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HovelinHove

Signs of desperation thread

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I am starting to see a few desperate sellers emerge from the undergrowth on Rightmove. I thought it would be good to post any juicy ones you see in this thread to keep our eyes on the prize. 

This one started at 675k. Dropped quite quickly to 650k a few weeks ago, then added two new agents (as if that will help, they are all next to each other on Rightmove). Now dropped to 635k. I suspect they would totally take 600k, but they will be lucky to get 550 in my view, although it is in a good neighbourhood, near a station etc. They may get someone who is prepared to pay this, but there will soon be other desperate sellers joining them. Quite a few “NO CHAIN” or “VACANT POSSESSION” properties I am watching too.

https://www.rightmove.co.uk/property-for-sale/property-79603225.html

Edited by HovelinHove
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This house in particular is positioned at the favoured end, away from the majority of the busyness. 

I do hope Ye Olde Public House is in good order.

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I thought at first that there were two houses- looks like they bought the second one and combined them into one detached?

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It’s pretty decent area. The house looks like it was extended a while ago. Looking at the decor it is probably owned by a couple of empty nester boomers in their late 60s maybe early 70s. I bet one of them needs to go into care or something, hence the desperation. It needs completely gutting unles you want to feel like you’re living in the 1980s still, but otherwise not a bad place. These are the kinds of place that you will get 30% off once the market is really hurtling down.

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35 minutes ago, HovelinHove said:

I am starting to see a few desperate sellers emerge from the undergrowth on Rightmove. I thought it would be good to post any juicy ones you see in this thread to keep our eyes on the prize. 

This one started at 675k. Dropped quite quickly to 650k a few weeks ago, then added two new agents (as if that will help, they are all next to each other on Rightmove). Now dropped to 635k. I suspect they would totally take 600k, but they will be lucky to get 550 in my view, although it is in a good neighbourhood, near a station etc. They may get someone who is prepared to pay this, but there will soon be other desperate sellers joining them. Quite a few “NO CHAIN” or “VACANT POSSESSION” properties I am watching too.

https://www.rightmove.co.uk/property-for-sale/property-79603225.html

How much did they pay for it ?


Those arent falls, those are lower rises.

That house should be worth about £200K

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Just had a look at the pictures. Ye gods! Have to agree with the Count on that one, I wouldn't want to separate with £200,000 for that house. It shows just how insane the current market is.

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A friend of mine came over this weekend (socially distanced of course), he is renting the home but knows the owner well. The owner had it on the market before Covid at £475k (2 bed flat in hackney on the 4th floor - no lift), accepted £460k, fell thru, agent told him if he wanted to sell it he should go to £425k - he's independently wealthy and just wants shot, so he has put on at £425k and would accept £400k. That would be a 15% drop in 6 months.

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The only redeeming feature of that house is the easy to manage garden/patio/patio doors. That 70s architecture is something I grew up in and its just so bland and soulless. And its like a possibly dubious extension (although looks quite well done). The area is good enough though. 600k? Nah. 

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£15k not really desperate at the moment.

I think there are a couple of types of desperate. I've seen some properties listed at under what I reckon is market value, just to get rid. Most are chain free, so maybe someone died. Anyway, they end up going real quick. Ideally I would hope to come across and buy one of those. Another type is those who can't sell and end up at auction.

There is another class, I've seen a few of these:

- priced way above comparable properties or above the historic ceiling
- multiple estate agents
- lots of small reductions a relatively short time apart

I think these people either 'need' a certain amount of cash to move, or need to avoid losses.

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6 hours ago, HovelinHove said:

I am starting to see a few desperate sellers emerge from the undergrowth on Rightmove. I thought it would be good to post any juicy ones you see in this thread to keep our eyes on the prize. 

This one started at 675k. Dropped quite quickly to 650k a few weeks ago, then added two new agents (as if that will help, they are all next to each other on Rightmove). Now dropped to 635k. I suspect they would totally take 600k, but they will be lucky to get 550 in my view, although it is in a good neighbourhood, near a station etc. They may get someone who is prepared to pay this, but there will soon be other desperate sellers joining them. Quite a few “NO CHAIN” or “VACANT POSSESSION” properties I am watching too.

https://www.rightmove.co.uk/property-for-sale/property-79603225.html

I love photo 26 of 26 lol. That'll surely stop the price dropping under £500k! 

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5 hours ago, whynow said:

A friend of mine came over this weekend (socially distanced of course), he is renting the home but knows the owner well. The owner had it on the market before Covid at £475k (2 bed flat in hackney on the 4th floor - no lift), accepted £460k, fell thru, agent told him if he wanted to sell it he should go to £425k - he's independently wealthy and just wants shot, so he has put on at £425k and would accept £400k. That would be a 15% drop in 6 months.

Very interesting - Hackney is a great spot - Do you have a link?

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39 minutes ago, house-down said:

Very interesting - Hackney is a great spot - Do you have a link?

I totally get this. My Mum is not very well, and may well depart the mortal coil in the next year. She has one of these Retirement  apartments in a high end block. I’ve already decided to take a big hit on it if I need to offload. Not going to mess around with estate agent quotes...in fact I’d go for teh lowest one, knock 5% off that and accept another 5% below. Chasing the market down is a daft strategy...get ahead of the Tsunami if you want to sell.

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5 hours ago, smash said:

The only redeeming feature of that house is the easy to manage garden/patio/patio doors. That 70s architecture is something I grew up in and its just so bland and soulless. And its like a possibly dubious extension (although looks quite well done). The area is good enough though. 600k? Nah. 

675k   minus the usual 10 percent overvaluation by the agent, and maybe that again in negotiation, last year that would have sold. 

It doesn't have to be 'fair',  just that is the market. I did 'generation rent' for a quarter of a century also - and had a serious haircut in care-fees charged upon the house when I inherited. 

(vote lower taxes 'innit,  OAP's  spend 6 digit sums on compulsory deprivation of liberty "care", youngsters can spend 60 percent of their income on rent...see the connection.   But no labour tax bomshell so all good)

https://www.rightmove.co.uk/house-prices/haywards-heath.html

 Hayward's Heath is one of the top postcodes in the South East,  5 bed detached, no chain, nice area. 

The extension has cost the garage, for me the whole point of having a big house surely?

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By Mid 2008 prices had come down ~10% from the end 07 peak

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Don't know if people count the new additions daily, but where I was watching a lot of properties came on today and yesterday vs a trickle in the prior two weeks. I would bet this coincides with the most financially switched on businesses starting to make people redundant now so they can get the gov to pay notice period via furlough.

The desperation move of throwing your house on the market before the mortgage holiday's end?

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6 minutes ago, whynow said:

Don't know if people count the new additions daily, but where I was watching a lot of properties came on today and yesterday vs a trickle in the prior two weeks. I would bet this coincides with the most financially switched on businesses starting to make people redundant now so they can get the gov to pay notice period via furlough.

The desperation move of throwing your house on the market before the mortgage holiday's end?

Funny you should say that, but these past few days I've seen a noticeable deluge of properties listed in my home town and county. I sincerely hope this is panic, and that it snowballs.

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£635k for that pile of sh1te?!! 

That's nearly $1 million.  You could get a mansion in LA for that !  or used to. You get the idea.

And people think these prices are normal?

 

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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