TheCountOfNowhere Posted July 20, 2017 Share Posted July 20, 2017 10 minutes ago, suresh786 said: no one in the right mind would buy lend on it , it should be even lower than they bought as prices gone down Quote Link to comment Share on other sites More sharing options...
anonlymouse Posted July 20, 2017 Share Posted July 20, 2017 23 hours ago, anonlymouse said: Annecdotal but neither a colleague who is selling in Barnes (SW13), nor a client who is selling in Richmond (SW14) are having any luck with viewings - one per month at the current rate. Both houses on for £1m+Chat in the office is about the evaporation of foreign buyers (Chinese and Russians change their mind about where to buy overnight apparently) and the 'landlord tax changes'. "It's a buyers market out there" and "It's not an investment any more" are the choice quotes. So today's update - another (boomer) colleague selling in Lancaster Gate (W2) said he's dropped his asking price by 25%. Very mature about it and totally unphased as he's been around the block a few times and isn't getting emotional about it ('still double what I paid for it'). I mentioned we might be looking at a 1989 situation and he said I probably wasn't wrong - 'housing isn't an investment any more and will become somewhere to live again' and he had his hopes up for my generation. Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted July 20, 2017 Share Posted July 20, 2017 (edited) 41 minutes ago, fru-gal said: I wonder what their break even costs would be considering they have spend x amount of stamp duty, solicitors/EA and refurbishment costs? Be interesting to see the flip costs. Edited July 20, 2017 by Sancho Panza Quote Link to comment Share on other sites More sharing options...
maverick73 Posted July 20, 2017 Share Posted July 20, 2017 5 hours ago, Talking Monkey said: utter madness its now at 425, but how can they justify bumping the price up from 308K a mere 6 months after buying it that is a near 40% hike The greater fool theory states that the price of an object is determined not by its intrinsicvalue, but rather by irrational beliefs and expectations of market participants. A price can be justified by a rational buyer under the belief that another party is willing to pay an even higher price. Maybe the country has run out of fools ;o) Quote Link to comment Share on other sites More sharing options...
anonlymouse Posted July 20, 2017 Share Posted July 20, 2017 Here's the transaction levels for London via Henry Pryor Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 20, 2017 Share Posted July 20, 2017 (edited) 16 minutes ago, anonlymouse said: Here's the transaction levels for London via Henry Pryor Ouch The indexes are meaningless now. ....Until people start buying at lower prices Isnt that BIG fall die to the insane pre-dont miss out BTL rush of 2016 ( fools gold all round ). Edited July 20, 2017 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
kibuc Posted July 20, 2017 Share Posted July 20, 2017 28 minutes ago, TheCountOfNowhere said: Ouch The indexes are meaningless now. ....Until people start buying at lower prices Isnt that BIG fall die to the insane pre-dont miss out BTL rush of 2016 ( fools gold all round ). Yes, it's year-on-year so data for March is heavily skewed. Quote Link to comment Share on other sites More sharing options...
winkie Posted July 21, 2017 Share Posted July 21, 2017 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 21, 2017 Share Posted July 21, 2017 14 hours ago, kibuc said: Yes, it's year-on-year so data for March is heavily skewed. But still, very much down over all. If you look at my UNaffordability thred...you'll see why Quote Link to comment Share on other sites More sharing options...
duffbear Posted July 21, 2017 Share Posted July 21, 2017 Looks like a loss to me: https://www.zoopla.co.uk/for-sale/details/43664921?search_identifier=c50b9a724257dacc61ebc53fb624acb7#0Yc4W03Rp5vt9bRD.97 Quote Link to comment Share on other sites More sharing options...
Frizzers Posted July 21, 2017 Share Posted July 21, 2017 4 hours ago, duffbear said: Looks like a loss to me: https://www.zoopla.co.uk/for-sale/details/43664921?search_identifier=c50b9a724257dacc61ebc53fb624acb7#0Yc4W03Rp5vt9bRD.97 Now that's interesting. Why are they selling so quickly. Maybe a BTL gone wrong. Or perhaps bought, had some cosmetic surgery and flipped. It looks like it may have had a minor cosmetic job done on it (balcony aside). If they sell at 450, they will lose money after costs. Perhaps it'll be builders and flippers and do-er uppers running for the exit that will trigger the carnage we are all praying for. Quote Link to comment Share on other sites More sharing options...
bu06nne Posted July 21, 2017 Share Posted July 21, 2017 43 minutes ago, Frizzers said: Now that's interesting. Why are they selling so quickly. Maybe a BTL gone wrong. Or perhaps bought, had some cosmetic surgery and flipped. It looks like it may have had a minor cosmetic job done on it (balcony aside). If they sell at 450, they will lose money after costs. Perhaps it'll be builders and flippers and do-er uppers running for the exit that will trigger the carnage we are all praying for. Or a change of circumstances... Illness etc. Who knows? Quote Link to comment Share on other sites More sharing options...
suresh786 Posted July 23, 2017 Share Posted July 23, 2017 On 7/20/2017 at 3:08 PM, anonlymouse said: So today's update - another (boomer) colleague selling in Lancaster Gate (W2) said he's dropped his asking price by 25%. Very mature about it and totally unphased as he's been around the block a few times and isn't getting emotional about it ('still double what I paid for it'). I mentioned we might be looking at a 1989 situation and he said I probably wasn't wrong - 'housing isn't an investment any more and will become somewhere to live again' and he had his hopes up for my generation. After dropping price did he receive any offers? Quote Link to comment Share on other sites More sharing options...
Sancho Panza Posted July 23, 2017 Share Posted July 23, 2017 On 21/07/2017 at 0:50 PM, duffbear said: Looks like a loss to me: https://www.zoopla.co.uk/for-sale/details/43664921?search_identifier=c50b9a724257dacc61ebc53fb624acb7#0Yc4W03Rp5vt9bRD.97 http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=n4&sellersPriceGuide=Start+Search I'm on the wrong computer to do a price chart using a 12 month MA,but Jan ave price was £696k and March 2017 was £593k.............raw data warning but vol is above 30,so worth noting the price action. Problem is that for a complete picture you really need to wait three months for the bulk of transactions to have been registered.I suspect these postcodes have turned. Quote Link to comment Share on other sites More sharing options...
rollover Posted July 23, 2017 Share Posted July 23, 2017 Quote More than a third of homes for sale in London have asking prices slashed Telegraph Quote Link to comment Share on other sites More sharing options...
suresh786 Posted July 23, 2017 Share Posted July 23, 2017 1 hour ago, rollover said: This is probably for the markets and will not apply for the houses. Quote Link to comment Share on other sites More sharing options...
rollover Posted July 23, 2017 Share Posted July 23, 2017 35 minutes ago, suresh786 said: This is probably for the markets and will not apply for the houses. Why do you think, the housing market is different? Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 23, 2017 Share Posted July 23, 2017 1 hour ago, rollover said: Why do you think, the housing market is different? Why do you think he's thought at all? Quote Link to comment Share on other sites More sharing options...
anonlymouse Posted July 23, 2017 Share Posted July 23, 2017 7 hours ago, suresh786 said: After dropping price did he receive any offers? None yet. Quote Link to comment Share on other sites More sharing options...
suresh786 Posted July 24, 2017 Share Posted July 24, 2017 15 hours ago, rollover said: Why do you think, the housing market is different? Housing transaction takes long then buying/selling shares. Housing transaction are only few as compare to shares. Quote Link to comment Share on other sites More sharing options...
suresh786 Posted July 24, 2017 Share Posted July 24, 2017 11 hours ago, anonlymouse said: None yet. Keep us posted Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted July 24, 2017 Share Posted July 24, 2017 1 hour ago, suresh786 said: Housing transaction takes long then buying/selling shares. Housing transaction are only few as compare to shares. Irrelevant. Quote Link to comment Share on other sites More sharing options...
suresh786 Posted July 24, 2017 Share Posted July 24, 2017 Why only the central london falling and still some boroughs rising. Its been long time since central london started falling and still no affect on commuters belt. Quote Link to comment Share on other sites More sharing options...
mathschoc Posted July 24, 2017 Share Posted July 24, 2017 (edited) 35 minutes ago, suresh786 said: Why only the central london falling and still some boroughs rising. Its been long time since central london started falling and still no affect on commuters belt. Commuter belt have ridiculous prices with dillusional sellers. However a simple search on Zoopla will show over half the homes have been reduced. Also you should notice stock that does not sell after reduction is being removed from the site only for it to return a week later as a "new listing". Fall throughs are high too Edited July 24, 2017 by mathschoc Quote Link to comment Share on other sites More sharing options...
suresh786 Posted July 24, 2017 Share Posted July 24, 2017 47 minutes ago, mathschoc said: Commuter belt have ridiculous prices with dillusional sellers. However a simple search on Zoopla will show over half the homes have been reduced. Also you should notice stock that does not sell after reduction is being removed from the site only for it to return a week later as a "new listing". Fall throughs are high too that's good Quote Link to comment Share on other sites More sharing options...
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