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“Property market nears crisis as number of collapsed sales soars”


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Article in the Telegraph. Of course people are begging for an SD holiday extension, which may come, but there is more to it than that I suspect. I think reality may well soon start to bite. I am not predicting it, because I have given up doing that, but I would be very surprised if things carry on as they have.

https://www.telegraph.co.uk/property/uk/property-market-nears-crisis-number-collapsed-sales-soars/

 

Quote

The number of property sales that collapse is climbing fast as turbulence from the pandemic and the cladding crisis take hold. Buyers risk missing out on tax savings worth up to £15,000 as a result.

Extreme delays and economic strain meant the share of agreed sales that fell through jumped from 17pc in July to 28pc in December, according to Rightmove, the property website. Excluding a peak in March 2020, when buyers became spooked and backed out of deals after the first lockdown started, this is the largest share in 24 months.

 

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17 minutes ago, HovelinHove said:

Article in the Telegraph. Of course people are begging for an SD holiday extension, which may come, but there is more to it than that I suspect. I think reality may well soon start to bite. I am not predicting it, because I have given up doing that, but I would be very surprised if things carry on as they have.

https://www.telegraph.co.uk/property/uk/property-market-nears-crisis-number-collapsed-sales-soars/

 

 

What we need is more help.

Sarcasm aside, a 3 bed mid-terrance has just come on RM near me (SE, outside M25) is on for £300k and I looked at it thinking that's pretty decent value (I know, prices have been that mental lately). Average wage must be £30k.

It is unsustainable, but like you I have given up predictions. However, I can see GFC II coming clear as crystal caused (again) by batshit mental prices!

Nice bit of bear food this Saturday morning though, cheers.

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Ah yes the cladding "crisis" - the problem is that the market relies so much on sentiment and collective insanity that a small issue upsets the applecart. If it can't be perfect, is collapses

 

Incidentally, an estate agent called LBC this morning stating the craziness of still operating in the current lockdown.

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1 hour ago, Huggy said:

What we need is more help.

Sarcasm aside, a 3 bed mid-terrance has just come on RM near me (SE, outside M25) is on for £300k and I looked at it thinking that's pretty decent value (I know, prices have been that mental lately). Average wage must be £30k.

It is unsustainable, but like you I have given up predictions. However, I can see GFC II coming clear as crystal caused (again) by batshit mental prices!

Nice bit of bear food this Saturday morning though, cheers.

a 3 bed terrace is not a bachelor property though. You have to factor in 2 wages....

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22 minutes ago, Badhairday said:

a 3 bed terrace is not a bachelor property though. You have to factor in 2 wages....

Also... no-need to consider future family requirements. The two 'spare bedrooms' are the offices you will be required to provide, gratis, to your employers.

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24 minutes ago, Badhairday said:

a 3 bed terrace is not a bachelor property though. You have to factor in 2 wages....

It will be my batchelor pad once prices correct. I'm aiming for 4 beds at a minimum though as my hobbies do take up quite a bit of space!

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Interesting article, thanks for posting.

Let's hope the pleas for stamp duty extension falls on deaf ears. 

Henry Pryor on twitter is doing a poll if anyone fancies contributing?

I wonder if it is purely sellers saying they will offer more to buy a home after stamp duty holiday ends? 😄

Henry Pryor @HenryPryor

When the Stamp Duty holiday ends in March & as a buyer you have to pay <£15k to Govt. again how much will you offer for a home you want to buy from April onwards?
 
More
3.1%
 
Same
18.6%
 
Up to £15k less
78.3%
129 votes·  5 hours left
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This confirms what I have been seeing in my search in a small town last few months.  

Nothing at all (over-priced dross) shifted last 3 months 

Tons still ""under offer" "sold subject to ,,,"  which have not disappeared the last 4 months .

 

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8 minutes ago, moonriver said:

Interesting article, thanks for posting.

Let's hope the pleas for stamp duty extension falls on deaf ears. 

Henry Pryor on twitter is doing a poll if anyone fancies contributing?

I wonder if it is purely sellers saying they will offer more to buy a home after stamp duty holiday ends? 😄

Henry Pryor @HenryPryor

When the Stamp Duty holiday ends in March & as a buyer you have to pay <£15k to Govt. again how much will you offer for a home you want to buy from April onwards?
 
More
3.1%
 
Same
18.6%
 
Up to £15k less
78.3%
129 votes·  5 hours left

Lol its all so desperate! Does the market really rely on the absence of this tax!?

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It's just wibble from Telegraph, which has long been an embarrassment.

Property articles are written by some flowery girl with an EA bf.

Sure, chains are going to be collapsing. Banks are avoiding money.

75% sure SD holiday end March.

Places near me Inc 'sold'are nit going to complete by March.

 

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House came up near me yesterday, estate agent wouldn't answer the phone so I went down to see them.  In the 3 hours it had been up they already have a list of 100 people and offers over the asking price...couldn't even get a viewing or added to the list.  It seems even being a FTB who is chain free and could buy for cash doesn't mean anything.  I suspect it's gone to someone the estate agent is "friendly with" and will be back up for sale 6 months later after its been updated. Certainly no signs of a crisis or collapse here.

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1 minute ago, FTB-house-hunter said:

House came up near me yesterday, estate agent wouldn't answer the phone so I went down to see them.  In the 3 hours it had been up they already have a list of 100 people and offers over the asking price...couldn't even get a viewing or added to the list.  It seems even being a FTB who is chain free and could buy for cash doesn't mean anything.  I suspect it's gone to someone the estate agent is "friendly with" and will be back up for sale 6 months later after its been updated. Certainly no signs of a crisis or collapse here.

Where abouts if you don't mind? Decent homes will always get a lot of interest so I suspect it's one of them which require very little work.

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1 hour ago, rantnrave said:

In another sign of rethinking the emotionally-led decisions of the first lockdown, the Dogs Trust has apparently been swamped by people selling on puppies which they now realise require lots of work...

The penny hasn't dropped for a lot of them that they're probably going to be working from home within a year or possibility not working at all.

 

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1 hour ago, FTB-house-hunter said:

House came up near me yesterday, estate agent wouldn't answer the phone so I went down to see them.  In the 3 hours it had been up they already have a list of 100 people and offers over the asking price...couldn't even get a viewing or added to the list.  It seems even being a FTB who is chain free and could buy for cash doesn't mean anything.  I suspect it's gone to someone the estate agent is "friendly with" and will be back up for sale 6 months later after its been updated. Certainly no signs of a crisis or collapse here.

Pick an area, any area.

I van guarantee the banks have not written 100 mortgages.

 

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2 hours ago, moonriver said:

Interesting article, thanks for posting.

Let's hope the pleas for stamp duty extension falls on deaf ears. 

Henry Pryor on twitter is doing a poll if anyone fancies contributing?

I wonder if it is purely sellers saying they will offer more to buy a home after stamp duty holiday ends? 😄

Henry Pryor @HenryPryor

When the Stamp Duty holiday ends in March & as a buyer you have to pay <£15k to Govt. again how much will you offer for a home you want to buy from April onwards?
 
More
3.1%
 
Same
18.6%
 
Up to £15k less
78.3%
129 votes·  5 hours left

According to the Daily Mail any idea of an SD holiday extension have been shelved. Of course Boris may overule his pet chancellor and make him U-turn.

https://www.dailymail.co.uk/news/article-9128309/Rishi-Sunak-delay-tax-rises-autumn-end-Stamp-Duty-holiday-March.html

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1 hour ago, spyguy said:

It's just wibble from Telegraph, which has long been an embarrassment.

Property articles are written by some flowery girl with an EA bf.

Sure, chains are going to be collapsing. Banks are avoiding money.

75% sure SD holiday end March.

Places near me Inc 'sold'are nit going to complete by March.

 

Yep, as I just said, the Mail spoke to someone from the government who has said that the SD holiday won’t be extended. That should end this currently insane situation, and allow the market to correct as it should have done last year.

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1 hour ago, FTB-house-hunter said:

House came up near me yesterday, estate agent wouldn't answer the phone so I went down to see them.  In the 3 hours it had been up they already have a list of 100 people and offers over the asking price...couldn't even get a viewing or added to the list.  It seems even being a FTB who is chain free and could buy for cash doesn't mean anything.  I suspect it's gone to someone the estate agent is "friendly with" and will be back up for sale 6 months later after its been updated. Certainly no signs of a crisis or collapse here.

Welcome to HPC.  I see you joined, posted 36 times about COVID and your first post actually about house prices is a massive puff piece?  😏😏.

Perhaps your time in the EA office is quieter than you let on

 

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1 hour ago, FTB-house-hunter said:

House came up near me yesterday, estate agent wouldn't answer the phone so I went down to see them.  In the 3 hours it had been up they already have a list of 100 people and offers over the asking price...couldn't even get a viewing or added to the list.  It seems even being a FTB who is chain free and could buy for cash doesn't mean anything.  I suspect it's gone to someone the estate agent is "friendly with" and will be back up for sale 6 months later after its been updated. Certainly no signs of a crisis or collapse here.

I suspect this is what happened to me last week. I offered full asking price cash, but the seller didn’t bite, and it was taken off the market a short while later. I think it might even have been my own mortgage advisor! Ultimately, I would not cry if these vermin get burned badly if things crash.

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