Jump to content
House Price Crash Forum
othello

Smile Wiped Away

Recommended Posts

Speaking to a colleague at work was very pleased with herself when she clambered onto the property ladder a year ago. Three weeks ago she told me she had sold her flat (at a 'profit' of £8000 - obviously a loss after stamp duty, fees etc, but we won't split hairs) and was buying a 3 bed house (where the money comes from I've no idea cos she earns about £15k and her partner the same). They were exchanging contracts that day. Anyway I enquired if she had moved in yesterday and guess what? It had fallen through. Her buyer had pulled out. I asked why and was told the buyer was worred about her job and didn't want to take on a big mortgage.

Share this post


Link to post
Share on other sites
It had fallen through. Her buyer had pulled out.

It's happening a lot - about 1 in 4 from what I can see.

Well worth using property-bee and searching a wide area including Sold properties. That way when they pop back on the market you can see that they have changed from SOLD-STC to AVAILABLE rather than popping up as a new property. There's some round our way that have pinged back and forwards 3 or 4 times in the last 2 months.

Can only assume that:

- people are changing their minds

- something is wrong with the property that a survey picks up

- people cannot get the mortgages they thought they could.

My guessing is on #3 given the numbers of properties involved.

Perhaps the "good old days" of needing to show that you have a mortgage agreed in principle before being taken seriously are about to return?

Bos

Share this post


Link to post
Share on other sites
(at a 'profit' of £8000 - obviously a loss after stamp duty, fees etc, but we won't split hairs) and was buying a 3 bed house (where the money comes from I've no idea cos she earns about £15k and her partner the same).

:lol: My type of sarcasm , also a possibility that her buyer bottled it and got cold feet at the last minute as the bearishness and negativaty towards the property market grows by the day .

Share this post


Link to post
Share on other sites
Can only assume that:

- people are changing their minds

- something is wrong with the property that a survey picks up

- people cannot get the mortgages they thought they could.

or

- people are registering on housepricecrash.co.uk and posting "I'm about to buy a property, any advice?"

Share this post


Link to post
Share on other sites

We are having a lot of chains where the person at the bottom pulls out. It is either because they are worried about the economy or that their mortgage offer has run out and is not being renewed. It is happening more and more

Share this post


Link to post
Share on other sites
conveyancer,was talking with my conveyancing contact and they said transactions were down 50% yoy.mass of mortgages getting pulled etc.people offering and cant get a mortgage etc

I am ticking along quite nicely at the moment, but not as busy as last year. It is a respectable firm though that doesnt really have to fight too much for business. I know of one solicitors who are really feeling the pinch, although it is not something that people talk about between companies easily. Transactions are down, chains are falling apart, things are certainly changing. It is a bit different with us than estate agents as we dont work on a percentage. We get remortgage work, transfers of equity, new build bits and pieces. Things are quiet but not painful. Time will tell with a few of the other local solicitors though who depend on residential conveyancing to carry the firm. Private client (Wills, Probate etc) and residential conveyancing carry the rest of the firm in quite a few practices.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 297 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.