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Buyers demand 20% discounts - the Mail


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1 hour ago, MuayThai18 said:

I'm so excited for the impending crash. There's a one bed cluster house I've had my eye on for about 9 months. It was originally on the market a year ago for 170k. Got dropped to 155k back in January. I think I might offer 110k just to piss off the estate agent and buyer. They will probably give in soon enough and I'll snap it up

Go for a 2 bedder instead, so you can rent a room (AirBnB or lodger) if you're ever short of money.

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50 minutes ago, Locke said:

Out of curiousity, if one makes an offer, is that a legal binding agreement to honour what you have offered? I would assume not, but who knows what the law is.

Nothing about the buying or selling process in England is legally buying until exchange.

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26 minutes ago, MuayThai18 said:

As far as I know in England you can back out at the last minute if you get cold feet. In Scotland however once you've made an offer you are committed to buying it. Glad I'm English lol

That's a one off though due to being on the cusp of a crash. 99%+ of the time the Scottish system is better for buyer and seller because gazumping, gazundering and chains don't exist. Unless of course you enjoy months of being strung along and stitched up at the last minute 

Mind you that's offset by our usual practice of asking for 'offers over', so you might go and see a house at 220k, and be advised to bid £257,500, as some areas go 10-20% over the valuation, and you need to build in a little extra to beat those putting the exact marked up value. It's a bit like winning at sniping an eBay auction. 

Edited by regprentice
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I’ve unfortunately now got a financial stake in the property market. Close family friend passed away nearly a year ago and the lovely lady left me part of her estate. She had no close family so the executors are a small solicitors firm. They haven’t even managed to put the property on the market yet ?

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Thinking about making an offer on a flat again.  Is money printing (or whatever it is they’re doing) likely to boost prices?  I don’t want to risk my measly deposit getting even less and zero interest.  Why is it so damn hard to make a property decision.   

 

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4 hours ago, Freki said:

We can play count the red flags:

  • New build
  • Halted Construction
  • both Furloughed
  • jobs in marketing
  • Deposit paid
  • virtual images only

+ not wearing socks while wearing black leather shoes.

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3 hours ago, GregBowman said:

The leverage is concentrated by definition at the lower end of the market and flats that are investment properties be it BTL or AirBnB

There won't be tens of thousands of really nice places in mature areas falling to the same level as those of course there will be a fair few. The overall drop I still maintain might average out at more than 30% but desirable properties will be in the 15-20% range. These are the ones to go for if you can afford it so I don't quite get the  thinking that I would rather have an  inferior house to that because I don't want the 'millstone' of the mortgage with insanely low interest rates its a no brainier at a sensible LTV.

What people did in 88-96 was make the jump to that three bed semi or even detached straight off the bat - this will be that time again. The real pain in London/South  prices terms is all the apartments and small houses on faceless estates in the £200k- £500k bracket they are going to be wiped out, with no prospect of moving to a family home for  a decade at least  

 

The lower end holds up the higher end. If anything highly priced properties are more vulnerable to bigger shifts in price due to things like stamp duty, and forced probate sales etc. there might be low volumes, but the changes will be big.

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5 hours ago, Sausage said:

I'm in sussex ... my landlord has a restaurant  and a massive house near the seafront ..... ooo errr!!!  If he puts it on the market i might make him a cheeky offer :):):) 

he might be forced to. 

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Ha! The Daily Mail. For the foreseeable future instead of articles saying stuff like "... he was found strangled to death beside his wife and 3 children at their £800,000 house", they'll likely say "...he was found strangled to death beside his wife and 3 children at their 50% discounted house". 

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5 hours ago, Drifty said:

I'm a FTB (when prices crash).

I demand 20% discount of this property.

https://www.zoopla.co.uk/for-sale/details/54079042?search_identifier=6008d8afbb239f008c26b185cdfcd77d

However I don't think they will take £172k...especially as they bought for £225k in 2017 and the current asking price is already £10k lower. Haha

Genuine question - why does it have three garages, but in the advert it states "Single Garage & Parking" - what is behind the other two doors? I presume other garages, so who do they belong to?

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12 minutes ago, jaseywasey said:

Genuine question - why does it have three garages, but in the advert it states "Single Garage & Parking" - what is behind the other two doors? I presume other garages, so who do they belong to?

They're referred to FOGs on site plans and layout drawings- flat over garages.

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11 minutes ago, jaseywasey said:

Genuine question - why does it have three garages, but in the advert it states "Single Garage & Parking" - what is behind the other two doors? I presume other garages, so who do they belong to?

Look at the floorplan. The house only comes with the garage to the right of the front door. The others, including where that massive van is parked, belong to other properties on the estate. I've seen this appalling design on other new build estates before. The developers obviously assumed they could always sell leasehold properties and people would accept 'houses' with other people parking underneath them. 

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5 hours ago, Drifty said:

I'm a FTB (when prices crash).

I demand 20% discount of this property.

https://www.zoopla.co.uk/for-sale/details/54079042?search_identifier=6008d8afbb239f008c26b185cdfcd77d

However I don't think they will take £172k...especially as they bought for £225k in 2017 and the current asking price is already £10k lower. Haha

I wouldn't recommend buying that gaff.

 

Seems like a very odd design that would only get built due to the housing boom.

 

These house builders are so cheap, they can't even offer full ceilings.

 

That's place must have cost well under £30k to put together, including 2 garages that aren't actually yours.

 

Surely this place can only ever be leasehold because you have the 2 other garages in the building?

 

Absolute madness!!

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25 minutes ago, reddog said:

I wouldn't recommend buying that gaff.

 

Seems like a very odd design that would only get built due to the housing boom.

 

These house builders are so cheap, they can't even offer full ceilings.

 

That's place must have cost well under £30k to put together, including 2 garages that aren't actually yours.

 

Surely this place can only ever be leasehold because you have the 2 other garages in the building?

 

Absolute madness!!

Supposedly coach houses are freehold on the whole building with long leases on the other garages. I'm not sure if that's the case with this.

I'm definitely not buying that overpriced junk. I didn't even realise the not full ceilings. 

But it's an example of someone (who is probably a ftb'er) who is screwed when houses drop further in price. They are already £-10k down if someone bought it at their current asking price.

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16 hours ago, Locke said:
  • sockless loafers

"Hey hun, we've got the Mail photo shoot today, make sure you wear those trendy trousers I bought you from H&M, and remember to polish your loafers"

"What the short ones? I'll put a nice pair of socks on too then"

"No, you're supposed to wear them without socks, remember?"

"But, what about my ankles? Won't I get cold feet?"

"Oh don't start that again, you said you'd get cold feet after we put the offer in on that new build we hadn't even seen during a global pandemic, but it was fine".

Edited by Bear Goggles
spelling like a dunce
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9 hours ago, sammersmith said:

Look at the floorplan. The house only comes with the garage to the right of the front door. The others, including where that massive van is parked, belong to other properties on the estate. I've seen this appalling design on other new build estates before. The developers obviously assumed they could always sell leasehold properties and people would accept 'houses' with other people parking underneath them. 

Lol. "Fully Detached Coach House"

Client expectation:

3037_1441108112.JPG.a17abd232a894be4ceeaa88c8d22711f.JPG

Client's budget:

e6c9c9c3bf8006bdff7e4ecbfc17616e3d5dcd38.jpg.c833b25daf1868d9460fe3109a448cb3.jpg

 

 

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14 hours ago, HovelinHove said:

The lower end holds up the higher end. If anything highly priced properties are more vulnerable to bigger shifts in price due to things like stamp duty, and forced probate sales etc. there might be low volumes, but the changes will be big.

Not sure but good point. I sold a million+ house two years ago - the viewers were not stepping up the ladder as it were - inherited money, location move or in one case downsizing to free up money for private education. 
 

The ladder stops somewhere below that level I think. In all those cases the chain was small if at all the other potential buyer could afford to buy without selling first 

There are 14000 transactions at this level in normal times  a year very few forced sellers and when they are snapped up which sets a floor - still a drop mind 

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1 hour ago, Bear Goggles said:

"Hey hun, we've got the Mail photo shoot today, make sure you wear those trendy trousers I bought you from H&M, and remember to polish your loafers"

"What the short ones? I'll put a nice pair of socks on too then"

"No, you're supposed to wear them without socks, remember?"

"But, what about my ankles? Won't I get cold feet?"

"Oh don't start that again, you said you'd get cold feet after we put the offer in on that new build we hadn't even seen during a global pandemic, but it was fine".

I just noticed the collarless shirt as well, which makes him look like a mannequin ?

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  • 433 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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