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Yet Another Anecdotal

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Since I'm currently visiting my mother over the holiday I thought I'd post an anecdotal - about her vile chav neighbours. Their house has been up for sale for probably about 3 years now, for an obscenely over-inflated price. At the moment it's just under £200,000. I think at one point it was closer to £250,000 although I'm not 100% on that one. It's worth (in my personal opinion) about £150,000 since it is (1) in a not particularly desirable area of North Wales and (2) has a damn great electricity pylon behind it.

The house was bought by this bunch a number of years back in a classic example of forced selling. The people living there before them consisted of a husband and wife and the husband's brother. They had a small business, and all seemed well. Then, the rumour goes, the husband and wife had a row which ended in the husband assaulting the wife, after which she threw them both out. Since she was unable to afford the place from that point on, the end result was the forced sale - she had to get rid of the house for rock-bottom price fast, before the debt destroyed her. It was at this point that the current lot moved in.

Moving back to the present, the current lot are suddenly heading into forced sale territory themselves. The husband and wife have had enough of each other, have split up, and are heading their separate ways. Somewhere along the way it is assumed that they will start renting/buying other places - at which point they're going to have to get rid of the place pretty quick. In this case I doubt renting it out is going to be very easy because (1) as mentioned already, the location isn't up to much and is miles from anywhere paying decent wages, and (2) as mentioned already, they're as greedy as the day is long and will probably expect absurd amounts of rent. In addition (3) their son is a textbook chav with revving cars and antisocial yob mates loitering around, which I'm sure must drag the property down in potential buyers'/renters' eyes. Maybe I'm wrong, but I suspect at some point they're going to have to drop their insultingly greedy asking price and sell it for whatever they can get back. I'm sure they'll make a profit, given the bargain it was when they bought it - but it won't be as big as they want and expect.

Anyway, just thought I'd post a little example of how forced selling can work to a buyer's advantage and a seller's disadvantage. They got themselves a canny bargain initially, but now their greed is turning it into a millstone around their necks. Make of it what you will. :D

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Reduced to £328,945 PART EXCHANGE CONSIDERED

http://www.gricehunter.co.uk/photodatabase...ail.php?Id=1247

http://www.houseprices.co.uk/e.php?q=15%2C...%2C+Ealand&n=10

They bought for £362,000 in 2005.

Looking a bitty toppy in Scunny.

Well done to the 2001 buyers - they came out at a huge profit - the interim owners failed miserably and made nothing at all and this lot are in all sorts of shtuck - still seems cheap to me though for a 5 beds, pool and scope to really do something proper out the back.

Are prices really that low near S****horpe ? That would be £525K in Bolton and £950K near me.

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Are prices really that low near S****horpe ? That would be £525K in Bolton and £950K near me.

It's not too bad around this area. Luckily you can't see Scunny from around here. Low prices are relative I suppose, I thought £300+ grand was expensive, us northerners eh, what we like ?

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I am too - I can't see where the wages are paying the money in Bolton either - I just don't live there any more - but am thinking long and hard about profit taking and moving back north totally debt free (I am lucky enough to live in what will likely be a 'safe' area ATM) - the usual problem of it being hard to turn down the money.....

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I think at one point it was closer to £250,000 although I'm not 100% on that one. SNIP

Anyway, just thought I'd post a little example of how forced selling can work to a buyer's advantage and a seller's disadvantage. They got themselves a canny bargain initially, but now their greed is turning it into a millstone around their necks. Make of it what you will. :D

Gets my award for the most vague anecdote of 06. Also, I'd be interested to hear any examples of how a forced sale can work to a buyer's disadvantage and a sellers advantage...

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Guest prudence

Gets my award for the most vague anecdote of 06. Also, I'd be interested to hear any examples of how a forced sale can work to a buyer's disadvantage and a sellers advantage...

by forcing someone to get out of the market at a higher point than otherwise might eventually be the case\before an even worse build-up of debt etc..........

Edited by prudence

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Their house has been up for sale for probably about 3 years now, for an obscenely over-inflated price. At the moment it's just under £200,000.

I've said it before, and I'll say it again, a house that is "on the market" or "up for sale" for 3 years is not "on the market" or "up for sale". If it was on the market, it would be being offered for a market price, and would have been sold by now. If it was up for sale, it would have been sold at a market price long ago. It really cracks me up that people think they have put their "house on the market" when it has been sitting there for one, two or three years without a sale. It is no more on the market than my 5 year old Ford Focus would be "on the market" if I put it in the paper for sale at one million pounds.

If people understood this point, it would help them along with understanding why houses are not a cash machine.

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  • 302 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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