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I posted recently that I was viewing a place this afternoon with a view to buying it.

Got an email this morning from the agent, it's now under offer & the viewing is cancelled.

It's a 4 bed house in SW11 for a £499,950 asking price. I was going to try to knock it down as close to 450 as possible.

Watch out people, this market may now recover faster than you thought possible & please re-read my signature below.

http://www.yorkshiretoday.co.uk/ViewArticl...ticleID=1109911

We have climbed out of the trough, says B&B chief executive

Eric Barkas

City Editor

THE mortgage market has passed its low point, says Bradford & Bingley chief Steven Crawshaw.

Of course, low is relative, given that house prices were rising by 20 per cent. Mr Crawshaw expects flat prices this year.

Presenting B&B's half year figures, he said: "While the outlook in the first quarter was uncertain, people are much more confident about the second half. I think we have seen the trough."

B&B still has its finger on the pulse, even though it has been running down its traditional mortgage book to concentrate on specialist lending areas like buy-to-let and self-certification – lending to the self-employed.

The bank is the market leader in the former with 20 per cent and has 10 per cent of the latter.

Mr Crawshaw says growth in buy-to-let is above that of the general market and is underpinned by investment opportunities and the trend towards single or split households.

B&B's figures were a tale of two trends: cost reductions helping offsetting a fall in new lending and lower retail income. Underlying costs were down 6 per cent to £129.1m.

The bank launched a cost-cutting programme last year as Mr Crawshaw dismantled the distribution-led business put in place by his predecessor Christopher Rodrigues, preferring to focus on branch-led operations in mortgages and savings.

Yesterday B&B said it was ahead of schedule to cut £40m of costs by the end of this year. Another £10m will be saved by outsourcing wealth management advice to Legal & General.

New home loans fell 40 per cent from last time's record £4.8bn to £3.1bn. Total lending balances were up 5 per cent to £29.3bn. The bank raised lending profits by 8 per cent to £120m as fewer existing borrowers switched to rivals and the recruitment of new borrowers in previous years began to pay off.

In retail, which takes in savings and distribution, income was down 5 per cent to £94.8m. Cost and efficiency drives meant profits climbed 13 per cent to £35.7m.

Group underlying profits before tax were 8 per cent ahead at £150m. The shares closed down around 3.5 per cent at 325.75p as some analysts said the results relied too much on cost reductions to increase profits.

Mr Crawshaw said it was important to deliver bottom line profits growth but acknowledged there was now a need to grow the top line. "We're comfortable this is a good set of numbers."

Arrears levels rose to 1 per cent of loans by value compared with 0.77 per cent in the second half of 2004 as increases in interest rates fed through into the system.

The bad debt charge was £1.9m versus a credit of £800,000 last year. Finance director Rosemary Thorne said this was still a small number and pointed out that B&B was not exposed to any unsecured lending.

The interim dividend is up 5 per cent to 6p per share.

eric.barkas@ypn.co.uk

10 August 2005

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Same Record, Different thread.

Funny how 1 out of 20 articles support you but you qoute that one instead.

I hope redundancy money is going to pay the morgage for all these people!

And looks like interest rates will not be going down any further as well. More than likely up.

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I posted recently that I was viewing a place this afternoon with a view to buying it.

Got an email this morning from the agent, it's now under offer & the viewing is cancelled.

It's a 4 bed house in SW11 for a £499,950 asking price. I was going to try to knock it down as close to 450 as possible.

Watch out people, this market may now recover faster than you thought possible & please re-read my signature below.

http://www.yorkshiretoday.co.uk/ViewArticl...ticleID=1109911

We have climbed out of the trough, says B&B chief executive

Eric Barkas

City Editor

THE mortgage market has passed its low point, says Bradford & Bingley chief Steven Crawshaw.

Of course, low is relative, given that house prices were rising by 20 per cent. Mr Crawshaw expects flat prices this year.

Presenting B&B's half year figures, he said: "While the outlook in the first quarter was uncertain, people are much more confident about the second half. I think we have seen the trough."

B&B still has its finger on the pulse, even though it has been running down its traditional mortgage book to concentrate on specialist lending areas like buy-to-let and self-certification – lending to the self-employed.

The bank is the market leader in the former with 20 per cent and has 10 per cent of the latter.

Mr Crawshaw says growth in buy-to-let is above that of the general market and is underpinned by investment opportunities and the trend towards single or split households.

B&B's figures were a tale of two trends: cost reductions helping offsetting a fall in new lending and lower retail income. Underlying costs were down 6 per cent to £129.1m.

The bank launched a cost-cutting programme last year as Mr Crawshaw dismantled the distribution-led business put in place by his predecessor Christopher Rodrigues, preferring to focus on branch-led operations in mortgages and savings.

Yesterday B&B said it was ahead of schedule to cut £40m of costs by the end of this year. Another £10m will be saved by outsourcing wealth management advice to Legal & General.

New home loans fell 40 per cent from last time's record £4.8bn to £3.1bn. Total lending balances were up 5 per cent to £29.3bn. The bank raised lending profits by 8 per cent to £120m as fewer existing borrowers switched to rivals and the recruitment of new borrowers in previous years began to pay off.

In retail, which takes in savings and distribution, income was down 5 per cent to £94.8m. Cost and efficiency drives meant profits climbed 13 per cent to £35.7m.

Group underlying profits before tax were 8 per cent ahead at £150m. The shares closed down around 3.5 per cent at 325.75p as some analysts said the results relied too much on cost reductions to increase profits.

Mr Crawshaw said it was important to deliver bottom line profits growth but acknowledged there was now a need to grow the top line. "We're comfortable this is a good set of numbers."

Arrears levels rose to 1 per cent of loans by value compared with 0.77 per cent in the second half of 2004 as increases in interest rates fed through into the system.

The bad debt charge was £1.9m versus a credit of £800,000 last year. Finance director Rosemary Thorne said this was still a small number and pointed out that B&B was not exposed to any unsecured lending.

The interim dividend is up 5 per cent to 6p per share.

eric.barkas@ypn.co.uk

10 August 2005

yes, yes

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SW11 says it all really. You'd have to be extremely myopic to think SW11 is some sort of yardstick for the rest of the United Kingdom. London in general went beyond loony levels a few years ago which no doubt means there's loads of cash swimming around waiting to be p1ssed up against the wall on overpriced properties.

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SW11 says it all really. You'd have to be extremely myopic to think SW11 is some sort of yardstick for the rest of the United Kingdom. London in general went beyond loony levels a few years ago which no doubt means there's loads of cash swimming around waiting to be p1ssed up against the wall on overpriced properties.

Is TTRTR all there? How can an intent to offer 50K less than asking price indicate a strong market?

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If the point of this thread is to show that some people are still willing to pay peak 2004 prices, then yes, from personal experience I can confirm there are still a few people like that out there. There are, however, plenty of people who simply won't enter the market now, hence why transactions are so low.

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I posted recently that I was viewing a place this afternoon with a view to buying it.

Got an email this morning from the agent, it's now under offer & the viewing is cancelled.

It's a 4 bed house in SW11 for a £499,950 asking price. I was going to try to knock it down as close to 450 as possible.

Watch out people, this market may now recover faster than you thought possible & please re-read my signature below.

TTRTR,

You understand the market much better than I, so presumably you can explain WHY they would cancel your viewing because the place is under offer?

As we all know, having an offer and having completed are vastly different things.

Presumably it is because the last thing the estate agent wants is to get anyone into a bidding war, or to have a "back-up" offer if this one should fall through.

It would be a disaster if you saw it, loved it and bid £520k presumably? Or saw it, liked it but said you'd only go to £480k and get put on the back burner?

And the cost to the EA/vendor? A few hours of their time maybe?

I'm not being rude but it seems to me either the estate agent really doesn't like you or he's trying to manipulate you.

Or do they already know that you think the place is significantly overpriced and have absolutely no intention of offering anything near the £500k asking price?

Perhaps they haven't got time for bears like you. :D

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Even in Cambridge you can make the numbers stack up on some houses if your plan is to let out every single room (including what would be the living room) to students and/or young people who are priced out of the market or are waiting for prices to fall. But that's a bubble market and probably unsustainable in the medium term. Last time the market crashed the bottom end was hit hardest because nobody with any money at all was prepared to live like that - friends of mine with a one-bed studio ended up with terrible NE problems because FTBs vaulted over the meanest one-bedders. TTRTT may be doing OK now but I doubt he'll find enough people prepared to live like this when houses fall relative to incomes.

On a slightly less pragmatic note - I suspect the political parties are shortly going to find themselves under immense social pressures to redress some of the inter-generational imbalances that are occurring. When that happens HMO LLs like TTRTT will be early in the firing line.

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I posted recently that I wasn't looking at a property this afternoon because the market still has a long way to fall and I don't want to lose money.

I have just been told by an Estate Agent that someone else is also not looking at the property this afternoon.

The Estate Agent indicated that the property that neither of us is going to view this afternoon, which is on the market for £495k (and has been for the last 5 months) may be available for up to 50k less - if someone did actually go and view it.

I don't know what to do now - go and see it or not?

I am sorry if this post does not make much sense - but I didn't start it off.

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TTRTR,

You understand the market much better than I, so presumably you can explain WHY they would cancel your viewing because the place is under offer?

As we all know, having an offer and having completed are vastly different things.

Presumably it is because the last thing the estate agent wants is to get anyone into a bidding war, or to have a "back-up" offer if this one should fall through.

It would be a disaster if you saw it, loved it and bid £520k presumably? Or saw it, liked it but said you'd only go to £480k and get put on the back burner?

And the cost to the EA/vendor? A few hours of their time maybe?

I'm not being rude but it seems to me either the estate agent really doesn't like you or he's trying to manipulate you.

Or do they already know that you think the place is significantly overpriced and have absolutely no intention of offering anything near the £500k asking price?

Perhaps they haven't got time for bears like you. :D

Hi LL,

You alwas doubt me & whether I tell the truth or not (yes, you're not the only one :( ).

The agent I was viewing the property through wasn't the main agent I found out in his email this morning. The main agent has the offer, so they won't let the agent I am using even show me through now because they obviously don't want to lose their buyer to gazumping. I did want to go and view it anyway, in case it falls through, because if it falls through while I'm in Sweden, the obviously its difficult for me to do a quick viewing.

But a quick wander when I was getting my car this morning found the main agent. Wellingtons on Battersea Rise. Phone them on 020 7924 4400 and tell them you want to see the 4 bedroom house in Lavender Sweep in their window for 499k. They will verify my story and tell you it went under offer yesterday. I walked in to ask them if it was under offer through them this morning when I saw it in their window and whether they had anything similar.

Unfortunately they told me that it was under offer for 485k which in my opinion is too close to the asking price (and they don't have anything similar BTW - they might tell you they do, but remember bedrooms get rent, so a similar house for 499k with 3 beds is not similar IMO - they tried to tell me about this one).

There are very few places that come close to this place in size & location available locally right now, so it looks like the market is out-bidding me and I will either have to accept paying more for something else, or wait & see if something comes up.

I'm on dial up today, so I won't be able to reply. But I'll check in tonight to see if you verified my story for the others.

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I posted recently that I wasn't looking at a property this afternoon because the market still has a long way to fall and I don't want to lose money.

I have just been told by an Estate Agent that someone else is also not looking at the property this afternoon.

The Estate Agent indicated that the property that neither of us is going to view this afternoon, which is on the market for £495k (and has been for the last 5 months) may be available for up to 50k less - if someone did actually go and view it.

I don't know what to do now - go and see it or not?

I am sorry if this post does not make much sense - but I didn't start it off.

How did you get to be an HPC veteran with gobblygook like that?

Was that meant to be funny? :blink:

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Just looking at the replies here. You people doubt me too much. It's completely unjustified.

I didn't want to give the details when I was also naming the agent I was using, but since I found the other agent, no problem.

You really would be a lot better off listening to what I say rather than trying to poke holes in it all the time. It does you no benefit.

:(

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Hi LL,

You alwas doubt me & whether I tell the truth or not (yes, you're not the only one  :(  ).

The agent I was viewing the property through wasn't the main agent I found out in his email this morning. The main agent has the offer, so they won't let the agent I am using even show me through now because they obviously don't want to lose their buyer to gazumping. I did want to go and view it anyway, in case it falls through, because if it falls through while I'm in Sweden, the obviously its difficult for me to do a quick viewing.

But a quick wander when I was getting my car this morning found the main agent. Wellingtons on Battersea Rise. Phone them on 020 7924 4400 and tell them you want to see the 4 bedroom house in Lavender Sweep in their window for 499k. They will verify my story and tell you it went under offer yesterday. I walked in to ask them if it was under offer through them this morning when I saw it in their window and whether they had anything similar.

Unfortunately they told me that it was under offer for 485k which in my opinion is too close to the asking price (and they don't have anything similar BTW - they might tell you they do, but remember bedrooms get rent, so a similar house for 499k with 3 beds is not similar IMO - they tried to tell me about this one).

There are very few places that come close to this place in size & location available locally right now, so it looks like the market is out-bidding me and I will either have to accept paying more for something else, or wait & see if something comes up.

I'm on dial up today, so I won't be able to reply. But I'll check in tonight to see if you verified my story for the others.

Aaah TTRTR,

Don't get down-hearted. It's not that I doubt you - on the whole I don't - it's just a strange tale (I wasn't for a second trying to suggest you made it up).

OK, the "junior agent" might explain why THEY cancelled your viewing... but why would the main agent not want you to view?

The main agent might not want you to gazump through a rival agent but gazumping through them would be alright, surely?

So, what now?

Chase the market up - if you can find an agent who will let you.

Accept you "missed the boat" - you should have taken your own advice and bought last winter.

Or join us bears and wait for prices to come down?

:D

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Aaah TTRTR,

Don't get down-hearted. It's not that I doubt you - on the whole I don't - it's just a strange tale (I wasn't for a second trying to suggest you made it up).

OK, the "junior agent" might explain why THEY cancelled your viewing... but why would the main agent not want you to view?

The main agent might not want you to gazump through a rival agent but gazumping through them would be alright, surely?

So, what now?

Chase the market up - if you can find an agent who will let you.

Accept you "missed the boat" - you should have taken your own advice and bought last winter.

Or join us bears and wait for prices to come down?

:D

Sorry mate, but you're right, it seems I understand the market better than you.

The main agent won't let me view it with their salespeople because I am the other agents client and that would generate a fight over the commission if I were to buy it eventually.

Can't keep dialing in now, too expensive during the day.

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This isn't meant to sound as fascetious (sp? not sure I've ever typed that word before) as it probably will...

There are dozens of vendors round here who would break your arm off to get one serious viewing let alone two people interested simultaneously.

Give it six months, if it's still on the market, drop the offer by 50k again. Nobody is rushing to buy property these days <_<

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TTRTR,

I think that your sexual proclivaties is clouding your judgement about house prices and you should instead choose an alternative lifestyle by becoming more broadminded and be willing to stray over to the other side and not become too attached to a particular way of thinking that is clearly distorting and impairing your judgement. Give the alternative lifestyle a try, it will free your mind and you will be able to think more clearly about house prices.

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And in contrast, the dozen properties I have viewed in the last 8 weeks are still on the market - al but 1 now at a reduced price :) One has dropped by £100,000 - glad I didn't take that hit :)

Although I'm sure this is just a small glitch in an otherwise healthy market :blink:

But then again, the chap at Knight Frank who sold my last property and my investment advise guy at the bank both suggested I "hold off buying in the near future" .....

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The main agent won't let me view it with their salespeople because I am the other agents client and that would generate a fight over the commission if I were to buy it eventually.

Ridiculous. Both agents are acting for their client and a dispute between agents should not come in the way of a sale at best price.

I would do this:

- Put in a high offer through the agent which you consider introduced you to the house.

- Make the offer conditional on a saviewing (put in writing that you have not been allowed to view).

The agent must forward your offer to the vendors who will give the agents a good kick and tell them to let you view.

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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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