How far will house prices fall? [Volume 3]
Discussion
turbobloke said:
FourWheelDrift said:
Is that crime scene police tape? 
Certainly in keeping with the size and shape of the new-ish looking floorboards where Crime Scene Glasgae found the body.porridge said:
ING Direct sells UK business to Barclays at a £210m loss.
The loss is in part due to its agreement to sell its mortgages to Barclays at a price 3% below the level ING values them in its accounts.
Source: BBC news site
If their mortgage book is primarily outside of London, I think ING have done well!The loss is in part due to its agreement to sell its mortgages to Barclays at a price 3% below the level ING values them in its accounts.
Source: BBC news site
I notice that people are still completely living in cloud cuckoo land when it comes to buying and selling properties. Do people not do any research before buying a property?
Here's an example of a house on the street I grew up on;
http://www.rightmove.co.uk/property-for-sale/prope...
It was bought for £79,950 in April 2009. The new owners then spent a load of money refurbishing it before renting it out.
At the start of this year the tenants moved out and it was up for sale until August when someone bought it for £56,000. It was on at £65,000. So the previous owner lost at least £23k not including money they spent refurbing the place.
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they f
king insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?
Oh, that's not to mention the issue of subsidence the property has been suffering from for the last decade or so.
Here's an example of a house on the street I grew up on;
http://www.rightmove.co.uk/property-for-sale/prope...
It was bought for £79,950 in April 2009. The new owners then spent a load of money refurbishing it before renting it out.
At the start of this year the tenants moved out and it was up for sale until August when someone bought it for £56,000. It was on at £65,000. So the previous owner lost at least £23k not including money they spent refurbing the place.
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they f
king insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?Oh, that's not to mention the issue of subsidence the property has been suffering from for the last decade or so.
Edited by Oakey on Wednesday 10th October 11:19
Oakey said:
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they fking insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?
They don't. They (and more probably, their agent) think a bargain-hunter's going to lowball them at £79k, which they'll snatch. So after costs they walk off with 20 (as planned from the start). Day in the life.king insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?groak said:
They don't. They (and more probably, their agent) think a bargain-hunter's going to lowball them at £79k, which they'll snatch. So after costs they walk off with 20 (as planned from the start). Day in the life.
Who buys a house these days without checking previously sold prices?hornetrider said:
groak said:
They don't. They (and more probably, their agent) think a bargain-hunter's going to lowball them at £79k, which they'll snatch. So after costs they walk off with 20 (as planned from the start). Day in the life.
Who buys a house these days without checking previously sold prices?
ETA: Surely by now everyone has seen we have plenty of them in this country.
Oakey said:
I notice that people are still completely living in cloud cuckoo land when it comes to buying and selling properties. Do people not do any research before buying a property?
Here's an example of a house on the street I grew up on;
http://www.rightmove.co.uk/property-for-sale/prope...
It was bought for £79,950 in April 2009. The new owners then spent a load of money refurbishing it before renting it out.
At the start of this year the tenants moved out and it was up for sale until August when someone bought it for £56,000. It was on at £65,000. So the previous owner lost at least £23k not including money they spent refurbing the place.
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they fking insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?
Oh, that's not to mention the issue of subsidence the property has been suffering from for the last decade or so.
Turning £56k into £94.5k in 2 and a bit months would be a superb return, percentage wise. If they achieve that, then fair play to them. Here's an example of a house on the street I grew up on;
http://www.rightmove.co.uk/property-for-sale/prope...
It was bought for £79,950 in April 2009. The new owners then spent a load of money refurbishing it before renting it out.
At the start of this year the tenants moved out and it was up for sale until August when someone bought it for £56,000. It was on at £65,000. So the previous owner lost at least £23k not including money they spent refurbing the place.
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they f
king insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?Oh, that's not to mention the issue of subsidence the property has been suffering from for the last decade or so.
Lookin at it with a bit of knowledge of the southern market makes it look like a bargain, so perhaps they're hoping for a Londoner to buy it as a holiday home
Either way, god loves a tryer so best of luck to them.
I don't think they'll be successful. That house has never had permanent residents. Ever since I was a kid it's been rented out and I've lost count of the people that have been and gone. For whatever reason, the only people that buy it are BTL'ers and the tenants never stay longer than 2-3 years. I think it's spent more time on the market or up for let than it has had people living in it! There have been endless problems with the drains and flooding under the floorboards and the recent addition of a load of properties built on some empty land behind the house (you can see them in the photo of the back yard) certainly won't help.
London424 said:
hornetrider said:
groak said:
They don't. They (and more probably, their agent) think a bargain-hunter's going to lowball them at £79k, which they'll snatch. So after costs they walk off with 20 (as planned from the start). Day in the life.
Who buys a house these days without checking previously sold prices?ETA: Surely by now everyone has seen we have plenty of them in this country.
Pork said:
Oakey said:
I notice that people are still completely living in cloud cuckoo land when it comes to buying and selling properties. Do people not do any research before buying a property?
Here's an example of a house on the street I grew up on;
http://www.rightmove.co.uk/property-for-sale/prope...
It was bought for £79,950 in April 2009. The new owners then spent a load of money refurbishing it before renting it out.
At the start of this year the tenants moved out and it was up for sale until August when someone bought it for £56,000. It was on at £65,000. So the previous owner lost at least £23k not including money they spent refurbing the place.
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they fking insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?
Oh, that's not to mention the issue of subsidence the property has been suffering from for the last decade or so.
Turning £56k into £94.5k in 2 and a bit months would be a superb return, percentage wise. If they achieve that, then fair play to them. Here's an example of a house on the street I grew up on;
http://www.rightmove.co.uk/property-for-sale/prope...
It was bought for £79,950 in April 2009. The new owners then spent a load of money refurbishing it before renting it out.
At the start of this year the tenants moved out and it was up for sale until August when someone bought it for £56,000. It was on at £65,000. So the previous owner lost at least £23k not including money they spent refurbing the place.
The new owners have painted the rooms and landscaped the gardens and now they want £94.5k for it? Are they f
king insane? They've done nothing to justify pricing it at £38k more than they bought it for and as it sat on the market for 8months at £65k before they bought it why do they possibly think it's now going to sell at £94.5k?Oh, that's not to mention the issue of subsidence the property has been suffering from for the last decade or so.
Lookin at it with a bit of knowledge of the southern market makes it look like a bargain, so perhaps they're hoping for a Londoner to buy it as a holiday home
Either way, god loves a tryer so best of luck to them.
95k gets you a block from the seafront.
Plus what's the deal with the garden. Back Neighbour seems to have his two windows overlooking.
Edited by porridge on Thursday 11th October 00:05
uk66fastback said:
trying to imagine the circumatsnace sof hte people who paid £79k for it and sold it for just £56k?! What happened there? And what caused 1/3 of the price to disappear - I didn't see that percentage mirrored across the country?
well what did others in the street sell for?Oakey said:
.... and the recent addition of a load of properties built on some empty land behind the house (you can see them in the photo of the back yard) certainly won't help.
When were they built - could the people who apparently lost £23K+ refurb costs have made some money from the sales of land / access?It could have been bought by a daft Southerner blinded by the "value". Happened in the family my daughter married into as everything they've bought in London has turned to gold. They thought they could do the same in the North West.
jonny70 said:
uk66fastback said:
trying to imagine the circumatsnace sof hte people who paid £79k for it and sold it for just £56k?! What happened there? And what caused 1/3 of the price to disappear - I didn't see that percentage mirrored across the country?
well what did others in the street sell for?Zoopla: http://www.zoopla.co.uk/house-prices/lancashire/bl...
This also happens in the south east, bungelow next door to my parents was sold for £187,000 the owner then spend another £25k refurbing and the yeald is 4.5%. Unfortunately the first renter played them and got 6 months rent free so the yeald dropped to 2.25%. They also paid the full asking price.
Similar bungelows are now going for around 160k (not improved).
In comparison my zopa loans are returning on average 6% (less 20% tax so call it 5%).
Similar bungelows are now going for around 160k (not improved).
In comparison my zopa loans are returning on average 6% (less 20% tax so call it 5%).
Deva Link said:
When were they built - could the people who apparently lost £23K+ refurb costs have made some money from the sales of land / access?
It could have been bought by a daft Southerner blinded by the "value". Happened in the family my daughter married into as everything they've bought in London has turned to gold. They thought they could do the same in the North West.
The new properties were only complete at the start of the year. I'm pretty sure their completion coincided with the tenants moving out as it severely reduces any privacy. The land was owned by a building company and has been for as long as I've been alive. There was no access to sell. The alley between the houses was owned by the land owners, access down the side and round the back of the houses was owned by the house next door and the owners of my mothers old house.It could have been bought by a daft Southerner blinded by the "value". Happened in the family my daughter married into as everything they've bought in London has turned to gold. They thought they could do the same in the North West.
Here's the access and the new shoeboxes they built:
It's a shame you can't see the photos from those properties any more as you'd see just how close to the existing houses they are.
And the land they were built on;
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