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tennaval

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Posts posted by tennaval

  1. As much as we like to think these prices are just kite flying, the sad fact is there are plenty of boomers with far more money than sense that are willing to pay them.

    I've been looking to buy in a similar area to Cornwall (Anglesey) and there is very much a 2 tier property market... the ordinary workaday houses in residential areas and larger villages can be sat on the market for years, whilst some twee, white washed cottage with a seaside themed interior will sell in a matter days no matter how stupidly overpriced it is.

    As always a two tier market is very evident in Cornwall, with the same dizzying premiums you mention paid for romantic vernacular stuff in the right place. However, there are also a lot of hefty price falls among the middle ground that have been priced more in hope than expectation.

    Two recent examples:

    http://www.rightmove.co.uk/property-for-sale/property-35120715.html

    Reduced from £900,000 to £650,000

    http://www.rightmove.co.uk/property-for-sale/property-47671172.html?premiumA=true

    Reduced yesterday from £595,000 to £535,000

  2. Kite flyer of the month goes to this 2 up 2 down Marazion terrace courtesy of PRH Penzance.........

    http://www.rightmove.co.uk/property-for-sale/property-52938008.html?utm_source=sendtofriend&utm_medium=email&utm_campaign=buying

    Asking price £249,950

    Sold in September 2014 for £131,000

    http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=44996533&sale=52445741&country=england

    A very cheap refurb

    600 sq ft + attic

  3. "All of the large houses seem to be priced for London buyers, all large houses are astromically high for local wages. Issue is, that prices are set at the margins. So only take one London buyer making one overpriced purchase to make hundreds of sellers to think they can wait for their own London buyer.

    So we are seeing houses on/off sale for 5+ years."

    yep, agreed. 300 k plus properties largely bought by retirees selling up in South East, Bristol etc. And as you say bidding up the few nice places, which heightens seller expection across the board...and forces agents to price high to get the instruction, this explains the absurd kite flying of so much dross.....It's always been like this in west Cornwall at least as far as I can remember, where average wages which can't be more than 15k, continue to stagnate.

  4. 'In response to the figures, Campbell Robb, Shelter’s chief executive, said: “In the context of looming welfare cuts and a dramatic shortage of homes, all those struggling to keep up with sky-high housing costs will be shocked to hear that a massive £14bn has been given in tax breaks for landlords in just a year.

    “A fraction of this amount would go a long way towards fixing our housing shortage, and giving millions of priced-out families and young people the chance of a stable home.' (source Guardian)

    http://www.theguardian.com/politics/2015/may/26/landlords-14bn-tax-breaks-buy-to-let-expansion-mortgage-interest

  5. A bubble is only officially a bubble in hindsight, after it has burst. Up until then it's business as usual.

    Yes you're right.

    But given the dissent from many quarters, I think if enough political and media pressure were exerted, they would have to give a statement at least. Which would be interesting, and as far as I'm aware a precedent.....

  6. So, after seeing the announcement on BBC news that this great scheme will start now rather than in January, I actually read up on the details of the scheme:

    1. Government lends you 20% of the value of your new house

    2. In 5 years time you start paying interest on it, or pay it back (selling the house to do so if necessary)

    3. Debt has to be paid off by the time the mortgage is paid off

    Hmmm..... I can't actually decide what is going to happen...

    1. Very quick rise in house prices, followed by very fast drop in house prices?

    2. Continued stagnation of prices at current levels because nobody takes advantage of the scheme?

    Am I missing something? I didn't think this scheme (HTB2) lent the buyer anything. As I understood it the buyer is still responsible for paying the full 95% of the mortgage and the lender is protected by the government guarantee.

  7. Still sitting on the side lines far away so would be interested in peoples thoughts on how the market is currently doing in West Cornwall, have the ripples from the South East arrived? Will more positive sentiment inflate prices next year?

  8. I saw that. Think it was mentioned on here at original price.

    Like I've said before it is the Marazion factor. I think the place is a stinky, depressing dump but those with properties to sell seem to think it is the new St Ives. For example:

    http://www.rightmove...y-38340883.html

    laugh.gif

    I saw that property this morning and laughed at the price, it's a charming house but unfortunately it's blighted by the road. I suspect that - like the methodist chapel down the road - after a brief period of kite flying it will start to tumble........they might struggle to recoup the £415,000 paid in 2008.....

    stinker.png

    post-17752-0-08761400-1365179754_thumb.png

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