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ExeC

Oh Come On Love Make An Offer..

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I read through this site all the time, I dont really comment much as I havent really got the economical sense to actully write anything which would make any sense :)

But hey something happened to us over the last few weeks that I thought i would share.

We rent in a newbuild town basically, we pay 650 PM in rent for a 2 bedroom newbuild flat.

Everything is basically newbuild. (up to 4 years or so old).

anyway, something quite spooky happened late july.

We got angry with what was happening around us, I wont go into detail and we asked if we could break our contract early. (Which ends in november).

The agent came back and said no sorry, you gotta stay to the end. So we accepted it and got on with things.

That weekend, we got a call from the estate agents, saying the landlord had died the day after we spoke to her, and they wanted to know if we wanted to purchase the property for £150k. We politely declined, and now the viewings have commenced.

Net House Prices Of My Street

My friends purchased a year ago on a Interest only 100% mortgage @ £147k or something, and now lives opposite us where we rent for 650.

Anyway, last night a couple were viewing the house with an agent, he was looking very concerned.

I know myself theres about 8 or 9 of these flats currently for sale and another 3/4 for let. He told me the guy at number 50 has reduced his price from £155k to £125k as he needs to sell. This has now made the vendor of the place i rent reduce to 145k which is pretty crap :P.

And now the people who put a 138k offer on our flat withdrew and offered 125 to this other guy.

Now this agents getting offers of 125k for this flat instead of the original 155 asking, and its starting a chain reaction in the other flats in this street.

My Flat

So from 155k to 125k in a click of a finger, and as theres another 7 for sale in my street, i suspect the prices will stabalise around this 125 base for a while, until someone else decides to drop!

And of course this 1 mile square town will feel the ripple as theres 2 beds all over the place.

I feel sorry for my friend who lives opposite me now, and of course ive got my girlfriend badgering me to make an offer for the flat im in.

Lucky the deposits in my account egh!

Edited by ExeC

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I read through this site all the time, I dont really comment much as I havent really So from 155k to 125k in a click of a finger, and as theres another 7 for sale in my street, i suspect the prices will stabalise around this 125 base for a while, until someone else decides to drop!

And 125K is only a bit above the 120K stamp duty threshold. If you ask for 125K, it wouldn't surprise me to only get offers just below 120K,

Peter.

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I think we will see alot more of these incidents, when the price is unrealistic across the board and there is distress instead of people saying "hmm yes will have that" they are just saying "no", If you get a couple of people saying no then the price must adjust. When one unit adjusts it sets the new price. Its all good fun.

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I think we will see alot more of these incidents, when the price is unrealistic across the board and there is distress instead of people saying "hmm yes will have that" they are just saying "no", If you get a couple of people saying no then the price must adjust. When one unit adjusts it sets the new price. Its all good fun.

The best way to monitor this is when there are a group of identiical properties with a few up for sale.

There is a road near me I have been watching for a while. A few are up for sale at the moment -all two bed terrace houses. The price has been dropping slowly, each time one lowers their asking price another follows but none have sold yet.

One is now up for £131,950 another for £129,950. I can see these dropping below the £120k stamp duty threashold.

Unfortunately one was sold for £133,000 last Nov. If they had a 100% mortgage they are alrady in negative equity and this is in a popular area that usually 'holds' prices well.

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<i>That weekend, we got a call from the estate agents, saying the landlord had died the day after we spoke to her, and they wanted to know if we wanted to purchase the property for £150k.</i>

Crikey, probate and all the discussions over the disposal and distribution of assets usually takes months - lots of things for solicitors and trustees to charge for.

Must have been the shock of the rent not being renewed.

LOL.

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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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