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Amazing Property Bargains...

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winkie

winkie

Posted
Posted

I just can't get my head around is why anyone with the readies or can get hold of the cash, would want to purchase an asset that will fall in value and cost them money in either lost credit or debit interest?

Everyone has a good reason for buying, but why now?

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notthereyet

notthereyet

Posted
Posted
Everyone has a good reason for buying, but why now?

I cannot understand FTBs buying at present, But i think people who are moving up the ladder are getting stuck in chains are just pleased to complete the sale and leave the stress behind, not realising that could pull out now and still be better of buying at a latter date even if they have paid for surveyors etc.

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winkie

winkie

Posted
Posted
I cannot understand FTBs buying at present, But i think people who are moving up the ladder are getting stuck in chains are just pleased to complete the sale and leave the stress behind, not realising that could pull out now and still be better of buying at a latter date even if they have paid for surveyors etc.

I think one of the major reasons property sales are not completing is because of the breakdown of the chain...finance falling through, getting cold feet and the thought of taking on a long term commitment that could turn out to be a bad financial move, and the worry of what the future long term financial security will be.

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Butthead

Butthead

Posted
Posted
I just can't get my head around is why anyone with the readies or can get hold of the cash, would want to purchase an asset that will fall in value and cost them money in either lost credit or debit interest?

Everyone has a good reason for buying, but why now?

There is a good reason to buy now. Because you like the property, can afford it at sensible salary multiples and want to make it a home.

That used to be the reason to buy any property. It's the speculators that have distorted that and ended the link between home making and property purchase.

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pppeter

pppeter

Posted
Posted
I just can't get my head around is why anyone with the readies or can get hold of the cash, would want to purchase an asset that will fall in value and cost them money in either lost credit or debit interest?

Everyone has a good reason for buying, but why now?

Because it'll all be over by christmas!

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Elizabeth

Elizabeth

Posted
Posted (edited)
I think one of the major reasons property sales are not completing is because of the breakdown of the chain...finance falling through, getting cold feet and the thought of taking on a long term commitment that could turn out to be a bad financial move, and the worry of what the future long term financial security will be.

There would be a really simple way for chains to take care of themselves. But there is too much greed out there for them to do it.

If at every rung from the first in a chain of 10 2.5% + the reduction from above was knocked off the price then by the time you got to the bottom of the chain there would be a reasonable offer for a first time buyer. Here is an example:

Original Price Real Loss to vendor New Price

450000……….. 13500……….. 436,500

425000……….. 12750……….. 398,750

395000……….. 11850……….. 356,900

350000……….. 10500……….. 301,400

345000……….. 10350……….. 286,050

320000……….. 9600……….. 251,450

310000……….. 9300……….. 232,150

305000……….. 9150……….. 218,000

295000……….. 8850……….. 199,150

260000……….. 7800……….. 156,350

Have to say looking at it, maybe 5% because even then the humble 2 bed terrace at the bottom is looking overpriced

Try:

Original Price Real Loss to vendor New Price

450000……….. 22500……….. 427,500

425000……….. 21250……….. 381,250

395000……….. 19750……….. 331,500

350000……….. 17500……….. 269,000

345000……….. 17250……….. 246,750

320000……….. 16000……….. 205,750

310000……….. 15500……….. 180,250

305000……….. 15250……….. 160,000

295000……….. 14750……….. 135,250

260000……….. 13000……….. 87,250

Its looking closer, but I am going for 6%

Original Price Real Loss to vendor New Price

450000……….. 27000……….. 423,000

425000……….. 25500……….. 372,500

395000……….. 23700……….. 318,800

350000……….. 21000……….. 252,800

345000……….. 20700……….. 227,100

320000……….. 19200……….. 182,900

310000……….. 18600……….. 154,300

305000……….. 18300……….. 131,000

295000……….. 17700……….. 103,300

260000……….. 15600……….. 52,700

hmmm... maybe 5.5% I was hoping for about 62K at the bottom of the ladder.

Edit: it would also even out the most ridiculous aspect of this boom which is little one bed and 2 bed houses and flats costing about 75% of what you would pay for a 4 bed detached house.

Edited by Elizabeth
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miko

miko

Posted
Posted

Their not bargains, they are loss leaders, so cheap they can not still be avalibale, I bet if you phoned the agents that they are with they will tell you they are sold. However Sir we do have a few similar properties on our books, but the similar ones will be more expensive.

Those cheap prices are just to get you interested.

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6538

6538

Posted
Posted
A lot of cheap propertys at this auction still,Not many sold.

http://www.pattinson.co.uk/public/content/...spx?auction=128

Less than 25% sold.

Hmmm. I have grave doubts about the accuracy of those figures. I was at that auction and NONE of the first 28 lots were sold and of the first 100 lots only 15 were sold.

I suppose a lot could have been sold privately on the auction night to people who were just shy of the reserve but it seems fishy to me as there are so many showing as sold which weren't. Lot after lot had no bids meaning interest in general must have been very low.

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Yonmon

Yonmon

Posted
Posted
Hmmm. I have grave doubts about the accuracy of those figures. I was at that auction and NONE of the first 28 lots were sold and of the first 100 lots only 15 were sold.

I suppose a lot could have been sold privately on the auction night to people who were just shy of the reserve but it seems fishy to me as there are so many showing as sold which weren't. Lot after lot had no bids meaning interest in general must have been very low.

One of the properties listed as sold at £71k (Charters Crescent) suggests on the auctioneers listing that a similar property sold in Nov 2007 at £110k. That was just the one I clicked at random.

Great stuff. Unless you're the mug who paid £110k.

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6538

6538

Posted
Posted
One of the properties listed as sold at £71k (Charters Crescent) suggests on the auctioneers listing that a similar property sold in Nov 2007 at £110k. That was just the one I clicked at random.

Great stuff. Unless you're the mug who paid £110k.

Well, the 1 bed NB flat in "The Bar" at St James' gate sold at £83K. That is waaaaaaaaaayyyyy less than you would have got that flat for 2 years ago. You would have been paying £125K, at least.

I would treat these comparables in agents listing with great caution. The ones I've seen often aren't

remotely "comparable" with the property at hand. They just seem to pick whichever house on the same street has gone for the most. It dosen't necessarily mean they have picked a similar house.

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notthereyet

notthereyet

Posted
Posted
Hmmm. I have grave doubts about the accuracy of those figures. I was at that auction and NONE of the first 28 lots were sold and of the first 100 lots only 15 were sold.

I suppose a lot could have been sold privately on the auction night to people who were just shy of the reserve but it seems fishy to me as there are so many showing as sold which weren't. Lot after lot had no bids meaning interest in general must have been very low.

I counted less that 25% sold when i counted them yesterday, Its does say that the results can change for a while after the auction, i suspect when property has not sold they will consider offers on some properties.

By the way 6538 were there many at the auction?

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gm47

gm47

Posted
Posted
There would be a really simple way for chains to take care of themselves. But there is too much greed out there for them to do it.

If at every rung from the first in a chain of 10 2.5% + the reduction from above was knocked off the price then by the time you got to the bottom of the chain there would be a reasonable offer for a first time buyer. Here is an example:

Original Price Real Loss to vendor New Price

450000……….. 13500……….. 436,500

425000……….. 12750……….. 398,750

395000……….. 11850……….. 356,900

350000……….. 10500……….. 301,400

345000……….. 10350……….. 286,050

320000……….. 9600……….. 251,450

310000……….. 9300……….. 232,150

305000……….. 9150……….. 218,000

295000……….. 8850……….. 199,150

260000……….. 7800……….. 156,350

Have to say looking at it, maybe 5% because even then the humble 2 bed terrace at the bottom is looking overpriced

Try:

Original Price Real Loss to vendor New Price

450000……….. 22500……….. 427,500

425000……….. 21250……….. 381,250

395000……….. 19750……….. 331,500

350000……….. 17500……….. 269,000

345000……….. 17250……….. 246,750

320000……….. 16000……….. 205,750

310000……….. 15500……….. 180,250

305000……….. 15250……….. 160,000

295000……….. 14750……….. 135,250

260000……….. 13000……….. 87,250

Its looking closer, but I am going for 6%

Original Price Real Loss to vendor New Price

450000……….. 27000……….. 423,000

425000……….. 25500……….. 372,500

395000……….. 23700……….. 318,800

350000……….. 21000……….. 252,800

345000……….. 20700……….. 227,100

320000……….. 19200……….. 182,900

310000……….. 18600……….. 154,300

305000……….. 18300……….. 131,000

295000……….. 17700……….. 103,300

260000……….. 15600……….. 52,700

hmmm... maybe 5.5% I was hoping for about 62K at the bottom of the ladder.

Edit: it would also even out the most ridiculous aspect of this boom which is little one bed and 2 bed houses and flats costing about 75% of what you would pay for a 4 bed detached house.

Am I missing something or do most of these figures not add up ???

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Papitogrande

Papitogrande

Posted
Posted
Check out this flat

Estate agent's comments are funny. These houses were originally bought for around £160k, so somebody is nursing a big loss here.

When you are talking about recently built properties you need to factor in the discount or incentive at the time of the original sale. Commonly it's 20 - 25% so if they 'sold' for £160k, the first buyer would get a hefty kick back meaning a net price of £128k. They have probably priced this to just cover what they paid, only losing fees, stamp etc.

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