• Welcome to DOSBODS

    Please consider creating a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

Sign in to follow this  
spunko

Top of the market topped and toppling over

Recommended Posts

Anyone noticed the increase in PR pieces for stately homes (coincidentally for sale) appearing in the papers. I mentioned this quite often on ToS but a few posters thought I was crazy for watching the higher ends of the market as they would never be able to buy at those prices and therefore were not interested. I can't either - sadly - however if the crash is going to start with the top of the market and trickle down, then it has already begun.

A few examples near me. These obviously aren't within the realms of affordability for us 99%ers.

 

http://www.rightmove.co.uk/property-for-sale/property-46894325.html
2014 Asking price - £5m
Current asking price - £3.5M

 

http://www.rightmove.co.uk/property-for-sale/property-66401399.html
2005 asking price (source) - £3M+
Current asking price - £2.95M (12 years later...)
 

http://www.rightmove.co.uk/property-for-sale/property-43083813.html
2015 asking price - £3.5M
Current asking price: £2.1M

 

Genuinely, I'd hate to be sitting on a £3m illiquid asset right now.

Share this post


Link to post
Share on other sites

And very nice to see.

I have a vague idea upon retiring of moving to a big waterfront house on a creek in the south of Cornwall and getting seriously into yachting (which I haven't done since a teenager).

I don't want this whilst I'm working as I have enough trouble keeping up my existing small house and garden so I don't want a bigger one.

The ones I like are currently in the £2.5m - £3.5m range so to afford that I'd have to work so long I doubt I would be capable of climbing into the yacht.  But start dropping to £1m - £1.5m in a few years and I'm interested.

Share this post


Link to post
Share on other sites

Sailing in Croatia looked good - 100's if not thousands of islands. A large boat quite a tempting idea instead of a house for a while.

Back to topic, where London leads the rest of UK follows, London surely has to be tainted (expensive) goods under current circumstances.

 

 

 

Share this post


Link to post
Share on other sites

After 12 years of "house prices can go down as well as up" on the ToS I have concluded that, no, I was in fact wrong and they only ever go up. Much as I wish it did, a few kite flyers having to pull back some of the string doesn't signify a meaningful market top I'm afraid.

Share this post


Link to post
Share on other sites
On 6/16/2017 at 16:17, Frank Hovis said:

I have a vague idea upon retiring of moving to a big waterfront house on a creek in the south of Cornwall and getting seriously into yachting (which I haven't done since a teenager).

I enjoy boating in all its forms, but beware the FFF = rent rule.

Ignoring one of the F's and adhering to my enjoyment of all things naughtical, I have managed to spend over $100K on boats and boating, er, things at my resort (which, to be fair, has a Marina) in just the year to date!

Share this post


Link to post
Share on other sites
3 minutes ago, One percent said:

I remember as a kid, no one wanted these large detached houses. Old fashioned, draughty and difficult/expensive to heat. 

I'd have it! :ph34r:

It does need a bit of modernising, mind.

7 minutes ago, Frank Hovis said:

Wow.  £3,550,000 now to track.

You'd have to be buying that as the B&B business as that still seems way too much for it as a private house however much you like Dickens.

The Dickens history is dubious, he did stay there, but there is no evidence it is the Bleak House.

Share this post


Link to post
Share on other sites
6 minutes ago, One percent said:

I remember as a kid, no one wanted these large detached houses. Old fashioned, draughty and difficult/expensive to heat. 

I lived in a big four bed detached for a while; just me.  I didn't go in half the rooms from one week to the next.

I might get a big house on stopping work and turn the rooms into hobby rooms; at the moment I have a small house and still don't go into all the rooms every week.

Share this post


Link to post
Share on other sites
4 minutes ago, Frank Hovis said:

I lived in a big four bed detached for a while; just me.  I didn't go in half the rooms from one week to the next.

I might get a big house on stopping work and turn the rooms into hobby rooms; at the moment I have a small house and still don't go into all the rooms every week.

Think of the cleaning and heating O.o.  Also all that spare space.  You might end up on one of those reality programmes where they come and dig you out of all your accumulated tat and old newspapers  xD

Share this post


Link to post
Share on other sites
16 minutes ago, One percent said:

Think of the cleaning and heating O.o.  Also all that spare space.  You might end up on one of those reality programmes where they come and dig you out of all your accumulated tat and old newspapers  xD

My brother's mother in law had a big cellar under most of her house.  She kept all her old newspapers in it.

I find if you have nothing in a room and don't go into it then it stays fairly clean!

Share this post


Link to post
Share on other sites

Heaviest reductions in prime areas - without this money flowing out the rest of the UK market will struggle. especially at the high end. Nearly all the large houses I've worked on over the years have been London exiles.

Property asking prices slashed across London as market stalls 

https://www.propertyinvestortoday.co.uk/breaking-news/2017/7/property-asking-prices-slashed-across-london-as-market-stalls

More than a third (35.3%) of homes on the market in the capital have so far this month undergone a price reduction, fresh data from the online estate agent shows.

Almost of half - 45.8% - of properties in the London Borough of Richmond upon Thames, in south-west London, have seen prices cut – more than any other borough.

The data, which is based on Zoopla price reduction statistics for all 32 London boroughs, show that Newham recorded the lowest proportion of price reductions, at 25.7%.

Share this post


Link to post
Share on other sites

Rick Ackerman - a US financial guru I listen to - thinks the US market has topped out and is now expecting, wait for this, a 70% crash.

He has been trying to sell his house in Boulder, Colorado, where they used to sell within hours of coming on the market. He has been trying to sell since Spring and has had few viewers. No offers.

Share this post


Link to post
Share on other sites
3 minutes ago, The Masked Tulip said:

Rick Ackerman - a US financial guru I listen to - thinks the US market has topped out and is now expecting, wait for this, a 70% crash.

He has been trying to sell his house in Boulder, Colorado, where they used to sell within hours of coming on the market. He has been trying to sell since Spring and has had few viewers. No offers.

Everything sells at the right Price. He obviously doesn't like the right Price.

Share this post


Link to post
Share on other sites

I think a lot of people are getting bored of big houses as status symbols. They were great when the price was going up as it didn't matter. Now a lot of peopke are seeing them as a millstone especially to mobility and lifestyle. Round my neck of the woods 4 bedroom houses have been seen as a young professional couple status symbol for the last 25 years and developers exploited it by squeezing 4 bedrooms into what should only ever have been 3 bed homes.

I think perceptions are changing, especially among the internet generation who have no interest whatsoever on the whole in DIY.

Share this post


Link to post
Share on other sites
7 minutes ago, Chewing Grass said:

I think a lot of people are getting bored of big houses as status symbols. They were great when the price was going up as it didn't matter. Now a lot of peopke are seeing them as a millstone especially to mobility and lifestyle. Round my neck of the woods 4 bedroom houses have been seen as a young professional couple status symbol for the last 25 years and developers exploited it by squeezing 4 bedrooms into what should only ever have been 3 bed homes.

I think perceptions are changing, especially among the internet generation who have no interest whatsoever on the whole in DIY.

I laugh at the way developers build three bed houses, shove a couple of rooms in the loft and call it a five bed executive home. xD

Share this post


Link to post
Share on other sites
5 minutes ago, Reebo said:

Wow, we might actually get a bit of a crash. It shouldn't take too much to scare investers away from property for a generation.

Not sure about the second point reebo.  Late 80s crash, a few years of fear then to infinity and beyond. 

Share this post


Link to post
Share on other sites
13 minutes ago, One percent said:

Not sure about the second point reebo.  Late 80s crash, a few years of fear then to infinity and beyond. 

Yes I suppose cheap credit changes the game. Can only hope.

Share this post


Link to post
Share on other sites
4 minutes ago, One percent said:

I'm guessing that's the student loan, not the house?  O.o

someone needs shooting for loading people up with that amount of debt.  

My fault really, I treated uni like a holiday and the student loans like a big piggy bank.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.