Jump to content
House Price Crash Forum


  • Posts

  • Joined

  • Last visited

About sammersmith

  • Rank

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. It's more than likely a rental given both rooms have double beds, which isn't a usual setup for a starter home (could be a lodger but seems unlikely). If it is a rental then the landlord probably can't afford the void while they redecorate and the tenants don't fancy being inconvenienced to assist in their own eviction. I'm seeing a lot of these grotty currently-tenanted-but-promise-to-leave-before-exchange properties. LL better hope the tenants can find a rental to move on to or he may have to dip into his ultra tight pocket to get them out.
  2. When Tesco Bank started they offered 3% interest on up to £3,000 and no requirement for ongoing direct debits etc. I opened one, stuffed £3K in it, and gladly accepted their £7.50 per month for doing sweet FA. When they dropped the interest I switched the account to TSB and got £100 from them for the trouble.
  3. Rental property purchased by LL are typically in the £250K or lower range outside London so it's not a huge surprise these people are buying post-500K stamp duty holiday. Also, around ~20% is what i assumed was the proportion of landlord buyers in normal times. It may be double the previous month but over the year it'll probably even out. LLs were always going to buy into this if they can save £2.5K a couple of times. That probably represents a years profit for many.
  4. Did you read further than the title and summary points? I'll help you by including the first section and bold the bit that i was referring to.
  5. I thought agents loved time wasters. They bulk up the open day, usually act over-keen and ask lots of questions. All the while their presence gives a false sense of demand and urgency to the other, real buyers would don't see through it. I remember a few years back I viewed a complete renovation project - not touched in 50 years - and a very elderly couple were also looking around and struggling to get up the stairs. Clearly they are not going to take on a complete renovation when they can barely walk - but it was an interesting Saturday afternoon out for them.
  6. Was it derelict from the day it was built? This made me smile It's certainly unique - wonder how many London escapes fancy parting with £1M of their equity for someone's pet self-build project out in the sticks?
  7. Complete anecdote but i've seen a few times during this current boom properties in auction fail to get a single bid then sell instantly when they are subsequently offered through an agent as part of a regular sale. I actually viewed one such place and the EA told me the auction only had 2 viewings but the regular sale had already received 1 offer and had an additional 9 viewings after me. This house is now SSTC. What do I infer is going on here? Auctions attract LLs who get all competitive and keep bidding until they win. This time it seems to be OOers, who wouldn't be able to raise finance for an auction purchase as they're dependant on their own sale. That's my theory anyway, and it seems to align with their rush to complete before the stamp duty holiday. An auction purchase would almost certainly make the tapered relief in time but the buyers simply don't have the monies to do it this way so prefer a regular sale.
  8. I think second steppers where always put off moving because doing so involves a hefty stamp duty bill. Remove this and a wall of people saw their opportunity to move and they took it, getting carried away in the process to make their savings. Let's not forget these people have no actual cash to pay stamp duty but are relying on using the equity in their current house and a bigger mortgage. This rush made EAs cocky and FTBers started to panic that they had to jump in too or they'd miss out because everyone was offering over asking. 18 months of boom can feel like it'll continue forever if you're looking for your first home. So yes, entirely sentiment driven but starting from a large group of people who where given a once-in-a-lifetime-limited-time opportunity to move without stumping up hard cash that they had no hope of saving up for.
  9. Interestingly, the eviction ban was in play for most of this period too and that seems to have kept landlords away from the boom. Maybe a little, but I can't see how they could save that much extra in ~18 months. They may not have had a holiday or regular pub trips but most of their household expenses go on mortgage, car, and Ocado: costs which didn't change during lockdown.
  10. Stamp duty holiday was the primary influence and it was 'second - steppers' who were driving the madness. This boosted sentiment and everyone started getting FOMO. In my immediate circle of home-owning friends and work colleagues, literally everyone was looking to move. Some succeeded and paid a high price, and one has admitted was a mistake. This panic also freaked out FTBers, who themselves starting competing - which was a very silly thing to do given this holiday has (almost) no benefit to them. There might have been a bit of 'race for space', but not as much as the media like to make out. If you're looking to upgrade from a 1 bed flat then you've got to sell the flat it to someone.
  11. I'm not sure if this is real as it seems to contain every cliche and reads like the Daily Mash. https://www.mumsnet.com/Talk/property/4301726-I-managed-to-save-around-15K-stamp-duty-But-I-pay-50K-extra-because-of-my-mistake I just brought a house in South East England, after we sell our apartment in London. I managed to save around £15K stamp duty. But, We pay £50K extra because of our mistake. We view the property online. After moved-in we found the roof leak. The boiler is not working well. The plumbers ask us to replace pipes in the wall as well. The pictures look lovely on the Zoopla. We don't have this issue with our apartment in London. I feel regret now. And now, my company needs me to back to the office at least three days a week. And my husband needs to be back five days a week from September onward. The train fare is expensive. We have a big garden. My husband asks me to do the gardening once a month because I can work from home two days a week, this makes me mad. We might plan to move back to London and get a flat. Does anyone fell into the same trap? Should I stay or move back to London.
  12. If everything is allowed to open then there's no need for Furlough. The gap between now (everything open) and October is giving business time to get themselves together so they don't moan that support is being taken away suddenly.
  13. 2.5 months is doable. Landlords, cash buyers, and those not in a chain could easily do it. I also wouldn't underestimate the average buyer giving it a go. A lot of the 'will we / won't we make it' threads on mumsnet/MSE said they started and completed the process solely within the first extension period. This holiday isn't over until it's really over.
  14. This price range is still exempt from stamp duty until October - and if anything I’d expect interest in sub-250k houses to increase during the taper period. People are still motivated to save up to £2.5k if they get their skates on.
  15. I guarantee you the rate will be truly awful, but will probably still attract a decent number of NS&I customers who've maxed out on their premium bonds and don't have the stomach for anything else. Traditionally these people would have purchased income bonds, but now these have the lowest rate possible (0.01%) the only benefit of money there is for the 100% protection. Atleast with the green bond people can feel they're doing good or helping the environment, or something.
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.