Jump to content
House Price Crash Forum
MinceBalls

This Is Why It Will Take Years

Recommended Posts

Morning all,

More anecdotal for you but these 2 are friends whose stories I have been following since 08. If these examples are common across the UK then we are in for a long drip-drip down:

First couple put their house at peak price (480K) just as crash started – 2 bed house in Morden, Surry. They chased the market all the way down until offers for 300K became the norm. The lady of the house took the property off because it was ‘worth more’.

Typically, they put it back on the market in Feb this year. I was told by the hubby (who doesn’t really care about property) that they have had no interest and that the LAST estate agent in the area (they have gone through every one) just asked them to reduce… they refused and so he has told them to bog off – they have no more estate agents to use (they have used 6).

The property is now off the market again and they have put in planning permission to have an extension… not so as they can live in the place but so it will sell for what they think it is ‘worth’. Unbelievable… basically having chatted to the hubby he says that his wife is obsessed with getting what she feels is acceptable for her their house and then buying someone else’s for less. Her property WILL return a profit!

Second couple put their house on the market in May this year – Somerset. Almost no views, no offers and thinking of taking it off the market.

PEOPLE WILL NOT ACCEPT THAT THE ANSWER IS TO REDUCE THE PRICE. And people are not being forced into that decision.

If this is similar around the UK and I have no reason to believe it isn’t then we are as deluded as at the peak… if not more so because people now think governments will not allow their property to reduce in price. Many people are going to be very upset at some point

Share this post


Link to post
Share on other sites

Putting on an extension, unbelievable! Clueless!

Suggest they stay there another 10 years.

Any idea what they might have bought it for?

Edited by Tonkers

Share this post


Link to post
Share on other sites

Morning all,

More anecdotal for you but these 2 are friends whose stories I have been following since 08. If these examples are common across the UK then we are in for a long drip-drip down:

First couple put their house at peak price (480K) just as crash started – 2 bed house in Morden, Surry. They chased the market all the way down until offers for 300K became the norm. The lady of the house took the property off because it was ‘worth more’.

Typically, they put it back on the market in Feb this year. I was told by the hubby (who doesn’t really care about property) that they have had no interest and that the LAST estate agent in the area (they have gone through every one) just asked them to reduce… they refused and so he has told them to bog off – they have no more estate agents to use (they have used 6).

The property is now off the market again and they have put in planning permission to have an extension… not so as they can live in the place but so it will sell for what they think it is ‘worth’. Unbelievable… basically having chatted to the hubby he says that his wife is obsessed with getting what she feels is acceptable for her their house and then buying someone else’s for less. Her property WILL return a profit!

Second couple put their house on the market in May this year – Somerset. Almost no views, no offers and thinking of taking it off the market.

PEOPLE WILL NOT ACCEPT THAT THE ANSWER IS TO REDUCE THE PRICE. And people are not being forced into that decision.

If this is similar around the UK and I have no reason to believe it isn’t then we are as deluded as at the peak… if not more so because people now think governments will not allow their property to reduce in price. Many people are going to be very upset at some point

Why worry. What will happen is some people will put properties on to the market, and some of those will reduce prices to sell. This hasnt happened for ages because of rising property prices. But when it does, those people will say that they reduced their prices, and others will then realise that is what you have to do, and then everyone will do the same.

And when prices do go lower, you will be glad of that extra extension that Mrs Stubborn built for you at a cost only to her husband.

Share this post


Link to post
Share on other sites

Such a shame that higher IRs have not forced these types to sell.

Mal Volio pmed me last week about a similar story of a house in Monmouth - converted barn that had not sold so the seller spends an even bigger sum to expand and do it up even more... thereby driving the asking price up even higher and higher.

Nuts.

Share this post


Link to post
Share on other sites

And when prices do go lower, you will be glad of that extra extension that Mrs Stubborn built for you at a cost only to her husband.

This is what I was thinking when he told me the story.... It's very generous of him :lol:

Share this post


Link to post
Share on other sites

....more and more will be forced to remain where they are or drop the price....don't forget it can cost £20k or more in costs and fees just to move sideways. ;)

Share this post


Link to post
Share on other sites

Putting on an extension, unbelievable! Clueless!

Suggest they stay there another 10 years.

Any idea what they might have bought it for?

They bought for less than the offers they were getting even at the bottom offers - 280K I think... but she just thinks that her house is different.... it isn't - i've been in it.

Share this post


Link to post
Share on other sites

Putting on an extension, unbelievable! Clueless!

Unless it's just planning they're doing. Can significantly increase the asking price of your house without you actually having to do anything for it.

Share this post


Link to post
Share on other sites

Unless it's just planning they're doing. Can significantly increase the asking price of your house without you actually having to do anything for it.

Why would you pay more than their cost of getting the planning permission?

Share this post


Link to post
Share on other sites

Unless it's just planning they're doing. Can significantly increase the asking price of your house without you actually having to do anything for it.

It's not just planning: hubby said he is a bit hacked off because the whole top floor is going to be a building site and non of it is for his benefit!

Share this post


Link to post
Share on other sites
Guest Elephant_In_The_Room

This is one of the nasty side effects of the housing boom IMO.

Unlike any other time in the past, we've had a very, very, long spell of brainwashing. The public believe that they have some divine right to be paid the price they want for their house. They've seen so much profit being made from houses that they simply cannot comprehend that the party is now over.

The boom was perfect for Labour. It tapped right into the public's greed and stupidity.

This kind of behaviour can be observed in casino's, amusement arcades et al but they tried it on the entire country, using a limited resource

Perfect!

Share this post


Link to post
Share on other sites

sellers need motivation...a new house bigger, by the sea or just better.

no motivation..no bother.

Share this post


Link to post
Share on other sites

Such a shame that higher IRs have not forced these types to sell.

Mal Volio pmed me last week about a similar story of a house in Monmouth - converted barn that had not sold so the seller spends an even bigger sum to expand and do it up even more... thereby driving the asking price up even higher and higher.

Nuts.

...don't people like to buy something they can add their own value to in their own good time...when times become tougher labour becomes cheaper. ;)

Share this post


Link to post
Share on other sites

Many people are upset now, it's just that most of them don't own a house (mortgage).

I hope the first bloke has a good divorce lawyer lined up.

If there are no kids, I wonder if she would buy him out at her valuation?

Share this post


Link to post
Share on other sites

...don't people like to buy something they can add their own value to in their own good time...when times become tougher labour becomes cheaper. ;)

Incidentally, just put a house on the market. One looker, Offer about 7% less than peak. Taking it and living in hope again. Wish me luck, or not.

Share this post


Link to post
Share on other sites

What people have to realise is that if you have decided to sell and you don't get an offer or two within two weeks (a month - six weeks at most) then you are not pricing it right and not meeting the goal you set yourself.

Everyone's in fukcing denial. It's not going to get any easier.

Share this post


Link to post
Share on other sites

Morning all,

More anecdotal for you but these 2 are friends whose stories I have been following since 08. If these examples are common across the UK then we are in for a long drip-drip down:

First couple put their house at peak price (480K) just as crash started – 2 bed house in Morden, Surry. They chased the market all the way down until offers for 300K became the norm. The lady of the house took the property off because it was ‘worth more’.

Typically, they put it back on the market in Feb this year. I was told by the hubby (who doesn’t really care about property) that they have had no interest and that the LAST estate agent in the area (they have gone through every one) just asked them to reduce… they refused and so he has told them to bog off – they have no more estate agents to use (they have used 6).

The property is now off the market again and they have put in planning permission to have an extension… not so as they can live in the place but so it will sell for what they think it is ‘worth’. Unbelievable… basically having chatted to the hubby he says that his wife is obsessed with getting what she feels is acceptable for her their house and then buying someone else’s for less. Her property WILL return a profit!

Second couple put their house on the market in May this year – Somerset. Almost no views, no offers and thinking of taking it off the market.

PEOPLE WILL NOT ACCEPT THAT THE ANSWER IS TO REDUCE THE PRICE. And people are not being forced into that decision.

If this is similar around the UK and I have no reason to believe it isn’t then we are as deluded as at the peak… if not more so because people now think governments will not allow their property to reduce in price. Many people are going to be very upset at some point

Yes, it will take years, perhaps three or more, but when prices have finished falling I expect them to be 30% to 40% down, in nominal terms, from today's.

Share this post


Link to post
Share on other sites

Incidentally, just put a house on the market. One looker, Offer about 7% less than peak. Taking it and living in hope again. Wish me luck, or not.

I wish you luck that your prospective purchaser, and any others in the chain have the means to carry it through to completion. ;)

Share this post


Link to post
Share on other sites

Morning all,

More anecdotal for you but these 2 are friends whose stories I have been following since 08. If these examples are common across the UK then we are in for a long drip-drip down:

First couple put their house at peak price (480K) just as crash started – 2 bed house in Morden, Surry. They chased the market all the way down until offers for 300K became the norm. The lady of the house took the property off because it was ‘worth more’.

Typically, they put it back on the market in Feb this year. I was told by the hubby (who doesn’t really care about property) that they have had no interest and that the LAST estate agent in the area (they have gone through every one) just asked them to reduce… they refused and so he has told them to bog off – they have no more estate agents to use (they have used 6).

The property is now off the market again and they have put in planning permission to have an extension… not so as they can live in the place but so it will sell for what they think it is ‘worth’.

Where do people get this idea that PP for an extension adds value. In 99% of cases, the cost of the build equals the increase in value. Only PP for an increase in number of units on the plot adds value.

And 480K for a house in Morden!!!!!!!!!!! It's where I come from and it's (now) a ****-hole. Even based upon being in London that well OTT.

If I had 480K to spend on a house (I don't), I would want to live somewhere a damned sight nicer. Actually on the 250K that I do have I still want to live somewhere nicer.

tim

Share this post


Link to post
Share on other sites

What people have to realise is that if you have decided to sell and you don't get an offer or two within two weeks (a month - six weeks at most) then you are not pricing it right and not meeting the goal you set yourself.

Everyone's in fukcing denial. It's not going to get any easier.

Except that once in a while a home owner may get lucky and a s***ker will pay whatever the asking price is to get their 'dream home', within their budget.

I suppose many shares traders also set some silly Limit prices see just in case the limit is hit (by someone who sent in a market order when market is not liquid)

Share this post


Link to post
Share on other sites

Morning all,

More anecdotal for you but these 2 are friends whose stories I have been following since 08. If these examples are common across the UK then we are in for a long drip-drip down:

First couple put their house at peak price (480K) just as crash started – 2 bed house in Morden, Surry. They chased the market all the way down until offers for 300K became the norm. The lady of the house took the property off because it was ‘worth more’.

Typically, they put it back on the market in Feb this year. I was told by the hubby (who doesn’t really care about property) that they have had no interest and that the LAST estate agent in the area (they have gone through every one) just asked them to reduce… they refused and so he has told them to bog off – they have no more estate agents to use (they have used 6).

The property is now off the market again and they have put in planning permission to have an extension… not so as they can live in the place but so it will sell for what they think it is ‘worth’. Unbelievable… basically having chatted to the hubby he says that his wife is obsessed with getting what she feels is acceptable for her their house and then buying someone else’s for less. Her property WILL return a profit!

Second couple put their house on the market in May this year – Somerset. Almost no views, no offers and thinking of taking it off the market.

PEOPLE WILL NOT ACCEPT THAT THE ANSWER IS TO REDUCE THE PRICE. And people are not being forced into that decision.

If this is similar around the UK and I have no reason to believe it isn’t then we are as deluded as at the peak… if not more so because people now think governments will not allow their property to reduce in price. Many people are going to be very upset at some point

Good afternoon. Nice one.

Next one to try (if you see them) is Housenetworks or one of the online agent where you can pretty much set whatever price you want for a fixed fee and they don't really care.

Seen many of these actually- it is everywhere. Couldn't sell at peak, and now back in the market at even higher prices.

Share this post


Link to post
Share on other sites

I was out for a walk yesterday morning in Swansea and got talking to a couple from England who have their Swansea house on the market since the Spring - initial asking price of 500K. Now they want asking price of 400K.

They told me they have not had a single viewing - no interest.

When I checked the price of the house it still is over 150K more than paid for at the height of the bubble. They also bought a investment property - LMAO - in Swansea marina at the height of the bubble and openly admitted that they had made bad investment choices. They now intend to live in their 'investment property'.

Typical story - came to Gower on holiday, fell in love with the place, rented a place on the Gower for a year but ended up hating living there as there was nothing to do despite the beautiful countryside. Sold up in London and bought down here at the height so I think it is safe to say they are probably amongst those who ramped the house prices locally and helped price local out.

They both got very interested in me when they learnt I was potential buyer and tried several times to get me to buy their townhouse trying to sell it to me in terms of location, garden, etc. I would not give 250K for their 400K asking price, let alone their original 500K asking price, property and ventured to them that they would need to drop their asking price substantially by even up to 40%.

Shocked they were and then began to rubbish my reasoning because their EA, a neighbour and friend, "just loves our house and she valued it".

:rolleyes:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 259 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.