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One third of sellers are forced to cut house price

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‘Price reductions can be a sign that vendors have been over-optimistic in their original valuation,’ said David Hollingworth, of L&C Mortgages.

‘However, the level of adjustment here suggests many are finding softer demand is forcing them to rethink their asking price to attract buyers, despite the low level of properties on the market.’

Buying agent Henry Pryor said: ‘At present we are parachuting in the dark, with no idea how far we’ve fallen or where the bottom is.

‘Prices aren’t what they were 12 months ago and the competition we saw among buyers, where they would queue to view open houses, has gone.

‘It reinforces how important it is for owners who are selling this autumn to get their asking price right and not be too greedy.’

 

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http://www.bbc.co.uk/news/business-41200686

 

Ken, 91, bought his flat in Burlington Court for around £180,000 in 2008.

"I thought when I bought this that if I lived for another five or six years, my children would get maybe £190,000 for it," he said.

"In actual fact they'll be lucky to get £70,000 for it, maybe even £60,000.

 

 

 

They ask why is it happening.? Maybe it`s something to do with them being conned...or fraud...or they also were greedy.?

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1 hour ago, rollover said:

Sellers are desperate as buyer demand wanes amid concerns over Brexit Daily mail

 

440D517700000578-0-image-a-35_1504912601

Despite Rod's song, the first cut is not the  deepest.

In palces like NE + Yorkshire, MMR means there's no dumb liar able  to take on a mortgage of more than ~80k.

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50 minutes ago, GinAndPlatonic said:

http://www.bbc.co.uk/news/business-41200686

 

Ken, 91, bought his flat in Burlington Court for around £180,000 in 2008.

"I thought when I bought this that if I lived for another five or six years, my children would get maybe £190,000 for it," he said.

"In actual fact they'll be lucky to get £70,000 for it, maybe even £60,000.

 

 

 

They ask why is it happening.? Maybe it`s something to do with them being conned...or fraud...or they also were greedy.?

Greedy stupid dumb.

A quick walk around Bird would show that only about ~40% of the town have jobs and most of those pay much less than 20k.

 

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49 minutes ago, GinAndPlatonic said:

http://www.bbc.co.uk/news/business-41200686

Ken, 91, bought his flat in Burlington Court for around £180,000 in 2008.

"I thought when I bought this that if I lived for another five or six years, my children would get maybe £190,000 for it," he said.

£190,000 would have been a loss if related to inflation.

54 minutes ago, GinAndPlatonic said:

"In actual fact they'll be lucky to get £70,000 for it, maybe even £60,000.

That's more than he should have paid for it in the first place, if related to inflation pre-2007 when he bought.

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24 minutes ago, wotsthat said:

Now we have the emotional blackmail, falls in house prices hammers and upsets the aged, they really will stoop to any trick in the book

Yeah, those nutters at the BBC! Publishing stories about houses prices having gone down 70% (in nominal) over a decade. Talk about ramping!

The Land Registry custom search (a nice little tool BTW) graphs for the East Riding of Yorkshire are quite a thing:

For the period since 2008

59b3cccd56992_EastRidingofYorksflatsLandRegavgprice2007-2017.png.268a98f93667ad8f6e3ea9b9033bd09f.png

And setting those prices into the longer run (the Land Reg site only gives data back to 1996)

59b3cd1538003_EastRidingofYorksflatsLandRegavgprices1996-2017.thumb.png.c6df3134ccef2dcc702ace0bd2fd4f4b.png

59b3cd18ce017_EastRidingofYorksflatsLandRegsalesvolumes1996-2017.thumb.png.f38f4ffbd7bd223f48ebfe9ae81d83bf.png

 

Edited by Bland Unsight

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This Burlington House chap basically payed top whack with bubble equity at the fag end of a monster credit boom. Maybe the people coming up ten years behind him don't have today the bubble equity he had then.

Maybe they've were MEWing out their equity on interest-only mortgages during the boom to finance holidays, cars and other current spending? Maybe they've been living off their equity using equity release in the intervening years? Maybe both.

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4 minutes ago, Bland Unsight said:

This Burlington House chap basically payed top whack with bubble equity at the fag end of a monster credit boom. Maybe the people coming up ten years behind him don't have today the bubble equity he had then.

Maybe they've were MEWing out their equity on interest-only mortgages during the boom to finance holidays, cars and other current spending? Maybe they've been living off their equity using equity release in the intervening years? Maybe both.

In Brid. Dont forget its in Brid, very important!

 

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24 minutes ago, spyguy said:

In Brid. Dont forget its in Brid, very important!

 

Is that important when explaining why he thinks it ought to be worth more or does it help explain why it is worth so little?

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29 minutes ago, Bland Unsight said:

This Burlington House chap basically payed top whack with bubble equity at the fag end of a monster credit boom. Maybe the people coming up ten years behind him don't have today the bubble equity he had then.

 

These retirement developments also tend to be leaseholds with ground rent and borderline extortionate management fees. You need to have the equity and the pension income to pay the fees too, and these fees will only have gone up over the last decade, possibly by quite a lot.

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11 minutes ago, ThePiltdownMan said:

These retirement developments also tend to be leaseholds with ground rent and borderline extortionate management fees. You need to have the equity and the pension income to pay the fees too, and these fees will only have gone up over the last decade, possibly by quite a lot.

Good point.

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1 hour ago, wotsthat said:

I wrote yet another letter the other day to the BBC on how they cover house price falls, totally oblivious(or ignore)  the millions that would welcome them.

Now we have the emotional blackmail, falls in house prices hammers and upsets the aged, they really will stoop to any trick in the book

Did you note the pictures that they use as well.

The closeup of the aged couples clasped hands was particularly disingenuous.

They are once again pushing how you should feel about a story.

The BBC is basically emotionally and politically unhinged these days.

 

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15 minutes ago, Bland Unsight said:

Is that important when explaining why he thinks it ought to be worth more or does it help explain why it is worth so little?

Latter.

Brids got a good shellfish industry.

Rest of the economy is based on welfare to smackheads from Leeds.

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4 hours ago, Noallegiance said:

Yeah. Brexit innit.

Brexit = A reason without any investigation you can just say it is so.

People in Norfolk voted for brexit (leftie rich studenty part of Norwich aside).

£350,000 nice homes sell immediately people ask for 420,000 + so they do not.

Last year they where 330/350

So really just greed there has been a crash in sales but due to this from what i can see in my area.

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1 hour ago, Bland Unsight said:

Yeah, those nutters at the BBC! Publishing stories about houses prices having gone down 70% (in nominal) over a decade. Talk about ramping!

It wasn't a story about houses having fallen in price, it was a story about the entitlement of the elderly to real estate profits.

I've got a Windows 95 486 floating around here somewhere that has literally plummeted in value since I bought it.  

Where's my money box investigation?

Edited by DrBuyToLeech

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3 hours ago, Bland Unsight said:

Yeah, those nutters at the BBC! Publishing stories about houses prices having gone down 70% (in nominal) over a decade. Talk about ramping!

The Land Registry custom search (a nice little tool BTW) graphs for the East Riding of Yorkshire are quite a thing:

For the period since 2008

59b3cccd56992_EastRidingofYorksflatsLandRegavgprice2007-2017.png.268a98f93667ad8f6e3ea9b9033bd09f.png

And setting those prices into the longer run (the Land Reg site only gives data back to 1996)

59b3cd1538003_EastRidingofYorksflatsLandRegavgprices1996-2017.thumb.png.c6df3134ccef2dcc702ace0bd2fd4f4b.png

59b3cd18ce017_EastRidingofYorksflatsLandRegsalesvolumes1996-2017.thumb.png.f38f4ffbd7bd223f48ebfe9ae81d83bf.png

 

I don't listen to the BBC anymore, mouth piece of gov and bankers certainly with an all to obvious agenda, not neutral and not unbias.  anything from fronting war in other countries in the name of democracy so making up figures to blind people, those interested enough to snuff there crap is well within capability IMHO

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5 hours ago, DrBuyToLeech said:

It wasn't a story about houses having fallen in price, it was a story about the entitlement of the elderly to real estate profits.

I've got a Windows 95 486 floating around here somewhere that has literally plummeted in value since I bought it.  

Where's my money box investigation?

I sodding loathe moneybox

Other day total sympathy for some scam victims who were basically greedy foolish bastards 

I really sodding loathe it

 

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11 hours ago, GinAndPlatonic said:

http://www.bbc.co.uk/news/business-41200686

 

Ken, 91, bought his flat in Burlington Court for around £180,000 in 2008.

"I thought when I bought this that if I lived for another five or six years, my children would get maybe £190,000 for it," he said.

"In actual fact they'll be lucky to get £70,000 for it, maybe even £60,000.

 

 

 

They ask why is it happening.? Maybe it`s something to do with them being conned...or fraud...or they also were greedy.?

He bet his kids inheritance on shiny. A microcosm of the wider economy.

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2 hours ago, monkeyman1974 said:

I sodding loathe moneybox

Other day total sympathy for some scam victims who were basically greedy foolish bastards 

I really sodding loathe it

 

Hey man I feel for you. At least I have the choice whether to consume the #vileBBC or not. I choose not to and it feels great.

 

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11 hours ago, GinAndPlatonic said:

There are maybe half a dozen wrong headed open assumptions that a healthy property market only always goes up, in that article. Price falls are directly described as 'criminal' and 'wrong'.

It's a fooking market ffs. What did they expect seriously, the fairy godmother to wave her hpi wand and make everything double in price every ten years?

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  • 295 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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