Sure thing!
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Posts posted by Sure thing!
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Interesting one, we had title + boundary problem but buying from a seller that was unwilling to sort the problem out for no clear reason. It was a bad enough problem that you wouldn't have been able to get a mortgage had you informed the mortgage company which once discovered our solicitor had to do yet it wasn't immediatly obvious, the sellers original solicitor hadn't spotted it and they obtained a mortgage. I can easily imagine this sort of thing being put up for auction and overlooked leaving someone with a right headache.
When we pulled out the EA said they would just sell to someone with a less fussy solicitor so arm yourself with a fussy solicitor!
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UK housing market waking up, says CML
http://www.bbc.co.uk/news/business-33519370
The ONS figures showed that, in the year to May, house prices in England rose by 5.8%, in Scotland they climbed 2.9%, and prices were 2.5% higher in Wales.
However, the biggest increase came in Northern Ireland where prices increased by 10.5%.
Is this just a "recovery" based on increased activity from the absolute bottom where prices undershot? Things are better than they were but they are not exactly flying off the shelf in this area and no obvious increases in prices over the past couple of years to speak of. The cheap repo stuff seems to have vanished though so I wonder does the now not so obvious gap between the distressed sales and normal sales account for some of this?
A 10% change report would have had pages of responses in years gone by here, I guess that says something about the topic.
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Private sector landlords keeping country afloat lol.
Run landlords run.
I'm imagining a funny version of atlas shrugged where the landlords take themselves away to teach everyone a lesson about how important they are and a million pages later they realise they were the parasites and they are stuck in the mountains trying to rent to each other as they can't do anything else
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House price annual inflation was 5.8% in England, 1.3% in Wales, 2.2% in Scotland and 8.8% in Northern Ireland. (ONS figures to April 2015)
In previous years this would have generated a heap of responses and discussion, it's like a ghost ship in here now.
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Are they selling?
There's still a lot of properties going on clearly overpriced even in the current market. Perhaps these new vendors still need to adjust to the new level of sales.
I'm still seeing reductions on some of these properties. Some are significant others are not enough to tempt you in for a viewing.
Have noticed a bit of this, a fully modernised house in the best location/site in an area sells quickly at a decent price, then other nearby houses in bad locations/sites needing modernised come up for sale near this price and unsurprisingly don't sell.
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The absolute bottom isn't significantly off today at least here outside of Belfast, we sold in 2013 and wouldn't really expect getting much if anything more if selling now. 2013/14 was spent actively looking for somewhere while renting in-between and asides from a couple of repossessions that might have been dodgy there wasn't much screaming bargain compared to today with the one or two quality places selling at a premium and the junk languishing.
As mentioned on here before there was a quite long period where plenty of people that didn't get caught up in the insanity were sitting waiting on the drops to stop, including plenty of us on here, 5 or so years of restraint from those that can afford things at these prices/rates might be giving a bump from the recent bottom?
Hope we're sensible enough to avoid stupid stuff again, long term flat lining to let incomes catch up would be my second choice with the preference being having the drop continuing back to sensible local levels but I think that's going to need something to stimulate it.
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I wasn't referring to the linked video.
You were also talking about the Balls video being cut, which is clearly wasn't. Have a cookie though, misdirection x2
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They've cut the beginning and the end haven't they?
If you are referring to the linked video they did not cut anything. Regardless of the beginning and the end the key issue is the about turn in the middle, they will always say they will be "tougher" on any issue. Another balls up.
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RV in some areas might be spot on, others not so and then there can still be massive variation in identical older RV houses that have had internal modernisation over their neighbours.
If you've been hanging out here for a long time and watching your local area for a long time you likely know better than any estate agent or non local HPCer what the score is locally with various house types and how well they are priced.
Oldies like bungalows too so might not have that much less demand? We looked at a few just never found one that didn't require dragging in to the present whilst still being sold at a premium price.
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Guess I should fess up and say we bought at the end of last year after selling 18 months previously and renting whilst waiting for the right place to come up. We got an offer we accepted on our previous house within a week at well over RV which all went smoothly and it was funny to be able to respond to overpriced sellers at viewings with "our house sold in a week, there's no problem with the market" when they said the bad market was the reason they were not able to find a buyer
We did spend a few months trying to buy an overpriced house we really liked that had been for sale for 3 years without an offer which proved to be a waste of our time with hapless sellers and their useless solicitors, still not entirely sure if they were actually trying to sell..
The previous owners of our house were absentee landlords that hadn’t been back in NI for years so we really should have treated the purchase a bit more like a repo not being able to get answers to questions or being able to look someone in the eye. After moving in we found out they hadn't been paying their bills either so even more repo like.
Had we been been pushing it affordability wise we would have been a bit stuffed with the things we uncovered, neglect you'd likely not get from owner occupied, lots of nasty and dangerous botch jobs (either DIY or letting agent tradesmen not giving a f**k) and one deliberate hidden bit of maliciousness that I assume was intended against the landlord but we're of course picking up the bill. The homebuyers report was expensive toilet roll. All that said, the house, location and the ground (they'd stick 4/5 detached houses on this plot now) tick all our boxes and we knew there would be some problems with it being an older house and ex-rental so left a pot aside just in case and can cope without selling the gold.
We're bedding in here now and I thank my lucky stars I found HPC during the boom otherwise the 15k of unexpected maintenance might have had 240k of mortgage on top of it!
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Just been having a look through a lot of the well known charity accounts on the charity commission web site, pension deficits all over the place. While there are plenty of good local causes and some decent large charities, some of these are just taking the piss.
And to top it off, noticing some of these are getting significant chunks of money from various taxpayer funded departments/organisations/local authorities, there goes my choice to avoid them..
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For anyone wanting ease of access to RV numbers from the propertynews site you can use the following script with firefox and the greasemonkey plugin:
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Try using AdBlock Plus or something, it makes browsing web sites a wholly more enjoyable experience and after a while you'll recoil in horror when you sit down to use a site you normally use on someone else’s computer and find its actually plastered in advertising.
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Wealthy scots have been buying gold, according to the daily torygraph, so it's bound to be true. We're not told what poor ones are buying. Whiskey, probably.
Ahh I have some gold already, but then so does everyone right? Man, I've been hanging about HPC for far too long..
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I imagine is I had large deposits in a bank in Scotland I would be opening an account in Newcastle.
Moved mine sideways to a joint account within a Scottish bank to make sure it was at least fully covered by the protection scheme, it will be moved elsewhere tomorrow evening on a yes, don't imagine anything will happen but will let other people take that chance with their money
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I've been looking to buy since mid last year, it has just taken a bit of time for the sort of houses I'm interested in to align themselves with the current reality, but I am seeing buyers and sellers meeting at this level so not expecting too much in the way of further drops without "something" happening.
I do think prices should be a lot lower though, something might happen to do this at some point but having seen how slow prices are on the way down even if this something happens it'll still take years for peoples heads to get around the new reality so I need to just get on with it knowing I'm okay with what I am paying.
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This can't last. This 'incentive' costs something like £20 billion a year.
With recent isa increases and pension liberalisation and lowering limits on annual contributions, I cannot see higher rate tax relief on pension contributions seeing out the next parliament.
****** me I've made a prediction.
Old link now but with the deficit ballooning again, the numbers illustrated seem irresistible to government.
People have been bleating this prediction for as long as I can remember. Double taxation on pensions would kill them off entirely, funnily enough I would switch to BTL in a flash as would hoards of others if this happened
Maybe this will be the next government program to increase house prices another 30%!
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Not seen anything rising in this area with the over priced places steadily coming down to reality. I have noticed larger houses that have been for sale forever going agreed and new ones in decent order selling quickly, not sure whether this demand is going to soak up enough housing to create a rise but it does seem at this level the market at least has a pulse.
Tried to purchase two repos recently, they sure don't seem to be going cheap any more, both ended up going for nearly what nearby similar non repos are going for.
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I'm looking at a red brick bungalow at the moment that although on the small side has a decent amount of space and I'm fairly interested in it. I would need to add two bedrooms, total area would be 37 square meter.
Anyone know if the continually quoted single story 1000+VAT per square meter costs are roughly acurate for building and basic finishing of a single story at the moment?
Cheers
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Not really sure about price increases but in my limited area of interest the number of available detached houses for sale in my area is dropping for the first time in years, not much coming on and what is reasonably priced is selling. What's more the ones that have been for sale for many years are all dropping off the watch list as sale agreed.
When I asked a couple of EA for whats happening I got the same response that they can't get enough detached houses to sell at realistic prices possibly due to NE.
I'd be lying if I said I wasn't concerned about the above, don't really have the time to wait for something to happen like IR rises, a generation or two shuffling off or a random crisis at some undetermined point in time in the future.
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....pay far too much for houses they can't afford.
When we were selling ours last year we had four people making offers, all co-ownership and they ended up well over asking price bidding against each other on something they couldn't afford. Says it all really.
And should add that the people that bought it ended up spending 18k over their initial offer actually starting off not needing co-ownership, they then had to go co-ownership to keep up with the rest of the bidders, minus co-ownership they would be in a lot less debt.
100 yay
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"the popularity of Co-Ownership should help underpin average prices over the next 12 months""
Ahh thats okay then, helping people to buy houses they can't afford will keep everything going tickity-boo
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to compare apples with apples are we talking about new houses built today and houses that were new 20,30 40 or more years ago. Some of the same builders around today built them too.
Interestingly one of the local builders that 20 years ago built good sized 4/5 bedroom detached houses on decent plots has been adding to their developments, you now drive through all the older big houses to find what almost appear to be miniature toy houses in the new bit. Now I'd have no trouble buying one of theirs from the earlier era but not now, and anyone that has been around for a while will make the same observation. That said if I had to buy a small new house, I'd likely go for one of theirs.
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Argh, rant, not done this in a while so here goes!
Little parking, no pavements, garages you cant fit a decent car in even if you can squeeze past the house next door but bye bye garden if you ask for one, single roads (they might make them wiggly too so some people only get 93cm of grass out front instead of 117cm). I bet there has to be a development where the bigger wheely bins don't fit down the air gaps between houses.
The houses are also crammed together in such a way that seems to defy possibility when you stand in the back garden and count the number of windows looking in in you, the back garden is big enough for a whirly clothes thing but mind your eye while walking around your boundary cause there will be two places it might poke you.
After a few years of wear and tear they start to look bad, pebbled drives covered in weeds, even the 1m strip out the front isn't maintained as they don't want to own a lawnmower, just get a bit of fake grass or something people. But hey, less is more. For that matter they don't want to own a paintbrush to fix the thinnest layer of varnish/paint applied to everything that's now looking shocking, maybe there's no room in the house for a paintbrush. If the majority of your neighbours are of the sort that don't get simple maintenance?
Kids have nowhere to play, bikes and toys strewn all over the place, and that communal "space" is at the front of the development where the show house was is landscaped so not usable and only of benefit to a very few houses.
No storage space inside the house, attic storage impeded by rafter supports, small rooms been covered already.
But never mind they are pretty, shiny and have good energy ratings because they are so damn small.
Now the above isn't every development but even the better ones have some of the above going on. Those that have every one of the above features really are going to be screwed in the future. I have one nearby that fits nearly all of the above and looks unbelievably rough as if those that live there really don't give a flying huck. Some of these look worse than any of the social housing estates nearby which don't have most of the above problems either.
All that said, I'm overjoyed people around my age are buying these things, finding a decent place would be a lot harder if these people could see beyond the sales brochures.
Grumpy old man rant over!
Is a price crash/ major correction coming
in Northern Ireland
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A conversation with an excitable person at work talking about how much their house was "earning" them gave me a 2006/7 chill and cause to dust off the account here. Double rateable value was when the wheels fell off last time?