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More Anecdotal, Fall Of 9% In 3 Months


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OK my dream house with 6 bedrooms which I'll never be able to afford in Putney, SW15 London, here's the link:

http://www.findaproperty.com/agent.aspx?ag...prop&pid=101682

was on for £795k in February

Just phoned the estate agent as it's now down to £745k and asked what was going on.

It's on the market with 5 agents and apparently they've had loads of offers but none at the 'right' price.

I said, so, if we offered 700k would they take it? He said, no, it's been taken off the market, they're going to sell it to their daughter???

I said, would 700k have been accepted, he said no, but if you'd offered inbetween that and the asking price, you'd have got it.

So that I decided would be 722,500k or thereabouts

Therefore it's come down 9% in 3 months

Was also interesting to hear lots of other punters had been putting in much lower offers but greedy buyer hadn't accepted any of them.

I've also seen a house in a nearby road, was on the market for 1.15 mill and it sold on nethouseprices for £985k, so again a drop of over 10% in the last 3 months....

There's a rash of sale signs all over these websites and yet nothing really sells...

take a look at this one for a laugh:

http://www.findaproperty.com/agent.aspx?ag...list&salerent=0

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"What a pair of utter ba**strds..... talk about selling your daughter into slavery..... :o"

=================================

Probably they have just taken it off the market, period, with sour grapes

because they couldn't make the profit they thought they could make.

"Selling to daughter" is just to save face with the Agent.

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What a pair of utter ba**strds..... talk about selling your daughter into slavery..... :o

Hardly... it seems to be quite clever.

If rates stay low and she can service the loan then things are fine. She gets the capital sum (invested off-shore) inheritence tax free when they die.

If rates go up and the housing market totally collapses, she goes bust and the house is sold off for say £400,000. The capital sum is still lying off-shore. So the parents buy back the same house for £400,000 and have a £300,000 profit. Only the banks are out of pocket.

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False logic there.

You are comparing the asking to the (would be) selling price - there will always be a spread. In a flat market - the selling would almost always be lower than the asking - you can't say therefore say the market is falling. You need to compare selling to selling.

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Hardly...  it seems to be quite clever.

If rates stay low and she can service the loan then things are fine.  She gets the capital sum (invested off-shore) inheritence tax free when they die.

If rates go up and the housing market totally collapses, she goes bust and the house is sold off for say £400,000.  The capital sum is still lying off-shore.  So the parents buy back the same house for £400,000 and have a £300,000 profit.  Only the banks are out of pocket.

HEY NEWBIE!!!

Check our member numbers - looks like I joined one after you - same day - What are the chances!?

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If rates go up and the housing market totally collapses, she goes bust and the house is sold off for say £400,000.  The capital sum is still lying off-shore.  So the parents buy back the same house for £400,000 and have a £300,000 profit.  Only the banks are out of pocket.

Put like that it sounds like a simple, legal(?), and very safe bank robbery.

Daughter gets £700k mortgage...hands money to parents who emigrate/stash the money offshore....Daughter (accidentally) losses her job/ defaults / declares self bankrupt.... joins parents offshore to enjoy proceeds. :ph34r:

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  • 440 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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