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Pippa

Fleet/farnborough/aldershot

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Anyone live in this area who'll lend evidence to this? Saw this for sale yesterday

Romans

and I lived 2 doors up until Feb '03, whereupon I sold (grudgingly) for £175k, reduced from 189k asking.....and my house didn't have a decent bathroom or kitchen. 169k asking surely means at least a 10k-15k reduction since '03.

Edited by Pippa

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Hello

Prices are definitely falling slowly and properties are not moving very fast. I had my eye on a house near Farnborough Tech on for £360,000 early this year, after 3 months it reduced to 'offers over £330,000' but still no takers. It didn't sell and it was taken off the market.

I have a friend trying to sell at the moment and after 3 months on the market and one offer fallen through they have dropped £5K off asking price of £165K. I'll see what happens now.

We are looking to buy but am none to sure of being able to sell my house easily so we will probably hold off for about 1 year. Pity as I saw my dream house today but at £270,000 I feel it is still about £70,000 over-priced. Of course our house is about £30,000 over-priced but if prices adjusted to that level we would need £40,000 lower mortgage to trade up. I am judging the sensible price by looking at the price of the houses back in 2001 and there was only a £40,000 difference then so I can't see why there should be a £110,000 difference now!

We'll watch the house over the next few weeks/months and see what happens.

Edited by the gardener

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Update - have another friend selling house in same area - just accepted offer of £158K for a 2 bed in Beaumont. They had already dropped asking price from 165K to 160K.

A 3 bed terrace house for sale in my street has now dropped another 5K. 6 months ago it was on for 189K then dropped 3 times to end up as £175K. Still too expensive however due to poor location, between a timber yard and a dilapidated house. They'll never sell it in a flat market I think. Just goes to show that it really is location, location, location. Do not get suckered into buying any old rubbish in a booming market as you'll never shift it if the market turns.

Generally however houses seem to be selling in the area - really need to wait 3-6 months to see the land registry data to gauge if price falls are substantial enough to make my move realistic.

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Update

The house at £270K in Farnham is now off the market - no interest at that price I imagine.

Another house literally round the corner from it dropped from £245K to £235K.

I think the falls are starting to pick up now.

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Definately, just got back from holiday and although my landlady's sold (can't wait to see how much for 'cos I think the place was overpriced), the house I'm moving to is being rented 'cos the owner, who's emigrated to Canada couldn't sell despite 2 * £10k drops.

Also just heard they're auctioning off houses on 'Quetta Park' army estate, ok so not great but know someone who's just got a 3 bed semi there for £150k!!

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Any thoughts on this area to refresh the thread? Presumably this part of Surrey/Hants would be regarded as the 'South East'. Having lived there until last year I always thought the market 'picky' - buyers wanted a lot for their money and an acquaintance who sold very recently had to wait several months for a buyer to come along.

Edited by mrpleasant

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Hi there. Greetings from Farnham (not quite Fleet / Farnborough / Aldershot but close enough to be relevant.)

New poster here, so go easy on me if I get a bit out of my pram - this post has been a while coming :unsure:

So. South Farnham - let the carnage begin!! Don't believe anything the locals or the EA's tell you about it being "bombproof" with "loads of city money" and "unaffected by events going on elsewhere in the economy." Derr - ain't you heard of the global economy, stoopid?!

The odd period doer-upper is shifting, because there's always some to$$er who "did well in London" and will pay £930K for a heap that was on the market at £800K and went to sealed bids (remember them - seems like a lifetime ago doesn't it, but this one was October last year. Yikes!!) However, after they've spent £200K making it habitable, and by that time it's worth £800K, they may wish to return to London from whence they came.

2007 - "did well in London" 2008 - "bankrupt in Surrey."

Heart would bleed... except that none of my kids will be able to afford a shoebox when they grow up, because of people like that creating rampant HPI with their ill-gotten bonuses paid out by the banks (for screwing the whole economy up for a short-term profit. Makes you think doesn't it?!)

Anyway, I've been lurking on here long enough to know that the good burghers of HPC like specifics and figures, so get your laughing gear around these babies...

My favourite was a disgusting four (tiny) bed piece of garden-grabbing infill cr*p, that some developer built 4-5 years ago, right on the end of one of the only two council estates in Lower Bourne (not that kind of place really ;) ) Put it on six months ago for £525K, and it's progressively gone down and down, and a couple of days ago it was at £429,950 and still not a sniff. Can't upload the URL as it's now been taken off the market (haven't seen his XKR around for a while, so maybe he rented it out and took it off the market to save further embarrassment,) but if it pops up again rest assured I'll share it with you.... I made that drop about 18%, and we haven't really started this slump thing yet...

However, this little beaut is still hanging around...

http://www.primelocation.com/uk-property-f...1&skipreg=1

"Reflections" used to be a lovely old little bungalow, but it was demolished by one of our large (soon to be much diminished we hope :angry: ) bunch of local scumbag garden-grabbing developers...

Went on market around September last year at £800K. Not a sniff (well, it was described in local paper by the former Mayor as the "Psycho House," and everyone knows the original planning permission was for four beds but as usual they built it as five!) so it soon dropped to £750K.

Today my friend Mrs Primelocation and her email alerts tell me the sale at £750 fell through yesterday (no sh*t - what; in today's booming market? (see below for some fab EA BS)) and it's now down to £725 - I make that just south of a 10% drop, and it ain't no way going to sell for that - certainly not in this market. The agent was all excited when I rang to enquire - you could smell the disappointment when I told him I still wasn't interested. It's fun baiting agents innit', right when they can picture their private-plated Range Rovers scuttling back to the lease company any week now?!

And how about this one? Ooh, guess what - another greedy amateur Beeny-man who's going to lose his shirt. Tee hee..

http://www.primelocation.com/uk-property-f...ls/id/ANDL02642

Nice little bungalow. Developer buys it last year for (I believe - can't find the exact house number on ourproperty.co.uk) around £450K. Bit of tarting up and new bathroom etc. later it goes on the market back end of last year for (if I recall correctly) £590K. Down to £550 cos no-one round here is THAT stupid, and I believe someone offered him £480K for it a few weeks back which he turned down flat. Tw&t.

Guess what - now down to "offers over £500K" Who is he kidding? Who's going to pay £501K and get into 4% Stamp Duty territory? Derrr... Anyway, by my calculations that's a 15% drop if he gets £499K, and that doesn't look likely either right now - should have taken the £480 on offer smart boy...

Haven't got time for anymore right now - my productivity has plummeted by about 50% since I found this fantastic website and community - but there'll be loads more coming up I'm sure...

However, on a final note, apparently there's no problem round here if you ask most of the agents. The local "King of Garden-Grabbing" - God knows how he has the cheek to show his face locally) showed a mate of mine a house this morning. OK location, but apparently a complete dog's breakfast, totally mucked about and way overpriced at £895K for a four bed mess.

But apparently there's "loads of interest" and he reckons they'll "hit the mark no problem..." So that'll be OK then - yeah right, dream on slimeball... I'll get the URL from my mate when I can and upload it when it's down to £750K :D but from what he says it will still be massively over the odds then. Roll on minus 30% we all say....

Tata for now. And keep smiling....

B

Must do myself a signature when I get round to it :rolleyes:

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I normally love Friday coming, but this week has been so much fun it's a shame to see it end.

Anyone you talk to in this part of the world, who's had their name on the EA's lists for a while, is now beating the weasels off with a sh***y stick. Funny how they won't give you the time of day in rising, easy-money market, but come a bit of a dip suddenly they're your best mate (yeah right, I'd rather saw both my arms off!!)

Anyway, here's another one....

http://www.primelocation.com/uk-property-f...d/BUFA999000214

Started out at last year at £1.25m, dropped to £1m recently, now down at a measly £950K. Saddest thing is the EA genuinely didn't seem to "get" why I didn't think that was the best deal ever, and wasn't beating my way through the crowds to come and view. They seemed quite miffed when I said I'd keep an eye on it and see how low it went... "well, we think we'll get that as there's a lot of interest..." (err, you've just dropped the price another £50K.... let me think about that one for a moment...)

Couldn't be bothered arguing. Got better things to do with my time, like - well anything really.

Have a great weekend.

B

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Hi folks.

My Property Bee is starting to go mad round here - what fun.

One of the local agents (better not name names, you'll find them easy enough,) is now starting to recommend "big drops to make things shift" - and we're talking £150K in some cases, straight off the asking price. None of this fancy "£10K at a time" stuff....

All this from the agent who told one of my mates just this last week... "Well of course we're far too busy to ring all the hundreds of buyers we've got clamouring to buy through us... I know you think we should ring you (a cash buyer, STR no less,) but in the real world that I inhabit that's really just not the way it works...."

Also, my Bee just found this beaut...

Capture.JPG

You can just imagine the conversation in the EA's office;

"What, a whole open DAY? Sod that, I'm not sitting around all day waiting for a couple of tyre-kickers to turn up. I KNOW - LET'S MAKE IT AN OPEN HOUR - then anyone who does turn up will think it's busy, we can BS people there's loads of interest... and then go down the pub..."

I'm glad I'm not paying either of those two EA's my hard-earned cash for that level of "Service."

Have a great weekend one and all - and bring it on....

B

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I used to live very near that property and down in the 'village' of Ash Vale there were three estage agents within a stone's throw of one another and a further two down by the station. Given the transaction levels we are reading about now, it's hard to see all of them surviving. Perhaps they're not ringing all those potential buyers because they're worried about paying the phone bill...

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Can we change the subtitle of this thread to "Falling off a Cliff" please?!?!

Property Bee has been having some more fun today. Here's just a few little snippets (don't you love that "Snipping Tool" in Vista?)

A few that have decided they need to drop by a big load of cash to get things moving;

£105K off this one - not a big drop, but I just happen to dislike the people involved so fancy a gloat :P

Capture.JPG

£150K off this one - yummy

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Another £150K here....

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Run out of space here; will upload a few more little bits of fun in the next post...

Best.

Buzzardo...

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Can we change the subtitle of this thread to "Falling off a Cliff" please?!?!

Hi Mr Pleasant - thanks for your earlier post, and great to make your acquaintance online. I thought maybe I was the only person around here who was taking any notice, and that maybe the rest of the population of Surrey / Hants are all bankers (rhyming slang??) just sitting around spending their bonuses in a continued frenzy of HPI and ramping the market...

Anyway, I'm not going to upload all the good news tonight, but a little PB search earlier today, from £400K to £1.5m (it's a lot of money I know, but the EA's around here will tell you the "quality end of the market" is immune to the drop. Buuuuullsheeeeet!!) yielded 30 "snips" where either the price fell by £50K or more (23 examples,) or 7 examples where the sale fell through and was picked up by PB IN THE LAST 24 HOURS.

It's getting messy, and the honest EA's (actually, EA - there is only one, but that's better than nothing, and AB you know who you are, bless you :wub: ) round here are admitting it's starting to bite really deep. On the other hand, there seem to be a couple of EA's who are still playing to people's vanity, overpricing property by a frankly shocking margin, and then telling vendors to drop the price by a six figure sum just a couple of weeks later... One of them is the (growingly famous) EA, who as mentioned a couple of posts up is apparently "too busy to call" one of my mates, because they've got "hundreds of buyers" who "need to build a relationship with them if they want to buy from us..."

Go figure, as the Americans would say... (Or "Go **** yourself," as we might respectfully suggest over this side of the Atlantic ;) )

Anyway, here's a small number of additional bits of fun for your Sunday night....

I love this one - I wonder how the EA who pitched for the business, and then did the brochure and floor plans and stuff, managed to miss the small but important point that the property was - errrr - ATTACHED TO ANOTHER PROPERTY.... I obviously make the mistake of assuming they have a higher level of intelligence than the crud you find down the side of the fridge?!

Capture7.JPG

Will they - won't they - do you remember "Moonlighting?!" Didn't take too long to find out the bank wouldn't give THIS buyer a mortgage, did it...?

Capture9.JPG

Finally - the good ol' "chase the market down" approach. Go on, admit it - you need to drop a big fat slice of cash off this if you want to get rid. If you don't, you'll have the bluest Property Bee history in the area, and everyone will just wait and wait until you have to pay someone to take it off your hands...

Capture26.JPG

I wish I had the time to put more on, as there's just so much to go at.

By the way, the dog's breakfast of a property, that the "King of Garden-Grabbing" told my mate they would "easily hit the mark on" when he told them it was well "toppy..." Just dropped by £50K. ***t!!

Have a great week one and all. It certainly appears to be hotting up, and I for one ain't buying nuffink unless I get at least 30-40% of the asking price. Maybe more the way things are going :lol:

Happy days - this may be the return to sanity that we're all hoping for, for us and all our childrens' sakes.

B

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Good god. I just stumbled across this site and I can not believe the smugness and glee that so many of you display (buzzardo).

To all those people who wish to god that prices crash by 30-40%, just remember that like it or not, the housing market underlies the UK economy and a crash of that magnitude will plunge us into a very very deep recession (we're heading there already). You'll probably find then that even though your dream house is affordable, you won't have a job with which to buy it.

To all the smug people who own their homes outright and are on here bleating on about how this will be so good for their poor children who are currently struggling to get on the ladder, think again. You'll find your offspring will lose their jobs and be in a dire situation if this situation pans out as you predict. How may of your children have "mdeia" jobs or are starting out in banking / retail etc. They'll be shown their P45s before you can save houseprice crash.

Then it makes no odds whether or not whether house are affordable or not because they'll be getting into debt trying to pay the rent on their rented flat / house without a job. In the end they will come begging to you and you'll find yourself with a new lodger or digging deep into your own pockets.

I don't for one minute agree that house prices are sustainable at their current level and yes, I agree a correction is needed. We must all pray for a period of stagnation rather than massive drops. This will have the long term effect we need of reducing prices without ruining what's left of the UK economy. It is a very very naive person who thinks that SUDDEN price drops of this magnitude are going to be a good thing.

And before you ask, I am not looking through rose-tinted glasses. My house was worth £500k last summer and has a £200k mortgage on it. So, even if prices drop by 40% I will still be OK (at least, I won't be in negative equity). My concern is what will happen to my job and to the jobs of my friends and family. Because that's the real killer if things get bad. Anyone remember 1991?

Stop being so smug and wake up to the reality of the situation - think before you wish for the worst.

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Welcome Edwardt...

Try reading some of the very detailed and knowledgeable posts elsewhere on this site, and you'll see that the current house price bubble doesn't underpin the economy.

In fact, it's much more like to drag it under, as everyone struggles to service ridiculous levels of debt created by out of control HPI, much of which has been driven by fraudulent lending and ramping by the VI's (read some of Eric Pebble's posts and you will probably find some useful data from a guy who understands some real detail about how all this came about.) The idea that a drop in house prices would trigger a massive recession is just complete VI b*llshit - sure there would be a crisis of confidence as Middle England had to think about something else to talk about, over a chilled glass of Chablis, but imagine what would happen to what's left of the "real" economy is people had more money to spend because they didn't have to spend 30-50% of their net salary servicing massive housing debt?

If you think an "economy" is where people buy and sell overpriced houses to each other, then think again. There's no wealth created there, just an ILLUSION of wealth. Since we gave away most of our value-adding industrial strength there isn't much less, and many of the jobs left in our "miracle economy" are just about shuffling bits of paper around in the spiv economy - so maybe a good shakeout would help us all in the long run. Sure, thousands of bankers and others in the spiv economy will lose their jobs, but as they created the environment which spawned all this mess, don't shed a tear for them. For those people creating real added-value, times may get tighter - as they will for all of us - but at the end of the tunnel is a new order where houses are valued at 3.5-4 x salaries, where more people can actually afford to buy somewhere to live rather than being ripped off by BTL scum landlords; oh and by the way, if they "get theres" in all this, no-one on here will shed a tear for them either.

I'm very happy you have loads of equity in your property and won't fall into negative equity if there's a downturn - but then maybe that would explain why you seem to have such a strong VI tendency running through your post, and why you so clearly just don't GET IT!!

Anyway, like I said have a good look around the rest of the site, and if you do so with an open mind you might find something that enlightens you. Failing that, try posting your views on the main forum and see how you get on - you might find you get a rather more visceral response ;)

Best of luck.

B

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Good god. I just stumbled across this site and I can not believe the smugness and glee that so many of you display (buzzardo).

To all those people who wish to god that prices crash by 30-40%, just remember that like it or not, the housing market underlies the UK economy and a crash of that magnitude will plunge us into a very very deep recession (we're heading there already). You'll probably find then that even though your dream house is affordable, you won't have a job with which to buy it.

To all the smug people who own their homes outright and are on here bleating on about how this will be so good for their poor children who are currently struggling to get on the ladder, think again. You'll find your offspring will lose their jobs and be in a dire situation if this situation pans out as you predict. How may of your children have "mdeia" jobs or are starting out in banking / retail etc. They'll be shown their P45s before you can save houseprice crash.

Then it makes no odds whether or not whether house are affordable or not because they'll be getting into debt trying to pay the rent on their rented flat / house without a job. In the end they will come begging to you and you'll find yourself with a new lodger or digging deep into your own pockets.

I don't for one minute agree that house prices are sustainable at their current level and yes, I agree a correction is needed. We must all pray for a period of stagnation rather than massive drops. This will have the long term effect we need of reducing prices without ruining what's left of the UK economy. It is a very very naive person who thinks that SUDDEN price drops of this magnitude are going to be a good thing.

And before you ask, I am not looking through rose-tinted glasses. My house was worth £500k last summer and has a £200k mortgage on it. So, even if prices drop by 40% I will still be OK (at least, I won't be in negative equity). My concern is what will happen to my job and to the jobs of my friends and family. Because that's the real killer if things get bad. Anyone remember 1991?

Stop being so smug and wake up to the reality of the situation - think before you wish for the worst.

Unfortunately, house price stagnation is only an option in a society where everyone is level headed and fair in the extreme. Hoping for the worst is in fact a viable strategy for people who have been level-headed with their finances and desire fairness for young families now. I don't own a house but I have a wife and two children. I have a real job and a real education. I don't want to wait ten more years for houses to be affordable, thank you.

The fact is, house price inflation should not underpin consumer spending. If there's no pain, then the lesson will not be learned. You know: Moral hazzard.

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edwardt,well done no havign bought so wisely.

It's hard to know where to start given that the basis of your plan for avoiding economic collapse starts with allowing houe prices to remain high and letting inflation do your bidding.One small problem.What if we have deflation?

and then we have the coup de grace

'Stop being so smug and wake up to the reality of the situation '.pot kettle,financially illiterate.

Funny - Edwardt didn't last long did he?

Joined on April 30, put in one post May 1, then disappeared again. What type of VI would we guess at folks? EA? Overleveraged BTL muppet? Property Porn peddler?

Still, not a great loss to the site bearing in mind he clearly didn't grasp the basics of the situation.

Anyway, what else interesting is going on in the region, my fellow Surrey / Hants border-dwellers?

And does anyone know why my PBee keeps showing Hamptons putting prices back up again? :blink:

Best.

B

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Can anyone local tell me what is going on with this one please?

Have the agents completely taken leave of their senses, or is it greedy and deluded vendors?

Whoever provided the Home.co.uk link yesterday - you're a genius - it goes all the way back in the sorry history of this little sale; you'd have thought after 271 days they'd have got the idea they'd overpriced this over-developed hovel, wouldn't you? :lol:

This is what PB tells me this morning - not selling so what do we do? Well, stick fifty grand back on again obviously! :blink:

burnt_hill_road_1.JPG

But when you look at Home.co.uk, you see it started at a mind-boggling £875K, nearly ten months ago. :blink::blink::blink:

burnt_hill_road_3.JPG

I took the liberty of adding in the latest uplift manually, until "Home" picks it up...

Answers on a postcard please!! :rolleyes:

Have a great weekend one and all.

B

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Edited by buzzardo

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Not quite a shameless bump - more a request for information....

Carsons have now gone from Farnham High Street, to be replaced by a foully smug G-Pees Rental office (full of empty desks...)

Strutting & Plonker were in last week's Herald with an unintelligible rant about "what to believe about house prices" that didn't make any sense at all - it was so incoherent there wasn't even a conclusion. But then why oh why do we expect these dick*eads who couldn't get a proper job anywhere else, to be Einstein when it comes to press releases and basic economics :lol:

The little boy with the music degree had someone leave a message on our answerphone a couple of days back, saying "something's come on for £950K - it's a bit over your budget (a bit?? :blink: Get a grip on the credit crunch boyo; we're a highly creditworthy STR family, and our bank has reduced the amount they'd lend us (if we were interested in buying) by over 35% in the last FOUR months!!!!!.... anyway, the knob*nd EA continues) ....but in this market who knows. Maybe you should go and look at it and make an offer...." That music degree and eight years experience of nothing but a boom market obviously prepared you well buddy :ph34r:

The rest of the EA's are still all over my Missus like a cheap suit (funny that, eh?!) and whilst the denial is gradually diminishing, some of them are still ridiculously bullish.. However, PBee is going mad (FOURTEEN reductions last night, and I'd only checked in a couple of days earlier....)

So, what is REALLY going on elsewhere in the Farnham frontline folks?

Best.

B

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Interesting anecdotal data come in during the last 48 hours - including one of their own staff talking to Madama Buzzardo - that Andrew Lodge have apparently made "half" their staff redundant very recently.

Can anyone local confirm or deny?

We understand the stuck up bint with the bad smell under her nose, who (allegedly :P ) blabs intimate secrets about all their properties to her mates at the school gates, is still there. Bit of a bummer for the rest of us, but let's face it redundancy rules are strict, and this probably isn't the most obvious industry where being "grossly indiscreet" would stack up in a tribunal as a good cause for being laid off :lol::lol:

Anyone else got any further data? Love them or hate them (and the latter will be most of us I guess,) but if Splodge have hit hard times this quick, then it's going down hard and fast....

Wait and see.....

B

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Spotted in Aldershot, near the football ground - a large advertising board with

"Bridges and the market of DOOM" "We will do anything it takes to sell your property"

Nothing like shouting to all the passing world that the market is in trouble.

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From yesterday's Farnham Herald...

The two biggest players in the Garden Grabbing obscenity grasp at yet another straw, now that they realise their goose is cooked as developers have run out of cash, and everyone else hates their guts.

Join the rest of us who are already taking action locally, and boycott these disgusting slimy b@stards with immediate effect... Tell every one of their vendors, that you come across, that you might be interested in their property - but only if they put it on the market with someone else...

HOUSE PRICES LIKELY TO RISE....

Farnham could soon be declared the most expensive university town in the country as far as house prices are concerned, according to new figures released by the Halifax bank this week.

With its new University town status and average house prices of £387,751 for the 12 months leading up to June 2008, Farnham is more expensive than Guildford, which currently ranks as the dearest university town in the UK.

The report from the Halifax also states that house prices have risen by more than 50% in some unversity towns over the past five years.

(Missed an irrelevant bit here)

Phil King, manager of Bells Potter estate agents in Farnham, said that although house prices have been affected by the current economic climate, Farnham is "reasonably safe" from the credit crunch. "I'm more confident of how things are going to pan out over the next year than I was six weeks ago," he said.

"Farnham has so much going for it that it's a very popular place to live, and I think that being a university town is already built into the fabric of Farnham. I think we will benefit from the University status because it will attract the people going for high promo jobs..."

Peter Fearn, partner in Farnham's Keats Fearn estate agents, said "house prices in university towns and cities have historically outperformed their regional competitors, and Farnham has already seen an increase in demand from prospective buyers since the news first broke earlier in the year," he said. "This is very good news for the local market, as any increase in demand will help stabilise prices in the short term and lead to positive investment growth as the economy picks up...."

Face it Fearn, that Range Rover Sport chavmobile is going back to the lease company - VERY SOON!!!

B

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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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