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Zaranna

Significant Tiny Signs Of A Change In Public Sentiment? Anecdotals

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Hi all - I'm a newbie but have been reading the site for a while now and decided finally to register because I have been noticing tiny changes in public sentiment over the past month or so - and wanted to share! :)

1. I currently rent a flat from two friends who bought it in 2003 as an investment for their business. I rent way below market rates because they have been using some of the rooms as storage. Have been renegotiating the rent as they wanted to stop using the spare rooms as storage and rent the whole flat out. Landlord agreed to rent it to me for a slightly higher, but still way below market rate, as he told me gloomily that "If I sell now I won't make my money back on it because the market is going down" :)

2. Second landlord has just bought a new-build Wimpey townhouse for a discount of over 80k. House was being marketed at 325K; Wimpey sold it to him under the stamp duty threshold for 245k. If Wimpey are that keen to get rid of new-build townhouses asap, they must know something about the state of the market <_<

3. I'm a uni lecturer and a student, aged 21, said to me completely randomly in a tutorial today - "I think we're about to have a house price crash because my parents' home area is full of idiots with million pound IO mortgages and I don't know how they can possibly afford them" - I was speechless! (I have never mentioned anything like this to my students). If even my students are coming to this conclusion then pennies are dropping somewhere....

4. Just came across this thread on another forum I use:

http://www.hitched.co.uk/sbforum/topic.asp?topic_id=591585

Most respondents are pretty dismissive of the original poster, but it's quite a big change for a thread like that even to be posted - a few months ago that forum was completely bullish on house prices.

Anyway, I'm looking forward to posting more on HPC - you have all saved me from depression at the state of house prices. Just before Christmas I was completely in despair at the thought of never being able to afford a normal life. I googled 'overvalued house prices' and found this site. It's completely saved my sanity!

Zaranna

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Hi all - I'm a newbie but have been reading the site for a while now and decided finally to register because I have been noticing tiny changes in public sentiment over the past month or so - and wanted to share! :)

1. I currently rent a flat from two friends who bought it in 2003 as an investment for their business. I rent way below market rates because they have been using some of the rooms as storage. Have been renegotiating the rent as they wanted to stop using the spare rooms as storage and rent the whole flat out. Landlord agreed to rent it to me for a slightly higher, but still way below market rate, as he told me gloomily that "If I sell now I won't make my money back on it because the market is going down" :)

You know, my only concern recently about the liklihood of a crash was that many people were attempting to sell and after not doing so were withdrawing their property from the market. This lack of supply appeared to be why many properties were still selling close to asking price and keeping the statistics looking good. Your point about your landlord not selling but renting at a loss is a case in point. So far the grin-and-bear-it attitude is still prevelant, but it won't be for much longer I'm sure.

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4. Just came across this thread on another forum I use:

http://www.hitched.co.uk/sbforum/topic.asp?topic_id=591585

Most respondents are pretty dismissive of the original poster, but it's quite a big change for a thread like that even to be posted - a few months ago that forum was completely bullish on house prices.

from the end of the thread

Economics in this country are handled very differently than they were before the last recession, in the attempt to ensure such drastic boom/crash cycles no longer happen.

Oh, that's alright then. HPC 2005.

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You know, my only concern recently about the liklihood of a crash was that many people were attempting to sell and after not doing so were withdrawing their property from the market. This lack of supply appeared to be why many properties were still selling close to asking price and keeping the statistics looking good. Your point about your landlord not selling but renting at a loss is a case in point. So far the grin-and-bear-it attitude is still prevelant, but it won't be for much longer I'm sure.

Just quickly, a lot of people in Aus withdrew their properties but it made no difference, prices still kept coming down. There was less demand due to high prices.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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