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Crash&Carry

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  1. Bought March 2016 for £1.425m , now selling 20% lower.... after a refurb...Ouch!
  2. Another flipper bites the dust... http://www.rightmove.co.uk/property-for-sale/property-49505145.html
  3. http://www.rightmove.co.uk/property-for-sale/property-48612045.html
  4. That's the difference with the market now v the early 90s in London - there is not yet a burning platform that drives sellers to jump . . .What is needed is either rising unemployment or significantly higher interest rates. A slew of repos would also help.
  5. Couple of not so profitable flips on RM today - always nice to see http://www.rightmove.co.uk/property-for-sale/property-47294061.html http://www.rightmove.co.uk/property-for-sale/property-59594032.html
  6. A good read..... https://www.prospectmagazine.co.uk/magazine/londons-nowhere-neighbourhood
  7. I lived in Malaysia for a few years (relatively recently), and was fortunate enough due to decent housing allowances from my employer (plus the ridiculously cheap rents by UK standards) to live among some v wealthy native Malaysians (majority Chinese rather than Malays). Many of them had invested in UK new build property at inflated prices. One chap who became a friend, scared of the souring political environment in KL plus the depreciating ringgit had invested his family wealth and leveraged heavily into London property, buying 4 off plan flats down in Battersea / Nine Elms . He like so many international investors saw London as a no risk safe haven for their cash and have fully swallowed the mantra that prices will go up evermore. I doubt he did any proper research. Funnily enough - when I spoke to him over the last month - he is now openly admitting that the investment was not a good one and there's no chance in the foreseeable future of being able to get out evens let alone ahead if he needed the money back. There must be many like him who have brought PCL over the last few years who are now sitting on a loss. Many of these guys are of course v wealthy but nowhere near insulated from life. They need their investments in the not too distant future to pay for US college fees for their kids, ridiculously over spec weddings, caring for their parents in old age, over priced country club fees etc..They are different from the british homegrown BTL brigade but if PCL keeps dropping then some of these guys are going to take their losses and run and create a stampede which will increase the domino effect.
  8. You've got to wonder why so many Estate Agents are so thick to over value prices just to secure the contract with the vendor when there is little to no chance of the property selling for months until they subsequently manage to persuade the vendor that they've screwed up and should reprice the property. I read somewhere recently that the gap between listing and (original) sale price has widened to 30% !! A waste of everybody's time
  9. I suspect things could be a lot 'worse' (you mean better, right!?) as from what I have seen of new listings there have in recent weeks been quite a few ridiculous kite flyers who presumably may be trying to build in a more significant negotiation buffer when it comes to a potential actual sales price (although most don't get near an actual sale these days). Non of this is picked up on RM stats (i think?) . Remember - we haven't yet reached anywhere like a Capitulation phase, which if and when it arrives , not least by the BTL brigade will I hope hasten in more accelerated reduction stats. #Happydays
  10. Many folk ignore these so called 'minor falls' as inconsequential - Always surprises me that so many think "my house has gone up by 50% innit - it will take a massive 50% fall to take me back to break even" . No mate - a c.33% fall will take you back to breakeven
  11. V good anecdote! Utterly crazy but It doesn't really surprise me... When there's been nigh on 20 years of one way house price growth (in the SE anyway) then its not surprising that everyone from well educated doctors to the local Bin Man thinks property is a one way bet. That is what we are up against now - How long will it take for this now deep rooted positive bias sentiment to turn against housing in a meaningful way that precipitates real and sustained price reductions .......
  12. F me - its SSTC.... http://www.rightmove.co.uk/property-for-sale/property-57072727.html
  13. Vol of sales have plummeted - check But how will prices collapse? Repos are low and will remain so as interest rates aren't rising or likely to Is the only hope that the BTL brigade cause a stampede to get out quick, or will the unavoidable divorces, deaths and job loss driven moves force the market downward at a sufficient pace? It could be a drawn out stalemate between reluctant buyers and non desperate sellers until the market finally rolls over. One hope must be that agents start to demand significant reductions out of fee desperation
  14. You never know - a completely clueless idiot might roll in and choose to pay nigh on 50% more for a house purchased under 5 months ago just for the restored fireplace..... Then again, perhaps not. http://www.rightmove.co.uk/property-for-sale/property-57267043.html
  15. An area I know well. This vendor obviously bit of more than they could chew last year...... Looks like it backs onto one of the biggest estates in South London but hey ho - it'll go up in value for ever innit! Near a decent pub I'll give it that.... http://www.rightmove.co.uk/property-for-sale/property-53935897.html
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