Smiley George Posted May 21, 2020 Share Posted May 21, 2020 2 minutes ago, Twenty Something said: Just logged into my Rightmove account. I've been keeping an eye on my area incase my purchase falls through and I need start again. The latest two properties I had saved from last week (added 13/05 and 15/05) have both now gone Sold STC. Of course I don't know what price was accepted, but the fact that they have gone within about a week of the market re-opening suggests that the demand is still very much there. No sign of any crash here. Interesting - what area of the country is that? Across my 3 Rightmove searches....there are now 7 houses this week all come back on after going SSTC, all 3 bed semi's/terraced (SW London and Surrey). Lots of signs that point to something about to happen, albeit I'm not claiming crash has started yet. Quote Link to comment Share on other sites More sharing options...
Twenty Something Posted May 21, 2020 Share Posted May 21, 2020 3 minutes ago, Smiley George said: Interesting - what area of the country is that? Across my 3 Rightmove searches....there are now 7 houses this week all come back on after going SSTC, all 3 bed semi's/terraced (SW London and Surrey). Lots of signs that point to something about to happen, albeit I'm not claiming crash has started yet. SE London. Market is very lively. Lots of properties coming new onto Rightmove. Some are going from SSTC back to for sale- I've counted 4 over my 9 pages of saved properties. The two above have gone SSTC in about two weeks of being listed. Still about 8 pages worth of properties that remain SSTC. Seems 95% of people so far are holding tight with their purchases. Quote Link to comment Share on other sites More sharing options...
crumblingcon Posted May 21, 2020 Share Posted May 21, 2020 21 minutes ago, captainb said: Mortgage holiday about to be extended from 3 months to 6. If it is logically you are looking at 2021 before there are any distressed sellers coming in. For people to sell before coming 'distressed' you would have to believe those monthly falls will continue not just go down for 6 months and come back next year. As if you believe the latter why sell now? Now.. if your looking at Nine Elms 2 bed flats for £800k plus. I can see some real carnage this year. It's destruction bit by bit, the forever putting it off that is building for that one penultimate day when they just cannot take it any further.. The once common 25 year mortgage stretched to 30, 35 or even 40 years? A mortgage holiday for 6 months, 1 year, 2 years plus, or how about diverting money from building a pension fund, or Governments making even more cut backs in various departments in order to redirect money to housing. It will give Quote Link to comment Share on other sites More sharing options...
moonriver Posted May 21, 2020 Share Posted May 21, 2020 13 minutes ago, captainb said: Mortgage holiday about to be extended from 3 months to 6. If it is logically you are looking at 2021 before there are any distressed sellers coming in. I was interested to see that 1.7million are already on this, and they are suggesting the scheme would be kept open to new applicants. With so many on it, it does look like it is likely to help delay the house price crash, but surely they can't extend this long term? Does anyone know if it includes BTL mortgages? With no impact on their credit record, there appears to be no reason for most to go for it? https://www.msn.com/en-gb/news/coronavirus/uk-mortgage-payment-holiday-set-to-be-extended/ar-BB14neOj?li=BBoPWjQ&ocid=mailsignout Quote UK mortgage payment holiday set to be extended ..."Rishi Sunak is drawing up plans to extend the mortgage payment holiday that UK banks have given to 1.7m homeowners suffering financial stress because of the coronavirus pandemic.... ....ministers are under pressure to extend the programme much further into the summer — perhaps for three months — and allow borrowers to delay payments with no impact on their credit record...." ..... .."Banks want the FCA to allow them to extend the scheme for borrowers who are still facing difficulty, although some are reluctant to offer a blanket extension to all homeowners: “Those that can afford to cover their borrowing should do so,” said one banker...." Quote Link to comment Share on other sites More sharing options...
captainb Posted May 21, 2020 Share Posted May 21, 2020 27 minutes ago, moonriver said: I was interested to see that 1.7million are already on this, and they are suggesting the scheme would be kept open to new applicants. With so many on it, it does look like it is likely to help delay the house price crash, but surely they can't extend this long term? Does anyone know if it includes BTL mortgages? With no impact on their credit record, there appears to be no reason for most to go for it? https://www.msn.com/en-gb/news/coronavirus/uk-mortgage-payment-holiday-set-to-be-extended/ar-BB14neOj?li=BBoPWjQ&ocid=mailsignout Yes it has been used on BTL on a 'case by case basis' in reality i believe accepted in every case so far. Whether an extension would be i dont know Quote Link to comment Share on other sites More sharing options...
captainb Posted May 21, 2020 Share Posted May 21, 2020 41 minutes ago, crumblingcon said: It's destruction bit by bit, the forever putting it off that is building for that one penultimate day when they just cannot take it any further.. The once common 25 year mortgage stretched to 30, 35 or even 40 years? A mortgage holiday for 6 months, 1 year, 2 years plus, or how about diverting money from building a pension fund, or Governments making even more cut backs in various departments in order to redirect money to housing. It will give Agreed the question is when? if it gives in 50 years time not that exciting shall we say. The mortgage extension would really push the can a long way down the road. People look at the mortgage payment on a monthly basis v the rent they are paying. If mortgage payment went down from £1,000 a month to £800 a month against rent of £950, people would jump in. Ignoring the lower amount is payable for 35 years. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted May 21, 2020 Share Posted May 21, 2020 I'm a long time lurker and someone who has followed property prices in Scotland for many years. My view on Scotland is mean prices will fall no more than 10-15%. The reason for this is that property up remains incredibly affordable. Unless you want to live in the centre of Edinburgh, paying 500K for a two 2 bed flat in the old town, then you can buy a nice family home within a 30 - 45 min commute of Edinburgh/Glasgow for 200 - 300K. There are many nice towns and villages within the central belt, Lothians, Fife, Borders, etc that offer an easy commute to the city for jobs. Scotland really isn't that big, and the main towns and cities are well connected. You can live like a king in Scotland for 400 - 500K. You can buy country manors up here for the price of a 4 bed semi in Kent! Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted May 21, 2020 Share Posted May 21, 2020 7 minutes ago, captainb said: Agreed the question is when? if it gives in 50 years time not that exciting shall we say. The mortgage extension would really push the can a long way down the road. People look at the mortgage payment on a monthly basis v the rent they are paying. If mortgage payment went down from £1,000 a month to £800 a month against rent of £950, people would jump in. Ignoring the lower amount is payable for 35 years. With maintenance costs £800 pcm mortgage could be more expensive than £950 pcm rent. Quote Link to comment Share on other sites More sharing options...
captainb Posted May 21, 2020 Share Posted May 21, 2020 2 minutes ago, iamnumerate said: With maintenance costs £800 pcm mortgage could be more expensive than £950 pcm rent. Sure but that wont stop people choosing the former over the later. Human nature not to think the boiler will one day break and take that into consideration. Quote Link to comment Share on other sites More sharing options...
Brissole Posted May 21, 2020 Share Posted May 21, 2020 Hello all, just an anecdotal update. We live in Bristol and have completely renovated a house up over the last five years it looks good now and we have genuinely added some value. Due to a new child we have looked at moving up in size (not sure it's the right thing financially but prepared to take a hit to have more space). We just bid on a property which needed new everything: roof, floorings, ceilings, central heating, kitchen, bathroom, doors the whole lot needed to be gutted and renovated. It was on at £425k and has sold apparently at £450k... Crazy in our opinion! If there is going to be a crash, and I think there is, it ain't happening any time soon around here. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted May 21, 2020 Share Posted May 21, 2020 Coronavirus: UK property sales hit record low in April https://www.bbc.co.uk/news/business-52752475 Quote Link to comment Share on other sites More sharing options...
moonriver Posted May 21, 2020 Share Posted May 21, 2020 Just heard Martin Lewis, Money saving expert, on itv "This Morning" answer a question from a FTB with only 5% deposit, as to whether to delay their purchase. to sum up he told her.... it is a tricky time to be buying a house, to get a decent mortgage now you need a bigger deposit or to have greater equity in your house, if you are remortgaging, nobody knows what is going to happen to house prices. If they plummet, lenders want more security, so they are not exposed too much and you have a very small deposit, if you can get 10% deposit you will find mortgage rates cheaper, so its worth waiting , to see what happens to house prices. There's a possibilty they will come down, (not a prediction), so you may be a lot better off waiting a year, build up to 10% deposit, so your mortgage will be cheaper and house prices might be cheaper. He finishes off by saying he can't tell her what to do, but he would not be in a rush to be buying right now... Interesting. Martin Lewis is well known and respected with the general public, so I am guessing what he says is important for sentiment regarding the housing market. Mabye that alone, could put many off buying now, who can't really afford it. (or at least encouraging lower more realistic offers). Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted May 21, 2020 Share Posted May 21, 2020 27 minutes ago, Pmax2020 said: I'm a long time lurker and someone who has followed property prices in Scotland for many years. My view on Scotland is mean prices will fall no more than 10-15%. The reason for this is that property up remains incredibly affordable. So you'll know what prices were 25 years ago. And what were borrowing rates then, and now (last 10 years)? And with much higher unemployment and higher borrowing costs, prices will fall marginally. I'll be astonished if you are right. Quote Link to comment Share on other sites More sharing options...
moonriver Posted May 21, 2020 Share Posted May 21, 2020 34 minutes ago, captainb said: Yes it has been used on BTL on a 'case by case basis' in reality i believe accepted in every case so far. Whether an extension would be i dont know Amazing how BTL seems to be a business with very little risk because they keep getting help from the government. Let's hope they are not included in the holiday extension. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted May 21, 2020 Share Posted May 21, 2020 2 hours ago, Killer Bunny said: So you'll know what prices were 25 years ago. And what were borrowing rates then, and now (last 10 years)? And with much higher unemployment and higher borrowing costs, prices will fall marginally. I'll be astonished if you are right. Average house prices in England are as much as 2 - 3 times that of many regions in Scotland. So aside from your 500k flats in the Edinburgh’s old town, you really don’t need to spend more than 350/400k to have a great family home here. 250-300k suffices in cases. Even a single income family on the national living wage can comfortably own a modest 3 bed ex-local authority home in an most towns. A young couple however, perhaps grads or those that work in secure local authority or the nhs jobs, they can comfortably afford homes their parents spent a lifetime striving to own. There will be outliers however. Those that maxed out borrowing based on both earning... perhaps they have the flashy PCP cars too... I fear for these people but having lived sensibly myself I’m not completely sympathetic. Take Dunfermline as an example as geographically it offers a short commute to Edinburgh, but also a favourable distance to Glasgow and Perth for work too. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted May 21, 2020 Share Posted May 21, 2020 look how much you get for 600k... https://www.rightmove.co.uk/property-for-sale/property-71510575.html Or something more modest, a family home for 275k, 4 bed detached new build... https://www.rightmove.co.uk/property-for-sale/property-89002235.html Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted May 21, 2020 Share Posted May 21, 2020 And they are worth a third to a half less. On verra. Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted May 21, 2020 Share Posted May 21, 2020 I don’t know what verra is but if that’s the case that makes them even more affordable. The sold prices I check out every month show that even with a rises in recent years, properties are still cheap up here. Quote Link to comment Share on other sites More sharing options...
24gray24 Posted May 21, 2020 Share Posted May 21, 2020 8 minutes ago, Pmax2020 said: I don’t know what verra is but if that’s the case that makes them even more affordable. The sold prices I check out every month show that even with a rises in recent years, properties are still cheap up here. Are they cheap relative to ( current joint) incomes, or just cheap relative to Surrey? Even if it's the former, mass unemployment would be bound to lower prices further. We shall see... Quote Link to comment Share on other sites More sharing options...
crumblingcon Posted May 22, 2020 Share Posted May 22, 2020 22 hours ago, Pmax2020 said: I'm a long time lurker and someone who has followed property prices in Scotland for many years. My view on Scotland is mean prices will fall no more than 10-15%. The reason for this is that property up remains incredibly affordable. Unless you want to live in the centre of Edinburgh, paying 500K for a two 2 bed flat in the old town, then you can buy a nice family home within a 30 - 45 min commute of Edinburgh/Glasgow for 200 - 300K. There are many nice towns and villages within the central belt, Lothians, Fife, Borders, etc that offer an easy commute to the city for jobs. Scotland really isn't that big, and the main towns and cities are well connected. You can live like a king in Scotland for 400 - 500K. You can buy country manors up here for the price of a 4 bed semi in Kent! I loved Scotland for decades now, the Western Highlands and Isles being my favourite. And for quite a long time now I have considered moving up there as I love the outdoors and the people. But that possibility now has been greatly reduced because I just cannot stand the sizable anti English rhetoric up there anymore, even though by far most people up there are still decent. I might add I have always liked the Quote Link to comment Share on other sites More sharing options...
captainb Posted May 22, 2020 Share Posted May 22, 2020 https://www.bbc.co.uk/news/business-52767058 Holiday being extended another 3 months. So i wouldn't expect any distressed sellers this year. As you can not pay your mortgage from aptil to sept Quote Link to comment Share on other sites More sharing options...
crumblingcon Posted May 22, 2020 Share Posted May 22, 2020 https://www.bbc.co.uk/news/business-52767058 We knew it was coming, but here is confirmation, 6 months mortgage holiday. UK today, the put it off today and pay tomorrow society. So what next, a little more printing from the BOE, 1 year mortgage holidays, 30 year plus mortgages, another round of HTB? None of it's going to work this time, but it's just so frustrating, there are other people on this Island besides heavily in debt mortgage holders you know Quote Link to comment Share on other sites More sharing options...
CityLAD88888 Posted May 22, 2020 Share Posted May 22, 2020 23 hours ago, Twenty Something said: SE London. Market is very lively. Lots of properties coming new onto Rightmove. Some are going from SSTC back to for sale- I've counted 4 over my 9 pages of saved properties. The two above have gone SSTC in about two weeks of being listed. Still about 8 pages worth of properties that remain SSTC. Seems 95% of people so far are holding tight with their purchases. That's funny, I've seen exactly the opposite in SE London, people look to be dropping prices and looks like something might be on it's way in terms of a fall (we'll see how big I guess). Quote Link to comment Share on other sites More sharing options...
faloos Posted May 22, 2020 Share Posted May 22, 2020 3 hours ago, crumblingcon said: https://www.bbc.co.uk/news/business-52767058 We knew it was coming, but here is confirmation, 6 months mortgage holiday. UK today, the put it off today and pay tomorrow society. So what next, a little more printing from the BOE, 1 year mortgage holidays, 30 year plus mortgages, another round of HTB? None of it's going to work this time, but it's just so frustrating, there are other people on this Island besides heavily in debt mortgage holders you know Sooner or later the Piper will have to be paid. Quote Link to comment Share on other sites More sharing options...
stilgar Posted May 22, 2020 Share Posted May 22, 2020 3 hours ago, crumblingcon said: I loved Scotland for decades now, the Western Highlands and Isles being my favourite. And for quite a long time now I have considered moving up there as I love the outdoors and the people. But that possibility now has been greatly reduced because I just cannot stand the sizable anti English rhetoric up there anymore, even though by far most people up there are still decent. I might add I have always liked the What makes you think that there is a sizeable anti English rhetoric? There really isn't. About half the people living in the highlands are English anyway :) The independence movement was/is more to do with freeing ourselves from the Tories and since Brexit, re-joining Europe Quote Link to comment Share on other sites More sharing options...
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