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Converted Lurker

Unfinished Hot Potato Property

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I liked the guide price £200 to 260k.

Would they take £260 for it?

Or, would they take £160 for it?

Years ago (late 80s) worked with a brickie foreman who was a Geordie. He was living down here in a hut on the site - plan was to work his nuts off for 2 years and save 20k.

He had it all worked out - he was going home then to buy a plot for 10k and stick up a 3 bed bungalow for 10k (he had a young family - wife and two toddlers). He told me that where he lived if you owned your own 3 bed bungalow outright you were '**** of the walk' and that he intended to take life easy and make a living as a self employed builder doing garden walls for peeple and stuff like that.

He was one of those odd people you occasionally meet in life - a really nice, decent bloke who everybody liked. Whenever I head Newcastle way, I always wonder if he managed to do what he wanted - and how much it's worth now. Bear in mind this was only 17 or 18 years ago. His 20k bungalow might be worth TEN times what it cost him.

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They're obviously hoping that any prospective purchaser won't be requiring a mortgage then!

This is a classic sign that the market is heading south. When the market was rising, builders were quite comfortable biding their time waiting for the best buyer they could find, safe in the knowledge that the asset they were building was appreciating everyday.

Now of course they want to find (and snare) their buyer as early in the process as possible i.e. buy at this year's price for delivery next year.

Perhaps this should be put in Bubb`s "evidence of a credit crunch", although there may be other reasons for their cousre of action. Either way, someone down the chain (lender>developer>agent>buyer) on this one has lost the bottle <_<

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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