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Michael Gove ‘don’t exchange contracts’


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With predictions of 20% falls, who on earth would exchange contracts now unless they were boomers selling up. The market is going to get destroyed in the next 12 months, and cash will be king. After that, run for the hills as hyper inflation soars.

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Just now, stop_the_craziness said:

The hardest part of timing this next market is seller expectation taking time to adjust.  While we're waiting for reality to kick into their minds the hyper inflation may start.

I agree. I think it won’t really take hold until the autumn. I think there will be a 3-6 month window from Jan next year to buy.

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1 hour ago, HovelinHove said:

I agree. I think it won’t really take hold until the autumn. I think there will be a 3-6 month window from Jan next year to buy.

Or buy something that will appreciate in real terms in this environment. Housing will perform poorly, even with high inflation.

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54 minutes ago, RomfordDon said:

What’s to stop sellers from just sitting it out? Is there anything on the horizon to force sales?

I think people often mention the three Ds of forced sales (death, default and divorce). There will probably be more of all three - more people dying from the virus and unable to get treatment as most doctors are busy with it, more who can't pay mortgages due to lost income and more divorces as people are stuck inside with spouse in a marriage which is already on thin ice.

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3 hours ago, HovelinHove said:

With predictions of 20% falls, who on earth would exchange contracts now unless they were boomers selling up. The market is going to get destroyed in the next 12 months, and cash will be king. After that, run for the hills as hyper inflation soars.

I do so hope you are right.

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1 hour ago, solentmuppet said:

Your suggestions? 

I am starting, belatedly to go into Gold miners (should have gone in last year, or even 2 weeks ago). I think predictions of Gold doubling in value over the next few years are not unreasonable, and miners will go up with them. If inflation goes insane, then Gold will rise even further. I think having 20% of your wealth in some sort of Gold at the moment isn’t totally ridiculous.

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12 minutes ago, Simhadri said:

Even with 40% crash, people can't buy neither through mortgage nor through cash.

Solicitors, surveyors are not working.

So crash means nothing until we get the market moving.

I can see a few solicitors setting up in Nigeria to take over the strain.

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5 hours ago, RomfordDon said:

What’s to stop sellers from just sitting it out? Is there anything on the horizon to force sales?

The 4 Ds - death, divorce, debt, d*ckhead landlords cr*pping their pants. those people can't sit it out.

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3 hours ago, Simhadri said:

Even with 40% crash, people can't buy neither through mortgage nor through cash.

Solicitors, surveyors are not working.

So crash means nothing until we get the market moving.

cant it all be done over the phone/email/post?

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13 hours ago, Sausage said:

cant it all be done over the phone/email/post?

I had a nightmare getting some documents accepted over Xmas due to staff holidays at my solicitor. Changing a charge hold on a property on the land register. 

They had to be seen in person, copied, their copy stamped by a senior, they wouldn't keep the documents til this could be done at their convenience, receptionist couldn't accept the documents, neither the receptionist nor the solicitor copying the documents could do my id&v to prove who I was so a third solicitor needed to come down and look at my drivers licence. And then the actual solicitor who did the work wasn't there and took another 6 weeks to process it. 

In the end i had to travel 16 miles twice to get the right combination of staff for it to be processed. 

I wouldn't be surprised if, like a bank i used to work at, some work HAD to be done in the office because it was too significant or secret to be worked on at home (not deeds etc but serious court cases) 

Edited by regprentice
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  • 417 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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