loginandtonic Posted December 11, 2009 Share Posted December 11, 2009 (edited) I travelled a lot of residential streets today in Essex. Almost three quarters of streets have a sprinkling of Sold boards and very few or no For Sale boards. additionally the shops i have been watching in various counties under £100K (mostly freeholds) - 30-50% sold in 2-3 weeks. some of these yielding (if the tenant stayed solvent) 6 to 9% gross. some of you will remember poster Daddybear's purchase of a house in Q2 for himself, with a claimed immediate profit of what sounded like £50K or more. but he refused to sell when i suggested that was not a profit to be taken lightly. if prices continued to rise in the past few months then he was correct. his official reasons for not selling/flipping were not to upheaval himself + his belief we were or are entering a crack-up boom or dash for assets. is that what we are now witnessing - either a crack up boom or people fearing one is coming along + buying up property or businesses/empty shops etc? please cast your vote anonymously and / or post nb i voted dont know Edited December 11, 2009 by loginandtonic Quote Link to comment Share on other sites More sharing options...
RDW Posted December 11, 2009 Share Posted December 11, 2009 Other- It's the culture Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 11, 2009 Author Share Posted December 11, 2009 Other- It's the culture you mean the belief that recessions yield bargains for purchasers of commercial or res property? those who voted bullrun belief, this is not meant to be a criticism or insult if thats your belief too, but i have to admit i really dont understand even 1 % how anyone can possibly think the coming years are going to be anything other than severe belt tightening for everyone. i dont know about nominal terms but surely in real terms everything will have to be cheaper because people just wont have the money. although this is usually not a good month to sell a car, i have been astounded by both the real world used car forecourts (i visited 15+ today) and ebay sellers who are failing to achieve the prices they want for their vehicles yet 9/10 are not cutting the windscreen prices. i definitely recognised today the same old land rovers, micras, primeras, carisma, tinos, range rovers + others that have been hanging around at the same screen price for 6 to 8 weeks this is not a healthy economy, this is a delusional stalemate, one side is deluded, being this time of year its easy to say it is the sellers - but just looking at the £1.5 trillion plus the country needs to pay off surely it cannot be anything other than prozac-induced optimism to think asset values can truly appreciate in that climate unless it is a panic buyers' boom Quote Link to comment Share on other sites More sharing options...
1888 Posted December 11, 2009 Share Posted December 11, 2009 A fool and their money are easily parted when I bought my 1st house I didnt know or understand anything about markets or mortgages are much else tbh all I wanted to know was could we get the loan we were fortunate enough to get through 10 yrs without any hiccups indeed the rate just kept dropping The press /govt and media have bullsh1tted enuff people into thinking its safe now stamp duty holiday vat reduction lowest rates ever opportunity of a lifetime , interest rates to stay low for 5 yrs some people have their heads in the sand because it makes their erse easier to kick Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 11, 2009 Author Share Posted December 11, 2009 heads in the sand because it makes their erse easier to kick Quote Link to comment Share on other sites More sharing options...
Toilet-Currency Posted December 11, 2009 Share Posted December 11, 2009 Who's buyiing commercial property? I thought the tumbleweed was still blocking the High St in many towns. Unless one thinks that we're going to see any private sector / retail growth over the next few years, it's got to be the worst investment around. Houses: well obviously people are afraid they might feel they've missed out. It takes more than a year of falling prices for the scars of 2001-2007 to disappear from aspirational buyers. I really don't think much of the population has a grasp of inflation/ dash for assets. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 11, 2009 Author Share Posted December 11, 2009 Who's buyiing commercial property? I thought the tumbleweed was still blocking the High St in many towns. Unless one thinks that we're going to see any private sector / retail growth over the next few years, it's got to be the worst investment around. Houses: well obviously people are afraid they might feel they've missed out. It takes more than a year of falling prices for the scars of 2001-2007 to disappear from aspirational buyers. I really don't think much of the population has a grasp of inflation/ dash for assets. no idea, the 'cheap' freehold shops on secondary parades seem to be selling in southern counties, pretty rapidly if my random sample is anything to go by Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 11, 2009 Share Posted December 11, 2009 I travelled a lot of residential streets today in Essex. Almost three quarters of streets have a sprinkling of Sold boards and very few or no For Sale boards. additionally the shops i have been watching in various counties under £100K (mostly freeholds) - 30-50% sold in 2-3 weeks. some of these yielding (if the tenant stayed solvent) 6 to 9% gross. some of you will remember poster Daddybear's purchase of a house in Q2 for himself, with a claimed immediate profit of what sounded like £50K or more. but he refused to sell when i suggested that was not a profit to be taken lightly. if prices continued to rise in the past few months then he was correct. his official reasons for not selling/flipping were not to upheaval himself + his belief we were or are entering a crack-up boom or dash for assets. is that what we are now witnessing - either a crack up boom or people fearing one is coming along + buying up property or businesses/empty shops etc? please cast your vote anonymously and / or post nb i voted dont know 209 for sale rightmove last week....cant find hardly ANY For Sale boards....all I see are: no boards on ID'd properties, or SSTC. just a sprinkling of boards for SALE. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted December 11, 2009 Share Posted December 11, 2009 Can't think why people are buying shops. We are over retailed in the country. Too many cafe's restaurants and takeways too. This is being corrected. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 11, 2009 Author Share Posted December 11, 2009 209 for sale rightmove last week....cant find hardly ANY For Sale boards....all I see are: no boards on ID'd properties, or SSTC. just a sprinkling of boards for SALE. Can't think why people are buying shops. We are over retailed in the country. Too many cafe's restaurants and takeways too. This is being corrected. i was walking down a yob street the other day, solds everywhere. either they went cheap or the madness continues. was in leigh yesterday, every street i had to go into, sold sold sold. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 11, 2009 Share Posted December 11, 2009 i was walking down a yob street the other day, solds everywhere. either they went cheap or the madness continues. was in leigh yesterday, every street i had to go into, sold sold sold. how about checking rightmove and see if those same streets have For Sales in them....where are the signs? maybe EAs are removing them to encourage the message that there is a shortage. My RM search EXCLUDES SSTCs, there were 209 last week, and as I say, barely a for sale board in sight. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted December 11, 2009 Share Posted December 11, 2009 OK further to my above post, Ive just rechecked RM CO3 199 props for sale 352 for sale AND SSTC so I should see MORE for sale than SSTC. I dont. Loads of SSTC, barely any FOR SALE. Its a campaign i tell you:lol:! Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 11, 2009 Author Share Posted December 11, 2009 (edited) how about checking rightmove and see if those same streets have For Sales in them....where are the signs? maybe EAs are removing them to encourage the message that there is a shortage. My RM search EXCLUDES SSTCs, there were 209 last week, and as I say, barely a for sale board in sight. you might be right, nothing would surprise me any more, they think they can do what they want because the govt has made property prices such a priority in the uk that agents probably think they have the blessing of HM Govt to pull whatever little stunts are necessary for queen + country.... i'm not sure i am joking actually. how long before estate agents are sworn to uphold property prices before a magistrate Edited December 11, 2009 by loginandtonic Quote Link to comment Share on other sites More sharing options...
@contradevian Posted December 11, 2009 Share Posted December 11, 2009 i was walking down a yob street the other day, solds everywhere. either they went cheap or the madness continues. was in leigh yesterday, every street i had to go into, sold sold sold. Shops are like pubs though. Constant stream of "sucker" money. I watch a little parade of shops near me. Constant stream of tenants with non viable, and ill thought out shop ventures. Did you see the programme on pubs this week? The over indebted, highly leveraged pubco's are literally draining the life savings of all their landlords. Out of takings of £1000 per night the landlord gets £15. As one landlord pointed out, if you have savings, redundancy, an inheritance don't put it into a tied pub. It will be drained away from you. Quote Link to comment Share on other sites More sharing options...
lets get it right Posted December 11, 2009 Share Posted December 11, 2009 I think it is pretty well established that the stabilisation of the housing market has happened because the low interest rates available to savers has encouraged them to buy property. I sense this is beginning to run out now - transaction levels seem low again around here. There is very little coming on the market - which is bad news for prices. But commercial property is another matter. High streets near me have plenty of empty shops and offices. Perhaps they'll drop interest rates in the new year to get the economy moving again. Quote Link to comment Share on other sites More sharing options...
loginandtonic Posted December 11, 2009 Author Share Posted December 11, 2009 Shops are like pubs though. Constant stream of "sucker" money. I watch a little parade of shops near me. Constant stream of tenants with non viable, and ill thought out shop ventures. Did you see the programme on pubs this week? The over indebted, highly leveraged pubco's are literally draining the life savings of all their landlords. Out of takings of £1000 per night the landlord gets £15. As one landlord pointed out, if you have savings, redundancy, an inheritance don't put it into a tied pub. It will be drained away from you. i didnt see that programee no, but there are loads of pubs available + personally i dont think i have the expertise to turn a profit there so wouldnt touch one. theres so much to think about. someone i vaguely know bought a nice coffee shop, despite his contacts in business + years of experience in a related field, he's had to put it up for sale. he's been able to keep it running at a small loss for a few years as he's minted + lives in a prestige detached exec home with a park size garden so probably mewed it after settling with his wife for their divorce I think it is pretty well established that the stabilisation of the housing market has happened because the low interest rates available to savers has encouraged them to buy property. I sense this is beginning to run out now - transaction levels seem low again around here. There is very little coming on the market - which is bad news for prices. But commercial property is another matter. High streets near me have plenty of empty shops and offices. Perhaps they'll drop interest rates in the new year to get the economy moving again. any of those savers taking on a freehold shop or whatever, be aware of considerable insurance, repairs, and worst of all obscenely high business rates which its hard to get any relief on. we're talking £3K for a tiny place to £10K or £20K+ for relatively modest floorspace. Quote Link to comment Share on other sites More sharing options...
benthebuilder Posted December 11, 2009 Share Posted December 11, 2009 how about checking rightmove and see if those same streets have For Sales in them....where are the signs? maybe EAs are removing them to encourage the message that there is a shortage. My RM search EXCLUDES SSTCs, there were 209 last week, and as I say, barely a for sale board in sight. Maybe paying a board erector is on more corner the EAs are cutting...relying on Rightmove searches and ads in their own windows? Quote Link to comment Share on other sites More sharing options...
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