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House Price Crash Forum

Smith

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About Smith

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  1. I was at a property auction in Sussex last week. The room was nearly empty with the number of registered bidders in single figures. Only three very cheap lots reached reserve.
  2. I suppose you could argue that if the most expensive homes aren't being sold, then the average value of all homes will be higher than the average price of homes being sold. However this seems like a huge discrepancy and hard to justify for very long.
  3. "The average estimated property value of a home in London is now £654,730 — though this is almost £200,000 more than prices being achieved when properties are sold."
  4. Someone doesn't understand the word unanimous. Also, could someone explain this massive tax advantage on furnished holiday lets? Not being facetious just not sure which tax it is they avoid? Smith
  5. "Estate agency DB Roberts is advertising the home by suggesting it is such good value it is like getting two properties for the price of one." HowTF is it like getting two properties for the price of one?! You only end up with one flat so it's more like a sale than a 2-for-1, surely. Suspect the ad actually said two bedrooms for the price of one, but (incredibly) the journalist is even more stupid than the estate agent.
  6. I'm also intrigued as to where they were planning to put all these new builds in central London anyway?!
  7. Where I live the average income is £26k and the average price of a home £640k. That's all homes not just houses. It's going to take a lot more than stagnation, adjustment etc. here. What we need is a crash.
  8. Indeed. Who would buy in an uncertain market that's starting to fall? For the first time in years buyers have every reason to wait and see. And that's how market sentiment turns the tables. Hopefully.
  9. Or perhaps we should revisit whether we actually need all these new properties or whether the real issue is price not lack of supply.
  10. Since when did rents have anything to do with costs? Rent level is determined by a local market based broadly on supply and demand, which has nothing whatsoever to do with the landlord's costs. If it did then a recent BTL landlord might be charging double what an established landlord charges, because they paid twice as much to buy the property. Of course this isn't the case, and by the same token they can't necessarily put the rent up just because their costs have increased, unless the whole local market shifts.
  11. You can't use contract law to prevent someone earning a living. This was tested in the courts when record companies tried to stop musicians who had signed record deals from doing other gigs, even if there was no income from sales. They were told they couldn't do this, no matter what the contract terms. It stands to reason that you shouldn't be able to prevent someone from earning enough to survive, and luckily the courts take this view.
  12. The difference is that landlords have the option to sack/ not use a letting agent who charges too much. Tenants don't have that option. Also, all this talk of "having to pass on costs" to someone implies the costs are real. They are not, so it's simply a case of agents making less profit than they have been recently. And if they hadn't abused their position then there wouldn't be any need for the ban in the first place so not much cause for sympathy!
  13. Back in the 90s when you paid no fees, there were enough letting agents apparently making a profit just from reasonable commission on much lower rents. So why can't they now?
  14. There's now a lot of HMOs being listed on Gumtree, promising massive percentage returns. If the sellers are so confident why not just rent them out and take the profit? Best of all is this chancer who wants a £6,000 "sourcing fee" for finding you an ordinary 3-bed house which "could be" turned into an HMO. https://www.gumtree.com/p/flats-houses/below-market-value-house-ideal-for-5-bed-hmo/1213006680 Does he think we don't have RightMove?! Smith
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