How far will house prices fall [volume 5]
Discussion
Sheepshanks said:
Maybe a local thing but yesterday an old guy in our road, living on his own, kicked the bucket. He's the 4th in the last few months. There's only 25 houses in our road and normally they rarely come up for sale.
The 92 year old across the road died in October. His closest family member was a niece, who lived locally, but kept her distance as best she could. I used to piss her off by phoning her and telling her what he was struggling with occassionally. Like when his heating didn't work. And he couldn't get British Gas to fix it. (They came twice and it was him getting confused over the controls) I digress. 5 skips. Every single thing he ever owned has gone in a skip.
More distant family members have been co-opted into clearing it out.
My wife and I have a wager. I reckon they'll sell it as is, someone will buy it and spend 6 months bring it from 1966 to 2015, and then rent it out at 850 quid a month.
She thinks, they will do it up themselves and rent it out.
I think of the 25 houses in our street, 5 are rentals. Two others were rentals, but were done up and sold. Another was a rental and is now on the market Oh wait it's got a buyer.
https://www.rightmove.co.uk/properties/94976924?ut...
His house is now up for sale.
https://www.rightmove.co.uk/properties/100935356?u...
Not sure why you'd buy it (unless the national trust thinks it's worth saving that bathroom) when you could have this
https://www.rightmove.co.uk/properties/100043957?u...
Which is the same price. And has a proper loft, so more potential for a big room (ours has a 4.2 x 3.8 metre loft room)
We are backing on to
https://www.rightmove.co.uk/properties/99823310?ut...
Which was rented out and has just been done up over a whole year.
You can actually see our loft
BUT here's the thing.
Another similar ex rental. Put on the market in Summer 2019. Still for sale
https://www.rightmove.co.uk/properties/67780003?ut...
Is it because it's got a "rental spec kitchen" . Are viewers seeing it as a doer upper?
NickCQ said:
Seems inoffensive IF it catches the super rich as well as the 'middle class' rich.
It's always been a thing. Asset rich, cash poor. V6Alfisti said:
The wealth tax commission have proposed a 1% one off tax on any individual with assets/savings of more than £500k (but can be doubled up to £1m if you are married). This will be quite a hit for those that bought pre 2000 and now sit in an expensive house with normal savings.
Apparently ten million impacted and about half a million would need to sell their home to afford unless it could be deferred.
If you have, say, a £2 milion house and a £20k tax bill would force you to sell it, you're doing something wrong.Apparently ten million impacted and about half a million would need to sell their home to afford unless it could be deferred.
Edited by NickCQ on Wednesday 9th December 17:23
Or Asset rich, lots of money in savings for a rainy day.
My Great aunt died a few years back. House sold for £450k (was bought by a builder and sold six months later for £650k) but she also had £200k in ISAs and other low yeild savings.
Apparently her toilet flush had broken, and she was carrying a bucket from the outside tap, upstairs to flush it.
I feel bad that I hadn't seen her in 30 years, but she was 300 miles away and had close family much closer.
I invested my 1/50th share in a new bathroom.
Pit Pony said:
NickCQ said:
Seems inoffensive IF it catches the super rich as well as the 'middle class' rich.
It's always been a thing. Asset rich, cash poor. V6Alfisti said:
The wealth tax commission have proposed a 1% one off tax on any individual with assets/savings of more than £500k (but can be doubled up to £1m if you are married). This will be quite a hit for those that bought pre 2000 and now sit in an expensive house with normal savings.
Apparently ten million impacted and about half a million would need to sell their home to afford unless it could be deferred.
If you have, say, a £2 milion house and a £20k tax bill would force you to sell it, you're doing something wrong.Apparently ten million impacted and about half a million would need to sell their home to afford unless it could be deferred.
Edited by NickCQ on Wednesday 9th December 17:23
Or Asset rich, lots of money in savings for a rainy day.
My Great aunt died a few years back. House sold for £450k (was bought by a builder and sold six months later for £650k) but she also had £200k in ISAs and other low yeild savings.
Apparently her toilet flush had broken, and she was carrying a bucket from the outside tap, upstairs to flush it.
I feel bad that I hadn't seen her in 30 years, but she was 300 miles away and had close family much closer.
I invested my 1/50th share in a new bathroom.
Pit Pony said:
The 92 year old across the road died in October...
5 skips. Every single thing he ever owned has gone in a skip.
More distant family members have been co-opted into clearing it out.
Brutal to think that all remnants of your 92 years of life on earth can be removed so quickly.5 skips. Every single thing he ever owned has gone in a skip.
More distant family members have been co-opted into clearing it out.
There was an excellent "long read" article in the Times last year about how tough it is to clear an elderly relative's house, but you need to be brutal and only keep the stuff with real sentimental value.
Personally, I try not to accumulate too much stuff, and use ebay to get rid of anything that I no longer use. My wife and children (9 and 6) more than make up for me in the junk-hoarding stakes, but I don't know which of my limited possessions they would keep as an heirloom when I'm gone.
https://www.thetimes.co.uk/article/janice-turner-t...
Times Article said:
Friends and some Times readers who’ve already cleared their childhood houses all gave the same advice: work out what is special. For a week, I’d been accumulating a large “maybe” pile. A van would take furniture, bedding and amusing oddments to my son in Manchester to share with his art-school friends. But I didn’t want my inability to make decisions to clutter my own house.
I saved what I hope represents my parents’ lives. The “Every Price Per Ton Reckoner” tables my father used to calculate the price of coal when, despite having passed the 11-plus, he left school aged 14 to be a weighman at the pit; his taped-up cricket bat and badges from his team, the Barnsley Wanderers; a certificate from the National Coal Board signed by chairman Ian MacGregor (reviled during the miners’ strike) thanking him for “46 years’ loyal and efficient service to the Industry and the Country”. (The country!) I keep the Dimple whisky bottle in which he saved sixpences and later 5ps to put towards our holidays, a symbol of his self-improvement. I save my mother’s royal commemorative china, going back to the “Old King” and uncrowned Edward VIII and a brass Players Please ashtray from the club. I keep every pillow case hand-embroidered by unknown female ancestors.
My husband leaves in a hired van for Manchester then London, while I hoover the dust and tiddlywinks from the empty rooms. Not so much for the new owners, property developers who will gut the place, but because it’s what my parents would have done. Then I put the keys through the letterbox and catch a southbound train.
I saved what I hope represents my parents’ lives. The “Every Price Per Ton Reckoner” tables my father used to calculate the price of coal when, despite having passed the 11-plus, he left school aged 14 to be a weighman at the pit; his taped-up cricket bat and badges from his team, the Barnsley Wanderers; a certificate from the National Coal Board signed by chairman Ian MacGregor (reviled during the miners’ strike) thanking him for “46 years’ loyal and efficient service to the Industry and the Country”. (The country!) I keep the Dimple whisky bottle in which he saved sixpences and later 5ps to put towards our holidays, a symbol of his self-improvement. I save my mother’s royal commemorative china, going back to the “Old King” and uncrowned Edward VIII and a brass Players Please ashtray from the club. I keep every pillow case hand-embroidered by unknown female ancestors.
My husband leaves in a hired van for Manchester then London, while I hoover the dust and tiddlywinks from the empty rooms. Not so much for the new owners, property developers who will gut the place, but because it’s what my parents would have done. Then I put the keys through the letterbox and catch a southbound train.
Edited by spreadsheet monkey on Friday 11th December 11:20
Thankyou4calling said:
number2 said:
There's little news, it's all opinion dressed as fact constructed in such a way as to try and cause panic.
Immediately filed under “Headlines designed to cause outrage but will never happen “MuscleSedan said:
Who's saving anything with the Stamp Duty Holiday 
Me as my offer was accepted in June prior to any stamp duty holiday being announced 
Any price inflation that has happened in the interim isn't going to be reversed as/when the holiday is removed so no complaints from me.The last house I bought had my offer accepted shortly before the £250k stamp duty band was changed. Pretty much overnight £50k+ was added to all the houses that had been banging up against this glass ceiling, mine included.
MuscleSedan said:
Who's saving anything with the Stamp Duty Holiday
Old people downsizing, that's who.If the stamp duty holiday gives a few OAPs the kick they need to sell their big detached houses and move into something more appropriate for their needs, then that's alright with me.
MuscleSedan said:
Had an e-mail this week from one of our local Estate Agents.
Latest Land registry data shows " Detached houses have risen the most with a big jump of 3% in September alone "
Who's saving anything with the Stamp Duty Holiday
Based on what I've seen on the market, it's decent sized detached family houses that seem to be most strongly up in price, at least in my town. I bought (4 bed detatched) just over a year ago now for £290k (which I did feel was a good price), now the cheapest of that type listed on Rightmove is £340k. I'm not saying that mine has necessarily increased by that much, but when you look at the asking prices there's been a very noticeable upward movement. I guessing it's not just where I am, I'm sure these increases will start to show up in the figures sooner or later once everything from this year is completed on.Latest Land registry data shows " Detached houses have risen the most with a big jump of 3% in September alone "
Who's saving anything with the Stamp Duty Holiday
I'm not in what I would consider a particularly pricey area as far as house prices go, but it would be great if I could get a decent 4 bed detached where I am for £340k.
Need to see if the prices increases remain throughout next year. I've got a strong hunch that I have a tenant coming out of a rental mid next year and would be tempted to sell at current prices.
Need to see if the prices increases remain throughout next year. I've got a strong hunch that I have a tenant coming out of a rental mid next year and would be tempted to sell at current prices.
Pit Pony said:
Sheepshanks said:
Maybe a local thing but yesterday an old guy in our road, living on his own, kicked the bucket. He's the 4th in the last few months. There's only 25 houses in our road and normally they rarely come up for sale.
The 92 year old across the road died in October. His closest family member was a niece, who lived locally, but kept her distance as best she could. I used to piss her off by phoning her and telling her what he was struggling with occassionally. Like when his heating didn't work. And he couldn't get British Gas to fix it. (They came twice and it was him getting confused over the controls) I digress. 5 skips. Every single thing he ever owned has gone in a skip.
More distant family members have been co-opted into clearing it out.
My wife and I have a wager. I reckon they'll sell it as is, someone will buy it and spend 6 months bring it from 1966 to 2015, and then rent it out at 850 quid a month.
She thinks, they will do it up themselves and rent it out.
I think of the 25 houses in our street, 5 are rentals. Two others were rentals, but were done up and sold. Another was a rental and is now on the market Oh wait it's got a buyer.
https://www.rightmove.co.uk/properties/94976924?ut...
His house is now up for sale.
https://www.rightmove.co.uk/properties/100935356?u...
Not sure why you'd buy it (unless the national trust thinks it's worth saving that bathroom) when you could have this
https://www.rightmove.co.uk/properties/100043957?u...
Which is the same price. And has a proper loft, so more potential for a big room (ours has a 4.2 x 3.8 metre loft room)
We are backing on to
https://www.rightmove.co.uk/properties/99823310?ut...
Which was rented out and has just been done up over a whole year.
You can actually see our loft
BUT here's the thing.
Another similar ex rental. Put on the market in Summer 2019. Still for sale
https://www.rightmove.co.uk/properties/67780003?ut...
Is it because it's got a "rental spec kitchen" . Are viewers seeing it as a doer upper?
Pit Pony said:
Another similar ex rental. Put on the market in Summer 2019. Still for sale
https://www.rightmove.co.uk/properties/67780003?#/
Says it was reduced in Jan 19?https://www.rightmove.co.uk/properties/67780003?#/
Unusual, I'd have thought, for an ordinary (ie, nothing totally weird about it) house to have been on the market that long?
Around our way did that thing again the other day where I thought I'd somehow selected "show only SSTC" !
The longest in the market is Dec19 - a perhaps over-modernised little house somewhat oddly heated by an ASHP.
Bullet-Proof_Biscuit said:
Absolute dormer madness up your ends, almost like London! Almost,
At the time (2001) our house was worth £90k and the loft cost £11k the rewire £1500, the brick porch to replace the rotten sawdust porch. £2.5k A 4 bed house in the area would cost a minimum of £150k at the time. So it was a cost effective solution to a small house.
The size was the biggest we could achieve. The downside was that the small master bedroom lost 2.5 foot from one end, for the stairs. Which makes it small.
Given that the basic house is worth about £190k plus or minus 10%, I reckon it would cost £30k to have what we had done. Given that the cheapest 4 bed is about £255K upwards, it would still make sense but not as much. When you add up the costs of moving, I'd rather extend if I could.
The main downside to these houses is a shared drive, but we have decent neighbours and we try to accommodate each other to use it when we need.
KTF said:
MuscleSedan said:
Who's saving anything with the Stamp Duty Holiday
Me as my offer was accepted in June prior to any stamp duty holiday being announced Any price inflation that has happened in the interim isn't going to be reversed as/when the holiday is removed so no complaints from me.One of our neighbours just had a loft conversion done. Must admit I'm curious at the cost, quite pricey I would imagine. There were many people there working over some period of time. Can't help thinking I would favour putting the money towards moving and gain more garden, parking space etc. But if it's really cost effective then yes they make sense.
Ari said:
KTF said:
MuscleSedan said:
Who's saving anything with the Stamp Duty Holiday
Me as my offer was accepted in June prior to any stamp duty holiday being announced Any price inflation that has happened in the interim isn't going to be reversed as/when the holiday is removed so no complaints from me.It's easy to think that house prices only ever go up, but the government have to work increasingly hard to make that the case. There will be new measures in the new year, government guaranteed mortgages, more QE and perhaps an extension of the stamp duty holiday, and they'll be essential in keeping the miracle going.
MuscleSedan said:
One of our neighbours just had a loft conversion done. Must admit I'm curious at the cost, quite pricey I would imagine.
https://www.mybuilder.com/pricing-guides/loft-conversion-costsAnything from £20k upwards depending on the size of the loft conversion and the type of house. It can be a good way of adding space without the hassle and expense of moving.
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