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TheCountOfNowhere

The Unfurnished Listing

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Last 3 days i've had a look on rightmove to see what is going on ( NN1 + 5 miles )

What struck me immediately is the list of "empty" properties being listed.

I've never seen that phenomenon before, in 10 years of looking.

Something has changed.

Go have a look, I'm not making it up.

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A mix of flippers (shiny new bathrooms) and probate (swirly carpets) I would guess. What I find interesting is that EAs can somehow manage to hide the last sold prices on RM. it takes a bit of digging but I'm finding more frequent examples of where this is happening. Don't know who they are trying to kid because if I were really interested in a property, the first thing I would do would be to download title from land registry

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Likely ex BTLers. They aren't repossessions, you can easily spot them by the UNTESTED stickers on all appliances and a notice on the front door.

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Why would a BTLer ever have to sell quickly? I don't follow.

Buy quickly, check - cram it chock full with tenants quickly, of course. Just put the rents up quickly, hell yes. Sell quickly? I call bullsht.

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AllI know is i've never seen this effect before, in 10 years of looking.

it was pretty obvious just by doing a search.

Something has changed or someone is trying to offload their properties...the banks maybe ?

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Been seeing the same for months= BTL bailing .

If that the case - lets GET this house price CRASH Going ...cos I've ONLY been waiting 13 YEARS!!!

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Interesting in the differences of letting norm in different countries.

When I first arrived in the UK I was very surprised that the majority of rental properties are furnished. This was very odd coming from Australia where the vast majority of rental properties are unfurnished.

I originally thought it was the transient nature of London, but this seems the norm in UK.

Anyway thought it maybe of interest.

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Interesting in the differences of letting norm in different countries.

When I first arrived in the UK I was very surprised that the majority of rental properties are furnished. This was very odd coming from Australia where the vast majority of rental properties are unfurnished.

I originally thought it was the transient nature of London, but this seems the norm in UK.

Anyway thought it maybe of interest.

Either something to do with the extreme transience of most UK lettings, or the 10% wear and tear allowance meaning landlords could avoid a whack of tax by filling the house full of cheap/second hand furniture,

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A mix of flippers (shiny new bathrooms) and probate (swirly carpets) I would guess. What I find interesting is that EAs can somehow manage to hide the last sold prices on RM. it takes a bit of digging but I'm finding more frequent examples of where this is happening. Don't know who they are trying to kid because if I were really interested in a property, the first thing I would do would be to download title from land registry

Agreed - i'm looking at properties in Northampton and I'm seeing something like this. I look at a property and it shows as having been put online in the last month or so at its current price. However, if I Google on the property description and keywords I find the same property in another listing, at a higher price, with a message 'this property was taken off the market by the agent'. Is it just a new trick to hide the fact that prices are dropping?

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Why would a BTLer ever have to sell quickly? I don't follow.

Buy quickly, check - cram it chock full with tenants quickly, of course. Just put the rents up quickly, hell yes. Sell quickly? I call bullsht.

As per the Northampton thread I've sold 2 of our 4 BTLs in the last 6 months. It's not because I need to sell, but because I believe that OO landlords will soon have to sell, in bulk, and that will crash the value of every BTL.

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Nice (if a bit anecdotal) as a thread! Here's to hoping it's all the buy and hold carry traders getting cold feet - it's hard to be certain these properties are perma bull fear sales by just looking at the state of the property alone. A lot will just be owned by senile people that finally died or will be houses where the owner disappeared (seriously .. boil and double check the water doesn't smell of previous owner!). In those cases the Brexit uncertainty would make any responsible person messing around trying to sort out their estate get on with it before there is a rapid market move. I'd be surprised if there weren't further large market moves on Brexit to add to the ones we've already had - but I won't try and predict them. Brexit is immensely amusing because you can't bail both external and internal investors out so somebody will have to take a fall somewhere. I suspect the offshore investors account for the silly "no exit trade," empty properties but that onshore perma-bulls have probably done far more (less easily observed) damage. I would be very surprised if it's the onshore investors who pay (relatively speaking of course) unless the external investors can make them - but if they don't have exit trades .. they won't be together enough to think of it in time.

When the central banks / government observably change their criteria for economic support (more likely .. are forced to) then it becomes believable that the people who messed up (the speculators) will pay the price for their stupidity - until then I suspect we will all pay the price for their stupidity with the government picking who pays the most without any reference to sustainability, fairness or our manufacturing base.This isn't a new story - but it's the first time it's applied to pretty much everything in every economy (suitably inverted where need of course) so I have a very bad feeling about the likelihood of it being addressed as well as the results of it not being addressed.

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