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eric pebble

From Horses' Mouths..... London Sales Collapsing...

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Was in central London this weekend - very unusual occurrence as Mrs EP totally HATES the place......

Went to poshish antiques fair.... and overheard one dolled up bird say to another: "Well - at least I've made some money this year, unlike all my friends at Knight Frank ["Knight Frank & Rutley" of olde.....Top EA's in London; a.k.a. "Quite Frankly Corruptly"...]

She then said: -- "They are all absolutely DESPERATE - they haven't sold a THING for months and months..."

Aha! I thought...... Am I surprised to hear that?

........................ Nope............. :rolleyes:

Edited by eric pebble

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Good news. Last time I was in central London (January) I had to escape down to Bournemouth for a couple of nights, just couldn`t take the crush and stress, and "Selfie Sticks" all over Westminster bridge. Bournemouth gets crowded and more rowdy in the summer season, but off season it is a great escape from London IMO. Hopefully London, Bournemouth, Edinburgh, Aberdeen and the whole shebang will collapse in an epic HPC soon. :P

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Look at the transaction figures.

Theyve been on the floor for years.

Go North and theyve been like that since 2003ish.

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Look at the transaction figures.

Theyve been on the floor for years.

Go North and theyve been like that since 2003ish.

Southwest too. In 2nd home land sales are static and Sale Agreed properties seem to stay as empty shells; I cannot remember buyers taking so long to move into their new home previously. New builds are selling like hot cakes to homeowners and BTLers.

Edited by LiveinHope

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Good news. Last time I was in central London (January) I had to escape down to Bournemouth for a couple of nights, just couldn`t take the crush and stress, and "Selfie Sticks" all over Westminster bridge. Bournemouth gets crowded and more rowdy in the summer season, but off season it is a great escape from London IMO. Hopefully London, Bournemouth, Edinburgh, Aberdeen and the whole shebang will collapse in an epic HPC soon. :P

I live in Bournemouth and you're right, the prices are stupid at the moment

Trouble is, like you said, it's not a bad place to be. Was in London yesterday pickung up some stuff from a pokey flat converted from an office...breathed a huge sigh of relief as I got out

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Look at the transaction figures.

Theyve been on the floor for years.

Go North and theyve been like that since 2003ish.

EXACTLY. Something's broken when the market's been dead for nearly a decade (since the GFC). House prices alone do not dictate the health of the market.

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I just took the plunge and had an offer accepted on a property, so it wouldn't surprise me if 'the big crash' took place in the next few weeks, just after I complete. :lol:

You said it.

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Offering my own anecdotal.Just heard of a couple I know preparing to offload their BTL IO properties.Nice people and he's quite shrewd.Getting out of the fire exit while everyone else is on the dancefloor spinning plates.

I can't understand why anyone would keep IO BTL's with these tax changes.Outside of the SE the capital appreciation has been low for the last ten years.

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Look at the transaction figures.

Theyve been on the floor for years.

Go North and theyve been like that since 2003ish.

Northampton NN3-up a good £60k to £210k over ten years-volume not bad either.

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=nn3&sellersPriceGuide=Update+Results

Leicester LE3 where it was in 2004.Transactions are 50% down

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=le3&sellersPriceGuide=Start+Search

Nottingham NG3 same

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=ng3&sellersPriceGuide=Update+Results

Sheffield S3 same-although that's a small postcode

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=s3&sellersPriceGuide=Update+Results

Leeds LS8 up maybe £30,000 in ten years to £200,000,just about covering your stamp,moving and maintenance costs with some change for a holiday to Tenerife.

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=ls8&sellersPriceGuide=Update+Results

I do wonder when I read the house price reports from the trenches.

Edited by Sancho Panza

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Offering my own anecdotal.Just heard of a couple I know preparing to offload their BTL IO properties.Nice people and he's quite shrewd.Getting out of the fire exit while everyone else is on the dancefloor spinning plates.

I can't understand why anyone would keep IO BTL's with these tax changes.Outside of the SE the capital appreciation has been low for the last ten years.

I'm not sure he's that shrewd, is he? I'd have agreed if they'd actually offloaded them 6 months ago, but I'd say their pool of potential BTL buyers is probably much smaller than it was a couple of months ago, and the OO buyers that would like to buy them will be seriously constrained on how much they can borrow.

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I'm not sure he's that shrewd, is he? I'd have agreed if they'd actually offloaded them 6 months ago, but I'd say their pool of potential BTL buyers is probably much smaller than it was a couple of months ago, and the OO buyers that would like to buy them will be seriously constrained on how much they can borrow.

Yes, nice or not, he's too slow.

Typically, a BTL IO LL has been able to pay twice what an OO post-MMR has been able to.

So IO BTL ended up paying twice.

I doubt there's any mortgaged BTLers anymore.

Any cash buyer ought to be looking at the yields and running.

So that only leaves an OO to sell to.

And he'll need the house empty, so no tenant to support that IO mortgage.

He's stuck.

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If its collapsing in London I cannot imagine the carnage which will occur in Yorkshire.

My commute to work takes me past rows of lovely family homes all around 250k to 300k, many of them have been for sale for over a year now. Full of old boomers looking to cash out, I think many of them will be cashing out in the mortal sense before they sell at these prices.

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I just took the plunge and had an offer accepted on a property, so it wouldn't surprise me if 'the big crash' took place in the next few weeks, just after I complete. :lol:

Congratulations on your new des-res.

e43de3b9700705b606449f3a4ba212eb.jpg

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If its collapsing in London I cannot imagine the carnage which will occur in Yorkshire.

My commute to work takes me past rows of lovely family homes all around 250k to 300k, many of them have been for sale for over a year now. Full of old boomers looking to cash out, I think many of them will be cashing out in the mortal sense before they sell at these prices.

Go to Scarborough.

They literally carry them out in a box and have 'Not giving it away' on the tombstone.

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Go to Scarborough.

They literally carry them out in a box and have 'Not giving it away' on the tombstone.

Haha I love it

Must be waiting on that massive influx of Chinese investment into scarborough, like they do other third world countries! :)

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Well "london" is very vague.

I do know many people that have shifted / bought stuff over the last few months around 300k in outer boroughs.

I imagine Enfield and Chelsea are very different situations.

Thats exactly whats happening. No crash here in Berkshire in fact the opposite, the London brigade have realised they can get a 4 bed detached for the same price as a 2 bed flat in London and are pushing prices up further.

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Thats exactly whats happening. No crash here in Berkshire in fact the opposite, the London brigade have realised they can get a 4 bed detached for the same price as a 2 bed flat in London and are pushing prices up further.

There is a limit to the London money though, and when that limit is reached the wave of money out stops? Has been a long running wave though, but the Great White is lurking somewhere I`m pretty sure.

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