TheCountOfNowhere Posted July 8, 2016 Report Share Posted July 8, 2016 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. Quote Link to post Share on other sites
TheCountOfNowhere Posted July 8, 2016 Author Report Share Posted July 8, 2016 Last 7 days, first 590 listings http://www.rightmove.co.uk/property-for-sale/property-54918304.html http://www.rightmove.co.uk/property-for-sale/property-58862411.html http://www.rightmove.co.uk/property-for-sale/property-42537375.html http://www.rightmove.co.uk/property-for-sale/property-59466602.html http://www.rightmove.co.uk/property-for-sale/property-59185643.html http://www.rightmove.co.uk/property-for-sale/property-59089439.html http://www.rightmove.co.uk/property-for-sale/property-42753564.html http://www.rightmove.co.uk/property-for-sale/property-42864660.html http://www.rightmove.co.uk/property-for-sale/property-54972514.html http://www.rightmove.co.uk/property-for-sale/property-54995437.html The prices, of course, are truly insane Quote Link to post Share on other sites
One-percent Posted July 8, 2016 Report Share Posted July 8, 2016 Last 7 days, first 590 listings http://www.rightmove.co.uk/property-for-sale/property-54918304.html http://www.rightmove.co.uk/property-for-sale/property-58862411.html http://www.rightmove.co.uk/property-for-sale/property-42537375.html http://www.rightmove.co.uk/property-for-sale/property-59466602.html http://www.rightmove.co.uk/property-for-sale/property-59185643.html http://www.rightmove.co.uk/property-for-sale/property-59089439.html http://www.rightmove.co.uk/property-for-sale/property-42753564.html http://www.rightmove.co.uk/property-for-sale/property-42864660.html http://www.rightmove.co.uk/property-for-sale/property-54972514.html http://www.rightmove.co.uk/property-for-sale/property-54995437.html The prices, of course, are truly insane 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 Quote Link to post Share on other sites
Patient London FTB Posted July 8, 2016 Report Share Posted July 8, 2016 Possibly BTLers having moved out tenants in order to sell quickly? Quote Link to post Share on other sites
spunko2010 Posted July 8, 2016 Report Share Posted July 8, 2016 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. Quote Link to post Share on other sites
thewig Posted July 8, 2016 Report Share Posted July 8, 2016 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. Quote Link to post Share on other sites
TheCountOfNowhere Posted July 8, 2016 Author Report Share Posted July 8, 2016 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 ? Quote Link to post Share on other sites
spunko2010 Posted July 8, 2016 Report Share Posted July 8, 2016 Count, run a few checks on Ashford, you'll probably find a load of semis being offloaded there. Quote Link to post Share on other sites
long time lurking Posted July 8, 2016 Report Share Posted July 8, 2016 Been seeing the same for months= BTL bailing . Quote Link to post Share on other sites
RickyD Posted July 8, 2016 Report Share Posted July 8, 2016 I've been seeing a lot of this too around East Anglia. Quote Link to post Share on other sites
Pork Pie Posted July 8, 2016 Report Share Posted July 8, 2016 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!!! Quote Link to post Share on other sites
Democorruptcy Posted July 8, 2016 Report Share Posted July 8, 2016 Lots of missing people and their belongings? If you buy one, don't drink the tap water without boiling it first. There could be something wrong with it. Quote Link to post Share on other sites
iamnumerate Posted July 8, 2016 Report Share Posted July 8, 2016 (edited) Did you check on Zoopla for any of them to see how long ago they were bought? I agree with you the prices look crazy. Edited July 8, 2016 by iamnumerate Quote Link to post Share on other sites
renting til I die Posted July 8, 2016 Report Share Posted July 8, 2016 But but, there is a housing shortage! Quote Link to post Share on other sites
CentrinoDuo Posted July 8, 2016 Report Share Posted July 8, 2016 (edited) Dupe post. Edited July 8, 2016 by CentrinoDuo Quote Link to post Share on other sites
CentrinoDuo Posted July 8, 2016 Report Share Posted July 8, 2016 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. Quote Link to post Share on other sites
Clarky Cat Posted July 8, 2016 Report Share Posted July 8, 2016 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, Quote Link to post Share on other sites
GreenDevil Posted July 8, 2016 Report Share Posted July 8, 2016 Perhaps all the EEs have post brexit concerns and have packed up and left? Quote Link to post Share on other sites
TrevorJL Posted July 11, 2016 Report Share Posted July 11, 2016 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? Quote Link to post Share on other sites
TrevorJL Posted July 11, 2016 Report Share Posted July 11, 2016 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. Quote Link to post Share on other sites
Kinky John Posted July 12, 2016 Report Share Posted July 12, 2016 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. Quote Link to post Share on other sites
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