact.

Although the chapter from the Washington-based body’s forthcoming world economic outlook does not single out any individual central bank, the study shows that the UK has one of the highest proportion of fixed-rate mortgages, after a sharp increase in their popularity in the decade leading up to the start of the Covid-19 pandemic.

[spygirl]

So ... its not published its report.

It dudnt actually single out the BoE, just some vague - countries with variable rate debt are in trouble.

Just junk.

Must have a big mortgage then.

[eta-carinae]

"Modern" Method-of-Auction

What is this nonsense?

Arrogant kite-flying vendors thinking by sticking a "minimum bid" with an undisclosed reserve, a 56 day time limit for me to purchase (no limit on their own delaying tactics), and a £20k non-refundable buyers fee due immediately upon winning their overpriced shitbox that it will get some sort of clamouring bidding war going. These are properties which have sat unsold for months already.

Utter, complete delusion. I can only assume the EAs are just after the buyer fee on every inevitable failed transaction from gullible buyers.

When the fuck did this bollocks begin?

Edited April 8 by eta-carinae

[Bobthebuilder]

2 minutes ago, eta-carinae said:

"Modern" Method-of-Auction

What is this nonsense?

Arrogant kite-flying vendors thinking by sticking a "minimum bid" with an undisclosed reserve, a 56 day time limit for me to purchase (no limit on their own delaying tactics), and a £20k non-refundable buyers fee due immediately upon winning their overpriced shitbox that it will get some sort of clamouring bidding war going. These are properties which have sat unsold for months already.

Utter, complete delusion. I can only assume the EAs are just after the buyer fee on every inevitable failed transaction from gullible buyers.

When the fuck did this bollocks begin?

Yep, complete rubbish, they think they can act like ebay.

I never bother taking a 2nd look at anything listed as MMOA.

[eta-carinae]

48 minutes ago, Bobthebuilder said:

Yep, complete rubbish, they think they can act like ebay.

I never bother taking a 2nd look at anything listed as MMOA.

I've also read, that lets say I took a look at a MMoA house, and a few months later when reality sinks in and the vendor sacked off Purple Bricks, if I ever try and buy it the normal way I would be forced to do it through the shitting auction and pay the 20 grand fee. Madness.

 

[Plan-b]

57 minutes ago, spygirl said:

the Bank of England should be wary of keeping interest rates too high for too long, the International Monetary Fund has warned.

Too high? they look below average..

[Bobthebuilder]

30 minutes ago, Plan-b said:

Too high? they look below average..

Great graph that, take a look at why the housing boom has been in action since 1996.

[Formerly]

6 hours ago, eta-carinae said:

I've also read, that lets say I took a look at a MMoA house, and a few months later when reality sinks in and the vendor sacked off Purple Bricks, if I ever try and buy it the normal way I would be forced to do it through the shitting auction and pay the 20 grand fee. Madness.

 

Is that really the case? Surely you could instruct your solicitor to make an offer to purchase the house under different terms and conditions.

[Frank Hovis]

2 hours ago, Formerly said:

Is that really the case? Surely you could instruct your solicitor to make an offer to purchase the house under different terms and conditions.

 

Has to be that surely?

It only takes a cursory online search about MMoA to realise that any sensible buyer would not touch that method of auction with a bargepole.

[eta-carinae]

2 hours ago, Formerly said:

Is that really the case? Surely you could instruct your solicitor to make an offer to purchase the house under different terms and conditions.

I think they can claim that they "found" you as a buyer. But yes, I suspect it would actually make the seller liable to pay the auction fee. 20 grand for this particular company.

A house I'm looking at has now entered it's fourth round of "auctions". The penny hasn't yet dropped. They "ain't giving it away", clearly.

[HousePriceMania]

4 hours ago, Frank Hovis said:

 

Has to be that surely?

It only takes a cursory online search about MMoA to realise that any sensible buyer would not touch that method of auction with a bargepole.

Put it this way....even mumsnet are saying avoid them.