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House Price Crash Forum


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Posts posted by electrogear

  1. I'm shocked that these people (whom I assume you barely knew judging by your wording?) would discolse tax evasion so blatantly, I hope that you have reported them. Surely it's your duty as a HPC member?!

    On the same subject though, a friend of a family member is not declaring her income from a friend that is renting her house but I'm not sure how to go about 1) Getting hold of the property address and 2) Whether it's worth reporting it, evidence, etc...

  2. yes - they couldn't sell them and are going to wait it out innit. they aren't letting it go for nothing!

    I suppose you could be right, but a lot of them look to be probate sales or older folk moving to a nursing home. They're the wrong type of property for letting (3/4 bed in a pricey area) but the sort of property you could renovate and make money on in a bouyant market. My mum and dad do it for a living (with much cheaper properties) but they're struggling a bit now. I'm still in 2 minds whether to buy.

    We've seen the perfect house but they're flag-flying, asking 370K for a semi detached house. One on the same close a few doors down just sold at what I will assume was a silly price (they marketed at 325K) so I think they've got the idea that given the extra 200sqft theirs is worth 370. Last time we were looking at property (2012) you could get a large detached house with an acre of land for that sort of price! Prices in this area have risen 30% in 4 years!

  3. I save a couple of properties of interest to my rightmove account each day, and I'm finding the odd one goes up as "sold STC" or "Under Offer" but there's 2 or 3 times as many show up as "Property is currently not on the market". In the most recent cases, they're all in the same area. Anybody got any ideas?

  4. I seen quite a number of properties go on rightmove as 'sold' with a couple of local agents when they've been taken off the market for some period of time. My guess is business is slow and they're trying to get more sellers on their books by re-advertising the property as sold, even though it sold months ago...

  5. I work offshore and speak to people from all over the country.

    Yesterday one of the well technicians from Norwich said "I heard house prices are really cheap at the moment"..... :rolleyes:

    A pipeline inspector from Hull (where I live) has been trying to sell his apartment for a year for £105K. He rejected an offer of £103K when it had been on the market for 6 months. Crazy if you ask me. If that's not bad enough, he's decided to buy a 4 bed house "whilst it's cheap" and sell his house at a later date, avoiding the 3% extra stamp duty IF he sells within 2 years. He laughed at me when I said back in March we're due a house price crash and he keeps gloating that it still hasn't happened...

    A technician from Plymouth just bought a 2 bed terrace for 160K. Yikes...

    My mum and dad are still trying to sell their most recently redeveloped house in Hull. £145K for a 3 bed terrace in a rough area. A few years back they were sub 100K and the recent surge is due to a nearby school being awarded an "outstanding" rating by ofsted. Still, similar properties on the same street but priced at 130 - 135K haven't sold so I don't expect their house to sell any time soon!

    My experience of searching in Hull is that transactions have dropped hugely. Property isn't selling, demand and supply have both fallen, but I've seen some truly ridiculous asking prices this week. £325K for a 2 bed bungalow when you can buy a 3/4 bed semi with large garden for the same price. It seems to me like an experiment by the EAs in an attempt to make people think prices are going up and get people selling again.

  6. From the Hull Daily Mail

    No mention of Section 24 from Mr Bott-Francis.

    Yep, another selloff in Hull, and Hull Daily Mail find another totally unbiased estate agent to report that "the market is climbing, profits up, output up, efficieny up, interest rates down". It's like the worker tannoys in George Orwell's 1984.

  7. My dad's a boomer. He bought a 3 bed semi in Hull in the late 80's for around £40K (it's now worth around 5 times that!). He did work his ass off in a 9-5 job and almost paid off his mortgage in his 40's before remortgaging and taking some equity to renovate/flip some houses and he now has enough cash to have 2 additional houses on the go without a mortgage (he's nearly 60). In total if he sold off his current properties he could easily pocket £300K and downsize to a small bungalow. He's been doing property renovation for about 7 years now, so I guess that money is his retirement fund which will add to the penions from his previous office jobs. He's done quite well out of property during his lifetime, and for that reason he can't understand why I'm holding back to see how far house prices fall.

    He doesn't think a HPC is due and every time I try and tell him prices are falling now he looks at me like I'm a lunatic. Zoopla says prices have fallen 3% here in the last 3 months, and each quarter the number of sales are falling drastically. We had a 5% surge in prices during the first quarter and for a moment even I was convinced that HPI was never going to end, but post-Brexit it finally feels like the tables have turned. EAs are chasing me for viewings and properties are being reduced in droves. My dad exhibits all of the attributes of a "head-in-the-sand" type boomer. When properties were selling like hot cakes in the first quarter he bought a property at the asking price (110K). It needed a new roof, kitchen, bathroom, partial re-wire and redecorating. He admitted that it was overpriced but because there was little supply and huge demand he'd convinced himself he could turn a good profit. He spent about £20K renovating it so needs to sell at £130K to break even. He's listed it at £145K which is £10K above the other properties on that street. He's had no viewings in 3 weeks and he thinks it's just because "people are on holiday"....

    I despair...

  8. Those houses are at the same price as similar properties I'm looking at in West Hull, where it's supposed to be relatively 'cheap' to live. Personally, I think there's got to be a ceiling for 4 semi-detached houses even if they do have massive gardens and tons of parking space, and where I am 300K seems to be the cutoff. Any semis above that just don't sell. I'm hoping houses like that fall to around the 270K (asking price) mark within the next year, and get an offer around 50K accepted. As it stands sellers aren't budging more than 1 or 2% below their asking prices. A buyer/seller standoff...

  9. I attended there and my current business employs a lot of Hull Uni graduates. It is around the middle of the league tables at the moment, but it has fallen from position 39 when I was there to around 60 (out of 120 ish) so it's rating has fallen but still not to a level that should put employers off.

  10. If you'd lived in Hull recently you would not see the comms network as an asset. The fibre rollout is incredibly slow. They've been "rolling it out" for years now and it's beyond a joke. I've lived in 5 areas of Hull and the broadband speed has always been poor. I get 5Mb in my current location on a good day and that's considered good by most of my friends, who do not have access to fibre yet either. It's a legalised monopoly as they've made it so it's not financially viable to rent their lines, and historically they've used different voltages/equipment to BT (not sure if that's still the case).

    Uni is decent. Public transport sh*t. Shopping centres good. Roads are sh*t, especially the "ring road" which can't cope with the volume of traffic. The policing is fairly good. Schools excellent. Hospital good but waiting lists/times poor. It's a mixed bag really. :-)

  11. Thats what living in Hull does for you ...

    I like Hull. A bit out on a limb but interesting.

    I like Hull. It gets a bad rep but we have a lot of interesting history, nice buildings, good night life, lovely parks etc. The city centre is being modernised with a lot of the streets/paths being re-paved. It looks nice, but it seems a very expensive and time consuming job. Like any city there's areas and individuals that let us down.

  12. £80-£100 per week per student, so 10% yields are achievable for those properties down Park Ave (taking into account losses and lack of summer occupancy). A few years back those properties were going for sub 200K, and the rents weren't much less so the yields have decreased significantly in the last few years.

  13. 275k for a 6bed student let in hull sounds overpriced to me. One on the pics is bound to be the be the best, rest much worse.

    Think of it if he listed them all at the same time, there would be a mini hull house price crash.

    Don't forget 6 bed prolly means a 4 bed with lounge diner converted.

    They are all priced and advertised for sale individually too! Properties on the avenues, and in particular Park Ave have increased in price over the last few years by a large amount. It's quite a desirable area.

    £225K - http://www.rightmove.co.uk/property-for-sale/property-60812237.html

    £255K - http://www.rightmove.co.uk/property-for-sale/property-60810041.html

    £270K - http://www.rightmove.co.uk/property-for-sale/property-60804977.html

    £275K - http://www.rightmove.co.uk/property-for-sale/property-60804314.html

    £275K - http://www.rightmove.co.uk/property-for-sale/property-60806567.html

    The rest are here:- http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=BRANCH%5E125350&includeSSTC=true&_includeSSTC=on&index=10 (don't have time to post another 29 links!!)

  14. 15% reduction. It would be interesting to look at the individual prices and see if the portfolio was 15% overpriced by pre-Brexit standards, or whether they are being sold at a discounted rate on the assumption that this will reflect prices going forward... it seems a fairly drastic drop to me, to drop £0.8M after only 2 weeks on the market!

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