How far will house prices fall [volume 5]

[menousername]

turbobloke said:

Such people are buying snake oil, which all politicians are good at selling.

Fixed that one for you

turbobloke said:

If the next Labour gov't proceeds as per the last two, and it appears to offer worse things (not that we can believe it, but incompetence has a way of coming through) a wrecked economy will stuff everyone except the top 1%.

Seems to sum up the economy right now

[turbobloke]

menousername said:

turbobloke said:

Such people are buying snake oil, which all politicians are good at selling.

Fixed that one for you

Not really.

All politicians are self-serving and nobody should believe their special offers, but it's a Labour thing to aim mushy rhetoric at the poor bloody infantry. If this supposed group, portrayed by Labour as victms of society so it's somebody else's fault (and hey look at those rich people over there ===> ) actually got help from a Labour gov't to better themselves to a meaningful degree, they would then become more likely to vote Conservative. Clearly this is not something Labour want to see. As their lot got better they would enter the sights of Corbyn's Labour as targets.

menousername said:

turbobloke said:

If the next Labour gov't proceeds as per the last two, and it appears to offer worse things (not that we can believe it, but incompetence has a way of coming through) a wrecked economy will stuff everyone except the top 1%.

Seems to sum up the economy right now

It would do, if only it didn't.

We don't have to go running to the IMF with cap in hand, as per Labour in the 70s, and there's still money left, unlike Liam Byrne's message after the last time Labour screwed up an already bad situation.

Not forgetting current high employment with lots of new jobs (around three-quarters permanent and full-time). Or less borrowing and more deficit reduction (UK deficit dropped by £5.7bn last year).

DId you happen to live/work in the 70s and have you forgotten Byrne's bks?

Either way if we do get a Corbyn marxist gov't those with no options will experience it for themeselves. It's not something I would wish on them.

[turbobloke]

Meanwhile with brexit and jezza on the horizon I suggest we all buy-in now while we can afford it.

https://www.zoopla.co.uk/for-sale/details/47362912...

[kingston12]

Not sure what is going on here:

https://www.rightmove.co.uk/property-for-sale/prop...

This changed to 'SOLD STC - NO FURTHER VIEWINGS' about a day after going on the market. Nothing unusual about that, but the guide price is probably £250k less than I'd expect, even given the large amount of work required.

If it went for anything close to the guide price then it's probably the best value house to have sold in that area for years.

[kingston12]

anonymous said:

[redacted]

That was my first thought, but why make it so obvious by putting it on the market for a day?

[James_B]

FocusRS3 said:

With respect, the MPC Voted 9-0 in favour of the rise. There is less than zero chance rates will be getting lowered for some time... That vote tells you there is likely to be further rate rises.

Edited by FocusRS3 on Thursday 2nd August 12:58

Short Sterling rallied on the decision.

[hyphen]

kingston12 said:

anonymous said:

[redacted]

That was my first thought, but why make it so obvious by putting it on the market for a day?

To fulfil a legal requirement?

Can you stick it in your calendar and let us know what price Land Registry shows when it next updates.

[Graemsay]

wisbech said:

From elsewhere - Perth WA prices are now down 14%, and still sliding.

Over on the east coast, Melbourne and Sydney are down 5% to 10%.

[kingston12]

hyphen said:

To fulfil a legal requirement?

It must be something like that. I'm not sure what the legal requirements are and how they vary between cases. It's the only reason that I can think of why you'd sell something seemingly well below the current market value and advertise to the world that you are doing so.

hyphen said:

Can you stick it in your calendar and let us know what price Land Registry shows when it next updates.

Yes, I'll update when I see it come through. It could be that someone just came along with a decent seven figure offer and it was immediately accepted, but we'll see.

[spikeyhead]

anonymous said:

[redacted]

I spend very little time in that neck of the woods, but traffic in the area is really terrible. Genuinely horrible. Went to a day's presentation at Surrey Uni in Guildford recently and all the hosts were moaning that it took them an hour to travel ten miles to get there, and many from further afield stayed in a local hotel and then spent 45 mins to travel three miles there. The whole area needs better transport far more than more houses.

[anonymous-user]

Graemsay said:

wisbech said:

From elsewhere - Perth WA prices are now down 14%, and still sliding.

Over on the east coast, Melbourne and Sydney are down 5% to 10%.

I lived in Melbourne for three years and came back to the UK early last year so have not been keeping an eye on the market recently. When I was there though it was absolutely crazy, 15% rises in a year were not uncommon and everybody thought it would never end. However, it seemed to be mostly driven by Chinese money, the Chinese were quite happy to outbid everybody to own property as they saw it as a safe place to put money outside of China.

Even then there were vast amounts of apartments in the city that were empty as they were purely bought to get money out of China and they didn't want the hassle of renting them out. The Australian bidders were quite rightly angry at this situation as they couldn't compete, but obviously everybody who was making money out of this situation (estate agents, politicians etc.) were very happy about it. Families were buying properties two hours outside of Melbourne as it was the only way they could afford a family home.

I remember being in a bar in Sydney and got talking to the barman who asked me where I was from. When I said I lived in Melbourne he started telling me how he wanted to buy an apartment in Melbourne to rent out as they were so much cheaper than Melbourne.

Interest rates are much higher in Australia than the UK and banks are more than happy to lend six times your salaries. Actually, as long as your salary is more than the mortgage payment they don't seem to concerned about how you can afford to actually live after paying it each month.

[olimain]

kingston12 said:

Not sure what is going on here:

https://www.rightmove.co.uk/property-for-sale/prop...

This changed to 'SOLD STC - NO FURTHER VIEWINGS' about a day after going on the market. Nothing unusual about that, but the guide price is probably £250k less than I'd expect, even given the large amount of work required.

If it went for anything close to the guide price then it's probably the best value house to have sold in that area for years.

I tried to view this, didn't get called back. Wife called twice too and then the third time of calling (the Monday after the Friday it was originally listed on) was told "oh yes we had viewings on Saturday but only called people who were either under offer or cash (they never asked our situation), we've already had two offers at asking price and one over".

[hyphen]

anonymous said:

[redacted]

Cobham is going downhill...
http://www.dailymail.co.uk/news/article-6020543/Ri...

[FocusRS3]

hyphen said:

Cobham is going downhill...
http://www.dailymail.co.uk/news/article-6020543/Ri...

I have a mate that owns some land in Compton in Surrey which has been occupied a few times by travellers.

It does seem out of counties around the M25 Surrey seems to have the biggest Traveller problems. Maybe as its not the concrete jungle the others tend to be who knows

[kingston12]

olimain said:

I tried to view this, didn't get called back. Wife called twice too and then the third time of calling (the Monday after the Friday it was originally listed on) was told "oh yes we had viewings on Saturday but only called people who were either under offer or cash (they never asked our situation), we've already had two offers at asking price and one over".

It's certainly a strange situation. It could be as simple as it being an incompetent/unsuitable agent, but I suspect something more than that.

They have had an office in Surbiton for years and I never understand how they make any money as they only ever have a few properties on, and they tend to be the lower end stuff in the cheaper parts of town. They'd have little experience with this type of house, and to make matters worse it seems as though this one was handled by one of their offices in another area.

They probably think that getting an offer over asking price in this market is a pretty good achievement, but they are doing the seller a dis-service if they sell for anywhere near that price. It's got to be worth £1m when you look at what other houses are selling for nearby. It's in the wrong part of town for me, otherwise I'd have definitely paid that myself!

[mike74]

Here's a rather odd one... The current owners bought it only 8 months ago for £400k (£5k over the asking price of £395k)

Now put it back on for £250k!

That's one hell of a hit to take.

https://www.rightmove.co.uk/property-for-sale/prop...

[turbobloke]

mike74 said:

Here's a rather odd one... The current owners bought it only 8 months ago for £400k (£5k over the asking price of £395k)

Now put it back on for £250k!

That's one hell of a hit to take.

https://www.rightmove.co.uk/property-for-sale/prop...

Any copper/coal/other mine shafts located nearby in the interim?

[aeropilot]

FocusRS3 said:

hyphen said:

Cobham is going downhill...
http://www.dailymail.co.uk/news/article-6020543/Ri...

I have a mate that owns some land in Compton in Surrey which has been occupied a few times by travellers.

It does seem out of counties around the M25 Surrey seems to have the biggest Traveller problems. Maybe as its not the concrete jungle the others tend to be who knows

Easy target area as so few Plod about beyond the M25 (not many within these days either!) and councils that are unable to deal with it.

I bet Plod will be there in an instant to arrest any group 'taking matters into their own hands' though against the poor misunderstood and deprived 'traveller community'.......

[V6Alfisti]

Certainly much of the fat is coming out of some ridiculous new build pricing in some areas.. How they ever thought they would get £800k for 522sqft in N4

https://www.zoopla.co.uk/for-sale/details/46845094

28th Jun 2018 £447,500 Price reduced by £262,500
14th Jun 2018 £710,000 Price increased by £15,000
30th May 2018 £695,000 Price increased by £65,000
3rd May 2018 £630,000 Price reduced by £120,000
17th Apr 2018 £750,000 Price reduced by £25,000
21st Mar 2018 £775,000 Price reduced by £24,995
13th Mar 2018 £799,995 Price increased by £45
7th Mar 2018 £799,950

[stuckmojo]

V6Alfisti said:

Certainly much of the fat is coming out of some ridiculous new build pricing in some areas.. How they ever thought they would get £800k for 522sqft in N4

https://www.zoopla.co.uk/for-sale/details/46845094

28th Jun 2018 £447,500 Price reduced by £262,500
14th Jun 2018 £710,000 Price increased by £15,000
30th May 2018 £695,000 Price increased by £65,000
3rd May 2018 £630,000 Price reduced by £120,000
17th Apr 2018 £750,000 Price reduced by £25,000
21st Mar 2018 £775,000 Price reduced by £24,995
13th Mar 2018 £799,995 Price increased by £45
7th Mar 2018 £799,950

Still a chunk of money for a young professional Chinese investor