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TheCountOfNowhere

My Neighbours' House Just Gone Sstc

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I am looking out my window in disbelief at my neighbours rather crappy house which now has a SSTC sign out side.

If the selling price is anywhere near the asking price we are looking at a new record for any of the houses round here.

we are talking 2007 +20% prices here.

Not just peak prices but way way past that.

It's an old couple down sizing so they are happy as larry.

I am shocked....and stunned.

I told my wife it would never sell.

Still, the other houses round here have say SSTC for 12 months or so now so I expect they'll be out for Christmas, 2015

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house 5 doors away from me has been sstc for 3 months now

house otherside of town has been sstc for 4 months now

There are plenty all round northants that have set there all year now but my neighbours house has really brought it home to me ( excuse the pun ).

The prices aren't even 2007 mental they are 2007 + 20% mental.

I look at the asking price, I look at the land registry sale prices and one id totally detached from the other.

Just looked at the northants land registry index and the salves volumes haven't changed much but the sale prices are on a climb back to 2007 peak prices. The index is already at Feb 2006 which aint far off the top. If sales like this actually go through we are going to see one hell of a increase.

What is fuelling the price rises.....low interest rate government backed loans..as far as I can tell.

Something will happen to stop this but that in itself might put us all over the edge,

I am feeling more worried than ever about what's coming.

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Just did a rightmove search in a few areas I look at with SSTC enabled.

There are quite literally hundreds of houses sat SSTC.

But sales volumes for the land registry are on a downward trajectory if you ask me.

Something aint right.

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Just did a rightmove search in a few areas I look at with SSTC enabled.

There are quite literally hundreds of houses sat SSTC.

But sales volumes for the land registry are on a downward trajectory if you ask me.

Something aint right.

sSTC. Too early to be counting any chickens.

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Just did a rightmove search in a few areas I look at with SSTC enabled.

There are quite literally hundreds of houses sat SSTC.

But sales volumes for the land registry are on a downward trajectory if you ask me.

Something aint right.

Lots of SSTC around here, with about 50% returning to market after 3 months of the buyers unsuicessfully attempting to take out jumbo size mortgages.

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My wife just gave me two anecdotes, 2 friends of friends sold house after 1 hr on the market.

Both purchased by, BTLers, both bought sight un-seen.

Something is going on.

Who does that ?

Something is going to give soon !!!

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house 5 doors away from me has been sstc for 3 months now

house otherside of town has been sstc for 4 months now

I wonder if agents are putting houses to SSTC even though the buyers have not even sold their own property.

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I can ring up certain EAs tomorrow and offer on a house. Within 24 hours the sign will be changed to SSTC.

I can then spend the next 6 months trying to get a mortgage.

Go figure.

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My wife just gave me two anecdotes, 2 friends of friends sold house after 1 hr on the market.

Both purchased by, BTLers, both bought sight un-seen.

Something is going on.

Who does that ?

Something is going to give soon !!!

Which town/city/area?

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I can ring up certain EAs tomorrow and offer on a house. Within 24 hours the sign will be changed to SSTC.

I can then spend the next 6 months trying to get a mortgage.

Go figure.

Estate agents as much as i dont like them do a little more research on who is paying their bills then that.

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Its been 2007 +20% around here for months. I'm not surprised the constant ramping and Tory help to buy along with buy to let mania are driving the mongs into a stampede. Can it last? who can tell anymore?

Edited by hans kammler

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Its been 2007 +20% around here for months. I'm not surprised the constant ramping and Tory help to buy along with buy to let mania are driving the mongs into a stampede. Can it last? who can tell anymore?

If it wasnt for the fraud in America pricking the last bubble it may well have gone on a lot longer, maybe itl have to burst from within this time

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If it wasnt for the fraud in America pricking the last bubble it may well have gone on a lot longer, maybe itl have to burst from within this time

The last time the banks collapsed..now its government funding the banks...this cannot end well.

Just heard of another friend...sold and moving on Friday...funded using htb. Couldn't sell for previous 2 years.

Might as well leave the country now.

Edited by TheCountOfNowhere

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I can ring up certain EAs tomorrow and offer on a house. Within 24 hours the sign will be changed to SSTC.

I can then spend the next 6 months trying to get a mortgage.

Go figure.

One of the first things we were asked when we applied for a mortgage was 'have you had an offer accepted yet?" At the time, I thought WTF, how can I make an offer without any money behind it?

The EA did indeed ask me if I had a mortgage offer, but having had a greedy vendor mess us around for long enough for our mortgage-offer to expire, I can sort of understand where the bank was coming from. The place went unsold, dropped its price, went SSTC for less than a week, and is back on at less than the previous lowered, asking price!

If I were more evil, I'd be tempted to make a dozen unfunded offers at 20% below asking just to sow the seeds of doubt in a few more vendors minds...

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I think things appear weird because of the low volume of transactions.

Locally (SW), I've a couple -and I mean a coiple of houses - shift, or rather the people move out. One those is empty, so I'm cluesee to know what's happened. No one moved in, no To Let sign up.

I have assign a couple of new rentals come up. Again, very few. One was 'To Let' for 2 months, then 'Let', then, 3 months later, empty a 'For Sale'

There's also several new builds, built on a smallish brown field/car park. Had the normal 'All Sold' signs. Horrid, small houses. Some appear to be empty about 3 months from completion. The only people I've seen go into the others look like benefit claimants. Th yield on the clailed selling price against the LA housing limit would give a yield of sub 3%.

I don't know whats happending other than 'not much' and some very ill-advised BTLing.

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Little terraced house in West Yorkshire I've had me eye on went SSTC a few months ago after languishing on Rightmove years.

Its now back for sale again. I've not checked but suspect at the same ludicrous price or perhaps even more.

If at first it doesn't sell, put the price up!

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My wife just gave me two anecdotes, 2 friends of friends sold house after 1 hr on the market.

Both purchased by, BTLers, both bought sight un-seen.

Something is going on.

Who does that ?

Something is going to give soon !!!

Irish guy in a posh car came and looked at the local landlord's set of 4 the other week. He's keen to buy. I hope get buys them for half that the nob paid for them.

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I should add that the other place I follow - North - is seeing no actiivity. Probates are piling on probates.

No point giving them away :lol:

Edited by aSecureTenant

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I felt the same round here south Dorset.

A house I looked at and rejected as totally over priced 2 years ago, it never sold and was taken off the market after a year.

It came back on the market some 9 months ago with a 15k price increase, and went SSTC almost immediately.

Well, it is still SSTC, as are many others I've been looking at, the longest being nearly 30 months, but that one is uninsureable as it is slipping into the sea.

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There are plenty all round northants that have set there all year now but my neighbours house has really brought it home to me ( excuse the pun ).

The prices aren't even 2007 mental they are 2007 + 20% mental.

I look at the asking price, I look at the land registry sale prices and one id totally detached from the other.

Just looked at the northants land registry index and the salves volumes haven't changed much but the sale prices are on a climb back to 2007 peak prices. The index is already at Feb 2006 which aint far off the top. If sales like this actually go through we are going to see one hell of a increase.

What is fuelling the price rises.....low interest rate government backed loans..as far as I can tell.

Something will happen to stop this but that in itself might put us all over the edge,

I am feeling more worried than ever about what's coming.

Did you miss the FPC?

No signs of a housing bubble and people can ONLY borrow 4.5x household income, oh....except 15 out of every 100 mortgages who can borrow more.

If they lend it, they will come....

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