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Anecdotal-things Are Selling But.....

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Having completed a year in rental I decided that i would change property as I can do better for cheaper and with a university bound child we dont need a 4th bedroom.

I was suprised, not that the landlord decided to sell, but that he recieved an offer within 6 weeks, which is very quick in this market. I overheard the buyer and estate agent talking as they were looking around and it seems that it was purchased for 355,000 whereas the asking price was 385. They seem to think it is a bargain but is a plasterboard box that the big bad woolf could blow over and needs a lot of work £20.000+ to get it to a standard that i would need if it were my own(kitchen needs to be changed bathrooms are tired and flooring and windows have seen better days.

Talking with a colleague at work he has just purchaced a £400,000 place for 360 and the vendor actually part exchanged because the colleagues couldnt find a buyer (several sales fell through).

The point of these tales is to emphasise to those who feel that the crash will not happen that it has already begun. These may not be the reductions that many of us confidently expect, (my bet is 30% or more), but the realisation of equity is a lot less than either vendor would have achieved last year. £30,000 and £40,000 are massiver sums of money in anyones book.

My area is one that is considered affluent, yet in an adjacent road there are 9 houses which have had for sale signs up for several months with only one showing sold. On my estate there have been three sales this year (including the one i'm in). Three remain unsold since March or before. i assume that the vendors wish to wait till they achieve their asking prices, oh dear, long wait then!

I am going to do a deal on the next rental, by paying 12 months up front. The market will be significantly lower then or i will eat Kirsty's hat.

I expect however that there will be 6 to 12 months after that before the real bottom appears, and i for one have no intention of buying until that bottom, and some sanity in HP rteturns.

Have faith those who cannot yet see the light. :rolleyes::rolleyes::rolleyes:

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  • 302 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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