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lostinessex

Trouble in Property Paradise

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4 hours ago, Shrink Proof said:

The developer, Jamm, insists that sales are robust and that “this is absolutely not a sign of desperation”.

Right, OK, if you say so.

:D:D yes because giving away a car with a house sale is part of the norm ..ffs 

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Who wants a cheapo car with a 1.99 million £ house, I live in a 200k flat and all my kids have Ipads already rotting their brains.

At that level I would want something akin to a Rolls or Andriana Lima thrown in.

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5 hours ago, EnglishinWales said:

Stream of Chinese investors dried up?

Why would they buy london property when they can buy bitcoin? Easy money, +118 $ today

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The price falls have not hit the suburbs yet, but the three houses on sale near my house, going for an absurd asking price, have been for sale for months. 

I think we are at s tipping point. House prices worked their way up as high as low mortgage rates would take them, but they are unsustainable at current prices. Fall they must. 

 

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6 hours ago, GreenDevil said:

Why would they buy london property when they can buy bitcoin? Easy money, +118 $ today

why would they buy london property or bitcoin when they could buy ethereum?

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I was speaking to a friend recently. Bought his first place about three years ago with BOMAD support, new build flat in London. Decent job. Place is up around 40% according to recent sold prices in block. Said he wouldn't be able to buy at today's prices. Within a short three years he's been priced out of buying his own place. Lots of other friends in exactly same positions, FTBs, second steppers, all London based, took the plunge bought within last 2-3 years and already priced out of their own homes. The timelines are just unbelievable, no idea where this ends folks, grim. 

Edited by AvoidDebt

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7 hours ago, Ah-so said:

The price falls have not hit the suburbs yet, but the three houses on sale near my house, going for an absurd asking price, have been for sale for months. 

I think we are at s tipping point. House prices worked their way up as high as low mortgage rates would take them, but they are unsustainable at current prices. Fall they must. 

 

Things are definitely slowing in zone 4 . At 700k + for a requiring modernisation house.3 bed house I'm not surprised. Nearly everything hitting the market seems to have no chain and requires a complete refurb. Looking on Rightmove it seems that all the properties have a similar look . The elderly owner (guessing btw from decor) has vacated either to go into a home , via a wooden box or to a smaller property . While these are still being bought at this price the game continues unchanged

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7 hours ago, Ah-so said:

The price falls have not hit the suburbs yet, but the three houses on sale near my house, going for an absurd asking price, have been for sale for months. 

I think we are at tipping point. House prices worked their way up as high as low mortgage rates would take them, but they are unsustainable at current prices. Fall they must. 

Monday's Halifax HPI figures will be interesting. If fudged upwards into positive territory it'll show they think there still a few more people to be mugged into buying. If down then they'll have accepted its game up. No doubt the BOE will be readying the mother of all vigilance, or they'll just cut rates again, not because they actually do target house prices but because HPC threatens their banking friends bonuses. 

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2 hours ago, AvoidDebt said:

I was speaking to a friend recently. Bought his first place about three years ago with BOMAD support, new build flat in London. Decent job. Place is up around 40% according to recent sold prices in block. Said he wouldn't be able to buy at today's prices. Within a short three years he's been priced out of buying his own place. Lots of other friends in exactly same positions, FTBs, second steppers, all London based, took the plunge bought within last 2-3 years and already priced out of their own homes. The timelines are just unbelievable, no idea where this ends folks, grim. 

I've got news for him...if he used BOMADs money he couldn't afford to buy then either.

 

Who the f**k does he think will ultimately buy it off of him  :lol:  :lol:  :lol:  :lol:  :lol: 

 

I think we all know exactly where this ends.

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47 minutes ago, TheCountOfNowhere said:

I've got news for him...if he used BOMADs money he couldn't afford to buy then either.

 

Who the f**k does he think will ultimately buy it off of him  :lol:  :lol:  :lol:  :lol:  :lol: 

 

I think we all know exactly where this ends.

Yes I think we all know where this ends  but when is the question . Interest rates cant go lower, BLT are leaving the game, extra stamp duty on 2nd homes , S24 , few pay rises, increasing inflation but Bomad keeps on giving to a select few.

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21 hours ago, Shrink Proof said:

The developer, Jamm, insists that sales are robust and that “this is absolutely not a sign of desperation”.

Right, OK, if you say so.

That was the sentence that leapt out at me, too - stunning, together with "buyers are looking for excuses not to buy". The denial is so extreme, it's starting to look like a serious, widespread, very specific mental health problem. I spose it would come under mass delusion, no need to invent another term for it, that's what it is.

Right, must get on with my day, and remember to factor in some time to look for more excuses not to buy a house. Tho the electric car and the ipad, I dunno, those are almost enough to make me see sense and just go ahead and buy one.

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Agree with the suburbs comment +1m seems to be dead but at 500-700k for the right property not the overpriced semi shyte you can still trigger a prehistoric dining frenzy. 

Have a look at this. Sold in Sept 2016 for 435. Lick of paint + refurb and back on at 750. This exactly what the CGT on private residential should be tackling. I'd say +90% tax for flippers. 

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59548933&sale=88438254&country=england

The 2017 price is also over 100% increase on its 2011 price.

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42 minutes ago, AvoidDebt said:

Agree with the suburbs comment +1m seems to be dead but at 500-700k for the right property not the overpriced semi shyte you can still trigger a prehistoric dining frenzy. 

Have a look at this. Sold in Sept 2016 for 435. Lick of paint + refurb and back on at 750. This exactly what the CGT on private residential should be tackling. I'd say +90% tax for flippers. 

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59548933&sale=88438254&country=england

The 2017 price is also over 100% increase on its 2011 price.

Are the loft conversion and kitchen extensions new ? If so might explain £100k but doesn't justify the uplift in such a short time but might go some way . 

Maybe a flip to far for this flipper lets watch. One failure and its over for them.

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Nobody is better off on the ladder when house prices increase......the rungs just get further apart.....the whole market then freezes, nobody going anywhere.....;)

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13 hours ago, AvoidDebt said:

Agree with the suburbs comment +1m seems to be dead but at 500-700k for the right property not the overpriced semi shyte you can still trigger a prehistoric dining frenzy. 

Have a look at this. Sold in Sept 2016 for 435. Lick of paint + refurb and back on at 750. This exactly what the CGT on private residential should be tackling. I'd say +90% tax for flippers. 

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=59548933&sale=88438254&country=england

The 2017 price is also over 100% increase on its 2011 price.

IMO if you sell within 5 years you should pay tax. 100% after 1 year, reducing to 0 after 5 years.  That would kill the flipper market stone dead.

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17 minutes ago, GreenDevil said:

IMO if you sell within 5 years you should pay tax. 100% after 1 year, reducing to 0 after 5 years.  That would kill the flipper market stone dead.

Totally ridiculous idea. Yes it would kill the flipper market but it would also put normal working families in dire situations, for example people made redundant and having to move house for a new job or having to STR due to being out of work. 

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Flat tax for 2nd, 3rd, 4th....  houses. Just make owning lots of property cost money...  

extra tax paid yearly £5000 per year per additional property.. watch the prices return to sanity! 

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1 hour ago, electrogear said:

Totally ridiculous idea. Yes it would kill the flipper market but it would also put normal working families in dire situations, for example people made redundant and having to move house for a new job or having to STR due to being out of work. 

While I agree 100% is a bit much, the tax applies to capital gains, not the full sale price. It shouldn't affect the productive members of society that much since they keep the original buy price and pay tax on the profit. Perhaps 75% house CGT would be fair when sold within one year.

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4 hours ago, Just_Do_It said:

Exactly, you only need one property - anything more is a luxury

Yes, but owning one property/home (outright/low-debt) would be a luxury, against these house prices.

Yet in a market with so many equity rich owners/outright owners, BTLers.... some see HPCers as 'think of the buyers who bought in 2009' or 'The BTLers investments'.... and 'misfortune wishing renter-scum hiding behind a computer.'

Sunday Times 19.03.17

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