House just fell through

[GregBowman]

46 minutes ago, moonriver said:

Why do you think waiting until April is the best option?

Would winter time not be the best time to bag a bargain, especially for empty properties?

Genuine question as we are looking to buy, but holding off for awhile, whilst we seem to have this mini (crazy) boom.

I will try to avoid sounding like someone who has seen it all before..and fail !

My thinking is there is a bit of pent up demand because the traditional buying/selling season was shot to pieces. Mortgages will be rationed so people are panicking and getting finance approved. This is compounded by 10 million people on furlough and yet the country is operating ok. My work takes me into many board rooms (for some reason some people on here think that is  some sort of snobbish statement but there you go ) in a recent  meeting we were ruminating on  the fact that our furlough grant will now be for 17 employees it was about 65 at the start. The thing is the elephant in the room was we couldn't really see when they would get back if at all. I reckon that is fairly typical therefore it is not inconceivable  that there will be in short order something like 2 million people unemployed suddenly pre Christmas.

Sooner or later that will have an effect 

 

Edited July 29, 2020 by GregBowman

[Killer Bunny]

7 hours ago, jiltedjen said:

- Interest relief

- homeowner vouchers

- DIY subsidies

- council tax reductions (especially from a Tory gov)

- government backed mortgage loans

- ‘mortgage furlough’ where the gov pays 80% of mortgage 

- bans on evictions

- bank bailouts

- HTB on steroids

- ‘help to downsize’

whats strange is just writing any old shite, it does seem that a lot of this is actually real, or happened before

basically they will do anything to prevent large scale house price falls as that is the economy 

You actually believe any or all of that combats what I keep writing? ???

[moonriver]

2 hours ago, GregBowman said:

I will try to avoid sounding like someone who has seen it all before..and fail !

My thinking is there is a bit of pent up demand because the traditional buying/selling season was shot to pieces. Mortgages will be rationed so people are panicking and getting finance approved. This is compounded by 10 million people on furlough and yet the country is operating ok. My work takes me into many board rooms (for some reason some people on here think that is  some sort of snobbish statement but there you go ) in a recent  meeting we were ruminating on  the fact that our furlough grant will now be for 17 employees it was about 65 at the start. The thing is the elephant in the room was we couldn't really see when they would get back if at all. I reckon that is fairly typical therefore it is not inconceivable  that there will be in short order something like 2 million people unemployed suddenly pre Christmas.

Sooner or later that will have an effect 

 

Thanks for your interesting reply.

It hadn't occured to me that there could currently be a rush to get finance whilst it is still available, but I think you are likely to be correct there. With the recent msm coverage, buyers must be aware that mortgages are getting harder to find.

Also, it looks like furlough is likely to delay a correction to the housing market a lot longer than I initially anticipated.

But in time, as so many become unemployed, I believe house prices can only come down. 

[Pop321]

22 hours ago, Chunketh said:

My house purchase just fell through. Been waiting on this since January and I am super pissed.

Hopefully some of you good folk can make me feel better about it  ?

Third offer presented to me today. The freehold and ground floor of the house I own the other flat in. I have wanted it for years. 
Offered at full market price (fair enough I have made it clear I wanted it)....

My answer?...no thanks, there is a massive pandemic, 10m furloughed and people walking round the parks jogging and eating ice creams ignoring social distancing some thinking they are on a paid sabbatical. 

Seriously. I have made plenty of pennies getting this right in the past. Even at 21 I experienced a massive crash (early 90’s) after we sold and moved to rented...fluke by the way. Watching the market tumble and houses not selling at what seemed ridiculously low prices was a beauty to behold. 

We bought a steal at £62k (would have been £80k a year earlier) and were delighted and set up for life....the market was so bad the house opposite came up 2 years later for £50k and I just winced and hung on for a decade. 

It may not happen but at the very least with all these unknowns I would sit on your hands for a few months....a word used too often but very applicable is ‘unprecedented’  

[GregBowman]

4 minutes ago, Pop321 said:

 

My answer?...no thanks, there is a massive pandemic, 10m furloughed and people walking round the parks jogging and eating ice creams ignoring social distancing some thinking they are on a paid sabbatical. 

You would not believe (you would probably would to be fair) some of the c*** youngsters in my two worlds IT and media are dreaming up as excuses not to get back to work - It's not like we are revving up the redundancy  spreadsheet or anything ....

Edited July 29, 2020 by GregBowman

[Switch625]

13 minutes ago, Pop321 said:

It may not happen but at the very least with all these unknowns I would sit on your hands for a few months....a word used too often but very applicable is ‘unprecedented’

That's my take as well for what it's worth. It could be the wrong choice, but I doubt it.

[Pop321]

6 minutes ago, GregBowman said:

You would not believe (you would probably would to be fair) some of the c*** youngsters in my two worlds IT and media are dreaming up as excuses not to get back to work - It's not like we are revving up the redundancy  spreadsheet or anything ....

I had a lunch break coffee today in the local gardens...it’s a lovely town but it was heaving and ridiculous. You really wouldn’t know the economy is in trouble with plenty of spending going on...happy days, you only live once.??‍♂️
Hey, with all this spending maybe there is no economic disaster? Oh wait, is that more redundancies? 

You were  spot on re borrowing ‘whilst they can’. People moving on the ladder while they can and everyone (including these threads) believing all debt will be written off etc or those buying believing they are financially invincible. 

That a gamble if ever I heard one....and scraping around for work to pay a mortgages isn’t fun. No back stop of moving in with a friend/parents as an emergency either because the mortgage man and council man still wants paying.  

Genuinely this could be a significant adjustment all round....if it’s not then a FTB may need to find a few extra % but if it falls they could be stuck for a long long time.

Original poster, A few months is all....just wait and watch a few months. 

[Si1]

15 minutes ago, GregBowman said:

You would not believe (you would probably would to be fair) some of the c*** youngsters in my two worlds IT and media are dreaming up as excuses not to get back to work - 

If they're young then possibly they went into the wrong line of work for them, so they don't enjoy it. 

[GregBowman]

34 minutes ago, Si1 said:

If they're young then possibly they went into the wrong line of work for them, so they don't enjoy it. 

Media and IT ? - One they are queuing up to get in the other still queuing but smaller queue but loads better paid 

Hence why I mentioned the industries 

Just naive and feckless I am afraid 

The media company is film making real creative stuff 

Edited July 29, 2020 by GregBowman

[PeanutButter]

4 minutes ago, GregBowman said:

Media and IT ? - One they are queuing up to get in the other still queuing but smaller queue but loads better paid 

Hence why I mentioned the industries 

Just naive and feckless I am afraid 

The media company is film making real creative stuff 

I worked in a creative company and while there saw two paid interns come in, act as if we owed them the moon on a stick, screw up their chances by skiving and lying, and jog on. One of them was the underdog (rough background) and instead of picking the well-connected, erudite, privatedly-educated, young woman we gave him a chance. And he blew it. 

Naive and feckless for sure. 

I have been reiterating how much I love my job and the company recently. I’m not above making it clear I don’t want to be on the inevitable cull list. 

[Si1]

23 minutes ago, GregBowman said:

Media and IT ? - 

Even more so, if an industry is outwardly attractive then people may go into it as a default, not really knowing what they want. 

But they could also be naive instead.

[GregBowman]

1 hour ago, Si1 said:

Even more so, if an industry is outwardly attractive then people may go into it as a default, not really knowing what they want. 

But they could also be naive instead.

Both businesses well run caring thoughtful management as good as anything I saw in my big Corp life 

Don’t know a good thing when they see it comes to mind ?

[GregBowman]

1 hour ago, PeanutButter said:

I worked in a creative company and while there saw two paid interns come in, act as if we owed them the moon on a stick, screw up their chances by skiving and lying, and jog on. One of them was the underdog (rough background) and instead of picking the well-connected, erudite, privatedly-educated, young woman we gave him a chance. And he blew it. 

Naive and feckless for sure. 

I have been reiterating how much I love my job and the company recently. I’m not above making it clear I don’t want to be on the inevitable cull list. 

So sad but we aren’t social workers gave a chance to a wrong side of the tracks kid 20 years ago - repayed us by borrowing one of the company cars at lunchtime stuck it through a wall total ins claim £25k raised our premiums for years 

Recently been friends with him on Facebook - totally feckless blaming the world must be 40+

[longgone]

On 28/07/2020 at 20:58, Chunketh said:

 

 I am in this for the long term, 46 years old so if I am going to get something permanent for a decent retirement it has to be real soon. Thats the bit that scares me. Whats with all the rises going on!

i am you in 4 years, god i hope i have time. 

i would wait till next year to see the damage through first, that`s if TPTB don`t extend life support for a while longer.  existing opinions are based on the current economic setup nothing stopping them ripping up the whole lot and doing something else. seems a big majority of people worldwide are going to be unemployed for a long time. 

[qejunkie]

9 hours ago, Pop321 said:

 

You were  spot on re borrowing ‘whilst they can’. People moving on the ladder while they can and everyone (including these threads) believing all debt will be written off etc or those buying believing they are financially invincible. 

 

This is a very important driver of the market at the moment. Also People with mortgage approvals done pre covid, and purchases they carried on with, which meant you had a vendor with monopoly money to spend on another property. 

[HovelinHove]

On 28/07/2020 at 22:49, Simhadri said:

Don't buy now. Wait until April.

+100

[Si1]

9 hours ago, GregBowman said:

 

 

 

9 hours ago, GregBowman said:

So sad but we aren’t social workers gave a chance to a wrong side of the tracks kid 20 years ago - repayed us by borrowing one of the company cars at lunchtime stuck it through a wall total ins claim £25k raised our premiums for years 

Recently been friends with him on Facebook - totally feckless blaming the world must be 40+

That's very sad and it's a shame. 

Edited July 30, 2020 by Si1

[winkie]

9 hours ago, GregBowman said:

So sad but we aren’t social workers gave a chance to a wrong side of the tracks kid 20 years ago - repayed us by borrowing one of the company cars at lunchtime stuck it through a wall total ins claim £25k raised our premiums for years 

Recently been friends with him on Facebook - totally feckless blaming the world must be 40+

There are feckless and irresponsible kids from all walks of life......some don't work doing things that they see as beneath them because they have parents that are forever supporting them.?

[GregBowman]

1 hour ago, winkie said:

There are feckless and irresponsible kids from all walks of life......some don't work doing things that they see as beneath them because they have parents that are forever supporting them.?

Agree Winkie - There are but its my experience that I have a better 'hit' rate with youngsters of all backgrounds if they come from two parent stable families, have  rounded interests , studied reasonably hard at school and so forth.

Funny enough these families tend to be hard working and have a reasonable lifestyle 

 

[dugsbody]

11 minutes ago, GregBowman said:

Agree Winkie - There are but its my experience that I have a better 'hit' rate with youngsters of all backgrounds if they come from two parent stable families, have  rounded interests , studied reasonably hard at school and so forth.

Funny enough these families tend to be hard working and have a reasonable lifestyle 

Congratulations, you've just found the problem of inequality of opportunity.

It is so easy to dismiss people as feckless but the statistics show that we're largely shaped by our environment and upbringing. Children born into a certain environment will mostly underperform. This isn't equality of opportunity. If it was, there would be no real patterns in who does well later in life.

A society which can successfully address that problem will be a much more pleasant place to live.

 

[longgone]

Maybe the feckless employees have been burnt by previous employers in the past,  give 6 years worth of service and you are rewarded at the end with the minimum legal redundancy payment of one weeks pay for every year from a 2 billion turn over company. 

 

[winkie]

1 hour ago, GregBowman said:

Agree Winkie - There are but its my experience that I have a better 'hit' rate with youngsters of all backgrounds if they come from two parent stable families, have  rounded interests , studied reasonably hard at school and so forth.

Funny enough these families tend to be hard working and have a reasonable lifestyle 

 

Yes, but it is impossible to pick your parents like it is impossible to pick your kids.?

[winkie]

Unfortunately we have got to a point where, not what you know, what job you do, how hard you work, or where you live has the key to how prosperous your life will be........but who you were born to...people will be inherit billions of all sorts of currency over next years to come.....thousands will, be given billions worth of currency, homes and assets....who got all the short straws??

[longgone]

11 minutes ago, winkie said:

Yes, but it is impossible to pick your parents like it is impossible to pick your kids.?

designer babies are available, did you never watch twins growing up ?

[Pop321]

1 hour ago, longgone said:

Maybe the feckless employees have been burnt by previous employers in the past,  give 6 years worth of service and you are rewarded at the end with the minimum legal redundancy payment of one weeks pay for every year from a 2 billion turn over company. 

 

Agree and I said this 15 years ago when we were making redundancies and taking away pension benefits. That has continued ever since and the redundancies almost seem timed to keep everyone one their toes’. How do they expect new employees to care or even be scared when the employers offer little more than a money cheque. 

When I started in 87 as a filing clerk I was offered a job for life and a pension....albeit the goalposts change but at the time that’s what I believed I was getting. So almost every moment of the next 30 years were driven to serve my benefactor. I had a career plan and aspirational jobs I wanted and successfully achieved that  

The security allowed me to do other things, create wealth, enjoy annual holidays with the kids and live well. Nothing I wouldn’t do for my employer. 

Appreciate a monthly cheque is important (Indeed vital) but without that loyalty given then it shouldn’t be such a surprise when none is received in return.