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TheCountOfNowhere

It's Been A While Since...one Of The Hpc Bears Bought A House....

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

Edited by TheCountOfNowhere

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Had a wobble at the beginning of the month when the LL sold our house

(put all his BTL's up for sale the day after the budget) just moved into

a new rental £125 a month cheaper , better garden etc.

Pain in the ar$e moving again esp. with little un but got a few friends

trying to sell/buy "up the ladder" at the moment chains breaking

all over the shop.

Just signed a years lease, 6 month clause ,happy to sit tight for now.

From what im seeing in my area SE near Windsor the tide is definitely

turning.

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Havent seen any HPC bears recently anounce they had decided to buy.

Hello

I was looking at some houses and getting disappointed once again last week.

I am just on the last day of my trip to Spain (costa Blanca) where i have been staying for a week on a holiday.

After seeing that you can buy a 3 bedroom quad villa in the sun with Pool for 100K why would anyone want to spend double that for a three bed detached in Milton Keynes.

The prices back home are vile and i am am starting to go off property.

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Hello

I was looking at some houses and getting disappointed once again last week.

I am just on the last day of my trip to Spain (costa Blanca) where i have been staying for a week on a holiday.

After seeing that you can buy a 3 bedroom quad villa in the sun with Pool for 100K why would anyone want to spend double that for a three bed detached in Milton Keynes.

The prices back home are vile and i am am starting to go off property.

I'm with you on that !!!

I'm working in Paris and Paris itself is a bit mad, but there are some fantastic places to buy an hour ot so out the city.

I cant imagine paying 250K for a shoebox in MK.

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

....I would imagine this is the ultimate do not buy time....more so for FTBs ..or STRs .... :rolleyes:

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

I have one lined up. In my area (E of Brighton) they have dropped by about 10% so far this year and prices will continue to drop another 10%, IMO, by Crimbo. The house I have in mind will be an estate sale and will not go though EAs which will save a bit. Its a wait and see but I expect it has dropped from around £300-£320k at the peak to about £240k now. 20%-25% down. The market may well drop another 20% but, TBH, I am a bit fed up waiting.

If there is a marked deterioration in the next few months I will sit it out for awhile longer. But if it is a steady drop of 1% a month down I may just proceed and be done with it.

Edited by Realistbear

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

We've put an offer in on our flat which has been accepted, same as above poster, landlord put it up for sale, no interest until he dropped it from 165 to 150. (it was bought in 2006 for 175)

We put in an offer of 140 after a couple of months of no viewings, which was rejected. Then with the price drop we had alot of viewings and it was a pain in the **** so we looked for alternative rents. There was nothing available. An offer came in after 3 months for 145 and that was accepted, we looked at what mortgages were available to us and found by putting in half our deposits we had saved for a 3bed "long stay home" we could reduce our monthly outgoings by 30% (ish). So we matched the offer and as current tenants they chose our offer. We are now just waiting for it all to go through. We hope the 30% (ish) we save will match any falls in prices or at least soften the blow which i fully expect and accept.

Rent was 675 Where as a mortgage on IO (which we're not doing but like for like comparison) is 230. Once repayments and ground rent are considered we are 30% better off a month. Interest rates need to rise to 7% before we break even on renting / IO.

Hopefully if it all goes to plan, in 3years or so we can withdraw some of the deposit from the flat, rent it out to friends and then purchase our long term home.

It could all go tits up of course.

Time to live whatever happens will just deal with it.

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I am have a good deposit saved and am adding to this every month. I am looking for somewhere I can buy comfortably and aim to pay the mortgage off within at most 10 years.

I would like to buy somewhere within the next 12-18 months as I feel that I should be one of the few (proabably along with many on here) who will have a 15-20 percent deposit and able proceed quickly this should put me in a good position to negotiate on price and not pay too much for the property.

I am sure that there will be much volatility in the market for many years to come but if I reckon in you don't overstretch yourself and can clear the mortgage off quickly these things don't matter too much.

Edited by anteros

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I'm starting to look around again.

Whilst most places in my tarket market are back to peak prices, they do seem to have turned and are heading slowly back down.

More to the point, just that little bit further out there seems to be a real desperation building, with some sellers capitulating like it's 2008.

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

I confess, I am a bear and completed last week on a 4 bed detached house, nice rural location and garden - This was done for two reasons. 1) I have a young family, and another one on the way ...the MRS was nagging and we have never owned a home becuase I would always have sad for the last 7/8 years....."wait till prices have come down 40%" and " prices have to come down, they are way too expensive"...... I still believe this, but money isn't everything. 2) I was concerned about the cash balances in the bank account and risk of further financial implosion and thus losing everything......although I don't own a tin hat I must confess that I was very scared the banks would implode prior to house completion....Paranoid or what!

Personally I stll believe houses have to come back in value by 25/30% and I can absorb this should it happen......in fact I really do hope it happens for everyone so people in my generation (I am 31) can buy something and get on with life. I agree the older generatons are killing us but what can we do...they are our parents after all!

Also before I recieve lots of insults, the house I bought was on for £435,000, and we agreed £375,000 ....and then a day before completion knocked off another "35,000 just because I knew we were in a strong position making up I didn't like the state of how the house was looked after. ....I hope I have done HPC proud.

Now bring on the abuse! :)

P.S I am still bear!

Edited by DONTDOITMAN

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

Just bought a one bed flat; built in 2006 sold for £101K to a budding BTL entrepreneur. It was repossessed and sold to me for £53K with £46K deposit so not much left to pay.

I haven't had an address in the UK for 12 years; lived on a canal boat, rented flats, a couple of stints overseas and two summers in a caravan.

Will probably only live in it for about 6 weeks of the year.

Got fed up with not having a proper address. Opening bank accounts, registration with a GP, working on certain construction sites and hiring a car are a real pain without a UK address.

Edited by walker127

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Also before I recieve lots of insults, the house I bought was on for £435,000, and we agreed £375,000 ....and then a day before completion knocked off another "35,000 just because I knew we were in a strong position making up I didn't like the state of how the house was looked after. ....I hope I have done HPC proud.

Now bring on the abuse! :)

That was nice of you... Ever thought of becoming an estate agent?

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Also before I recieve lots of insults, the house I bought was on for £435,000, and we agreed £375,000 ....and then a day before completion knocked off another "35,000 just because I knew we were in a strong position making up I didn't like the state of how the house was looked after. ....I hope I have done HPC proud.

Have no problems with that good on yer. If the house was really worth more they would have told you to f**k off.

Still think you are mad for buying.

ps were the sellers old and greedy - I do hope so.

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Strangley, this last 6 weeks or so, I've gone completely off the idea of home ownership!! I spent a good bit of time considering putting some offers in on places not ideal to where I would like to live, but as a poster above pointed out, the mortgage would have been a good bit lower than the rent Im paying and thus that could have insulated me to a degree against further drops (of course I would only have offered at least 20% under the current asking price on any place as well).

However, looking at the trubles to come economically etc, I'm wondering, even if prices do drop significantly if I would really want to be tied to a particular place by an illiquid asset while the real fun kicks off? Who knows what might happen to 'good' areas, let alone bad ones, once the real force of the recession/depression makes itslef known.

So instead I'm now looking at spending some of my deposit money on a VW T5 van instead and kitting it out as a camper. Least if things get REAL bad, I can then survive quite nicely and go and sit it out in the south of France or something and pick through the bones once I return :)

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hit my target after 3 years of saving, was nice to finally be in a position i planned for, but now im thier things just seem to uncertain to risk all the hard work ive put in,

im just gonna carry on saving everythings stacked in my favour my inner voice tells me no i listen, and having a big wedge behind me sure does feel nice, alot nicer than a depreciating pile of bricks no brainer

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I'm a bear, but I'm kinda sick of my 1 bed rented flat.

So if the right house came up at a price that wasn't too absurd, I'd buy quite happily.

My position is unusual though, as I'm a high earner sitting on a lot of cash, so it's about quality of life & even the most expensive house I'd be looking at buying would only be around 1.5x my income and bought 90% cash. If the price fell by 30%, I'd lose about 4 monts pre tax salary and that's a loss I could live with.

Obviously my circumstance is extreme, but I hate this idea that people are stupid for buying a nice house that they can afford just because the price would go down. I'd certainly not invest in property for my pension at this time or anything like that.

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I'm a bear, but I'm kinda sick of my 1 bed rented flat.

So if the right house came up at a price that wasn't too absurd, I'd buy quite happily.

My position is unusual though, as I'm a high earner sitting on a lot of cash, so it's about quality of life & even the most expensive house I'd be looking at buying would only be around 1.5x my income and bought 90% cash. If the price fell by 30%, I'd lose about 4 monts pre tax salary and that's a loss I could live with.

Obviously my circumstance is extreme, but I hate this idea that people are stupid for buying a nice house that they can afford just because the price would go down. I'd certainly not invest in property for my pension at this time or anything like that.

agreed in your situation, i dont think people are stupid but as you say all down to personal circumstance, thiers no set time or right time to buy for everybody at all

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I'm a bear, but I'm kinda sick of my 1 bed rented flat.

So if the right house came up at a price that wasn't too absurd, I'd buy quite happily.

My position is unusual though, as I'm a high earner sitting on a lot of cash, so it's about quality of life & even the most expensive house I'd be looking at buying would only be around 1.5x my income and bought 90% cash. If the price fell by 30%, I'd lose about 4 monts pre tax salary and that's a loss I could live with.

Obviously my circumstance is extreme, but I hate this idea that people are stupid for buying a nice house that they can afford just because the price would go down. I'd certainly not invest in property for my pension at this time or anything like that.

You are an extreme example as you point out. A 30% fall might only cost you 3-4 months salary. It's a bit different when it could cost some a couple of YEARS salary, which is probably a more likely scenario.

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Yep, still bearish, but have been watching the market like a hawk and have found the flat that I want at the price that I want. Made cheeky offer of £10K less than already reduced FP (Scotland) was initially told to bugger off, but then they thought better of it and have come back and accepted. Everyone is going on about how I got a 'bargain'. I got what I wanted at the price I wanted, but I'm not under illusions that the prices aren't going to continue to fall.

SelfDoIt

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Havent seen any HPC bears recently anounce they had decided to buy.

Are any the long term bears seriously considering buying ?

Can eveyrone see the market has turned ?

The dead cat bounce really does look like just that, should be an interesting time from here on in !!!

Well I've been waiting nearly 7 bloody years so I'm not going to throw the towel in yet.

I was tempted earlier in the year when I just kept saying to myself 'give it up - it's never going to happen'.

Now, I'm fairly confident it will. Market here has stalled and price reductions are being flagged up on Globrix. Over the last 6 weeks or so nothing has changed to Sold - and the ones that Sold earlier in the summer don't seem to have progressed.

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Strangley, this last 6 weeks or so, I've gone completely off the idea of home ownership!! I spent a good bit of time considering putting some offers in on places not ideal to where I would like to live, but as a poster above pointed out, the mortgage would have been a good bit lower than the rent Im paying and thus that could have insulated me to a degree against further drops (of course I would only have offered at least 20% under the current asking price on any place as well).

However, looking at the trubles to come economically etc, I'm wondering, even if prices do drop significantly if I would really want to be tied to a particular place by an illiquid asset while the real fun kicks off? Who knows what might happen to 'good' areas, let alone bad ones, once the real force of the recession/depression makes itslef known.

So instead I'm now looking at spending some of my deposit money on a VW T5 van instead and kitting it out as a camper. Least if things get REAL bad, I can then survive quite nicely and go and sit it out in the south of France or something and pick through the bones once I return :)

I have gone off it as well. My part of the world is just lagging some of the other places.

It is bizarre reading about price drops in places like Brighton - mainly private sector and within commuting of London - but then see the, IMPO, ludicrous asking prices in my part of the world where 2/3s of people work in the public sector.

Think I will drift away and get on with my life and my business and only look at houses locally again once there have been some major job losses announced.

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I'm a bear, but I'm kinda sick of my 1 bed rented flat.

So if the right house came up at a price that wasn't too absurd, I'd buy quite happily.

My position is unusual though, as I'm a high earner sitting on a lot of cash, so it's about quality of life & even the most expensive house I'd be looking at buying would only be around 1.5x my income and bought 90% cash. If the price fell by 30%, I'd lose about 4 monts pre tax salary and that's a loss I could live with.

Obviously my circumstance is extreme, but I hate this idea that people are stupid for buying a nice house that they can afford just because the price would go down. I'd certainly not invest in property for my pension at this time or anything like that.

What do you do for a living?

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Have no problems with that good on yer. If the house was really worth more they would have told you to f**k off.

Still think you are mad for buying.

ps were the sellers old and greedy - I do hope so.

My logic is a house is only worth what someone is willing to pay for it. Me and the Mrs had put in several "cheeky offers" to several other properties which had all been declined, until this one. Once we had our original offer accepted the Estate agent said they wanted it sold ASAP and we were to move quickly. On probing further the EA said they were in financial difficulties having other BTL properties and were heavily leveraged and needed to raise cash. I knew that they had bought this property for £225,000 in 2001 and have been renting it out since and so they had done pretty well from this one. ....Basically we took advantage of the situation, the property had been sitting empty for a year and not one penny spent on it since 2001...but it was no wreck ....just needed some TLC. When I put in the reduced offer I knew that they could have said NO and we could have lost the house but I just felt they were right for taking advantage of, after all they still made ove £120,000 in ten years plus rental income...which isn't bad for doing nothing!

I have to thank HPC for this and reading other people situations.

If I can pass on any words of wisdom.....there is so much property on the market and it is difficult finding a property that is suitable and realistic/desperate sellers, but if you are looking and do come across this situation.....you must take advantage of the situation as you have nothing to lose....Also don't listen to anything the EA says when you put your "cheeky offer" in, it is just noise and they can't help making it.

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My logic is a house is only worth what someone is willing to pay for it. Me and the Mrs had put in several "cheeky offers" to several other properties which had all been declined, until this one. Once we had our original offer accepted the Estate agent said they wanted it sold ASAP and we were to move quickly. On probing further the EA said they were in financial difficulties having other BTL properties and were heavily leveraged and needed to raise cash. I knew that they had bought this property for £225,000 in 2001 and have been renting it out since and so they had done pretty well from this one. ....Basically we took advantage of the situation, the property had been sitting empty for a year and not one penny spent on it since 2001...but it was no wreck ....just needed some TLC. When I put in the reduced offer I knew that they could have said NO and we could have lost the house but I just felt they were right for taking advantage of, after all they still made ove £120,000 in ten years plus rental income...which isn't bad for doing nothing!

I have to thank HPC for this and reading other people situations.

If I can pass on any words of wisdom.....there is so much property on the market and it is difficult finding a property that is suitable and realistic/desperate sellers, but if you are looking and do come across this situation.....you must take advantage of the situation as you have nothing to lose....Also don't listen to anything the EA says when you put your "cheeky offer" in, it is just noise and they can't help making it.

So you put in a cheeky offer, got it accepted and then learnt that they were in trouble... so you lowered you original offer?

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  • 149 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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