Jump to content
House Price Crash Forum
Sign in to follow this  
eric pebble

There Can Be No Doubt: Sellers Are Really Struggling.

Recommended Posts

Spoke to 2 friends recently. 1 in London, 1 in West Country. The London guy [sW London] has been trying to sell 2 bed flat for 22 months. no less than 4 times - "buyer" has pulled out at last moment - in each case mumbling loudly about "price crash". He started at £345k; down to £339k - etc. - Now at £289k - and latest pull out at very ast moment - got cold feet about spending well over a quarter of a million quid for a very ordinary, basic, 2 bed flat - what with litter in streets [endemic in London], local crime, traffic, fumes etc. : i.e. It just dowsn't make any sense!!! nearly a third of a million for that!!

Other person in West Country; selling 4 bed house since October last year! - in town in Dorset, Wilts, Somerset borders; Started at £499k; no offers for 4 months. Then to £489k, then £469k; no offers; now at £459k. Various "interested" viewers - but - everything is "so slow, grinding along in 2nd gear..." "chains always breaking down" etc. And to think! - nearly 18 months ago, a chinless git EA sauntered in and just blithely said to seller: "Oh - you'll get £550k+ on this no problems".

Well - there was an initial frenzy of Range Rover types with kiddies all fleeing the capital...... but no REAL offers materialized as it very, very, very slowly dawned on even the stupid that - the place only cost £259k just over 4 years ago! - and it just makes no sense to just casually pay over double now!! - and the money - ...well the money...... ; It does NOT fall out of the sky ! - as the endless tv ads, programmes, media spin would have us believe. Half a milliom quid for a 4 bed house! - in need of much money spening on it to keep it in good order [roof, old walls, guttering, etc. etc.] - IT MAKES NO SENSE!!!!!

Well - these are just 2 examples of HUNDREDS of THOUSANDS of cases!!! Sellers who are now experiencing a little dose of something which has been conspicuosly absent for the last few years........ REALITY.

In the meantime, the average FTB earns no more than £20k, and a LOT less in rural areas; this means he can barely raise £65-70k - unless he/she 1. has a rich Grandma/large deposit from Mum & Dad; 2. - Is a bank robber; 3. Is a total IDIOT and lets the cheesy Mortgage Company ["Bank"/Moneylender] who smiles unsincerely as the money is lent to buy a crappy rabbit hutch at a fraudulent 8x+ "salary" [doubled fraudulently on the form....] - the moneylender fully knowing that, no matter what, it/he cannot fail; either it/he screws the applicant for everything he/she's got for the next quarter century, - most likey an "interst only" scam-mortgage - where, the poor mug taking it out doesn't even realise - he/she will probably NEVER own the house in truth!!!, or, becasue it's innevitably all going to end in tears, the house is soon to be re-posessed at a knock down rate, soon to be "invested" as part of a Sipps plan by the friends of the Moneylender/the Moneylender it/himself......[if you get what I mean]. i.e. - Yet another massive scam goes down - the moneylender gets away with it - knowing fully well it/he cannot loose..... Meanwhile, the mug who took out the loan is scr*wed for the rest of his/her life........

Share this post


Link to post
Share on other sites
got cold feet about spending well over a quarter of a million quid for a very ordinary, basic, 2 bed flat

That, for me, is the killer statement! Anyone who even think of spending £1/4 million for a regular 2 bed flat (unless it is in Knightsbridge) has much more money than sense. As they say 'a fool and his money is soon parted'.

Edited by dog

Share this post


Link to post
Share on other sites

Ok, time for my anecdotals:

Location: S E Essex - Not the place you or I assume would be subject to falls?

1)Met up again with a Colleague on a drink after work last night.

They've been trying to sell their place since about Jan or Feb - not a long time nowadays, but the reductions have been impressive. Due to family circumstances they were/are a forced seller.

Location is a bit shíte as its near the road and there's a school nearby.

Think she bought for £220K in Feb 04, spent 30K doing it up and its still not done.

Worst of all they are on IO :o

-Started at about £310K with estate agent (Think it was Haart lol)

No offers

-Dropped to £275K

No offers or interest

-Went to auction with £250K reserve.

No bids other than 'backroom' bids from auctioneer (thought that was illegal?)

-Was back on the market for £230K {Neg Equity territory :o }

Apparently a family from E London wrere buying it, no chain as they were renting out their old place (Couldn't find a buyer for the price me thinks?)

Anyway my colleague found a new place and were going ahead with that

-Turns out that the buyers of her place have just pulled out and are looking elsewhere, and the place she was looking at was off the market for some reason.

-Back to square one then.

2)House accross the road from me {The Divorce House ;) }

4 bed detached, backing onto nature reserve.

Current estranged(sp?) occupant has been trying to sell since the start of 05. Again another forced seller.

-Went on the market for £249K.

A few visitors and interest.

-Reduction to £245K.

Apparently offer made and for sale sign replaced with sold SSTC.

-She went on holiday after that and came back to the news that the buyers had pulled out after they couldn't afford it/or get the funds for the purchase.

-Didn't matter really as She also found out that she was redundant and couldn't now afford the mortgage on the place she was looking at!

Feel sorry for 1) as while they're a bit foolish, the circumstances are out of their control :( .

as for 2) well she's a selfish bítch so my smile & wave to her in the morning is not as kind as she thinks :P

Share this post


Link to post
Share on other sites

Sorry RFD, don't think it was due to someone else knóbbing her!

Although there is someone that pops by who seems to do lots of DIY for her..... ;)

It is a close as well :D

It was more likely the arguments - and its probably due to her friends - one of whom was divorced recently as well. Reckon their mututal bítching might have done it.

She's one of these "I really need a new car cos this one is too old" types. M reg Cavaliers are total death traps you see, even ones in mint condition :huh:

Very important to have a new Megane Scenic Picasso for the 1/2 mile school run - Note:She's a lazy [****]

(Ironically shes had to sell it and get an older car to replace :P )

Bloke worked very hard, a bit of a 'yes dear' type.

Its quite sad really for the kids who can't be more than 6 & 10 :(

Share this post


Link to post
Share on other sites

Back in 1999 I bought a 2-bed flat in Northampton - top floor of a beautiful if slightly delapidated 4-story Victorian end Terrace, spacious, on a very nice road in a very nice part of town.

39K.

I sold it in 2002 for 60K, as I was moving abroad and was convinced there was going to be a correction...little did I know how stupid our MPC/leaders would be in just stoking the fires.

0.3M for a 2-bed is literally best part of 7 times what my flat was bought for.

'nuff said.

Share this post


Link to post
Share on other sites
Sorry RFD, don't think it was due to someone else knóbbing her!

Although there is someone that pops by who seems to do lots of DIY for her.....

It is a close as well

It was more likely the arguments - and its probably due to her friends - one of whom was divorced recently as well. Reckon their mututal bítching might have done it.

She's one of these "I really need a new car cos this one is too old" types. M reg Cavaliers are total death traps you see, even ones in mint condition

Very important to have a new Megane Scenic Picasso for the 1/2 mile school run - Note:She's a lazy [****]

(Ironically shes had to sell it and get an older car to replace )

Bloke worked very hard, a bit of a 'yes dear' type.

Its quite sad really for the kids who can't be more than 6 & 10

she sounds hot.

what are you doing on this forum ?

get your pants on and get round there, before that diy bloke makes a move.

Share this post


Link to post
Share on other sites

Ok, time for my anecdotals:

Location: S E Essex - Not the place you or I assume would be subject to falls?

1)Met up again with a Colleague on a drink after work last night.

They've been trying to sell their place since about Jan or Feb - not a long time nowadays, but the reductions have been impressive. Due to family circumstances they were/are a forced seller.

Location is a bit shíte as its near the road and there's a school nearby.

Think she bought for £220K in Feb 04, spent 30K doing it up and its still not done.

Worst of all they are on IO :o

-Started at about £310K with estate agent (Think it was Haart lol)

No offers

-Dropped to £275K

No offers or interest

-Went to auction with £250K reserve.

No bids other than 'backroom' bids from auctioneer (thought that was illegal?)

-Was back on the market for £230K {Neg Equity territory :o }

Apparently a family from E London wrere buying it, no chain as they were renting out their old place (Couldn't find a buyer for the price me thinks?)

Anyway my colleague found a new place and were going ahead with that

-Turns out that the buyers of her place have just pulled out and are looking elsewhere, and the place she was looking at was off the market for some reason.

-Back to square one then.

2)House accross the road from me {The Divorce House ;) }

4 bed detached, backing onto nature reserve.

Current estranged(sp?) occupant has been trying to sell since the start of 05. Again another forced seller.

-Went on the market for £249K.

A few visitors and interest.

-Reduction to £245K.

Apparently offer made and for sale sign replaced with sold SSTC.

-She went on holiday after that and came back to the news that the buyers had pulled out after they couldn't afford it/or get the funds for the purchase.

-Didn't matter really as She also found out that she was redundant and couldn't now afford the mortgage on the place she was looking at!

Feel sorry for 1) as while they're a bit foolish, the circumstances are out of their control :( .

as for 2) well she's a selfish bítch so my smile & wave to her in the morning is not as kind as she thinks :P

All this tells us - things are wobbly out there....

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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • 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.