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House Price Crash Forum

2rocketman

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Posts posted by 2rocketman

  1. 8 minutes ago, Orb said:

    My sister asked me in 2010 (when house prices were beginning to rise) why I wasn't buying a house. I told her they weren't worth current values, and said "what goes up must come down". She called me an idiot and said they wouldn't come down. Ten years later it seems she was right. I was convinced they'd come down. But we seem to be living in a warped epoch where nothing makes much rational sense, and everything seems to lack substance.  

    Agreed.

  2. 18 minutes ago, dpg50000 said:

    He's still not an accidental landlord. He did (or should have done) everything in the picture in order to rent out.

    Well he purchased it with no intention of letting it out! Was his home for over 5 years and it’s only been tenanted for 6 months, hence selling it with them in situ.  It made sense to test the water before jumping in, but now they want to take advantage of the stamp holiday.  I’m just amazed how quick they’ve gone under offer. Not to mention how quick the houses they are viewing are getting snapped up...

  3. I know someone selling a house, accidental landlord. Called the estate agent they’re renting through to ask if anyone would want to buy it tenanted. A landlord offered straight away at an over the odds in my opinion. He asked for another 10% deal done just like that. I give up...
     

    What with landlords getting debt slaves to pay off multiple mortgages on there behalf and all the others turning houses in to hotels I’m not sure they will ever drop back. I am starting to think I have missed the boat for good. 

  4. 1 hour ago, Lenelby said:

    Many people on this site are hoping for a house price crash. I think it might now happen but if it does it won’t be pretty. A case of being careful what you wish for.

    I’m definitely wishing. I don’t see it happening anytime in the next 6 months though. I have never known so many friends & relatives to be active in the market. All either upsizing or relocating. The New Forest & Cotswolds has gone crazy. I’ve seen posters listing plenty of other areas as well. I can’t work out where everyone’s confidence in the market is coming from, Low rate mortgages help I guess. We were so close to buying and now it seems like it’s just running away again. 

  5. 10 minutes ago, Dreamcasting said:

    People now don't have long to wait to purchase a house at a reasonable price, or not as the case may be. Many people on this site have been waiting for over 15 years now, but all they've seen is ever increasing prices year on year.

    You now only have a maximum of 12 months to wait. If house prices are not at least -30% by April 2021, they never will be. Following that, this time next year, you should be looking at -40%. If however we find ourselves with similar prices in April 2021 as they are today, you're probably in all actuality going to see house prices increase over the following years, and by 2024, you could well be looking at +30 to 40% over today's prices.

    If prices don't look like they're correcting soon into the new year, I think you will need to admit defeat. Unfortunately, if you're cash rich, inflation is going to eat you alive this time around.

    This is inline with my thinking. If no sign of them falling by New Year, then no doubt  prices will start rising again into the summer...

  6. 47 minutes ago, definitelynotanagent said:

    I don't think it will ever be paid off, as such. We're still saddled with debt from the banking crisis, and now this added on top.

    My personal view (and I might well be wrong) is that they will print until the cows come home, and if that doesn't work they'll try printing some more. IMO the currency will get completely trashed (then again, so will e.g. the USD for the same reasons), and it will all end in tears eventually.

    With that in mind, I have now "purchased" (borrowed not-quite-to-the-hilt-but-pretty-close) a 60% LTV house - hopefully complete within the next month. 

    It's going to be a rough ride, no doubt. I'm hoping my gamble pays off, but it could easily go the other way as well.

    I feel the same, good luck with your purchase. I am so fed up with all the wasted energy we’ve invested into it. We were really close to getting one the other day but we got gazumped. It’s just so depressing! I’m just hoping winter slows the market down a touch?

  7. 1 hour ago, MissOnAccomplished said:

    Isn't it annoying when (newspaper) articles do not have a clear 'publication date' . It's only when you read down to discover this was about 2004 onwards!

     

    Me bad, apologies. 

    It come up on my google search. I did look for the article on mail online and could not find it, but the date in the top corner was today’s. Things do go in cycles. 

  8. 3 hours ago, scottbeard said:

    That's a great plan.  Unlike the "let's just waltz in with a 20% offer they won't take" approach you've let the price fall nearly 10% already, then you can put in an offer 10% below that and you might, after 6-9 months of waiting (and without ever being unreasonable), get 20% off the original price.

    Everything I have viewed and made an offer to date has been marked down by a minimum of ten percent, two of the properties had been marked down around 17% through multiple drops. All have been on the market at least 6 months. I am just going in for another 20% on top of that. It’s a buyers market and I am trying to buy a house at the lowest price possible. Sure the sellers are grateful for your concern though:) 

    Did Sausage actually state what his “cheeky offer” would be in terms of %? 

     

  9. 12 minutes ago, bear.getting.old said:

    I totally agree. You can't get such a big reduction so quickly in 2019 in the the current market. The rush to sell isn't there because most buyers think they can sell for 5-10% down today. Interestingly, after the thread on here about zoopla valuations I looked at a house that sold a year ago and zoopola reckoned it's down 12k over the year last month. This month it reckons its above what it sold for! Made up figures or what!! 15 K rise in a month?

    I don’t agree. You can not generalise like that. Each property, each sellers position is different. It could be inheritance, they may have debts, they may want to take advantage of the brexit effect and buy abroad. Who knows? 

    It all depends what property you are talking about. I personally am looking for something that needs some work (not major) and is vacant maybe probate or owned by someone gone into care. Something that has already been on the market for 6 months to a year, something that can not be rented. There are plenty like this around, I have my eye on quite a few and an offer in on one currently. What would the vendor have to gain by holding it for another year? When they have seen the price fall over the last 12-18 months. All the hassle & costs involved in keeping a property vacant. I think prices will only deteriorate from here,  it’s whether the seller is of the same opinion. I am not saying my strategy would work on an up to date 3 bed semi with a family living in it. It may though I guess if that can get a reduction the other end. You won’t know unless you try. 

  10. On 19/10/2019 at 13:21, 2rocketman said:

    My most recent viewing went quite well. I liked the house, however it needs work throughout. Location is 10/10.

    The estate agent advised me “prices never drop in this area” whilst in the next breath saying “prices have now stabilised” all a load of rubbish of course. They’ve been consistently dropping since 2016 albeit slowly.

    I left it a day and offered -20% expecting a bit of a frustrated response from the EA followed by an immediate refusal from the vendor. The response I actually got off the EA when putting forward the offer was quite good. Yesterday I received an email saying “the owner is going to take the weekend to have a think about it”

    At best it will be a counter offer, at worst refusal but it’s not an outright don’t be so ridiculous on a 100k reduction. 

    I have another viewing booked for beginning of next week elsewhere, I’m happy to keep moving along unless a real opportunity presents itself, but you have to be in it to win it. 

     

     

     

    Estate agent contacted me today to advise the sellers have decided to remove the property from the market with immediate effect.???Their intention is to rent it! Hope they don’t encounter S24??? 

  11. 1 hour ago, HariSeldon said:

    That's a meaningless figure without context. If there are only 64 properties available in Reading then yes it's significant, if there are 640 then less so.

    [EDIT] I just checked Rightmove, there are 1363 properties for sale in Reading so your 64 is less than 5%, hardly a sign of anything really!

     

    P.s I just put reading into Zoopla and there is currently 560 listings in total of which 220 have been reduced. Circa 40%. Does that mean anything? Is it significant? I would say it is if you are buying or selling a property in Reading.

  12. 41 minutes ago, HariSeldon said:

    I think people read far too much into asking prices and the only thing that really counts is the actual sale price.

    :D Well spotted! Easily my favourite series of books - a mind blowing concept, brilliantly written and one of the few stories that I've read several times now.

     

    The asking price was the price if not higher 3 years ago. Now as you say it’s fairly insignificant. It is more what someone is willing to pay. That is my point. It’s now a buyers market and it is the buyer dictating the price not the seller.

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