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janch

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Posts posted by janch

  1. In places I follow in SE I look at the last 7 days additions (which includes previous listings which have reduced in the past 7 days) on RM and this week several places had 50% of the listings as reductions.  The ripple is happening and this week has reached as far west as Bath (36 of 80 properties were reduced).  Prices are still ridiculously high but they are coming down albeit slowly.

  2. 6 hours ago, hotblack42 said:
     

    I guess asking too much initially for reasons given prev. was our mistake.  We'd reduced asking by 20% before giving up which was less than slightly inferior places had exchanged for at the peak.  Oh well, perhaps next time we'll offer it cheap.  Luckily we have other funds, I feel sorry for anyone with all their eggs in one mortgaged basket.. 

    Better to take the house off the market, wait 6 months then re-list with a different agent at what could be a more realistic price than keep doing "small"(still thousands of pounds!) reductions.  That way it doesn't go "stale". 

    (I've done this in the past when initially I had 3 wildly different valuations from 3 different EAs and stupidly went with the highest and then wasted 4 months without a single viewing! )

  3. Prices are coming down in London so I'd hang on paying rent and keep reviewing whether or not it's a good time to buy. I certainly wouldn't put all my eggs in the property basket; as you say it would be very worrying to have to pay much more each month on a bigger mortgage and you don't then have any choice as to what to do with your money when it's all being eaten up by a mortgage.  Also if you buy now and really struggle think how you'll feel when prices fall and you're stuck paying through the nose. 

    I think I'd I'd put any spare cash into a SIPP.  Also when you come up to retirement or circumstances change you may change your mind about London and be happy to sell and move somewhere cheaper in another part of the country.

  4. 1 hour ago, Sour Mash said:

    Agreed - people really should stick to the original price once it's been agreed unless something unknown and pricey comes to light before completion.  Agree the price subject to a survey and be done with it.

    Unfortunately, the law as it stands allows people to walk away, offer less or charge more at the last moment for any (or no) reason - often when the other party would have no choice but to accept the changed deal.  That makes the process a lot more fraught and subject to greedy sellers/ buyers than it should be.

    This happened to me where after 3 months and when contracts were ready to be exchanged my buyer decided to lower the price he was prepared to pay by quite a lot too.  I told him no and stuck to my guns on principle.  I had incurred expense by then on my purchase property and the whole chain collapsed as there was then no way I could have afforded to buy the next property without the original agreed sum. 

    The only upside was that he would have lost out too plus the EA was quite peed off at having lost the sale.

  5. The mistake with RTB was not using the money raised by the sales to build more council housing.

    One of the arguments at the time for RTB was that people's circumstances often changed and that as they progressed and earned more they could afford owner occupation and council houses were really meant for those who needed subsidised housing.  It was supposed to aid a reversion to a situation whereby councils only supported people who really needed it.  By selling off properties, the new owner occupiers were responsible for all the maintenance etc. which saved councils considerable sums over time.

  6. I'm finding myself watching RT more and more and the Keiser Report is one of the reasons why.  He has interesting guests with useful info.  I also pricked my ears up at the mention of the Danny Blanchflower tweet........although as Max Keiser said  QE was first and foremost to save the banks.  They obviously knew what effect it would have on asset prices at the time and who would benefit and who would lose out. 

  7. On 10/11/2018 at 23:32, Pop321 said:

    There comes a point when buying ‘today’ is not an option because tomorrow the price will drop....

    Indeed and this has been the case in the places I look at in the SE for a while (all this year easily).  The "wave" has been coming out of London and I would say it's reached about half way along the M4 so has yet to properly reach Bath and beyond.

    I do a count of properties for sale in the last 7 days on RM which includes reductions. For places in the SE there's usually 50% reductions now whereas in normal times it's around one third.  Also many new builds are having prices reduced so it must be happening!

  8. 19 hours ago, dpg50000 said:

    Point is, the merest whiff of anything in the budget that screws me over tax-wise or pension-wise and I'll be quitting work, cutting all non-essential expenditure to the bone and kicking back for a few years living off my savings. Life is too short for this s**t.

    I did this 12 years ago and had nearly 8 years living off savings before my state pension kicked in.  I just couldn't stand the aggro of work and that was without a terrible commute.  I live very simply and much prefer life without all that stress.  It seems you can either have time or money and I much prefer time.  It's surprising how much you can save when you don't work too............no work clothes/fares etc and time to cook from scratch.  I think my health benefitted enormously and I no longer feel depressed.  If you have a job you love that's different but I never achieved that luxury.

  9. 53 minutes ago, Saving For a Space Ship said:

    Surely you'd have to compare it to what benefits Uk migrants recieved in EE countries.

    Got any figures? 

    From articles like this , it appears like they can get very little ..

    In search of the only Briton in Poland claiming benefits

    https://www.theguardian.com/world/2015/jan/19/-sp-search-for-only-briton-poland-claiming-benefits

    Edit: from this article it provides some figure on Uk subjects recieving EE country benefits 

    https://www.theguardian.com/uk-news/2015/jan/19/-sp-thousands-britons-claim-benefits-eu

     

    EU_Unemployment_Datablog_do.svg

     

    That is truly horrific..............Spy is quite right.  We should be able to save a fortune after Brexit!

  10. 13 hours ago, happily renting said:

    We recently saw a place which started at £375,000 3-4 months ago, then quickly went down to £350,000. Still too much for us, but when they decided to have an ‘open house’ (which itself is kind of a joke), we thought we’d have a look. Decided the modernisation it needed was beyond us, and anyway it was too small for the money. Of course.

    Got a call last week that the owners were kind of desperate and considering a substantial reduction, so we went again, this time with a knowledgeable friend who could give us a better idea of just how much of a money pit it might be. While there I got the agent off in a corner and he suggested it might go down to £275,000.

    Still not enough for us, so we said no thanks. I honestly don’t think it’s even worth £200,000, but that would be a pre-crazy times valuation. This is in a nice area in the SE, where last year it would’ve sold right away, no problem, at the original asking.

    In general though, nobody around here has got the memo that prices are supposed to be going down. If anything they’re getting worse. Funny how hardly anything is selling.

    Can you put in a link please?

  11. I moved from a small development last year which had some "affordable housing" and the place is going downhill.  It was OK while the builders were still there as the sales office lady would "have a word" with people while they were still selling the houses.  After they left there would be more rubbish generally with some large things left for months etc.  Luckily there was a gardening guy who came every few weeks to tidy the fronts and we all paid a service charge for that.  Most people didn't do anything to keep the place up to scratch though.

    Funnily enough it was my owner occupier next door neighbour who was the main reason I left though and he was" worse" than any of the social housing tenants in his behaviour.  I will be very cautious in buying anywhere like this again.

  12. On 18/08/2018 at 09:53, stop_the_craziness said:

    I am extremely productive in my job in the sense that I get a lot done and definitely give my pound of flesh for my wages.

    The problem is that the organisation I work for is so completely disorganised and without direction that I could literally do nothing at all and it wouldn't matter a jot.  No one would notice and nothing of any consequence would arise.

    This is existentially difficult for me as on the one hand I feel good about being "productive" but I know that all my productivity is meaningless.

    ?   Brilliant!         Describes most jobs.........

  13. They will only play ball if you take out a mortgage via them.  I wonder what would happen if you say you are a cash buyer?  I think I would be tempted to put a note through the seller's door explaining your difficulties? They probably have no idea they may not make a sale because the EA does this.  In this market that could be a disaster.

  14. 33 minutes ago, doomed said:

    I phoned on Monday morning and offered 350 on a house that is currently up for 400. I have just phoned the estate agent back and asked if he had spoken to vendors and his response was, “oh yeah they want about 400.” 

    I find it beyond belief that the estate agent can’t even be bothered to phone me back, never mind trying to create a dialogue between 2 parties who are less than 15% apart. This house has been on market currently for 4 months and the agent is Entwistle Green.

    I believe EAs are legally bound to pass on all offers to the seller

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