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Fairyland

Btl Drip Feed In Berks

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Saw a repossesed property in Berks. It has same decor, same agent and same marketing style as few others on the market earlier. Property on market at a price less than crazy asking prices. One open day, best offers in 2-3 weeks deadline, off the market, new one on the market. Agent said there is a (big) portfolio repossessed and we will be putting on many more properties on the market in near future.

Wonder if some BTL LL has gone bust because most of the properties looked like BTL properties. What could have gone wrong with bricks and mortar?

I suddenly felt very relaxed. If more are coming on the market then I don't need to rush.

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Here's hoping! B)B)

:unsure: Might be one of those 'Mortgage Express' ones that have been discussed on here a lot.

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Here's hoping! B)B)

:unsure: Might be one of those 'Mortgage Express' ones that have been discussed on here a lot.

UKAR have previously announced the sale of billions of pounds worth of it`s mortgage book whether any of these places are part of that sale is any ones guess as the last lot of" performing" loans were sold to institutional investors

On an anecdotal note i have also noticed an increase in repossessions which look like BTL in the regional auctions and have been wondering the same thing also seeing a lot of commercial repossessions in the auctions .

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Surprisingly this is in the most HPI booming, property hotspot of the commuter belt - Reading. Looks like the cross rail lure is fading.

I will try to dig out a link.

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All this proves is that mortgagees are more confident that they can recover their loans without crashing the market. Perversely it is exactly the opposite of what I presume you are hoping for; that house prices will fall.

I'm guessing that most of these repossessed properties will be sold to BTL investors.

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Oh no, sleepwello'nights. I was hoping for some fireworks.

Ah, does it mean while other properties are marketed at crazy prices lenders are using the market to sell the repos at sane prices instead of discounted prices in a normal market scenario.

Edited by Fairyland

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The housing market has used up all of its possible cards - ZIRP, H2B, massive encouragement of foreign buyers as investment buys (and lucked-out that Russia and China went through economic periods where overseas property investments were seen as a good thing) - it even avoided the worst effects of the crash because it had the luxury of a BoE rate of 4.5% in 2008 that could be slashed (and duly was). There really is nothing left. This. Is. It.

Edited by canbuywontbuy

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Oh no, sleepwello'nights. I was hoping for some fireworks.

Ah, does it mean while other properties are marketed at crazy prices lenders are using the market to sell the repos at sane prices instead of discounted prices in a normal market scenario.

I would say it could mark the top of the market ,if you have a pile of shit to sell it makes sense to try and sell it when shit is selling at a high price

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I would say it could mark the top of the market ,if you have a pile of shit to sell it makes sense to try and sell it when shit is selling at a high price

Shit? In Reading?

I used to walk by both those houses during my time in Reading. I used to jazz up my walk to + from the train station in a pointless attempt to make my commute more exciting.

End of the day, no one wants to live in Reading - or rather no-one wants to move to Reading live there.

Reading is ground -zero of crashes as it the compromise place for London.

The fast train to London is good - if you work near Paddington.

Everything else about Reading - the area, the people who populate it it (in the main) is not.

I did meet a few genuine Reading families when I worked in the area. They sound like West-country lite.

I doubt Id meet them today - frankly the last time I went there - to meet a friend, its convenient half point for us both - the place was filled up with London scum, more so than when I lived there.

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Shit? In Reading?

I used to walk by both those houses during my time in Reading. I used to jazz up my walk to + from the train station in a pointless attempt to make my commute more exciting.

End of the day, no one wants to live in Reading - or rather no-one wants to move to Reading live there.

Reading is ground -zero of crashes as it the compromise place for London.

The fast train to London is good - if you work near Paddington.

Everything else about Reading - the area, the people who populate it it (in the main) is not.

I did meet a few genuine Reading families when I worked in the area. They sound like West-country lite.

I doubt Id meet them today - frankly the last time I went there - to meet a friend, its convenient half point for us both - the place was filled up with London scum, more so than when I lived there.

Like you say towns like Reading, Luton, Milton Keynes, Swindon, Basingstoke etc. will be hit hard so could be a good barometer as they are your average British town so worth keeping an eye on. The likes of Cambridge and Oxford will probably hold out for longer.

Edit: come to think of it all of those towns are probably going to be building 10,000's of new homes over the next decade so might be a good indicator of how increased supply will impact on HPI.

Edited by olde guto

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All this proves is that mortgagees are more confident that they can recover their loans without crashing the market. Perversely it is exactly the opposite of what I presume you are hoping for; that house prices will fall.

I'm guessing that most of these repossessed properties will be sold to BTL investors.

They would only be interested in recovering the loan secured on the property (i.e. not in achieving "market" value).

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Like you say towns like Reading, Luton, Milton Keynes, Swindon, Basingstoke etc. will be hit hard so could be a good barometer as they are your average British town so worth keeping an eye on. The likes of Cambridge and Oxford will probably hold out for longer.

Edit: come to think of it all of those towns are probably going to be building 10,000's of new homes over the next decade so might be a good indicator of how increased supply will impact on HPI.

I was there in the mid 90s.

I remember meeting a few people who bought into the dream in the late 80s and were stuck, in 96 with a property worth less than 60^ of the price they'd paid - 70k down to 15k.

This time,the houses prifes are significantly more over priced.

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I agree, Reading, Slough and Bracknell are the worst places to live in Berks. However, other towns like Maidenhead, Ascot, Windsor, Sunningdale, Virginia water, Wokingham, Twyford are ridiculously over priced. Starter homes like two bed victorian cottages have asking price of 300+ . As compared to that Reading, Slough and Bracknell look more affordable. Plus the media is hammering these towns as property hotspots and highest growing towns outside London. This tickles BTL investor's greed. It could be possible that in reality BTL is booming rather than OOs.

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