Wurzel Of Highbridge Posted May 2, 2014 Share Posted May 2, 2014 I have noticed quite a few properties coming back onto the market this week due to sales falling through. I am assuming it's due to people not being able to obtain sub-prime mortgages. Has anyone else noticed this? I know MMR's only been in since Saturday, but I think it's already having a positive effect. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 2, 2014 Share Posted May 2, 2014 .....maybe people should check to find out what they can borrow first before putting an offer on a property they can't uphold, would save a lot of disappointment all round. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted May 2, 2014 Share Posted May 2, 2014 I have noticed quite a few properties coming back onto the market this week due to sales falling through. I am assuming it's due to people not being able to obtain sub-prime mortgages. Has anyone else noticed this? I know MMR's only been in since Saturday, but I think it's already having a positive effect. There are several properties round me that went SSTC last Oct/Nov, really over priced rubbish which I was shocked to see sell....6 months later the signs are still up but slowly the sales are falling through. I've seen a couple where the sign disappears so it looks like it's actually sold....but the same car is sat out front I dont look so much on rightmove, there is no point. Quote Link to comment Share on other sites More sharing options...
NorthamptonBear Posted May 2, 2014 Share Posted May 2, 2014 There are several properties round me that went SSTC last Oct/Nov, really over priced rubbish which I was shocked to see sell....6 months later the signs are still up but slowly the sales are falling through. I've seen a couple where the sign disappears so it looks like it's actually sold....but the same car is sat out front I dont look so much on rightmove, there is no point. Quite a few coming back, others were bought by BTL brigade and being rented out (especially the structurally dodgy ones). Not much supply at present, but many that want to sell are reducing prices (Mounts area of Northampton, cheaper houses). Still a load trying to sell for new highs (more expensive areas), seems to be falling from the poorer areas rather than the richer ones. I guess that money is coming from London and fanning out, so only hitting the more expensive areas. Or Express readers 'not giving it away' aka not selling. Anyone depending on income rather than accumulated housing 'wealth' can't afford as much, perhaps even for rent. Rent (asking) in better areas seems to be going up. Not sure where demand is coming from. I don't see any wage rises, people coming to the area? I doubt hospitals are recruiting, increase in industry/warehousing? I haven't been tracking rentals much, so I don't know how many are normally available. It could be BTL are just asking what they think they need to cover finance / chancing it. Will have to track lettings a bit more. Is there a demand graph on rightmove/zoopla for a postcode? Preferably excluding flats. At the moment, for a particular search there are 51 for sales / 15 lettings. How is it in other areas? Quote Link to comment Share on other sites More sharing options...
rentbug Posted May 2, 2014 Share Posted May 2, 2014 .. I've seen a couple where the sign disappears so it looks like it's actually sold....but the same car is sat out front My neighbour's place went up as sold but their vehicles are still there and now no sign. No idea about the details. Quote Link to comment Share on other sites More sharing options...
Corruption Posted May 2, 2014 Share Posted May 2, 2014 Its too early for it to be MMR as theyd have had the application in weeks/months ago. Maybe theyre waiting another few months to see what effect it has though. Quote Link to comment Share on other sites More sharing options...
NorthamptonBear Posted May 2, 2014 Share Posted May 2, 2014 Its too early for it to be MMR as theyd have had the application in weeks/months ago. Maybe theyre waiting another few months to see what effect it has though. Some people offer and assume the mortgage will happen, especially as fees might be involved for just applying? They will be in for a surprise at this point in post MMR changes (probably loosened up in a few months). Anyone changing a mortgage application that was agreed previously (downvaluation, changes in circumstances, deposit, price?) will probably (rightly or wrongly) have the post MMR treatment. That might hit a few people. They might even have to have a different product with changes to fees/rates (not sure about that one, may even vary lender to lender). Anyway, some MMR effects even now, more to follow. Quote Link to comment Share on other sites More sharing options...
mmt Posted May 2, 2014 Share Posted May 2, 2014 Its too early for it to be MMR as theyd have had the application in weeks/months ago. Maybe theyre waiting another few months to see what effect it has though. MMR should apply unless they got full approval before Saturday. Most buyers are offer in principle until quite close to exchanging contracts I think. Quote Link to comment Share on other sites More sharing options...
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