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Bull To Bear, Strange One?

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About six or seven years ago my cousen moved to London from Leeds. This guy is always looking for deals, he spent all his spare time in London generating more cash. Rest of the family in London thought he was a very much of a recluse, very unsociable. Never really visited anyones house, never took an invitation for drinks. Is a married man, never had kids whilst in London.

Decided last year it was the right time to leave London. Sold house in London for I think just over 200k, did very well only bought for 90k if I remember correctly. He was very bulllish about property through his entire time in London. First property he had. Who can blame him, he never really witnessed first hand the crash on the early nineties. Moved back to Leeds to move back temperarly with Dad. Spoke to him after house sale went through, said it was difficult to sell house had to accept lower asking price for house. Happy to get out before anymore falls. I thought fair play, he thinks he called the top of the market.

Moves back for 3-4 months in Leeds and buys a house for 176k in Leeds and he told me it was near the asking price. He bought the house for cash and he told me he still had cash left over, he could of bought a bigger property. He is adamant that house prices are going to crash????? He was adament he called the top of the market around his area, Estate agent told him so (estate agents will tell you anything). So I asked the obvious question, why buy? He said he does not care if house prices crash, his house is paid up. He made so much from the London property he really did not care what happened to house prices. I asked what about the Olympics, he replied it is in a skanky part of London full of immigrants (his sentiments not mine), and he doubts very much it would effect house prices. He also said interest rates will shoot upto 7-8% very soon (based on what I do not know, sounded like he picked a figure from the air). He really is without a clue. I was not sure if he was having a dig at our family for not cashing in. For all his flaws, he is still family, I am glad he did buy in Leeds, as I am still a firm believer in a stagnation / very minor correction in the market.

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remember, in leeds.

you are only a balcony fall away from infiniti.

Sounds pretty ominous :unsure:

What's the hypotenuse?

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  • 338 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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