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The Masked Tulip

Halfway Trawling Through Rightmove

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Halfway trawling through Rightmove this morning in my chosen house buying area and 10 - yes, 10 - houses that I am interested in and which went SSTC in Aug/Sept are now listed as available.

Now, do I wait for some asking price drops on each or do I get in there with the 80% of asking price offer! :)

I think I will wait.

I was chatting with an EA yesterday who said that her firm had lost virtually all their SSTCs - sales fell through - in September. Told me that there was no point in talking to buyers who were seeking bank loans to buy as, she told me, the banks had stopped lending.

This was proved a few minutes later when a chap came in looking to buy, he was asked if he had a mortgage arranged already and when he said he did not he was told that he probably would not get one in the current climate. Actually told him there was no point in him viewing propertis until he had a mortgage agreed by the bank.

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Halfway trawling through Rightmove this morning in my chosen house buying area and 10 - yes, 10 - houses that I am interested in and which went SSTC in Aug/Sept are now listed as available.

Now, do I wait for some asking price drops on each or do I get in there with the 80% of asking price offer! :)

I think I will wait.

I was chatting with an EA yesterday who said that her firm had lost virtually all their SSTCs - sales fell through - in September. Told me that there was no point in talking to buyers who were seeking bank loans to buy as, she told me, the banks had stopped lending.

This was proved a few minutes later when a chap came in looking to buy, he was asked if he had a mortgage arranged already and when he said he did not he was told that he probably would not get one in the current climate. Actually told him there was no point in him viewing propertis until he had a mortgage agreed by the bank.

TMT,

this is interesting. I guess it makes sense for the banks to not lend given the new credit crunch. Credit Default Swap rates appear to be rising across the board, with banks being affected, and that is the effective rate at which they can borrow. So if the CDS on HSBC debt goes to 300 basis points, then HSBC can only make money lending at a rate 300 basis points above what they can borrow at, plus their administration charge, plus their profit. (Maybe an insider can put me right here if I have the details wrong, but I cant see anyone lending at lower rates given the credit risk).

So I reckon the banks are waiting to see where the interest rates that they can borrow at are going. We may find that rates offered to new borrowers start to rise to a level that will accelerate any falls in house prices.

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Actually told him there was no point in him viewing propertis until he had a mortgage agreed by the bank.

With HSBC, I wasn't able to apply for a mortgage unless there was an named property (and had to cough up the application fee).

Mortgages in principle are not the same thing, you can simply enter anything you like on the internet forms and get one of those.

Looks like a catch 22.

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Halfway trawling through Rightmove this morning in my chosen house buying area and 10 - yes, 10 - houses that I am interested in and which went SSTC in Aug/Sept are now listed as available.

READ THIS THREAD - something odd is happening here

http://www.housepricecrash.co.uk/forum/index.php?showtopic=170064

Edited by needle

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Sorry, MT, but I think that there is a bug in RM or PropertyBee. The PB site is reporting many occurences of properties returning to available, even though they are sold and on LR. Unfortunately, Beerhunter has no broadband at the moment, probably won't be fixed, he says, until mid October.

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Sorry, MT, but I think that there is a bug in RM or PropertyBee. The PB site is reporting many occurences of properties returning to available, even though they are sold and on LR. Unfortunately, Beerhunter has no broadband at the moment, probably won't be fixed, he says, until mid October.

I don't use Property Bee and am not seeing the re-listings on RM...

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It is now 30 - THIRTY of them, many of them houses that a couple of EAs were very snooty to me about in the past 2 months.

That many sales falling through has got to hurt.

They are not falling through, there is a problem with RM and/or PB.

You will probably find that the PB listing shows the house as available but the SSTC label is still on the RM photo...

check this: http://www.housepricecrash.co.uk/forum/index.php?showtopic=170064

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Sorry, MT, but I think that there is a bug in RM or PropertyBee. The PB site is reporting many occurences of properties returning to available, even though they are sold and on LR. Unfortunately, Beerhunter has no broadband at the moment, probably won't be fixed, he says, until mid October.

B*gger!

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Halfway trawling through Rightmove this morning in my chosen house buying area and 10 - yes, 10 - houses that I am interested in and which went SSTC in Aug/Sept are now listed as available.

Now, do I wait for some asking price drops on each or do I get in there with the 80% of asking price offer! :)

I think I will wait.

I was chatting with an EA yesterday who said that her firm had lost virtually all their SSTCs - sales fell through - in September. Told me that there was no point in talking to buyers who were seeking bank loans to buy as, she told me, the banks had stopped lending.

This was proved a few minutes later when a chap came in looking to buy, he was asked if he had a mortgage arranged already and when he said he did not he was told that he probably would not get one in the current climate. Actually told him there was no point in him viewing propertis until he had a mortgage agreed by the bank.

Daughter and b/f just had offer accepted on a property in Oxford. They have a good deposit (not bank of M&D) and mortgage brokers are positively chasing them. Best deal they found themselves was also offered as best by brokers, two of whom who have now offered to waive fees of £249/£349. :)

Business must be v slow.

Before anyone asks why the hell they're buying now, there are very good reasons why the time is right for them.

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Daughter and b/f just had offer accepted on a property in Oxford. They have a good deposit (not bank of M&D) and mortgage brokers are positively chasing them. Best deal they found themselves was also offered as best by brokers, two of whom who have now offered to waive fees of £249/£349. :)

Business must be v slow.

Before anyone asks why the hell they're buying now, there are very good reasons why the time is right for them.

They would have to be bl**dy good reasons given how insane Oxford prices currently are!

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Halfway trawling through Rightmove this morning in my chosen house buying area and 10 - yes, 10 - houses that I am interested in and which went SSTC in Aug/Sept are now listed as available.

There's an issue with either RM or PB atm with houses showing as available.

You probably know already TMT, but if anyone is still regularly trawling RM going through nearly every single page of a chosen area looking for new listings or changes in asking price, there's a quick and easy way to do it.

In the 'Added to site' options, use one of these selections depending on when you last searched: Last 24 hours, Last 3 days, Last 7 days, Last 14 days. The results bring up any new listings onto the market, and also any houses which have had price changes, and description changes. It's much quicker than manually trying to find new listings or changed prices.

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It seems that any property with an optional status tag, i.e. sstc, under offer, with land etc has been returned to available today.

I think it must be RM rather than PB.

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They would have to be bl**dy good reasons given how insane Oxford prices currently are!

Not quite as insane as around here.

But they need to live there for a couple of years, and renting the same property would be around £200 more than the mortgage.

Factor in bills and CT and it'll come to much the same, plus they're not paying some BTLer's mortgage and won't be told they've got to leave at 2 months' notice.

Personally I've given up thinking/hoping HPs are going to crash, not in higher-value areas of the SE, anyway. IMO they'll just be nibbled at for several years.

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Halfway trawling through Rightmove this morning in my chosen house buying area and 10 - yes, 10 - houses that I am interested in and which went SSTC in Aug/Sept are now listed as available.

Now, do I wait for some asking price drops on each or do I get in there with the 80% of asking price offer! :)

I think I will wait.

I was chatting with an EA yesterday who said that her firm had lost virtually all their SSTCs - sales fell through - in September. Told me that there was no point in talking to buyers who were seeking bank loans to buy as, she told me, the banks had stopped lending.

This was proved a few minutes later when a chap came in looking to buy, he was asked if he had a mortgage arranged already and when he said he did not he was told that he probably would not get one in the current climate. Actually told him there was no point in him viewing propertis until he had a mortgage agreed by the bank.

That's stunning information, thanks for sharing. If it lasts for a bit house prices are going to fall off a cliff.

Edited by _w_

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I would read the thread if I were you.

I did. :)

I later highlighted the bits I thought were relevant, the EA comments.

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It seems that any property with an optional status tag, i.e. sstc, under offer, with land etc has been returned to available today.

I think it must be RM rather than PB.

Could be but heres a propery that came to market for the first time today with a 'Sold STC' sticker already attached..... rofl

http://www.rightmove.co.uk/property-for-sale/property-31666987.html

READ THE OTHER THREAD ANYWAY FOR SOME INTERESTING RM OBSERVATIONS

.

.

.

Edited by needle

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  • 285 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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