Saturday, Aug 30, 2008
There's always a way
FT: UK home sales boosted by desperate vendors
Rather than waiting for chains to clear, agents say vendors have begun to buy the properties of people further down the chain to clear the way for their own home to be sold.
One homeowner engaged in such a process told the Financial Times she had only been able to sell her house for £450,000 in order to upgrade to a £700,000 home by buying an apartment at the bottom of her chain for £200,000.
I know several people doing this, she said. It allows you to retain some exposure to the property market and gets everything moving so you can sell.
Posted by gardeniadotnet @ 12:22 AM (558 views) Add Comment
5 Comments
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1. plato said...
This is incredible, but then I suppose they've got so much money,might as well stash it this way with the possibility of a long term revival.
More likely we tend to forget the property market is not just about 'homes' and the normal concept of a home. This kind of transaction is used to manipulate the tax system by the wealthy..........and in no small numbers in a place like London,so will have an effect on the overall market.
2. nubbers said...
I doubt this woman is going to remain rich for that long if she makes financial decisions like that.
3. nooneo said...
Wow. Buying a 700k house that is falling in value and topping it up with a 200k home that is falling in value. Quick, someone give her a job in the treasury/mpc/guv'mint, she obviously knows what she's doing.
Right I'm going to go down the street handing out tenners to all and sundry - Someone section me please before I spend all my money.
4. mark said...
only in britain, then again they know they can be bailed out or burn it down and claim insurance!!!
5. Andy said...
Don't you see. She's had her eye on her forever house for a while. Now that it's only 700k, she figures that what she saved on her forever home can be spent buying the bottom house on the chain to prevent the chain collapsing.
You really can't refute that logic.