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Drip Drip Drip Drop Drop Drop

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My search area on RM is suddenly showing property coming on, then soon after dropping in price. This, to me, look like people who have to sell, or need to sell:

  • deceased owner
  • moved into residential care
  • CAN'T AFFORD MORTGAGE!

If those sellers drop prices until they sell, then other sellers will need to do the same. It has started .... the kite fliers are starting to look very silly! Of the 100 (non STC) properties in my search area, 20 are reduced

e.g.

http://www.rightmove.co.uk/property-for-sale/property-52749334.html

http://www.rightmove.co.uk/property-for-sale/property-52025278.html

http://www.rightmove.co.uk/property-for-sale/property-38937048.html?premiumA=true

http://www.rightmove.co.uk/property-for-sale/property-52911472.html

No major drops yet but they have to start somewhere.

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I assumed it was simply the EAs quoting high to get the business?

A recent breathlessly enthusiastic call from a high street EA about a house that hadn't yet been marketed publicly: "this house is going to fly. I've phoned two people and got two viewings!". I declined because it was too expensive.

I saw the house on RM later in the week with an online agent.

It's still for sale....

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This morning our neighbour has had an EA round. She is everything HPC despises. Bought for nothing more than 25+ years ago, in 2007 decided housing was free money so bought a much bigger house up the road on a 100% LTV interest only mortgage, and rented the first house out. All despite the fact she doesnt have a regular income, she does some home teaching - drama! (Another story, but i got her tax credits stopped when she moved her now ex fella in)

Kicked the tenants out 2 years ago (bitch section 21'd them a few days before Xmas) and has spent the last 2 years renovating the house with no budget for the work. Thought she could just ask the bank for money for renovations and alas the magic money tree didnt oblige.

Shes wrecked the house, ripped out its character, did the work without consent from building control (I might have tipped them off and tripped her up!).

The EA has told her it will be worth at least 60% more than we paid in 2013. She is the living embodiment of everything that is wrong with the govt and BoE picking its winners. Thoroughly depressing.

However, the deeds say I have a right of way to use her path all the way to the bottom of her garden. I might just have to walk up and down the path in my pants to drive the price down a little.

Edited by Caveat Mortgagor

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This morning our neighbour has had an EA round. She is everything HPC despises. Bought for nothing more than 25+ years ago, in 2007 decided housing was free money so bought a much bigger house up the road on a 100% LTV interest only mortgage, and rented the first house out. All despite the fact she doesnt have a regular income, she does some home teaching - drama! (Another story, but i got her tax credits stopped when she moved her now ex fella in)

Kicked the tenants out 2 years ago (bitch section 21'd them a few days before Xmas) and has spent the last 2 years renovating the house with no budget for the work. Thought she could just ask the bank for money for renovations and alas the magic money tree didnt oblige.

Shes wrecked the house, ripped out its character, did the work without consent from building control (I might have tipped them off and tripped her up!).

The EA has told her it will be worth at least 60% more than we paid in 2013. She is the living embodiment of everything that is wrong with the govt and BoE picking its winners. Thoroughly depressing.

However, the deeds say I have a right of way to use her path all the way to the bottom of her garden. I might just have to walk up and down the path in my pants to drive the price down a little.

Christ I wouldn't want you for a neighbour. Have you tipped of the Council about her incorrect use of the recycling bin and overhanging hedge yet?

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Christ I wouldn't want you for a neighbour. Have you tipped of the Council about her incorrect use of the recycling bin and overhanging hedge yet?

Was thinking the same :D

Like one of those "Neighbours From Hell" shows on the tv. No doubt he's got a CCTV camera outside his doorway overlooking her front garden.

:D:D

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You can get a good feel for the market by signing up the EA's spam. I've been receiving their emails for 2-3 years, definitely a sudden rush in the past 2 or 3 months to force through sales. Wonder why if the market is always going to increase according to them?

I do know an EA, she is more the photographer than a sales person, but she says in her office of about 8 people only 1 (the manager) thinks the market isn't going to crash round here in the next year or two.

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Stop cutting your grass, leave a mattress in your garden. And when you see her having a viewing make sure you have a blazing row, so they can hear.

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Christ I wouldn't want you for a neighbour. Have you tipped of the Council about her incorrect use of the recycling bin and overhanging hedge yet?

Sorry no, but I had her car towed away because it was parked on the road with no tax or MOT.

She deserves everything she gets.

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That could be significant and was certainly an indicator in the last crash. Worth watching to see if more reductions come onto the market.

They were asking 90K more than what the most recent ones sold for, and they were sold for 175K in 2014.

Unfortunately such kite fliers reducing prices is not the signs of a crash.

See if anything happens after April with the tax changes, but with banks lending like its 2007 we most certainly aren't seeing signs of a crash.

Edit - this one he listed is listed for 100K more than the sold for price of 162K in 2007 ... 2007 plus 60% is something Gidiot needs stringing up for, along with that c**t Carney.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=5995290&sale=10194074&country=england

Edited by The12YearWait

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At what point can we safely agree a HPC has occurred sufficiently enough for us to celebrate?

That's the $192,000 question (as in the $64,000 question that's priced at three times it's actual value).

I would think that from now onwards any news of a significant HPC will be amongst all kinds of other undesirable global news.

AKA not yet. Nowhere near. All avenues of saving the whole pyramid will have to be exhausted first.

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That's the $192,000 question (as in the $64,000 question that's priced at three times it's actual value).

I would think that from now onwards any news of a significant HPC will be amongst all kinds of other undesirable global news.

AKA not yet. Nowhere near. All avenues of saving the whole pyramid will have to be exhausted first.

lol. Fair enough. Ah man. Soon i hope.

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Guest

Back to the OP :)

The last link http://www.rightmove.co.uk/property-for-sale/property-52911472.htmlis for a 3 bedroom semi-detached house for sale Larkspur Close, Littlehampton, West Sussex for £270k,

270k for a semi in LA! For that money I'd expect the US version!

0

Thanks for bringing back on topic. You must be local to know we call that area LA.

Still some kite flying going on, but swift drops are a good indicator to me

Edited by Guest

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Guest

When the Taxman's tryina get at'you:

At what point can we safely agree a HPC has occurred sufficiently enough for us to celebrate?

Sustained drops monthly and annually in all major indexes (Halifax, nationwide, rightmove, land reg). So a long way to go yet.

I would say once average wages can buy average houses then we're there. So that needs average house price of 160k ish.

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Sustained drops monthly and annually in all major indexes (Halifax, nationwide, rightmove, land reg). So a long way to go yet.

I would say once average wages can buy average houses then we're there. So that needs average house price of 160k ish.

I can't quickly find anything more recent, but 2013-14 MEDIAN wage was just over £22k (I don't like average).

A house at 7.2x salary is not my goal.

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Thanks for bringing back on topic. You must be local to know we call that area LA.

Still some kite flying going on, but swift drops are a good indicator to me

Yep, little 'ampton. Not so far away!

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still a good 6-18 months away from HPC. Right now the BTL binge is in full flow but quickly running out of time.

once this is flushed out of the system we have a long delay for the figures to seep through and sentiment to reverse.

stock markets have another 3-6 months to bottom

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Just concerned that the longer it takes for sentiment to change the further prices will have to fall to revert to 2009-2012 levels unless HPI starts slowing significantly very soon.

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