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What is happening post stamp duty holiday?


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Ridiculously busy. North Cornwall. Most stuff isn't even getting onto Rightmove and most of it is sold in a couple of days.

 

Banks are not really lending. They know whats coming, post furlough

EAs should not be allowing idiots with no cash to put in an offer.

'Cash'* buyers

* when I sell my house and get a small mortgage ....

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29 minutes ago, spyguy said:

Ridiculously busy. North Cornwall. Most stuff isn't even getting onto Rightmove and most of it is sold in a couple of days.

 

Banks are not really lending. They know whats coming, post furlough

EAs should not be allowing idiots with no cash to put in an offer.

'Cash'* buyers

* when I sell my house and get a small mortgage ....

Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻‍♂️

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18 hours ago, sammersmith said:

I do remember pre-covid work colleagues being ever so particular about where they could accept buying. Their rightmove search area was exceptionally detailed down to individual street level, with many seemingly ok streets not making the cut. This level of pickiness is bound to increase competition for those tiny acceptable areas.

Post-covid yes i imagine is far worse. A work colleague has just bought a very basic 30's semi in Alty for .5 mil. I viewed an almost identical house in 2017 in south London for the same price. Manc is catching up to London levels of crazy. 

Fair enough. I don't actually like Wythenshawe either, but i find it odd that this horrible area is surrounded by good areas yet still manages to remain horrible. If it was in London people would have settled for here and it would have become 'gentrified' by now - for better or worse. 

I can only imagine this is a matter of time, what with the Manchester Airport Transformation and HS2 on the way and both 5-10 minutes away...

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44 minutes ago, Pop321 said:

Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻‍♂️

Yeah. maybe they need to ask for cleared funds buyer.

 

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It has been much quieter over the last week, with stock building back up - in the areas I am familiar with. I know lots of people in the property game and they are telling me the same - the frenzy has gone... 

Shocking to think the frenzy was caused by the stamp duty holiday alone... I suspected it was a mix of factors - clearly not! 

Manchester's clearly an outlier right now - the new "boom city"... lots of dubious flows of cash from what I recall... and no doubt plenty of Londoners moving up for something different. Odd times. 

I suspect Cornwall/North Wales - the boom staycation locations have some life left too... until the froth blows away and people are left wondering what the hell they have done... we're moving into the buyer regret phase, while the banks take cover - they know what comes next (IR rises). 

Edited by gruffydd
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Several houses I've eyeballed on Rightmove in the sub 200k family home bracket have gone within a week, this week, or in fact a few days

It could be a bit quieter but it's still manic

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Yep up near me, a northern city, still seems frenzied with bidding wars for anything decent but EA was saying to me today it has calmed down a lot. I really can't get me head around the frenzy being caused by stamp duty holiday, as the increase in prices massively dwarfs that, so totally nuts. I suppose it's the fear of missing out and the covid effect  too, the for need a garden and working from home which is probably ending for a fair percentage of people, and the old reality is starting to come back. 

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2 hours ago, petetong said:

Yep up near me, a northern city, still seems frenzied with bidding wars for anything decent but EA was saying to me today it has calmed down a lot. I really can't get me head around the frenzy being caused by stamp duty holiday, as the increase in prices massively dwarfs that, so totally nuts. I suppose it's the fear of missing out and the covid effect  too, the for need a garden and working from home which is probably ending for a fair percentage of people, and the old reality is starting to come back. 

Stamp duty holiday is Still on until the end of September for houses up to 250000  alot more of those up in the North than the South.

Hopefully they don't extend it again, I also wonder what's the next prop they have in store for HPI.

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4 minutes ago, Debt Slaves said:

Stamp duty holiday is Still on until the end of September for houses up to 250000  alot more of those up in the North than the South.

True. That gives 8 weeks until the SD holiday ends, which is tight but not impossible for people to get house completions over the line. Give it another month and hopefully it's end will bite some more.

4 minutes ago, Debt Slaves said:

Hopefully they don't extend it again, I also wonder what's the next prop they have in store for HPI.

 

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On 30/07/2021 at 08:07, Pop321 said:

Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻‍♂️

I think traditionally "cash buyer" meant you have cash sitting and ready. The problem is lots of people think they are cash buyers and end up misleading sellers, who then get infuriated later on.

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3 hours ago, Si1 said:

Several houses I've eyeballed on Rightmove in the sub 200k family home bracket have gone within a week, this week, or in fact a few days

It could be a bit quieter but it's still manic

Exactly the same here in the East Midlands. Booked a few viewings and they are sold before my viewing. All around the 200-220k mark. 

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46 minutes ago, MancTom said:

I think traditionally "cash buyer" meant you have cash sitting and ready. The problem is lots of people think they are cash buyers and end up misleading sellers, who then get infuriated later on.

This is something i've noticed recently. These 'cash buyers' are actually 'the cash is released when we sell our house/btl/fhl'. They're still technically in a chain and if we extend the definition of cash buyer to these buyers then it probably covers almost everyone.  

I've seen people refer to their position as a 'true cash buyer', which i assume means they've got instant access to their funds. 

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