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Mortgage nightmares and "suddenly gone quiet" - estate agents and surveyors reveal all


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Well, an estate agent broke down to me last week and revealed all - usually deals with 10 mortgage applications a week (long term average) - currently it is 60 - a good amount of that is MEWing (much to my shock). 

But he said the real nightmare for his company is (1) the mortgages are taking weeks to come through (2) people are seeing bank demands shift during that period and then withdrawing offers (3) chains keep collapsing. 

Also, he mentioned that it's suddenly gone very quiet (just in the last week) across all branches - from dozens of offers a day to none. I phoned some surveyors and agents I know (across the UK) and they all said the same! Suddenly gone stone dead. 

...other than in Wales, which is still manic (lots of people relocating from London/S England it seems - Wales seems to be the place to go right now - nice and remote with good scenery and very little crime away from the urban south and north). The prices here in W Wales have gone mad - many rural properties seem to have gained 100,000 in just a few weeks as the English escape their cities! 

 

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  • gruffydd changed the title to Mortgage nightmares and "suddenly gone quiet" - estate agents and surveyors reveal all
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To add my own anecdotes from Cornwall.

1. I closed an ISA last week and whilst doing that and sharing a grumble about savings rates with the cashier, she volunteered that her colleague who deals with mortgage applications had been rushed off her feet for the last month, but neither thought it was sensible or would last.

2. Work colleague wanted to reduce their mortgage as very concerned about the way things are going, so put the house on the market last week, full asking price offered in a couple of days by cash buyers and then another cash buyer looked keen and the first bidder upped the price by 15k. Estate agent stated they thought it was just panic on the part of the buyers.

It's a very strange world out there right now.

 

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3 minutes ago, Switch625 said:

To add my own anecdotes from Cornwall.

1. I closed an ISA last week and whilst doing that and sharing a grumble about savings rates with the cashier, she volunteered that her colleague who deals with mortgage applications had been rushed off her feet for the last month, but neither thought it was sensible or would last.

2. Work colleague wanted to reduce their mortgage as very concerned about the way things are going, so put the house on the market last week, full asking price offered in a couple of days by cash buyers and then another cash buyer looked keen and the first bidder upped the price by 15k. Estate agent stated they thought it was just panic on the part of the buyers.

It's a very strange world out there right now.

 

Cash buyers might be seeking a tax shelter and inflation hedge as part of a wider portfolio.

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5 minutes ago, Switch625 said:

To add my own anecdotes from Cornwall.

1. I closed an ISA last week and whilst doing that and sharing a grumble about savings rates with the cashier, she volunteered that her colleague who deals with mortgage applications had been rushed off her feet for the last month, but neither thought it was sensible or would last.

2. Work colleague wanted to reduce their mortgage as very concerned about the way things are going, so put the house on the market last week, full asking price offered in a couple of days by cash buyers and then another cash buyer looked keen and the first bidder upped the price by 15k. Estate agent stated they thought it was just panic on the part of the buyers.

It's a very strange world out there right now.

 

I wonder if they think mortgage will get pulled or the requirements will change 

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Just now, gruffydd said:

I spoke to people working in property in rural areas too - other than Wales/SW/Northumberland the mania phase seemed to be over. 

How many of these so called buyers have the cash or need to sell first

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8 minutes ago, Switch625 said:

To add my own anecdotes from Cornwall.

1. I closed an ISA last week and whilst doing that and sharing a grumble about savings rates with the cashier, she volunteered that her colleague who deals with mortgage applications had been rushed off her feet for the last month, but neither thought it was sensible or would last.

2. Work colleague wanted to reduce their mortgage as very concerned about the way things are going, so put the house on the market last week, full asking price offered in a couple of days by cash buyers and then another cash buyer looked keen and the first bidder upped the price by 15k. Estate agent stated they thought it was just panic on the part of the buyers.

It's a very strange world out there right now.

 

Reminds me of Wales right now. Real mania from English/Cardiff buyers - it is essentially panic driven by fear of remaining in their urban areas... but they are being picky and choosing holiday area... places they know - in the country. 

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4 minutes ago, shlomo said:

I wonder if they think mortgage will get pulled or the requirements will change 

or they may be worried about the longevity of their existing jobs. So many are worried about job security right now. 

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40 minutes ago, gruffydd said:

Reminds me of Wales right now. Real mania from English/Cardiff buyers - it is essentially panic driven by fear of remaining in their urban areas... but they are being picky and choosing holiday area... places they know - in the country. 

Places they visit in June to eat ice cream and go for nice pubs and walks in the sun. 

Obviously just as enjoyable having to work there 9 to 6 in dreary November 

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1 hour ago, gruffydd said:

Well, an estate agent broke down to me last week and revealed all - usually deals with 10 mortgage applications a week (long term average) - currently it is 60 - a good amount of that is MEWing (much to my shock). 

But he said the real nightmare for his company is (1) the mortgages are taking weeks to come through (2) people are seeing bank demands shift during that period and then withdrawing offers (3) chains keep collapsing. 

Also, he mentioned that it's suddenly gone very quiet (just in the last week) across all branches - from dozens of offers a day to none. I phoned some surveyors and agents I know (across the UK) and they all said the same! Suddenly gone stone dead. 

...other than in Wales, which is still manic (lots of people relocating from London/S England it seems - Wales seems to be the place to go right now - nice and remote with good scenery and very little crime away from the urban south and north). The prices here in W Wales have gone mad - many rural properties seem to have gained 100,000 in just a few weeks as the English escape their cities! 

 

Been speaking to some people this week, doing the rounds before the stasi force us back into out houses.

 

The jist of it....3 job losses and 1 pay cut amgonst 3 famillies, 1 bloke having a blazing row with his wife about her spending and wanting to book a holiday next year, then the best bit....

One of them put their house on the market last weekend, sold within 2 hours, 11 viewings.

Makes no sense to me.

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39 minutes ago, TheCountOfNowhere said:

Been speaking to some people this week, doing the rounds before the stasi force us back into out houses.

 

The jist of it....3 job losses and 1 pay cut amgonst 3 famillies, 1 bloke having a blazing row with his wife about her spending and wanting to book a holiday next year, then the best bit....

One of them put their house on the market last weekend, sold within 2 hours, 11 viewings.

Makes no sense to me.

Lot of things can happen between now and exchange of contracts.

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2 hours ago, Switch625 said:

To add my own anecdotes from Cornwall.

1. I closed an ISA last week and whilst doing that and sharing a grumble about savings rates with the cashier, she volunteered that her colleague who deals with mortgage applications had been rushed off her feet for the last month, but neither thought it was sensible or would last.

2. Work colleague wanted to reduce their mortgage as very concerned about the way things are going, so put the house on the market last week, full asking price offered in a couple of days by cash buyers and then another cash buyer looked keen and the first bidder upped the price by 15k. Estate agent stated they thought it was just panic on the part of the buyers.

It's a very strange world out there right now.

 

I am in Kernow and sold boards aplenty!!

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16 minutes ago, shlomo said:

Lot of things can happen between now and exchange of contracts.

The sellers already having second thoughts because there's nothing affordable to move to.

One house they thought might be for them has come on at £600,000.  Last year it would have been on a £400,000 and that would have been crazy.

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2 hours ago, gruffydd said:

Reminds me of Wales right now. Real mania from English/Cardiff buyers - it is essentially panic driven by fear of remaining in their urban areas... but they are being picky and choosing holiday area... places they know - in the country. 

Hadn't thought of your angle re areas they know good point - Good for them another fifty years and the locals will talk to them cities do have their benefits..😉

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Things have changed massively here in the past few weeks. Houses were going SSTC within days in August, now only seen 1 on my watch list go in the past 3 weeks, and that was in a perfect location. I have friends who were once in very secure well paid jobs who are cr@pping themselves as the businesses they work for are on the edge.

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1 minute ago, HovelinHove said:

Things have changed massively here in the past few weeks. Houses were going SSTC within days in August, now only seen 1 on my watch list go in the past 3 weeks, and that was in a perfect location. I have friends who were once in very secure well paid jobs who are cr@pping themselves as the businesses they work for are on the edge.

some people have not had a wage for 5 months, i know of one IT bod who paid himself dividends and he told me that cannot get anything from the furlough people. 

His was a IT Contractor and a few small business clients and he said brexit crashed him and then on top of that no furlough money.

He is S hitting it, he does not talk to me anymore so cannot give you an update.

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1 hour ago, Switch625 said:

@shlomoand @TheCountOfNowhere you are not wrong. I wonder how many of these will complete and of those that do, how many will make themselves 'Reluctant/ Accidental Landlords' effectively doubling down on the pain in the event of a housing market correction, which lest we forget is already predicted by the mainstream media?

Given the prices I see there is no way they can become accidental landlords and use the rent money to buy bigger houses.

 

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19 hours ago, spyguy said:

Banks arent lending much money.

A lot of people are taking large hits to their earnings.

The over excited jumping up n down has evaporated  like the AIP n job.

 

Happened faster than I imagined... as though a switch was flicked last week. 

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17 minutes ago, gruffydd said:

Happened faster than I imagined... as though a switch was flicked last week. 

I dont think is was a very deep, solvent pool.

Just froth, whipped up by EAs.

 

Soon hit the brick wall of MMR.

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  • 433 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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