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quilan

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Everything posted by quilan

  1. You're absolutely right about Wythenshawe. My brother told me not to touch it even though on paper it's great value by comparison.
  2. It wasn't frenzied in 2019. It was busy but manageable up to the pandemic. Since the end of the first lockdown it has been very busy. It became frenzied when the stamp duty holiday started and reached mega frenzy in March/April this year when stamp duty was extended. It is still frenzied but perhaps a notch or two below the craziness of March/April but not enough to help. I'm actually not limited by school catchment but I prefer the areas with good schools as they are just nicer in general.
  3. The market for family homes in South Manchester where I am is still frenzied. Anything decent 3-5 beds is wild. Wife viewed a 4 bed today. Told they are having 2 open days. 3 bids in immediately this morning. Agent stated normally have 30 houses in inventory but currently have less than half. Speculated elderly boomers are still reluctant to have strangers in their house.
  4. https://www.gov.uk/government/news/major-intervention-from-government-and-lenders-to-support-leaseholders Has the feeling of a whitewash? Government commissioned report stating that cladding suddenly isn't dangerous after all. Now everyone can sell their lower rise flats.
  5. Agreed. Waiting for this to shake out. Has been difficult but last 8 months especially from end of March to May have been mental to witness.
  6. I'm pinning my hopes on it. There's still very limited stock on sale, mainly the dregs. Nothing much I like. A great deal depends on interest rates which they will only raise as a last resort.
  7. Keeping an eye out for failed sales post 30 June but not seeing as many back on Rightmove as would have expected by this point. Is it too early to say? Are people still haggling over who takes the loss before deciding to bail from their purchase? What are you all seeing out there?
  8. And a few more - couldn't post more than 4 at a time due to limits on the forum upload size (any way to circumvent this?)
  9. Some examples round here of failed sales returning to market, in some cases at a higher price than before. Also interesting to note that some are going back STC within a few days...so on this small sample looks like market is still steaming ahead, at least in this locality.
  10. I'm watching carefully. So far not many failed sales coming back on the market in my area. However the small number I've seen so far have been relisted at the previous price or in some cases at a higher price!
  11. Waiting until October / Q4 to buy. Hope the panic and FOMO will have faded enough by then.
  12. This is the key point. Inflation is coming and will emerge even in the (fiddled) official figures. What we need is a nice, old fashioned IR increase. I’ll believe it when we see it.
  13. 1988 felt like this, a crazed end of days panic. My parents sold our house during the ramp up and couldn't find anywhere to move to (long story), resulting in us having to move into a flat for a year and needed lump sum from grandparents to cover cost of our next house as it had gone up so much in the interim. Lucky we had that option.
  14. Agree. I had to read the details on the different brackets and different dates to understand what's happening when. It is a confusing situation around SDLT. Perhaps government intended that?
  15. I guess it's very localised. There are some crazy hot spots in the wider region but perhaps have to be careful of such generalisation.
  16. https://www.manchestereveningnews.co.uk/news/property/anger-bidding-wars-spiralling-prices-20520474 This is an accurate picture of the current situation in the NW. Madness.
  17. My presumption is that they perhaps had a cut off last year and if they didn’t get their price they would relist in spring. Or perhaps didn’t want to have viewings due to the lockdown and COVID prevalence at that time. I viewed a few of these delisted and relished houses (in NW). They were deluged with interest and allegedly offers over asking on day 1. The one marked 14pc on October (identical neighboring property sold price) had offers over the asking and went STC within a few days. Another one the vendor rejected an offer 20k over October’s price in early March. This is what’s happening and doesn’t seem to have abated yet.
  18. It was more the point about the general direction of rates going steeply down this summer, especially on low deposit mortgages. Risk on!
  19. https://www.telegraph.co.uk/property/buy/wait-summer-get-mortgage-experts-warn/ More madness, couple of selective quotes. “It is the small-deposit loans we expect to see larger interest rate cuts,” he said. "This week Nationwide, Britain’s biggest building society, increased the amount it would lend to first-time buyers, offering borrowers with at least a 10pc deposit up to 5.5 times their income on certain deals. The change means a first-time buyer couple with a joint income of £50,000 and a 10pc deposit could now borrow up to £275,000, rather than the previous limit of £225,000. "
  20. Interesting new piece on Acadata blog today. I tend to agree with their prognosis. http://www.acadata.co.uk/the-housing-market-what-are-the-vital-signs-telling-us/
  21. http://digitaleditions.telegraph.co.uk/data/585/reader/reader.html?social#!preferred/0/package/585/pub/585/page/90/article/168501 Cannot post full article but gist is there will be no fall after around end May when it will be nigh impossible to avoid paying 80pc of the stamp duty on a 500k property. Best can be hoped for is a lull in activity. Market in NW is still frantic. Asked to view a very ordinary 3 bed detached and told 16 people viewing it this Saturday. “House prices will remain robust when the Chancellor’s tax cut is wound down from June after Covid altered buyers’ tastes and triggered a stampede to the country, according to Britain’s biggest mortgage lender. Lloyds now says that house prices could eke out a 0.8pc rise this year if vaccines fuel an economic boom, followed by growth as high as 4pc in 2022.” Bah.
  22. I have seen this several times recently. Houses that were withdrawn in around October coming back on the market in March for 5-10pc more. Up to 14pc in a few cases.
  23. It feels like that to me too. Just reading this week's economist https://www.economist.com/graphic-detail/2021/04/10/our-house-price-forecast-expects-the-global-rally-to-lose-steam Key excerpt: "Giving equal weight to each of the 16 countries for which the model has data, its central estimate is that the rally is likely to stall but not reverse. It expects apprecia tion to slow to 3.4% this year, and to 0.7% by 2023. Much of this deceleration comes from America and Britain. However, because prices are currently soaring in those markets, the model projects them to grow a bit further before reaching a plateau." So that's the depressing fact. This surge is looking to work through then plateau. Sickening.
  24. 100pc you're right. Most of houses I've looked at are occupied by smug boomers. It's a beauty parade and they can pick and choose to whom they sell. The market has been busy since lockdown 1 ended but this March has gone off the chart crazy. The real trigger was the extension of stamp duty. I just don't understand where these buyers have come from. It was busy last summer but nothing like this. Seem to be more equity rich and cash buyers now. Perhaps people moving up from the south or Chinese/HK cash buyers? The problem is there are so many buyers that the agents don't give a hoot. As a buyer you're disposable. Unless you have cash and can pay 10pc over the asking. You also need to ingratiate yourself with the local agents so they might call you first before listing something. The agents are the scum of the earth but you have to play along. I think the market must cool once the prospect of getting deals through before 30 June dissipates. Unless Sunak extends once more...
  25. Also looking in Manchester at the moment. I'm looking for detached 4 beds. Can confirm it's as bad or if not worse than you've described. The hottest market I've seen. Only comparison is to 2007 or perhaps 1988 in the months before the withdrawal of MIRAS. Some of the things I've personally seen recently in this market: - Agents telling me that only those without property to sell will be allowed to view - many properties selling within 1-3 days on the market - people making pre emptive offers for properties prior to viewing when there is only a photo of the house exterior on Rightmove - Sealed bids with property going for 8-10pc over the asking - a house we were interested in went on the market. My wife phoned within the hour and was told 9 people had already booked viewings - a house we bid for went to a cash buyer for well over £500k (we are renting with a solid mortgage offer in hand) - we saw a house where a neighbouring identical house in similar condition had sold in October for £420k and the vendor was asking £475k and told me he had already secured an offer over the asking from a cash buyer - arrogant agents and vendors who know that any shite will sell and treat buyers like shite And so on and so forth...peak madness surely?
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