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Ea Today Tells It As It Is

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I feel for them and wonder how so many more agents are surviving, it is those agents at the bottom end who are hardest hit as we cannot rely on the odd 700k house selling every month to stay alive instead we have to rely on 15, 100k houses selling, which is not happening. as the article above shows - where are all the FTB's?? Properties are generally more affordable, mortgages attainable, but FTB's don't appear to be prepared to buy the sort of properties they used to i.e small flats, scruffy terraces to do up, instead they get bough by investors who give them a lick of paint and rent them out to those who should be buying. crazy.

sorry i dont feel for them. they hold there own future in there hands. value houses properly and they will sell. my only sympathy for them is i suppose when your up against other agents and deluded vendors it must be hard to get instructions if you correctly value. the problem is most vendors wont blink first.

the other issue is most FTB's today dont want to buy a scruffy terraced house and do it up, they want it already done up. i work with someone exactly like this, and he could have bought a terraced that needed work, but he chooses to rent instead and pay someone elses mortgage.

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the other issue is most FTB's today dont want to buy a scruffy terraced house and do it up, they want it already done up. i work with someone exactly like this, and he could have bought a terraced that needed work, but he chooses to rent instead and pay someone elses mortgage.

There seem to be people out there who need brand new everything.

Part of the 13 years oif nulabour has led them to believe they're worth it.

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Easy money syndrome.....

The belief that owned property became an ATM.....

Those days are well and truly over and its no bad thing!!

Some people haven't realised it yet!!

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I remember in the 90's house price fell and were dirt cheap and first time buyers still weren't buying.

I couldn't quite understand it myself.

I remember saying to my brother look that house is £27K you should buy it.

When something is cheap it loses its desirability, its human nature.

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Your final sentence says it all. FTBs now simply want to walk into a three bed semi (...or better...) that they can't afford. And when they can't afford it, THAT is the fault of the greedy vendor or the greedy Agent!

yes well as many FTBers are by now in their mid to late 30s because of a generation of greedy vendors and agents it's not surprising we don't want to pay 100k for a ******ing 1 bed flat for our burgeoning families :rolleyes:

There's not much as galling as EA indignation at people for not playing along as they are supposed to (sic)

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sorry i dont feel for them. they hold there own future in there hands. value houses properly and they will sell. my only sympathy for them is i suppose when your up against other agents and deluded vendors it must be hard to get instructions if you correctly value. the problem is most vendors wont blink first.

the other issue is most FTB's today dont want to buy a scruffy terraced house and do it up, they want it already done up. i work with someone exactly like this, and he could have bought a terraced that needed work, but he chooses to rent instead and pay someone elses mortgage.

Except a terrace to do up would cost 400k round my neck of the woods (Sarf London).:angry:

I am one of the few in the younger generation who would contemplate a big refurb by DIY.

I have friend at world famous engineering consultancy, who was too lazy to fit a new kitchen - his excuse was it wanted it done quickly (He could have borrowed all the tools off friends).

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Added by A vendor on 2011-08-12 11:03:43

This time last year I had my house valued at £399k by Realist & Co but received a valuation of £499k from Foxwide. Obviously I was delighted with the higher valuation and wasted no time ringing the agent that almost cost me one hundred grand and informing him he was an idiot.

A year later and despite having dropped my price by £25k every 3 months for a year I have still not sold. It’s is now on at £399k. I did get in touch with Realist & Co to ask for a fresh valuation, they are now saying £369k. But my current agent tells me it is better to overprice and chase the market down.

classic :lol:

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yes well as many FTBers are by now in their mid to late 30s because of a generation of greedy vendors and agents it's not surprising we don't want to pay 100k for a ******ing 1 bed flat for our burgeoning families :rolleyes:

There's not much as galling as EA indignation at people for not playing along as they are supposed to (sic)

Agreed, the increasing age of FTB has effectively sawn a rung or 2 off the bottom of the ladder meaning those props will be harder to sell (unless to a BTLer)

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Agreed, the increasing age of FTB has effectively sawn a rung or 2 off the bottom of the ladder meaning those props will be harder to sell (unless to a BTLer)

At this rate we'll be in a position to buy one beds for our kids before we're in a position to buy a house we can actually live in for ourselves. Perhaps i should buy them as BTLs, kick out my wife and children who can then rent one each from me on the social? I knew there had to be a workable solution

Edited by athom

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Except a terrace to do up would cost 400k round my neck of the woods (Sarf London).:angry:

I am one of the few in the younger generation who would contemplate a big refurb by DIY.

I have friend at world famous engineering consultancy, who was too lazy to fit a new kitchen - his excuse was it wanted it done quickly (He could have borrowed all the tools off friends).

At the other extreme I know a couple who just spent 2 years doing up their house themselves.

Which is fine, except they were living somewhere else while doing the work. I estimate the cost of the additional mortgage payments were 20k during those two years. For that 20k he could have paid builders to do a better job, and they'd have finished after a couple of months.

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If he wants to know where all the FTB's are perhaps you could tell him there is one here. I'm sitting on my deposit sure in the knowledge that if I lose my job in the double dip I think is round the corner I will be able to buy food. I look at houses and I can't understand why vendors think their property is currently worth 20% more than the last peak. Have they been asleep the past few years? So yeh, I want to move but also don't want to be jumping off a bridge in two years time cos the house I bought is worth 30% less than I paid, I just got made redundant and I don't have any savings. I'm sure I'm not the only one. Prices are not going up, wait and see what happens. The economy is furked. Events of the past few weeks have reminded us of how quickly change can happen. Sit back, keep saving and watch this one play out.

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At the other extreme I know a couple who just spent 2 years doing up their house themselves.

Which is fine, except they were living somewhere else while doing the work. I estimate the cost of the additional mortgage payments were 20k during those two years. For that 20k he could have paid builders to do a better job, and they'd have finished after a couple of months.

Agreed there has to be a sensible envelope in between. Most of my generation (30) couldn't do that kind of financial analysis - I suspect I am one of the few.

[Of course the rate of house price change can have a massive effect on those calcs, in the boom the increase in HP would have "covered" the cost of renting elsewhere during the works :ph34r: I would of course leave that bit of the calc out!]

Not sure if there isn't also the element of "shame" of not being able to have a proper house warming requiring people to have a fully done up house from day 1.

Edited by koala_bear

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I remember in the 90's house price fell and were dirt cheap and first time buyers still weren't buying.

I couldn't quite understand it myself.

I remember saying to my brother look that house is £27K you should buy it.

When something is cheap it loses its desirability, its human nature.

Yup - I woz there!

There was this period between 1994 and 1997 when people were either still coming out of negative equity after being burnt by the previous boom, or they were just not bothered about owning a place: houses were cheap so why rush into buying one? It was only when prices started rising again that people really started taking an interest in owning a house.

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If he wants to know where all the FTB's are perhaps you could tell him there is one here. I'm sitting on my deposit sure in the knowledge that if I lose my job in the double dip I think is round the corner I will be able to buy food. I look at houses and I can't understand why vendors think their property is currently worth 20% more than the last peak. Have they been asleep the past few years? So yeh, I want to move but also don't want to be jumping off a bridge in two years time cos the house I bought is worth 30% less than I paid, I just got made redundant and I don't have any savings. I'm sure I'm not the only one. Prices are not going up, wait and see what happens. The economy is furked. Events of the past few weeks have reminded us of how quickly change can happen. Sit back, keep saving and watch this one play out.

Agreed.

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There was this period between 1994 and 1997 when people were either still coming out of negative equity after being burnt by the previous boom, or they were just not bothered about owning a place: houses were cheap so why rush into buying one? It was only when prices started rising again that people really started taking an interest in owning a house.

This is what I'm waiting for, when the man on the street is more interested in "having a life" than a mortgage. That's the time to buy, exactly as in the early 90s.

Was recounting a story to my GF the other day about a guy I knew back then who said "I'd rather rent and have a life then have a mortgage haning round my neck". that's the sentiment I'm waiting for.

I heard a story about the return of rave culture the other day.....now that would be a real indicator of life over mortgage and youth not wanting to play the mortgage debt game.

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the other issue is most FTB's today dont want to buy a scruffy terraced house and do it up, they want it already done up. i work with someone exactly like this, and he could have bought a terraced that needed work, but he chooses to rent instead and pay someone elses mortgage.

absolute rubbish - the scruffy terraced houses are terribly overpriced given current salaries and they will be the first to go when prices drop.

FTBs are well advised to stay well away.

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absolute rubbish - the scruffy terraced houses are terribly overpriced given current salaries and they will be the first to go when prices drop.

FTBs are well advised to stay well away.

Absolutely. With my GF's Dad being a builder, its a scruffy house in need of attention that I WANT! But the prices are still bloody daft.

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I would prefer a scruffy terrace to do up myself - as long is it didn't need anything big structurally done., Problem is that they hardly ever factor in the cost of the work into the asking price and they are usually , at best, simply letting you break even compared to buying one done up by a developer. In fact, given that I pay full whack and get no trade discounts on anything, I've seen ones that need doing up that would cost more in the long run than buying one already done.

Certainly the case here in bubblicious SW London.

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I would prefer a scruffy terrace to do up myself - as long is it didn't need anything big structurally done., Problem is that they hardly ever factor in the cost of the work into the asking price and they are usually , at best, simply letting you break even compared to buying one done up by a developer. In fact, given that I pay full whack and get no trade discounts on anything, I've seen ones that need doing up that would cost more in the long run than buying one already done.

Certainly the case here in bubblicious SW London.

+1000000000000

I'm a builder & would want one myself.

Even with contacts in the trade I can't find one that's viable to do up properly given the asking prices - and I can do all the work myself + I get big discounts on materials too!!!. Fixing up & flipping is one of the hardest, if not the hardest, ways to make money developing. A rising market hides a multitude of mistakes & budget overruns.

Edited by maffo in oxford

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Agreed, the increasing age of FTB has effectively sawn a rung or 2 off the bottom of the ladder meaning those props will be harder to sell (unless to a BTLer)

+1

I await the outcome with a sort of sadistic curiosity. A whole load of FTB property that people will not want, too small for families and average FTB age is 37.

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I heard a story about the return of rave culture the other day.....now that would be a real indicator of life over mortgage and youth not wanting to play the mortgage debt game.

Times of economic hardship always seem to spur young people on to invent their own unique rich sub-culture with fashion, music, drugs, style icons etc

Can't wait to see what turns up this time, although can't see anything waiting in the wings as ground breaking as the :) acid house scene.

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I remember in the 90's house price fell and were dirt cheap and first time buyers still weren't buying.

I couldn't quite understand it myself.

I remember saying to my brother look that house is £27K you should buy it.

When something is cheap it loses its desirability, its human nature.

That's a very good point and something I have never even considered.

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Agreed there has to be a sensible envelope in between. Most of my generation (30) couldn't do that kind of financial analysis - I suspect I am one of the few.

[Of course the rate of house price change can have a massive effect on those calcs, in the boom the increase in HP would have "covered" the cost of renting elsewhere during the works :ph34r: I would of course leave that bit of the calc out!]

Not sure if there isn't also the element of "shame" of not being able to have a proper house warming requiring people to have a fully done up house from day 1.

I recall having a house warming in the garden. The lounge was held up with scaffolding for decoration. The dining room floorboards weres up to let me get at the damp course and we were laying a new floor in the kitchen.

A few friends laughingly suggested I was trying to do too many things at once. What shame? The weather held up (at least everyone was pissed by the time it started to rain.)

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  • 284 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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