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House Price Crash Forum

Tabs

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  1. https://www.bloomberg.com/news/articles/2019-09-23/thomas-cook-collapse-sets-up-250-million-hedge-fund-windfall For ever looser there's a winner.
  2. Plus once it's privatised just think of all that money a government can charge fine for it not being run properly. Can't fine yourself afterall.
  3. Another aspect to take into account if the seller adds SD to the sale price is the banks. Will they agree to lend additional funds to buyers? I've heard of a few instances recently whereby the bank, some cases weeks before completion, refuse to lend agreed funds due to revaluating the property price. Risking the chain and testing sellers. Latest example was a sale agreed at £280k and bank revalued at £260k. Not sure on buyer circumstances but seller had to agree to reduction. This could cause ripples through a chain. (And show in Land Registry figures later down the line) If the banks are pricing that in now what does it mean long term - or what do they know what we don't.
  4. The phrase 1% of nothing is still nothing, springs to mind. Of the properties we've viewed a couple of Agents have been quite open in their view the seller is overestimating the price. Then explaining, at length, their tactile approach to justify that market psychology of coming in too high may put off prospective buyers. At the price points involved, the commission boat sailing slowly away each month must be extremely frustrating for a business that needs to pay bills. On the subject of price drops - Another Agent we fished around with commented that rather than Vendors reducing the price, they're instead seeing sales agreed at advertised price but when the survey is passed to the lender the bank refuse to lend based on the survey valuation. In some cases the price disputed by the bank is circa 10% under what the buyer and seller agreed. In one case the seller refused to drop the price and the buyers, besotted with the property, instead opted to make the difference up with a cash payment direct to the seller. Bonkers.
  5. Not to mention further delays incurred if/when it hits probate. Families can complicate matters massively as I'm sure some of us can attest to. Though each case is different.
  6. Substantially more, enough to buy a bungalow or retirement pad and have a nice bit left over. With one property in particular I strongly suspect the reluctancy to negotiate on price isn't related to where they want to go next and instead IHT is at the heart of the price. I can't hold it against them, it's their legacy and they're trying to secure the best outcome.
  7. We've been actively hunting in the Merseyside area for a 4 bed Detached. Ideally want some land and room to extend should we need to. No rush to move on our part and cash purchase is king, though a small Mortgage is not a problem if needed to free up some cash for somewhere that needs renovation. Found 2 Houses in Knowsley area in our upper price range. Both on the market for over 6 months with no sign of reductions. Both occupied by pensioners who need to move for mobility reasons but, as we later found, won't negotiate on price > 5%.. Britches Burned with one vendor by low balling to attempt price discovery - now refuses to deal and EA has withdrawn out of frustration. Second vendor more amenable but we're making no headway in terms of trying to reach a price we're happy to deal at. Considering the property needs a good deal of renovation we need movement to make it work. Now backed off and will wait to see what happens. Stalking horse'ish but we're not prepared to overstretch the budget. Other houses will come up though. Every month we wait is cash in the back pocket now that things have plateaued and sentiment is shaken up.
  8. I've been showing an interest in the mortgage market recently and Google have picked up my search activity and keep suggesting articles from the "industry". A lot of it is puff piece editorials but now and then an article catches my eye: https://www.mortgagesolutions.co.uk/news/2019/07/15/boris-johnson-considering-switching-stamp-duty-from-buyer-to-seller/ ....Risks highlighted included that sellers may simply add the cost onto the asking price of the property. Other uintended consequences include some downward price pressure on sellers, as the higher the asking price, the greater the amount of stamp duty they will have to pay – and the less likely they are to sell their house... Bit of a reverse psychology move from the Association of Accounting Technicians, who report they've met with BoJo's people, proposing to switch SDLT from buyer to seller. This raises some interesting questions about how it would affect the market. Would it be a much needed shake up if implemented? I can see it having a negative effect on prices higher up the scale (good) but is it just more diversionary tactics to shift focus away from land value reform....
  9. So charges, albeit less can be reinstated at some point in the future. Never close a door you can't reopen. The government turned a blind eye whilst this racket ballooned for years. Management companies and Builders all had a good go at extracting their pound of flesh from punters. I'm interested to see what they turn to next to replace this income stream.
  10. https://www.mortgagesolutions.co.uk/news/2019/06/21/barclays-criteria-overhaul-extends-five-times-income-multiple-to-30k-earners/ Some take away points: Applicants earning £30,000 can now access five times income multiples Maximum lending terms extended to 40 years for residential repayment and 35 years for buy-to-let interest-only Increased lending on new build up to 90 per cent LTV for houses and 85 per cent LTV for flats and maisonettes Updated residency criteria by removing the need for residential customers to provide Permanent Rights to Reside (PRR). A minimum income of £75,000 for single applicant or £100,000 combined for joint applicants borrowing at a LTV of 75 per cent or less is required to qualify. Also they state the changes are “to reflect the current cost of living in the UK and will mean an even wider group of your clients could now be eligible for a Barclays mortgage.” This is likely aimed at new build buyers and help to buy. One more indicator of things returning to "normal".
  11. Tabs

    BBC bias

    7th June: https://www.bbc.co.uk/news/uk-england-48557421 Initially reported by BBC NW.
  12. GTMV's total airtime (daily) is about 4mins total anyway, what with all those ads, Keith Chegwin fronted competitions and pollen count reports to cram in.
  13. It's all on the rise mainly due to the collapse in supply of cheap fags from Europe. Ever since the Euro dived they've had to turn to other methods for supporting their income. Biggest craze at the moment in the North West is break-ins targeting large sized plasma TV's. They're not even bothering with twilight raids, if they see it through the front window they'll smash it and 'ave it, even during the day. If it won't come off the wall then they resort to vandalising the unit instead.
  14. Facebook and email it, it'll soon spread, much like the new Flu.
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