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House Price Crash Forum

2rocketman

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Everything posted by 2rocketman

  1. I’ll be amazed if the property market does not crash in the next 12 months. Lidl carpark is full of Audi’s & Bmw’s. The credit junkies are feeling the pinch. Landlords are getting squeezed. I think it will come out of nowhere & be sustained. I’m just reading about Flybe going bust... tick tock...
  2. I thought the whole point of this discussion was the landlord did not want to give you notice? but wanted his cake and eat it! If they are issuing straight forward 2 months notice, they are well within they’re rights and there is no problem to answer. "The landlord has asked us to try and sell the property you are renting. They don’t want to give you notice as they feel it is unlikely to sell in this market but would like us to see if there is a buyer out there. We would like to come round to see you to discuss this and how we can keep disruption for you to a minimum."
  3. I guess it would be a cool idea if you could rent homes that were up for sale on a very short term with inconvenience basis, but with the benefit of discounted rent. Wouldn’t suit everyone that’s for sure, but for those looking to keep outgoings to a minimum whilst saving? I would put up with it if it was worth my while. Personally I would not do it for £25 a viewing. That could be 1 viewing followed by £25 cheque and your eviction notice before you have decided the best place for the telly. 40-50% reduction though and I would be keen to take the risk of moving every 8-12 weeks.
  4. Agreed. The owner needs to make a choice. Are they a seller or a Landlord? You can not be both without a very compliant tennant. Which would require negotiation in the tenants favour in most cases to put up with such disruption. What strengthens your position, is you are probably the only tenant they can make a deal with! You can’t ask an estate agent to find a new tenant and a buyer at the same time. Also, any potential new tenant informed of the situation would immediately expect a reduction in price so that would just be a pointless exercise for the owner. An existing tenant who is willing to put up with viewings, pay X amount up until exchange of contracts is the best scenario any seller could possibly hope for. Potentially it could be a great arrangement for both parties. Providing it is something you are willing to tolerate of course. Obviously it is a shame if you view it as your home and have grown attached. I look at mine as somewhere to sleep. It holds zero value to me, which makes it a lot easier when it comes to negotiating but not very nice to live in.
  5. The tenant holds all the power in this situation. If you vacate, the landlord will probably need to redecorate, loose rent income, pay council tax. If it remains on the market for a long time they may feel more pressure to take a reduced offer with it sitting empty. It is a renters/buyers market at present, so no doubt if you have to move you will negotiate a better rate on your new tenancy. Personally I only have 6 months tenancy agreements, I have reduced it by £50.00 on the last 2 renewals and I will do so again in April. They will no doubt agree because if they even have 1 month void, then have to pay new tenant referral fees, admin etc, the costs will run way above the £300 reduction I’m proposing. I feel I have them by the balls because I’m a minimalist and I’m prepared to walk away no problem. I will just rent one of the other empty flats in the block.
  6. You sound like a landlord? I’m actually envious of this guys situation, I rent and if my landlord approaches me in this manor I’m going to go to town...
  7. Each to there own I guess. As the tenant what is there to loose? Conflict would not bother me at all. I would be spinning it to my advantage. You say there is no chance of a rent reduction with some certainty? The owner could have an incredibly long void period right up until exchange of contracts. 1 year plus easily. Throughout which time he will be liable for the council tax etc. 50% better than zero.
  8. Agree 100%. I would start by asking for a 50% rent reduction before you allow a single perspective buyer through the door. After all, you could be allowing a potential burglar to have a look around your house. It will cause you significant disruption, putting valuables away, interrupting your work, cooking, television etc or vacating the property all together. If they are unwilling to agree to this proposal I would end the existing agreement as quick as possible on the grounds it has become untenable. Find somewhere new to live and let them enjoy the void! Good luck. P.s out of interest what area?
  9. Surely it can’t be to far away now? I can’t believe some are still buying. Think a few chains might start unraveling!
  10. UK house price outlook darkest since 2011 - RICS Reuters British property surveyors are the most downbeat about the short-term outlook for house prices in nearly eight years, and sellers are shying away from putting homes on the market in the run-up to Brexit, a survey showed on Thursday. Read the full story
  11. More good news. Drip drip.... https://www.homesandproperty.co.uk/property-news/uk-house-prices-drop-continues-for-sixth-consecutive-month-with-some-inner-london-boroughs-hit-by-10-a127976.html
  12. It’s safe to walk the city (or village) streets at dark. Cyclists don’t lock up their bikes while at a cafe. It’s not uncommon to see a car idling, keys in the ignition outside of a bakery or bank! I don’t think there are too many places left in the UK that you could say this about!
  13. I know of someone emigrating to New Zealand so come across it while looking as you do. Sounds fantastic on paper though. Great health care, one of the best education systems in Europe, low cost of living, low taxes, one of the lowest crime rates in the world, long summers, skiing in the winter (if thats your cup of tea) great scenery as mention by Meerkat. I guess you could visit Spain and France in the same day also. I’ve never heard anyone mention it or known anyone to move there. Yes, I would say it beats Luton.
  14. Has anyone ever looked into/considered relocating to Andorra? 2R
  15. It’s all good news these days https://www.bloomberg.com/news/articles/2019-01-23/a-prime-london-homes-fund-has-slashed-its-net-asset-value-by-20
  16. Nope. In the final stages. However it’s not a profit until you’ve sold, but I guess it’s irrelevant if your going to plough it all back into a 750k home in Leyton. Totally exposed to capital loss either way in those areas.
  17. Its going to be the family home apparently. They’re selling the 2 bed flat in Hackney they currently live in. Made just shy of 300k in 6 years.
  18. If we get a crash so many are going to be punch drunk from the hit. You only have to look at the price of property when first listed on Rightmove. Shortly after reality sets in and it’s reduced, reduced, reduced before being withdrawn from the market. Many who have not tried still think they can sell the same week for fortunes. Just chatting to someone a short while ago who is in the process of buying a 4 bed terrace for around 750k in Leytonstone. Rather them than me. We need forced sellers and I think with S24 and all the other variables we are going to get them. Hold on tight.
  19. I think there are a lot of people living in denial. It’s hard to see the wood from the trees though when you are up to your eyes in it! I will be amazed if we don’t see a big crash. Car sales, holidays, apple, houses, fashion clothing, restaurants etc are all going to take a beating surely?
  20. Agree with you. Many have been forced out of one good job only to replace it with 2 minimum wage positions. I think the employment figures are grossly distorted. I was chatting to a coach driver the other day on £8.34 per hour. Even some carpet fitters (working for big stores) are close to minimum wage now due to foreign labour.
  21. Would probably be like watching a comedy. Going to get worse before it gets better. Not sure if you ever go up that way but the amount of apartment blocks going up is immense. All high end stuff aimed at the investor who has disappeared.
  22. I think your time will come up there, just need to be patient. They were selling the same day down here around 2015 then everything changed. 50-100 viewings seems a bit extreme but then so does 25 in one day! As for London, I looked at some flats out of intrigue in Battersea some 12-18 months ago. They are nearly 200k cheaper today than they were then, circa 30%. There are some very big reductions across the board up there and it’s not over yet. I’d say it is crashing.
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