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Warwickshire Lad

Last Night On Channel 5

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There was a programme on Channel 5 last night called "Call Yourself A Property Developer". A programme demonstrating the muppetry of amateur property flippers if I ever saw one.

This couple bought a house in a part of Manchester for about £41K, paid several K in fees, decorated up to a fairly poor standard and hoped to sell it on to First Time Buyers at a £64K asking price.

The EA comes round to view and value the property and although the finish isn't good she says about the house something along the lines of "normally that wouldn't be acceptable but it's First Time Buyers so we can get away with it".

An FTB (unseen) then offers £63K which they accept. The couple then remark "it's First Time Buyers they don't know how to negotiate do they ?"

The comeuppance was fairly good. After weeks of delay, the FTB eventually pulls out, and they have to desperately sell the house at auction, and they only get £50K for it.

The comments by this couple and the EA really underline the fact that First Time Buyers are thought of as dirt from those in the market who only have an interest in rising house prices.

This property developing couple were a couple of greedy bastards and I hope they are financially ruined in a falling market.

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May be it was savvy FTB who bought it at auction ;) Met a guy who is a managing partner of a large auction group in my neck of the woods, he reckons it`s a great place for the FTB to buy. If they prepare properly.

Incidentally, small terraces in Liverpool went up 28% in the last year :o (Jan-March)

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May be it was savvy FTB who bought it at auction ;)  Met a guy who is a managing partner  of a large auction group in my neck of the woods, he reckons it`s a great place for the FTB to buy. If they prepare properly.

I must admit I've been looking into the auction route as a contingency.

I have been thinking about possibly attending a few to get a feel for them and the kind of prices that properties fetch.

If repos increase at a good rate there might be more choice about. Does anyone know of any auctions around the Warwickshire area ?

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Guest magnoliawalls

Does anyone have a rough idea of what proportion of FTBs have never rented?

So many people are certain that renting is dead money and the sooner you get on the ladder the better that they rush into buying a place that will not suit them in the long run. I have acquaintances who are desperate to buy because they hate living with Mum, or they see it as a way of cementing a relationship :huh:

They do not want to know about falling prices as they refuse to look at buying a home as a financial investment. Instead they think of it as a rite of passage. As they have never managed their own home they may not see any problem with a tiny kitchen, lack of storage space, poor finish etc.

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I must admit I've been looking into the auction route as a contingency. 

Does anyone know of any auctions around the Warwickshire area ?

Bigwoods. Check their website you can see a PDF of their last auction results and details of their next one. September from memory. Mainly Birmingham based property from memory but some in Rugby.

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I must admit I've been looking into the auction route as a contingency. 

I have been thinking about possibly attending a few to get a feel for them and the kind of prices that properties fetch.

If repos increase at a good rate there might be more choice about.  Does anyone know of any auctions around the Warwickshire area ?

Definitely attend a few. And don't forget it can be expensive. If you are serious you'll get a survey done on the one(s) you want to bid for - and you only need some nutter in the room who has convinced themselves they are getting a bargain - just because they are at an auction - to push the price too high and it costs you time and money. There is a lot of crap talked about auctions - mainly by auctioneers and these dipsticks that flog 'auction guides'.

I remember years ago attending a computer auction in London - they were advertised on the radio all week - every week - for quite a while. So, in the end I attended one as I wanted to get hold of a cheap Mac. I stood there open-mouthed as I watched second-hand LCIIs sell for about £50 more than the price new! A few of us were standing around (I didn't know any of them) and one guy said out loud 'what the feck's going on! you can buy them new for less than that'. Auctions are funny places.

I went to a local one once to buy some office furniture for my home office. I saw a decent looking (second-hand) chair which I knew would have cost me £80 to buy new (going back many years.) There were two identical chairs in the auction but separate lots. I decided I would bid up to about £20. Again I stood back amazed as two nutters took the bidding up £2 at a time to £48! I was about to leave but I thought - the next lot is only a few numbers up - I'll hang on. The second chair came up - bidding was slow - I bought it for £16. Never been able to explain it. The chairs were identical. Sitting on it now as I type this.

Went to a army surplus one years ago up near Bicester somewhere. Used to be in the building game. Looking for anything to sell really, tools, metal, plant - whatever.

They had these boxes of tools for sale - wooden boxes full of old hammers, files, planes etc. All well used. The bloke I was with said - they sell well at car boot sales etc. So I said -'doesn't interest me - but we'll hang around if you like'. There were different lots of metal as well - aluminium angle etc. My brother ran a metal stockists at the time so I rang him to get the prices etc.

In the afternoon the auction started. My friend thought he might bid up to say £20 for a box of tools - they sold for over £100 each!

That netting the army throw over everything - boxes of it went for hundreds of pounds (they sell it to African armies apparently). Everything, metal, second hand lorry batteries - everything went for what seemed to me to be a bloody fortune.

Lesson from this long load of drivel - I have never seen anything sell cheap at auction.

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I must admit I've been looking into the auction route as a contingency. 

I have been thinking about possibly attending a few to get a feel for them and the kind of prices that properties fetch.

I was going to take a look at them too but where I am they have basically dried up. Only 5 properties in the whole city and suburban area are listed as "forthcoming auctions" for the next MONTH or so.

Auctions seem to be dead here and I'm told that on the Gold Coast (Oz) the clearance rate is down to around 10% which includes properties sold "before or at the auction". In other words, 90% of auctions fail which seems to be deterring even EA's from pushing them. Presumably this will happen in the UK in due course.

That said, if you can find a failed auction then an EA did tell me that "failed auctions damage the value of the property" or something to that effect so you might pick up a bargain. :)

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Everything, metal, second hand lorry batteries - everything went for what seemed to me to be a bloody fortune.

Second hand batteries? Way off the HPC topic but unless you keep the terminal voltage of a lead acid 12 volt battery at or above 12.4V they start sulphating which wrecks the battery. That's about 75% charged they need to be kept at. It's highly unlikely that second hand batteries, likely to have been sitting around for some time, would be much use apart from scrap lead unless you're into electronics and build yourself a pulsed charger to desulphate the battery (which of course most have no idea how to do).

Bottom line - not only is it expensive, much of it's junk too.

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Guest uberstuka

I never saw last night programme (wish I had).

My experience as a FTB has been one of complete (initial) dismissal: by both vendors and EAs, which I know sounds weird, at first.

We have a substantial deposit saved, and were looking to buy at around £180K (which is above average for this area and way beyond most FTBs). You should of seen the faces of the vendors drop when we entered their property. You could see the disappointment register as soon as they opened the door and assumed (wrongly) that we couldn't buy. All based on the fact that I look like I've walked right off the pages of this weeks NME. Many of them were just rude to the point of being told to f*** off.

Yes, I have long hair. Yes, I'm sporting two days worth of stubble. Yes I look quite young. But guess what? FTB! FAT DEPOSIT! MORTGAGE AGREED! NO CHAIN! AND IN NO HURRY TO MOVE IN!

We were actually refused a second look at one property as the vendors demanded that we make them an offer before doing so (?!?!?!?!?!?!?!?!); I kid you not. And, upon gaining that ellusive second visit (we didn't make an offer, we informed them that they were being ridiculously unreasonable) I and my partner were immediately asked: what do you do for a living?

HOW BLOODY RUDE?

Made me laugh though.

One EA asked: Are you sure you can afford that?

!?!?!?!?!?!?!!!!!!????!!!!!!!!????!!!!!

Prejudice abounds!

Next time I'll walk in with a suitcase full of cash. No doubt they'd take it out and hold every note up to the sunlight.

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Next time I'll walk in with a suitcase full of cash. No doubt they'd take it out and hold every note up to the sunlight.

And then after they've looked at it, close the suitcase and walk out :).

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Guest rigsby II
Yes, I have long hair. Yes, I'm sporting two days worth of stubble. Yes I look quite young.

Prejudice abounds!

I wouldn't worry about it. I refuse to be a 2 car family and our lass usually has the car.

I've turned up to look at houses on me push bike.

Never judge a book by its cover etc...

:)

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Guest absolutezero

If you want evidence of how poor value for money auctions can be, go and have a look at ebay.

I have seen gold krugers sell for way over the price I can get them at my local coin dealer.

It all seems to work on "I want it because someone else does and I'll pay over the odds just to piss them off".

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I never saw last night programme (wish I had).

My experience as a FTB has been one of complete (initial) dismissal: by both vendors and EAs, which I know sounds weird, at first.

We have a substantial deposit saved, and were looking to buy at around £180K (which is above average for this area and way beyond most FTBs). You should of seen the faces of the vendors drop when we entered their property. You could see the disappointment register as soon as they opened the door and assumed (wrongly) that we couldn't buy. All based on the fact that I look like I've walked right off the pages of this weeks NME. Many of them were just rude to the point of being told to f*** off.

Yes, I have long hair. Yes, I'm sporting two days worth of stubble. Yes I look quite young. But guess what? FTB! FAT DEPOSIT! MORTGAGE AGREED! NO CHAIN! AND IN NO HURRY TO MOVE IN!

We were actually refused a second look at one property as the vendors demanded that we make them an offer before doing so (?!?!?!?!?!?!?!?!); I kid you not. And, upon gaining that ellusive second visit (we didn't make an offer, we informed them that they were being ridiculously unreasonable) I and my partner were immediately asked: what do you do for a living?

HOW BLOODY RUDE?

Made me laugh though.

One EA asked: Are you sure you can afford that?

!?!?!?!?!?!?!!!!!!????!!!!!!!!????!!!!!

Prejudice abounds!

Next time I'll walk in with a suitcase full of cash. No doubt they'd take it out and hold every note up to the sunlight.

This could only happen in Britain... only in Britain. Sigh! Bloody rude - you should have told them you and the missus were in adult movies...

I recall going in to a BMW showroom when I was in my 20s and taking a close interest in a new 8-series coupe. I was wearing jeans+T-shirt and to be honest looked a pit of a mess... Salesman came over and actually said - "I don't think sir can afford that - there's a Ford dealer round the corner you know". I bought a Merc SL320 the next week...and made a point of sending a photo of me+car to dealer principal and head of BMW UK... I got copied on the letter BMW sent the dealership - classic!

Never every judge someone by appearances - seems people never learn.

Alan.

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I recall going in to a BMW showroom when I was in my 20s and taking a close interest in a new 8-series coupe

To be fair though, how many twenty-somethings can afford a £62,000 car? I presume you were a trader in the City or something?

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To be fair though, how many twenty-somethings can afford a £62,000 car? I presume you were a trader in the City or something?

They didn't cost quite that much back then! Far old whack though. I was a software developer and had nothing else to spend my money on at the time - buying my first home and starting a family soon sorted that out though...

Alan.

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There was a programme on Channel 5 last night called "Call Yourself A Property Developer".  A programme demonstrating the muppetry of amateur property flippers if I ever saw one.

.

Yes I saw the programme. And laughed. I thought it funny when that guy said he wanted to track down the person who had pulled out of the sale and 'ruin him'

To be fair I don't think it was the couple (with baby on the way) who said first time buyers don't know how to negotiate. That was the two clueless women developers who had the painting party.

Still shocking though, and I was thinking whilst watching, that it will only piss off the FTB's even more and turn them against the greedy developers.

How does the programme work? They all have £250k, I take it that was providered by the TV company? And that they all keep their profit? None of the people appeared to work for a living.

Another thing I remarked about was the programmes claim that property prices in one place on the south coast, Hastings? were still rising and is a hotspot. True?

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Another thing I remarked about was the programmes claim that property prices in one place on the south coast, Hastings? were still rising and is a hotspot. True?

The program is a repeat, was on last year/earlier this year.

Also they had 12 mths to use the £250K.....so the coment about Hastings must be at least 18-24mths old.

It's one of the more entertaining property series' I've seen.....un-belivably both couples make a bit of cash for themselves at the end of their 12 mth fling.

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If you want evidence of how poor value for money auctions can be, go and have a look at ebay.

I have seen gold krugers sell for way over the price I can get them at my local coin dealer.

It all seems to work on "I want it because someone else does and I'll pay over the odds just to piss them off".

Auctions are indeed strange places. I've seen water-damaged plasterboard go for more than new stuff. However, I scratched a living for a while as an "antique" dealer & managed to buy a lot of bargains (i.e. articles other people would pay a lot more money for) at auction, but it was always very hit & miss.

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As already stated..the program is a REPEAT & being reguritated as a new series. The date at the end of the program is the giveaway - 2004 (it was broadcast last year)...which means the filming was almost certainlly done in 2003 (top of the market).

The p1sser here is that without any obvious signs it's a repeat the viewing masses are still going to think it's a piece of p1ss to make money from being a property developer...even in these hard times. Sends out the wrong message.

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As already stated..the program is a REPEAT & being reguritated as a new series. The date at the end of the program is the giveaway - 2004 (it was broadcast last year)...which means the filming was almost certainlly done in 2003 (top of the market).

The p1sser here is that without any obvious signs it's a repeat the viewing masses are still going to think it's a piece of p1ss to make money from being a property developer...even in these hard times. Sends out the wrong message.

I forgot to say that the rerun's only redeeming feature is that attractive bint of the female couple...i always check her out for a "couple of pointers" as to the state of the things.

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  • 301 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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