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Market Definitely Picked Up Where I Live


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To the contrary db. If you care to look at some of my previous posts, you'll realise that I've already stated that there was a pick up in the market following August's rate cut. However, this has subsequently translated into chains that are stuck and more a and more properties coming on to the market.

End of the day, all you have to do is type in West Molesley on RM. If you think now's the time to buy, then be my guest. And don't patronise me in future as I know a whole lot more about the state of the property market then you'll have hot dinners.

Want to know what the top developers in the country are thinking at Board level?

It's more than my job's worth to let the likes of you in on any secrets. Go on buy, make my day and don't come back here moaning when you've lost every penny that you've ever earnt either when it all goes horribly wrong.

If you can't see what the VIs are doing to that small brain of yours, then shut the fook up, you'e embarrassing yourself as usual...

It's been fun but I've got several tasks to complete today so I won't spoil your parade any further...

Well, that's funny you say that because Georges Wimpey (I don't know how big a developer they are) are buiding 60 flats in west molesey on hurst park (you can find a lot of them for sale on findaproperty. Personally I find these are crazy prices, 160k for a small 1 bed flat even though the flats are nice. They are struggling a bit to sell them though (they have offered discounts if you buy on plans). They have 10 finished and have sold about 5 so far. I don't know about the planned ones though.

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Honestly, I have no interest one way or the other for the property market to go. If it falls, I can buy cheaper my next home(percentage descrease as long as I upgrade this is true), if it does not change, It will cost me a bit more but I will not have to worry about negative equity or anything like that.

I live in West Molesey, this is near Hampton Court, Kingston Upon Thames and Surbiton. It is an area that's been growing in the last few years as the ones mentioned above became unafordable for most people.

The estate agent had no interest in telling me rubbish as I know her quite well. She'd told me how the FTB market was slow or inexistant when I told her I wanted to sell.

Yes it's catching up with Kingston itself, in the same way that Croydon is increasing at a faster rate than Wimbledon and Clapham. Sad to see people priced out of better areas and being forced to go into worse ones. By the way, you are a troll/VI/EA take your pick because you first claimed to own a house then changed your story to it being a flat. Why the need to lie??

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Indeed, my sister-in-law had her flat in Thames Ditton on the market from January to September this year. She only had a few viewings over that period and gave up in the end and has re-thought her plans. I had better get on to her and tell her to stick it back on now that things have picked up so much!

Funny thing was the various EAs she was with said she should not drop her price.

I wonder what has happened in the last couple of months that has made property that was completely unaffordable suddenly affordable?

well, the problem with Thames Ditton is that, houses or flats :) have gone up so much in the last 5 years that residents think that they own a rare precious home. Thames Ditton is over-priced by a long shot and I never understood why. It is niceish but there's nothing there apart form retired people having a tea in the local tea room. I went to a pub by the thames there and, although it's nice, it's not my age range. So as far as getting FTB in there (and flats are for FTB), it's gonna be difficult.

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Indeed, my sister-in-law had her flat in Thames Ditton on the market from January to September this year. She only had a few viewings over that period and gave up in the end and has re-thought her plans. I had better get on to her and tell her to stick it back on now that things have picked up so much!

Funny thing was the various EAs she was with said she should not drop her price.

I wonder what has happened in the last couple of months that has made property that was completely unaffordable suddenly affordable?

So presumably she is now in a terrible state of panic, having her house reposessed and heading for personal bankruptcy?

NO

That's the whole point about why there will not be a Crash - she has taken it off the market & will wait until the market improves.

Personally - I wouldn't try & sell in the run up to Xmas - the market will be better in the spring and she will put it on again and it will most likely sell.

People do not NEED to sell, that's the whole point. The issue with the last crash was high interest rates making the houses unaffordable - I remember a day when they went up 3% - 3& in a day from 12% to 15% - I didn't believe the person who told me - I thought he was joking.

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So presumably she is now in a terrible state of panic, having her house reposessed and heading for personal bankruptcy?

NO

That's the whole point about why there will not be a Crash - she has taken it off the market & will wait until the market improves.

Personally - I wouldn't try & sell in the run up to Xmas - the market will be better in the spring and she will put it on again and it will most likely sell.

People do not NEED to sell, that's the whole point. The issue with the last crash was high interest rates making the houses unaffordable - I remember a day when they went up 3% - 3& in a day from 12% to 15% - I didn't believe the person who told me - I thought he was joking.

yes but withdrawing it fom the market because you cannot get the price you want does not make it a good investment, by any stretch of the imagination.

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Except if actual disposable income is decreasing, people will not have more money to spend on rent - so more people will share, more people will stay at home, more people will emigrate (and the people emigrating will be the young workers who drive the economy).

I'm seeing a funny thing with rents at the moment - the obvious recent BTLs are trying to inflate rental asking prices, but since you can rent a 3-bed house for the same price as a (new build) 1-bed flat, you see the asking rent gradually decreasing by £50pcm over time.

As you post for the Cambridge area section, show me where you are rent a 3 bedroom house (city) cheaper than a one bedroom flat (not luxury) Unsure of your motivate, denial maybe?

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This is very much how I imagined the town from my initial views of it.

A lot of towns are like this. For example, Surbiton is divided into two very distinct areas, Tolworth and Surbiton itself. If you were to look on rightmove without knowing the area it would be difficult to get a reliable view of it. At the moment, there is a 3 bed '30s semi on the market on Tolworth for £249k, and a very similar one on in Surbiton for £515k - a bit of a difference!

I have kept a close eye on both areas over the last couple of years - sometimes one is moving and the other isn't, sometimes they are both slow. Totally different areas within the same postcode.

Unfortunately, the general direction this forum seems to be taking at the moment is one of seizing every bit of good news as near-definite proof of a crash, and dismissing anything negative out of hand.

If undecided is an EA/VI he must be delighted that his thread has caused the most interest out of any on the forum today.

If he had posted one called 'West Molesey is crashing fast' I bet he would not have caused nearly such a stir.

you could not say it better. I am so amazed by the reaction. I just wrote this thinking that it would give people a view different from the VIs based on reality. I never said prices were not falling. My FLAT was valued at 190k a year ago (well that's what the neighboor sold theirs for) and I put it on for 175k so that's a big drop. All I wanted to say was that there was a regain of interest in the market based on actual reality and not just lenders or EA talks. But heh, now I am a liar, an EA and a VI altogether. You can't win can you !

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yes but withdrawing it fom the market because you cannot get the price you want does not make it a good investment, by any stretch of the imagination.

I don't think I said it was a good investment - I don't know what your S-i-l bought, or when or for how much. Every property is a separate investment decision and thehre will always be people who pay too much for something in the wrong area, just as there will always be people who buy the right thing at the right time in the right place. I don't know which category your S-i-L falls into.

I just said that in order to have a crash of house prices, you need everyone to drop thier prices & panic - which is what happened last time, people had to sell - they lost their jobs & couldn't service their mortgages. interest rates shot up & people who had taken out 100% mortgages found they couldn't cope with the huge hikes in paymnent. We are not seeing this.

Your sister in law is a perfect example to support the bulls case.

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I don't think I said it was a good investment - I don't know what your S-i-l bought, or when or for how much. Every property is a separate investment decision and thehre will always be people who pay too much for something in the wrong area, just as there will always be people who buy the right thing at the right time in the right place. I don't know which category your S-i-L falls into.

I just said that in order to have a crash of house prices, you need everyone to drop thier prices & panic - which is what happened last time, people had to sell - they lost their jobs & couldn't service their mortgages. interest rates shot up & people who had taken out 100% mortgages found they couldn't cope with the huge hikes in paymnent. We are not seeing this.

Your sister in law is a perfect example to support the bulls case.

I dont know whose SIL you are referring to but it isn't mine.

So you agree that buying a property and then withdrawing it from re-sale when you cannot get the price you want, represents a bad investment? Consensus has been achieved :lol:

Edited by Milkshock
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So presumably she is now in a terrible state of panic, having her house reposessed and heading for personal bankruptcy?

NO

That's the whole point about why there will not be a Crash - she has taken it off the market & will wait until the market improves.

Personally - I wouldn't try & sell in the run up to Xmas - the market will be better in the spring and she will put it on again and it will most likely sell.

People do not NEED to sell, that's the whole point. The issue with the last crash was high interest rates making the houses unaffordable - I remember a day when they went up 3% - 3& in a day from 12% to 15% - I didn't believe the person who told me - I thought he was joking.

London Landlady,

This is another revisionist view of history. Interest rates did jump 3% in a day from 12% to 15%... in September 1992 by which time, as I've already explained in this thread, the real value of London property had ALREADY corrected by 40%... they also fell massively again the next day when Lamont (that guy with a third in Economics who got to run HM Treasury) gave up trying to defend the pound.

I would contend that spike had little or no impact on the house price correction. In fact, I'm a White Wednesday man rather than a Black Wednesday man (I say that day was not a disaster for Britain but a day of liberation) and I would argue that day set in motion the elements that brought recovery.

Do a search on this site, we have debated endlessly about just how high interest rates were ramped in the run up to the last crash. The answer was about 40%... not entirely different to the rises we saw recently.

And that "Spring Bounce" argument of yours sounds remarkably like the one that was being trotted out on this website this time last year. Us bears joked that the "bounce" would be in the number of properties for sale in Spring.

I'd say your view that most people are not forced sellers is entirely fair. However, as I tried to explain to TTRTR, this just puts us all into a surreal position where "sellers" prefer not to sell and instead kid themselves that their property is worth more than it actually is (if your property won't sell at £250k do you drop the price or take it off the market and continue to tell yourself it is worth £250k?).

If the property market stops functioning properly (by allowing those who want to sell to sell) then does that mean houses are still worth what they were when you could sell?

I think we are entering into a surreal, philosophical world.

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I dont know whose SIL you are referring to but it isn't mine.

So you agree that buying a property and then withdrawing it from re-sale when you cannot get the price you want, represents a bad investment? Consensus has been achieved :lol:

Apologies - it is Marina's SIL

Anyway, I don't think we can say if it was a good investmnnt or not. If she bought it in 1996 and it's gone up 200% it was good, if she bought it last year and its gone down 10% its not so good.

depends on what she pays in mortgage v rent

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So presumably she is now in a terrible state of panic, having her house reposessed and heading for personal bankruptcy?

NO

That's the whole point about why there will not be a Crash - she has taken it off the market & will wait until the market improves.

Personally - I wouldn't try & sell in the run up to Xmas - the market will be better in the spring and she will put it on again and it will most likely sell.

People do not NEED to sell, that's the whole point. The issue with the last crash was high interest rates making the houses unaffordable - I remember a day when they went up 3% - 3& in a day from 12% to 15% - I didn't believe the person who told me - I thought he was joking.

Ok, some people don't NEED to sell because they may have bought their home before the top. If they take it off the market then they realise that they aren't going to get the price that was market value, at that particular time. It doesn't inspire confidence. The neighbours will wonder why the sale sign is gone with no sold status. The flip side is that there will be folks who need to sell. Newbies into BTL for a start , speculators who have got their fingers burned.

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Apologies - it is Marina's SIL

Anyway, I don't think we can say if it was a good investmnnt or not. If she bought it in 1996 and it's gone up 200% it was good, if she bought it last year and its gone down 10% its not so good.

depends on what she pays in mortgage v rent

answer the question you stupid cow

if i buy a property for x amount and then try to sell it for a sum greater than x and fail to do so, it is a poor investment.

yes or no? :rolleyes:

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London Landlady,

This is another revisionist view of history. Interest rates did jump 3% in a day from 12% to 15%... in September 1992 by which time, as I've already explained in this thread, the real value of London property had ALREADY corrected by 40%... they also fell massively again the next day when Lamont (that guy with a third in Economics who got to run HM Treasury) gave up trying to defend the pound.

I would contend that spike had little or no impact on the house price correction. In fact, I'm a White Wednesday man rather than a Black Wednesday man (I say that day was not a disaster for Britain but a day of liberation) and I would argue that day set in motion the elements that brought recovery.

Do a search on this site, we have debated endlessly about just how high interest rates were ramped in the run up to the last crash. The answer was about 40%... not entirely different to the rises we saw recently.

And that "Spring Bounce" argument of yours sounds remarkably like the one that was being trotted out on this website this time last year. Us bears joked that the "bounce" would be in the number of properties for sale in Spring.

I'd say your view that most people are not forced sellers is entirely fair. However, as I tried to explain to TTRTR, this just puts us all into a surreal position where "sellers" prefer not to sell and instead kid themselves that their property is worth more than it actually is (if your property won't sell at £250k do you drop the price or take it off the market and continue to tell yourself it is worth £250k?).

If the property market stops functioning properly (by allowing those who want to sell to sell) then does that mean houses are still worth what they were when you could sell?

I think we are entering into a surreal, philosophical world.

thanks

I'd love to do a search but ...yawn.............here we go again.................if you get classified as a troll, you can't use the search facility.

Also, spring is always a better time to sell - as winter is a good time to buy.

answer the question you stupid cow

if i buy a property for x amount and then try to sell it for a sum greater than x and fail to do so, it is a poor investment.

yes or no? :rolleyes:

Please do not resort to abusive name calling - it is quite unnecessary.

To answer you - again - we do not know how much she bought it for so we don't know whether it is a good investment.

She has not sold it - so has not made a loss

If she sells it for more than she paid - yes it is a good investment.

if she choses to wait and sell it later for a higher price it is a good investment.

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answer the question you stupid cow (london landlady)

Whats happening today?

The bears are getting nasty, why?

Pity your wife / Mum if your respect for females is this low. You sound like the type to leave his kids.

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thanks

if she choses to wait and sell it later for a higher price it is a good investment.

sorry for the abuse, but your stubborness is completely ridiculous.

your closing statement almost justifies the initial abuse!!

as far as you are concerned its always a good investment, regardless of whether or not you are leaking cash monthly as a result. :lol::lol:

Edited by Milkshock
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thanks

I'd love to do a search but ...yawn.............here we go again.................if you get classified as a troll, you can't use the search facility.

Also, spring is always a better time to sell - as winter is a good time to buy.

Please do not resort to abusive name calling - it is quite unnecessary.

To answer you - again - we do not know how much she bought it for so we don't know whether it is a good investment.

She has not sold it - so has not made a loss

If she sells it for more than she paid - yes it is a good investment.

if she choses to wait and sell it later for a higher price it is a good investment.

Hmmm,

For what it's worth I'm not in favour of such policies. I haven't followed everything you've written but I haven't seen any reason to label you a troll (even if I don't agree with you).

I don't doubt Spring is a BETTER time to sell. The issue is whether it will be a GOOD time to sell?

Last year all the bulls were sure it would be but actually the market got swamped by loads of people all thinking the same. Whether there is a new bunch awaiting the arrival of Sipps next April set for further disappointment, well time will tell.

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sorry for the abuse, but your stubborness is completely ridiculous.

your closing statement almost justifies the initial abuse!!

aplogy accepted

I'm sorry if you think I'm stubborn - but that is what we bulls are famous for!

I genuinely believe in property as an investment and that's my personal view. Everyone is entitled to their view, and a discussion is better (I think) with both sides of an argument.

I always try & buy in winter (when everything looks it's worst & people/vendors are getting fed up) & try & sell in Spring / summer when everything looks sunnier & brighter (the properties that is)

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aplogy accepted

I'm sorry if you think I'm stubborn - but that is what we bulls are famous for!

I genuinely believe in property as an investment and that's my personal view. Everyone is entitled to their view, and a discussion is better (I think) with both sides of an argument.

I always try & buy in winter (when everything looks it's worst & people/vendors are getting fed up) & try & sell in Spring / summer when everything looks sunnier & brighter (the properties that is)

My problem with what you say is that you believe there is no situation in which property can be a bad investment - you even said that waiting indefinitely to achieve a desired sale price is the sign of a good investment.

It's this fundamental lack of basic maths/accounting amongst seemingly intelligent people that will doubtlessly keep this boom going for a while yet. Personally I don't wish to spend my time and money in an enterprise that wil provide so little (if any) reward.

Edited by Milkshock
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I genuinely believe in property as an investment

There's no need to "believe" in an investment (shades of cult-type hard sell indoctrination techniques at work here methinks); the numbers either stack up or they don't. With property of course, it's the latter.

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its like a bullsh1tter alert.

how come all thse 'bull' posters are new and turn up time and time again with the same sorry arguments we have been through a million times. dont you get bored with it ?

if you had any OPPOSITE opinion to this hot air you keep bleating out id be interested in it, but its always the same failed arguments and tall storys about insanley priced property suddenly 'flying off the shelves' when we all know that its not.

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Undecided, the jig is up, you're plainly not undecided at all, you're plainly some foxton's estate agent who fancies themselves a sneakster.

Isn't this the point at which one says AWOOGA?!!

:D

:lol::lol::lol:

Just shows how these people realise how important sentiment is that they will go to these lengths. Of course if they're working for an estate agent then they haven't got much else to do right now!

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