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The Dam Has Finally Burst


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HOLA441

I've been checking Rightmove daily for over three years now and I've notices that in my area (Warwickshire) there has been an absolute flood of new properties onto the market this week. My feeling is that the much trumpeted 'stabilisation' in the housing market has prompted all that pent-up supply to burst onto the market. There are now so many properties on the market that the amount of money available for house purchase can only cover a tiny fraction of them. Expect the Haliwide to be showing MoM negative numbers for the rest of the year as sellers fight over the tiny number of proceedable buyers.

The crash continues...

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HOLA442
I've been checking Rightmove daily for over three years now and I've notices that in my area (Warwickshire) there has been an absolute flood of new properties onto the market this week. My feeling is that the much trumpeted 'stabilisation' in the housing market has prompted all that pent-up supply to burst onto the market. There are now so many properties on the market that the amount of money available for house purchase can only cover a tiny fraction of them. Expect the Haliwide to be showing MoM negative numbers for the rest of the year as sellers fight over the tiny number of proceedable buyers.

The crash continues...

:lol:

Sorry, I just had too.

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Guest KingCharles1st

I reckon the next "development" will be this-

Houses as advertised, will include a rating of some sort to denote how "buyable" they are- i.e. if they are mortgage free, able to sell quickly, what have you.

So lets say, a five star house would be mortgage free, and the buyer is able to complete immediately, and that any offer can and will be considered.

A one star property is likely to be a one bed flat, with a mortgage greater than the value, etc etc.

The first EA that introduces thsi system will benefit from it greatly- guaranteed.

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Guest KingCharles1st
hows that going to help them sell properties that get low stars? The vendor is THEIR client. The buyer is nothing to the estate agent.

its not- they can't sell anyway

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My area of interest WD18, was flooded with many 2 bed flats, far to many to hold up silly asking prices from 2006-2007. O yes , and all the flats seem to have leases of 77-78 years, so buyers beware its a bad investment, you have problems selling it on.

I hear that the cogs of the housing market are turning nice and smoothly in WD40 - can't be far from you.

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80 years is I believe the magic figure after which lease extentions become expensive and in addition mortgages are more difficult to obtain with a short lease.

It varies between lenders but basically they insist on a period of at least 40, sometimes 50 years left AFTER the loan has been repaid.

So, if you want a 25 yr mortgage, the lease needs at least 65 - 70 yrs to run. If a buyer is 'flush' enough to get a 15 yr repayment for example, they would probably get a loan on a place with only 60 yrs left.

I used to live in a leasehold flat. Wouldn't touch one again with a bargepole. Too many service charge rip-offs and crappy landlord practices out there.

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I reckon the next "development" will be this-

Houses as advertised, will include a rating of some sort to denote how "buyable" they are- i.e. if they are mortgage free, able to sell quickly, what have you.

So lets say, a five star house would be mortgage free, and the buyer is able to complete immediately, and that any offer can and will be considered.

A one star property is likely to be a one bed flat, with a mortgage greater than the value, etc etc.

The first EA that introduces thsi system will benefit from it greatly- guaranteed.

This is already happening in one way. You'll have a number of similar houses for sale and the asking price for one of them will be much lower than the others. The agents invariably label that house 'realistically priced'. They are acknowledging therefore that all the others are 'unrealistically priced'.

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I've been checking Rightmove daily for over three years now and I've notices that in my area (Warwickshire) there has been an absolute flood of new properties onto the market this week. My feeling is that the much trumpeted 'stabilisation' in the housing market has prompted all that pent-up supply to burst onto the market. There are now so many properties on the market that the amount of money available for house purchase can only cover a tiny fraction of them. Expect the Haliwide to be showing MoM negative numbers for the rest of the year as sellers fight over the tiny number of proceedable buyers.

The crash continues...

I have seen an increase in my area of Yorks, i think it is people and BTLers hoping to offload while there is all the positive Bullsxxt going on. Its a Catch 22 realisticaly.

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This is already happening in one way. You'll have a number of similar houses for sale and the asking price for one of them will be much lower than the others. The agents invariably label that house 'realistically priced'. They are acknowledging therefore that all the others are 'unrealistically priced'.

My favourite is "priced to sell". FFS :rolleyes:

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There is a piss poor 2 bed conversion near me at 195K and its been for sale for at least 2 years. True value about 150K. Well, its been relaunched with another agent at 186K but instead of that tired front view photo we have view from the garden side. How ingenious.

I like the houses where the main photo is of the garden or kitchen. A sure sign that it is located next to a spoil tip! :blink:

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Not looking so hot in the area I aspire to live in, BR1

LL

There is even a drop of rental properties on Rightmove for your postcode. Seems weird. Is this telling us something about Rightmove though? Maybe agents are not listing as many properties with them?

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