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disenfranchised

How will reducing transaction volume & BTselloff impact average prices?

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I've already pondered whether the "portfolio" adverts of multiple crap terraced BTLs are skewing Rightmove asking price data (5x £100k houses offered for £500k as one advert) so now I'm wondering what might impact the paid price data?

- Is small sales volume likely to skew average price up or down?  

- Will BTL sell offs of cheap FTB type property be substantial enough to pull the average down?

I wish vendors were forced to quote price per square foot/metre and this was actually reported.

 

I'm getting quite bored and frustrated waiting for this slow motion train wreck to hit the buffers. Seem to be a few houses come to market recently round here at 10% off what others are asking and sell fast. It's hard to resist the temptation to start low-balling people on properties I like and see if one sticks.

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33 minutes ago, disenfranchised said:

I'm getting quite bored and frustrated ANGRY waiting for this slow motion train wreck to hit the buffers. Seem to be a few houses come to market recently round here at 10% off what others are asking and sell fast. It's hard to resist the temptation to start low-balling people on properties I like and see if one sticks.

 

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I think the anger turned to incredulity in the second half of 2016. I've given up being angry.

I thought they were just going to manipulate things long enough to swing the 2015 election & called "about top" around April 2015... Until this year, I've seen the prices continue to climb and they aren't exactly crashing now.

Brexit vote saw all those London funds wobbling and I thought it might finally go, but so far, so much more slow motion, wider sentiment not catching up with prime London wobbling down.

I shared articles from 2002 & 2005 recently which quoted prime London declining... they, like so many other events, were false dawns. Given how long ZIRP has already persisted, buying in the post-crunch slump would have been a good choice for some HPC refuseniks.

I'm getting to the point where I'm sick of renting and will just take a financial hit to get away from it tbh

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I was in the same boat tbh. I bought in feb 2016 after reading this site since 2009. Yeah we all now house prices are way too high but I was sick of waiting...and renting. I needed a house long term as id started a family, I was also aware i was starting to sound like a nut case at work talking about price crashes for 5+ years. My mortgage repayment is currently £1050. My neighbours rent and they pay £1300. Yeah I am responsible for the boiler but I'm already a few thousand up on renting.  

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22 minutes ago, locky82 said:

I was in the same boat tbh. I bought in feb 2016 after reading this site since 2009. Yeah we all now house prices are way too high but I was sick of waiting...and renting. I needed a house long term as id started a family, I was also aware i was starting to sound like a nut case at work talking about price crashes for 5+ years. My mortgage repayment is currently £1050. My neighbours rent and they pay £1300. Yeah I am responsible for the boiler but I'm already a few thousand up on renting.  

We might be the same age if 82 in your name is anything to go by. I have reached the same conclusion although been lucky in that I only had to rent from a landlord for the last 2.5 years. Hopefully should complete in 2 months now. Saved a huge deposit and like the freedom of renting, but not the feeling of being on a treadmill and not being able to do what I like with my home. 

Going from a 2 bed flat on a very busy main road in an ok area (915/month) with garden and parking to a 3 bed detached chalet bungalow in a very nice town, walking of the centre and railway, with a huge garden and more parking than I have friends for only £1,250/month.

If there is a crash, sod it. I've been saying it for so long but right now I can't see anything creating the wave of desperate forced sellers required for prices to collapse and give the differential between renting and buying with such low rates (provided you have the deposit) it sort of makes sense. 

Perhaps prices fall, or flatline, or climb but once you're in, you're in. In 25 years the debt will be paid, the house will be remodelled and hopefully I'll still like the area. At that point I don't care if it's worth £1 or £1million, although would prefer cheaper houses if I end up with kids. 

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It really does make sense imo, as long as you can get a home you think you'll be happy in long term. I wouldn't have got anything just to get on the 'ladder' at this point. Good luck with the move (I realised very quickly when people say that, they mean good luck with your solicitor, I hope s/hes not a complete d1ckbag). Only two months and you'll never hear the term 'dead money' again. People don't mind when your giving it to a bank/building society. 

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14 hours ago, locky82 said:

It really does make sense imo, as long as you can get a home you think you'll be happy in long term. I wouldn't have got anything just to get on the 'ladder' at this point. Good luck with the move (I realised very quickly when people say that, they mean good luck with your solicitor, I hope s/hes not a complete d1ckbag). Only two months and you'll never hear the term 'dead money' again. People don't mind when your giving it to a bank/building society. 

Indeed. The house is just what we've been looking for for about 12 to 18 months. We could see ourselves living there forever i think. The place can easily be extended and has a great garden in a good location. 

The other half is a solicitor so someone in her firm is transacting for us. Hopefully they will do a decent job ;)

I fully agree about not just butting somewhere to get on the ladder. I've a few colleagues who've bought new build on tiny plots with limited parking. They seem happy with it though so good luck to them i guess. 

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