LetsGetReadyToTumble Posted October 25, 2012 Share Posted October 25, 2012 I do my daily scan around the Telford area using PropertyBee and looking at detached houses only, for a 20 mile radius, and I have noticed a significant increase in properties advertised as 'No Upward Chain'. Many of them have no furniture. I'd provide links but there are quite a few of them now. Would these, I wonder, be BTL properties that are now being flogged-off as the buyers have started to realise that they will not now be millionaires by this time next year, Rodney. Any thoughts, and presumably this will help drive prices down? Quote Link to comment Share on other sites More sharing options...
waitingandsaving Posted October 25, 2012 Share Posted October 25, 2012 Round our way, a lot of these are more likely to be elderly people moving out for one reason or the other. I'd hoped that maybe these would go for fair prices, as they invariably need modernisation, and there's no requirement for a certain price to be reached as there isn't another house purchase dependent on it.... I was very wrong. The people selling them are those boomers again, who think prices are sky high, but also have strong emotional connections to the properties, as invariably, they grew up in them, so can see nothing wrong with them, and think they're worth every penny the EA said they could get for it, and more. /rant Quote Link to comment Share on other sites More sharing options...
drunkincharge Posted October 25, 2012 Share Posted October 25, 2012 I do my daily scan around the Telford area using PropertyBee and looking at detached houses only, for a 20 mile radius, and I have noticed a significant increase in properties advertised as 'No Upward Chain'. Many of them have no furniture. I'd provide links but there are quite a few of them now. Would these, I wonder, be BTL properties that are now being flogged-off as the buyers have started to realise that they will not now be millionaires by this time next year, Rodney. Any thoughts, and presumably this will help drive prices down? Can also be repossessions. Maybe the banks are starting to offload. Quote Link to comment Share on other sites More sharing options...
campervanman Posted October 25, 2012 Share Posted October 25, 2012 Round our way, a lot of these are more likely to be elderly people moving out for one reason or the other. I'd hoped that maybe these would go for fair prices, as they invariably need modernisation, and there's no requirement for a certain price to be reached as there isn't another house purchase dependent on it.... I was very wrong. The people selling them are those boomers again, who think prices are sky high, but also have strong emotional connections to the properties, as invariably, they grew up in them, so can see nothing wrong with them, and think they're worth every penny the EA said they could get for it, and more. /rant Idiot anti boomer rant. Anyone, you included, if they are told by someone that they could get "x" for something would not turn around and say ok then i'll sell it for "y". Quote Link to comment Share on other sites More sharing options...
righttoleech Posted October 25, 2012 Share Posted October 25, 2012 Idiot anti boomer rant. Anyone, you included, if they are told by someone that they could get "x" for something would not turn around and say ok then i'll sell it for "y". The 'anti boomers' are kindly philanthropists who always think of those less fortunate than themselves. Should they ever inherit ill gotten property from their despised robbing boomer parents I'm sure it will be donated to charity. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted October 25, 2012 Share Posted October 25, 2012 The 'anti boomers' are kindly philanthropists who always think of those less fortunate than themselves. Should they ever inherit ill gotten property from their despised robbing boomer parents I'm sure it will be donated to charity. Since scientists are now suggesting that the boomers on a whole may outlive their children, it is unlikely that said "anti-boomers" will live long enough to ever inherit anything that the boomers haven't already spent/MEWed/leveraged. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted October 25, 2012 Share Posted October 25, 2012 Idiot anti boomer rant. Anyone, you included, if they are told by someone that they could get "x" for something would not turn around and say ok then i'll sell it for "y". They would if they read this site as well as dealing with idiot EA`s who have never seen a property crash Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted October 25, 2012 Share Posted October 25, 2012 Idiot anti boomer rant. Anyone, you included, if they are told by someone that they could get "x" for something would not turn around and say ok then i'll sell it for "y". I'd say that they would be very lucky to get X for their house, most of the offers have probably been for U V and W. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted October 25, 2012 Share Posted October 25, 2012 I'd say that they would be very lucky to get X for their house, most of the offers have probably been for U V and W. Probably a few for T that they don`t talk about Quote Link to comment Share on other sites More sharing options...
waitingandsaving Posted October 25, 2012 Share Posted October 25, 2012 (edited) Woah! Didn't think my throwaway comment would rile quite this much! My main experience was with one house in particular that we put a fair but under asking offer. The EA recommended us as the best option as we wanted a family home, and the seller had considerable emotional attachment to the place, and didn't want it to go to a developer/property investor... But in the end it turned out that the sentimentality about the place was easy to put aside once the money rolled in... I'm not bitter about it, but I do rather hope the place gets completely gutted, painted magnolia and BTLed! Edit: and another place that had been on for ages at £300k, then £270k, we went for a look when it got down to £250k, the agent said they wouldn't take a n offer, because as far as the vendor was concerned (parents had passed away) they had already taken a reduction by reducing the asking.... It wasn't even worth £220k as far as we were concerned, so didn't bother with playing their game. Edited October 25, 2012 by waitingandsaving Quote Link to comment Share on other sites More sharing options...
awaytogo Posted October 25, 2012 Share Posted October 25, 2012 I do my daily scan around the Telford area using PropertyBee and looking at detached houses only, for a 20 mile radius, and I have noticed a significant increase in properties advertised as 'No Upward Chain'. Many of them have no furniture. I'd provide links but there are quite a few of them now. Would these, I wonder, be BTL properties that are now being flogged-off as the buyers have started to realise that they will not now be millionaires by this time next year, Rodney. Any thoughts, and presumably this will help drive prices down? In the latter end of the boom people were hanging onto deceased parents properties as they were seen as a solid investment better than any savings account, Now people in the same situation are seeing clearly that prices in most parts of the country are not moving very far and in a lot of cases are going down, so the sentiment of hanging onto property is dwindling. Quote Link to comment Share on other sites More sharing options...
winkie Posted October 25, 2012 Share Posted October 25, 2012 In the latter end of the boom people were hanging onto deceased parents properties as they were seen as a solid investment better than any savings account, Now people in the same situation are seeing clearly that prices in most parts of the country are not moving very far and in a lot of cases are going down, so the sentiment of hanging onto property is dwindling. Logical conclusion....dare say you are right in many instances. Quote Link to comment Share on other sites More sharing options...
LetsGetReadyToTumble Posted October 25, 2012 Author Share Posted October 25, 2012 Agreed. My default assumption is that any empty property that is for sale is a repossession until proven otherwise. A good give-away is a sudden and large drop (or two) in price after many months of sticking at an unrealistic asking price. The drop usually coincides with a change in estate agent. Other clues (which will probably require a visit to the property) include: An extra lock on the front door. Safety tape over electrical outlets and sanitary ware. Missing carpets. Some estate agents don't like revealing that a property has been repossessed, so be prepared to look them in the eye and ask them directly. Here's a property that I believe has all the hallmarks of being a repossession: Probably a repossession. It's been on my Rightmove list for several years and started out at about £420K (IIRC). After a few small drops, the asking price suddenly plummeted a few months ago. This also coincided with the furniture disappearing. There is also an interestingly worded clause at end of the particulars: This implies to me that the original 'owners' are no longer in the loop as far as any questions are concerned. I can quite easily see this place going for £250K. Yes, I'm pretty sure it's a repossession. You can see the tape on the toilet and wash basin. I saw one yesterday that had a red label tied to a gas fire. They usually have wording like 'We have instructions to sell as mortgagees in possession'. Incidentally, my experience with these old houses is that they are maintenance money pits. Quote Link to comment Share on other sites More sharing options...
peahead Posted October 25, 2012 Share Posted October 25, 2012 Round my way - loads of deceased estates on the market - generally overpriced to begin with and then reduced slowly over time - stupidly I think if they actually put them on for only 10-15% less they would sell almost straight away for more than they end up getting. Many of them have had no money whatsoever spent on them for 25-30 years. I don't think boomers are being greedy - I just think they have generally already decided what they think its worth and what to do with the money as they have normally known they will be inheriting it for some time and also the money often gets split now between 2 or 3 kids and then their kids too - a £200k house split eight ways is only £25k not allowing for EA costs, probate etc so every £1k they have to drop counts. I'm also aware of arguments between boomer kids where one wants to drop the price but the others don't - all dependent on circumstances - so not all boomers. Quote Link to comment Share on other sites More sharing options...
Unsafe As Houses Posted October 25, 2012 Share Posted October 25, 2012 Idiot anti boomer rant. Anyone, you included, if they are told by someone that they could get "x" for something would not turn around and say ok then i'll sell it for "y". Change the record - yet another idiotic stop being anti-boomer rant from you Quote Link to comment Share on other sites More sharing options...
Battenberg Posted October 25, 2012 Share Posted October 25, 2012 Round my way - loads of deceased estates on the market - generally overpriced to begin with and then reduced slowly over time - stupidly I think if they actually put them on for only 10-15% less they would sell almost straight away for more than they end up getting. Many of them have had no money whatsoever spent on them for 25-30 years. I don't think boomers are being greedy - I just think they have generally already decided what they think its worth and what to do with the money as they have normally known they will be inheriting it for some time and also the money often gets split now between 2 or 3 kids and then their kids too - a £200k house split eight ways is only £25k not allowing for EA costs, probate etc so every £1k they have to drop counts. I'm also aware of arguments between boomer kids where one wants to drop the price but the others don't - all dependent on circumstances - so not all boomers. This is what I'm seeing. All the, nice from the outside, family homes I've looked at are really fuddy inside. I don't think I've seen one which doesn't have a bathroom suite any some ghastly shade. Avacado in one that I've seen and that colour hasn't been in fashion for about 25 years. It all adds up when you know you're going to have to replace all that before you've even started doing anything else. When those upgrades aren't reflected in the price it's very frustrating. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.