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Robbrent

Interesting Night Out

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Out last night with some friends a couple more surveyors, an estate agent, interesting six months ago they were all very bullish, but today they are very bearish, they are seeing some very dodgy lending, for example there is a new build development in Preston, as usual lots of people piled in fooled by the developers and the spin, now the whole development is a sea of To let Signs, hardly any have been let, but the developer got his cash and has moved on to pastures new, he is a very wealthy man nowadays, he knows what he is doing. Some of the new landlords had used equity in there own homes in order to fund their purchase, if they are not let soon, what is going to happen to them?

Now repeat this right across the country, and the picture starts to look very frightening indeed, basically you have a lot of very naive investors, betting the Family silver against a Flat that in reality was never in demand when this market does crash there are going to be so many of these on the market that I suspect the price will have to be discounted below other forms of housing, and maybe many of these new landlords will face losing their own homes.

Estate agent felt that prices in my region had reach a point that was completely unsustainable, and feared a massive crash, interestingly enough it was not just interest rates she feared, but rising unemployment making people very nervous there is some evidence of some people trying to down size in order to get their lending down.

It's all anecdotal, but it shows that the bearish mood is spreading, one more thing heard from a friend that 21 year old daughter and boyfriend have been approved for a 120k mortgage, she has never held a job down for six months and he is a bit of a lay about, she is worried sick, how can this be allowed to happen!

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...one more thing heard from a friend that 21 year old daughter and boyfriend have been approved for a 120k mortgage, she has never held a job down for six months and he is a bit of a lay about, she is worried sick, how can this be allowed to happen!

They lied on their application form, and the bank obviously didn't check carefully.

Serve them both right if they lose money.

Edited by Immigrant

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Guest The_Oldie

It's all anecdotal, but it shows that the bearish mood is spreading....

Actually, I think that anecdodal evidence is probably the purest. Monthly housing figures can easily be distorted by Estate Agents and the large chains are in a position to do this on a grand scale.

Figures such as Rightmove can be manipulated by high initial asking prices.

Even Land Registry & ODPM figures can be corrupted by EAs or Solicitors holding off sending details of selected sales to the Land Registry Office for a few months. For example, if they want to show rising prices, they can hold back registering low price sales for a month or two..........ooops, forgot that one :rolleyes:.

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Actually, I think that anecdodal evidence is probably the purest. Monthly housing figures can easily be distorted by Estate Agents and the large chains are in a position to do this on a grand scale.

Figures such as Rightmove can be manipulated by high initial asking prices.

Even Land Registry & ODPM figures can be corrupted by EAs or Solicitors holding off sending details of selected sales to the Land Registry Office for a few months. For example, if they want to show rising prices, they can hold back registering low price sales for a month or two..........ooops, forgot that one :rolleyes:.

The NAEA are suggesting its taking on average 17 weeks to sell, rightmove 7, this change, (17 weeks, over 4 months), has happened v. quickly and has yet to drip into the official figures. It`ll be up to 20 weeks soon IMHO <_<

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Well I've had an interesting evening. Been told by two people interest rates are going up and it's going to hit those in debt, inflation in Zimbabwe is crazy, and talking to a immigration judge who says "the home office just can't get their act together".

Then I got too pissed.

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Actually, I think that anecdodal evidence is probably the purest. Monthly housing figures can easily be distorted by Estate Agents and the large chains are in a position to do this on a grand scale.

Figures such as Rightmove can be manipulated by high initial asking prices.

Even Land Registry & ODPM figures can be corrupted by EAs or Solicitors holding off sending details of selected sales to the Land Registry Office for a few months. For example, if they want to show rising prices, they can hold back registering low price sales for a month or two..........ooops, forgot that one :rolleyes:.

Much as I love conspiracy theories how do you think all the EA and solicitors coordinate this massive unheard of stitch up ? Are they all freemasons in some freakish clan colluding to deny house price falls?

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Guest The_Oldie

Much as I love conspiracy theories how do you think all the EA and solicitors coordinate this massive unheard of stitch up ? Are they all freemasons in some freakish clan colluding to deny house price falls?

Instructions from the managing directors of the large chains to their branch managers would do the trick.

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As a solicitor, I would deny that there is any form of collusion at all - it is rare for lawyers in one office to agree on a plan of action never mind many different offices.

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As a solicitor, it is rare for lawyers in one office to agree on a plan of action never mind many different offices.

:lol::lol::lol:

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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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