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The Masked Tulip

Second Home Owners Begin To Sell Up In Swansea / Mumbles

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OK, this is an anecdotal but I think it is worth posting here for a while...

Just got in from a cycle ride where I bumped into a friend out walking with a friend of hers.

The friend of my friend had made an offer about a month ago on a house in Swansea West (Mumbles) and when the surveyor had done the survey he basically pointed out that the house was vastly over-priced... bearing in mind the damp on the ground floor and basement and the fact that he could see sunlight through the roof from the attic.

So the bank turned down the woman's mortgage on this particular property but, in the past few days, she had viewed 3 properties in the same area, basically a road or two apart, that had all just come on the market.

All 3 are second homes and all 3 are owned by quite wealthy people - two very wealthy... and all 3 wish to complete before the budget... Per usual, they are all over-priced - even the friend of my friend, typical Swansea person, thought that they were...

Anyhow, thought this might be of interest to HPCers.

Obviously the rich did not get rich by being stupid.

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Excellent news - long may it last... allow the locals to buy a home in their locale. Now we just need the trend to spread - lots of other areas would benefit from this, the village where I grew up being one.

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The friend of the friend put an offer in on one... it was not accepted so she upped it a bit and got accepted.

However, she was not aware of the possible CGT rise so I pointed out to her that this was why they wanted to complete before the budget. I could see her brain working.

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Some big last minute drops due in the next few weeks.

Buy for £100k.

Sell for £300k at 18% tax, pay £36k tax, clear £264k.

Sell for £300k at 50% tax, pay £100k tax, clear £200k.

So you can afford to drop your price to (gets out calculator) to £222k if you can sell before the rate hike.

I make that a 26% drop. Timberrr...

I will keep a close eye as the next few weeks may be the time to move fast.

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Usually get between 6 and a dozen houses on the market in my target area coming on Rightmove daily - shocked this morning to do a search and 92 properties listed... the day is not half over yet.

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Second Home Owners Begin The Attempt To Sell Up In Swansea / Mumbles

Corrected for you TMT :)

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OK, this is an anecdotal but I think it is worth posting here for a while...

Just got in from a cycle ride where I bumped into a friend out walking with a friend of hers.

The friend of my friend had made an offer about a month ago on a house in Swansea West (Mumbles) and when the surveyor had done the survey he basically pointed out that the house was vastly over-priced... bearing in mind the damp on the ground floor and basement and the fact that he could see sunlight through the roof from the attic.

So the bank turned down the woman's mortgage on this particular property but, in the past few days, she had viewed 3 properties in the same area, basically a road or two apart, that had all just come on the market.

All 3 are second homes and all 3 are owned by quite wealthy people - two very wealthy... and all 3 wish to complete before the budget... Per usual, they are all over-priced - even the friend of my friend, typical Swansea person, thought that they were...

Anyhow, thought this might be of interest to HPCers.

Obviously the rich did not get rich by being stupid.

Smart and rich were out of all property they didn`t need a long time go IMO. Now, if you owned anything rentable, doesn`t it make sense to cut the rent until you get a tenant and just hang on to the property for decades? if you own outright I mean. Trying for inflated prices now is just plain daft, and will be one of the things IMO that brings the market crashing down when the panic to undercut the neighbours starts?

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Usually get between 6 and a dozen houses on the market in my target area coming on Rightmove daily - shocked this morning to do a search and 92 properties listed... the day is not half over yet.

ooohhh....it`s starting, popcorn a go go, you will have your HPC yet Masked Tulip!

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If I search Rightmove for all properties in Leicester added in the last 24 hours I get 35 results.

However, most of these have Property Bee history going back months.

Am I not understanding what this search does?

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Some big last minute drops due in the next few weeks.

Buy for £100k.

Sell for £300k at 18% tax, pay £36k tax, clear £264k.

Sell for £300k at 50% tax, pay £100k tax, clear £200k.

So you can afford to drop your price to (gets out calculator) to £222k if you can sell before the rate hike.

I make that a 26% drop. Timberrr...

I will keep a close eye as the next few weeks may be the time to move fast.

Surely you just raise the price to £428k to cover the CGT??? :P

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I can see it next...all the sellers will be fighting for the buyers with the money, a seller with a buyer will be worth their weight in gold, don't upset or lose them. ;)

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I can see it next...all the sellers will be fighting for the buyers with the money, a seller with a buyer will be worth their weight in gold, don't upset or lose them. ;)

Saw a house just come on the market in a road I have long fancied living in... asked the EA for details and it had been modernised throughout, looked nice, so I asked if I could go and see it... apparently they already have a list of viewings on the weekend... so I agree to go on Saturday and view and the EA rings up the owner to see if he can make 10.30... odd, allegedly there were appointments at 9.30, 10 and 11 that day already so WTF he was going to be at 10.30 is beyond me.

Anyhow, whilst said EA is talking to said owner I suddenly realise that this semi has no side entrance - one of my must haves for a house is not having to lug stuff/rubbish/garden waste through the house from front to back and vice versa... my rental has a side entrance and, coming from a terrace, it is a real benefit.

So I interrupt the EA, apologise, tell her that I will now have to cancel the viewing as there is no side entrance... and I can hear the seller at the other end start to get angry, begin shouting and then he appeared to just put the phone down on the EA.

Quite bizzare actually, as, otherwise, the house is nice, is in a sought-after road and is a goodish price for that part of the World. I doubt there will be problems selling it... Oh, the EA had told him that I was a cash buyer...

Otherwise, having been in several other EAs in Swansea today all of them are completely and totally oblivious to any proposals to raise CGT on second homes and buy to lets. :rolleyes:

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  • 276 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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