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TheCountOfNowhere

What's Happening Round Your Way

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Hi All,

Just wondering what everyone is seeing on rightmove/property bee at the moment.

My northants report is....wheels look to have come off the "recovery". Loads of sales falling through now, insane stuff like this, e.g.:

http://www.rightmove.co.uk/property-for-sale/property-39254329.html

09/09/2014
Status changed: from 'Under offer' to 'null'
01/09/2014
Status changed: from 'null' to 'Under offer'
14/12/2013
Price changed: from '£489,000' to '£499,000'
Status changed: from 'Under offer' to 'null'
21/11/2013
Status changed: from 'null' to 'Under offer'
08/08/2013
Price changed: from '£499,000' to '£489,000'
08/06/2013
Initial entry found.

That's a mental price for a semi on a busy main road near council houses.

Still some insane asking prices on stuff being listed but it's a much more positive market ( for buyers ) than it was 6 months ago.

My neighbours house is still "SOLD" after 3 months now but another neighbour tells me the buyers have had a real problem getting finance but ot's all sort now and they will be moving in 2 to 3 weeks. The buyer needs their head looking at.

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Ties in with the London thread nicely.

Chinaman and Russia-man have stopped buying, the outflow of hot money from London has dried up so these large and more expensive properties simply will not achieve their asking prices.

You ought to drop a letter through their letter box explaining that. On second thoughts whats the address?

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Still bat-poop mental in Guildford:

This place just listed: http://www.zoopla.co.uk/for-sale/details/34475777?search_identifier=f693f2318c108848731f56e13395ae19

They tried at a similar price in January and it didn't go too well....

But if you look at next door, EXACTLY the same house, sold two months ago......for 12.5% LESS

http://www.zoopla.co.uk/property/39-foxenden-road/guildford/gu1-4dl/9818477

Why on earth do they think that prices have gone up by 12.5% in the past two months.......?

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Still bat-poop mental in Guildford:

This place just listed: http://www.zoopla.co.uk/for-sale/details/34475777?search_identifier=f693f2318c108848731f56e13395ae19

They tried at a similar price in January and it didn't go too well....

But if you look at next door, EXACTLY the same house, sold two months ago......for 12.5% LESS

http://www.zoopla.co.uk/property/39-foxenden-road/guildford/gu1-4dl/9818477

Why on earth do they think that prices have gone up by 12.5% in the past two months.......?

Same reason they think they have gone up 20% in 1 year.....someone on the TV told them and someone will want to buy before they miss out...all backed by our pro-freedom union mass control government of course....

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Still bat-poop mental in Guildford:

This place just listed: http://www.zoopla.co.uk/for-sale/details/34475777?search_identifier=f693f2318c108848731f56e13395ae19

They tried at a similar price in January and it didn't go too well....

But if you look at next door, EXACTLY the same house, sold two months ago......for 12.5% LESS

http://www.zoopla.co.uk/property/39-foxenden-road/guildford/gu1-4dl/9818477

Why on earth do they think that prices have gone up by 12.5% in the past two months.......?

Would imagine that that one is a private sale / non-investor who want to move home.

It would be the estate agents valuing it at 12.5% more and telling the vendor that they can achieve that price.

If you were an agent would you take it on at that price knowing that you're not going to sell it and waste your time taking loads of photos and measurements + marketing it in a newspaper.

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Local LL has sold 4. Someone in the know thinks the banks have been mean to him.
They've been bought by an irish property bloke. Can't wait for the land registry to appear :)

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Local LL has sold 4. Someone in the know thinks the banks have been mean to him.

They've been bought by an irish property bloke. Can't wait for the land registry to appear :)

Did the bankers want their money out ?

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They ain't a changin in east manchester. Everything newly listed is 2007 + 20% prices. And any reductions are a lot thinner on the ground than a few months ago. I think the only places selling are old boomers exchanging between themselves.

The 3 bed semi I used to rent just sold for £140k. Which is about 6-7x average wage and an astronomical price for what it was. I couldn't believe it...then when I told my dad he thought it was a bargain :S

(null)

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My neighbours have recently managed to get a buyer, cash deal at around 40% off what the first agent said when it was put on the market well over a year ago.

The times they are a changin'

Your neighbours sound like rational people. But why didn't they hold out for "what it's worth"?

Very motivated sellers or can they see the HPC on the horizon?

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They ain't a changin in east manchester. Everything newly listed is 2007 + 20% prices. And any reductions are a lot thinner on the ground than a few months ago. I think the only places selling are old boomers exchanging between themselves.

The 3 bed semi I used to rent just sold for £140k. Which is about 6-7x average wage and an astronomical price for what it was. I couldn't believe it...then when I told my dad he thought it was a bargain :S

(null)

I notirced there was one of the property programs on last night, something like DO up a £100K house.

Which subliminally says, 100K is the base price for a house.

Shocking really when you think about it.

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In Cheshire stuff is coming on at well over last sold prices. One yesterday +26% since last sold in 2013. OK it's got some new units in the pokey little kitchen but the green bathroom suite remains and I'm not keen on large flat roofs!

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Local LL has sold 4. Someone in the know thinks the banks have been mean to him.

They've been bought by an irish property bloke. Can't wait for the land registry to appear :)

Could be a mortgage Xpress landlord.

http://www.propertytribes.com/mortgage-express-getting-tough-t-8904.html

i have a property coming to the end of its term in 4 years so he was asking me what my plans were and that they need all propertys off there books.

he said if no finance in place then they could come to some arrangement but in favor of them and not me meaning put all my mtge payments up on all 9 propertys.

He also said in 4 years if i was to either remtge this property or sell it then they are well within there rights to consolidate the other mtges i have with them so no way out there,can they do this as i have seperate contracts with them.

Our friend Fergus Wilson is also in trouble with Mortgage Xpress who want him off their books, hence the sell off. The problem Fergus has is that he offloads 1,000 properties into the local market it will crash. Since fergus has been hoarding houses the home builders have been busy constructing new ones for people to buy. If he sold off then there would become a marginal excess of several years supply of family homes.

I believe that I am right in saying that Fergus has a lot of MX (Mortgage Xpress) properties.

Therefore, he must be working closely with MX to facilitate the disposal of his portfolio.

The "right to consolidate" clause will knock him heavily if he sells piece-meal, although he will get the "consolidated equity" back at the end of the process.

Edited by Wurzel Of Highbridge

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I'm an hour from London and asking prices are soaring. Two friends have both sold their properties to cash buyers for what I considered to be very optimistic asking prices. One of them isn't worried if it falls through and their places goes back on the market "because prices are rising so rapidly again we'll get more for it."

If London is tanking it certainly hasn't filtered out beyond the M25 in my opinion

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I'm an hour from London and asking prices are soaring. Two friends have both sold their properties to cash buyers for what I considered to be very optimistic asking prices. One of them isn't worried if it falls through and their places goes back on the market "because prices are rising so rapidly again we'll get more for it."

If London is tanking it certainly hasn't filtered out beyond the M25 in my opinion

You must be talking a hour south because Northampton is falling apart and it's an hour outside london and things are only going to get worse better

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It's different in London.....it's worse.

If only. £500k for a pokey ex-council flat surrounded by chavs. Why play the lottery, just pretend you are "vulnerable" and you can become rich beyond the dreams of avarice!

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I am in London. Prices still insane. But I hear a lot of anecdotals of sales falling through because of MMR or whatever.

They need to start lending more and extending the term of the loan to fit in with affordability criteria......40 years may help or they could consider passing the debt to the next of kin, second generation passover?....surely something could be arranged. ;)

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Still overpriced in Essex, but the half-decent stuff is snapped up fairly quick. Plenty of stock has sat on the market for a while and is not shifting, because its overpriced. Either the sellers are too stubborn to lower their values, or they've overstretched themselves.

I'm thinking next year will be the year for fireworks. Hopefully MMR will continue to bite a bit harder, aided by an IR rise (we can hope). If London tanks, we should see a ripple effect. Hopefully no more silly schemes to prop-up the market, post-election. I could be completely wrong though, I'm no expert.

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Hopefully MMR will continue to bite a bit harder,

In reality the "MMR wall" is peoples declining real income against rising house prices have hit the affordability limit.

With mortgage rates so low the markets not far from property being unaffordable with 0% mortgage rates. In other words you will never be able to afford to repay the principal let alone interest on the principal amount.

MMR is simply there to protect the banking system from the bankers overextending loans to earn a bonuses.

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