Reply With QuoteBlimey that's still a lorra money for a modest flat in rainy Poole.
I'm hardly "talking Up" the market. But you are "talking down" the market . I', explaining you're presenting your "facts" in a bias way. It's not smoke and mirrors about the variances. or how do you explain the sales of the flats in-between at below £200k?
What's your agenda? Am I a BTLer? yes I have a number of properties. Am I highly geared? no. Am I worried mortgages? No Mine were fixed for 5 years earlier this year.
Will there be a correction. In my opinion yes, Stress tests for BTLs won't pass at higher rates and affordability will also come into play. Will it drop 30-50%. I very much doubt it. If the market did drop 50% , I'd probably buy a bigger house.
Blimey that's still a lorra money for a modest flat in rainy Poole.
Build a breakwater, then suction dredgers collect sand from a designated area, they then rainbow it or pump it through a dredge pipe into the area where the land is being reclaimed. Massive compaction machines are used to compact the sand before construction beginsOriginally Posted by Wallasey Runner
It is happening all over the world. Singapore reclaims a lot of land, it is expensive but when land is limited they don’t have any other options.
It is the industry I work in.
Video below shows the basics of land reclamation in Dubai
https://www.youtube.com/watch?v=5nuW1GyQmwk
People still need to move, we are hopefully going to exchange very soon after a right palaver over the last year of buyers pulling out and sellers dropping undisclosed section 20 costs a day before exchange (10k’s worth which they had known about for 2 months)
the way i look at it is we sell high and buy highish (this purchase is in the same estate as a failed purchase but 50k cheaper as less work to do and seller is paying for all the lift works/fire upgrades) and if values drop for a bit in the next 2 years so be it, LTV is not high and payments while uncomfortable will not be insane. i have a flat to sell in 2 years time to take a chunk off the Mortgage on the main home.
this is london burbs.so not a hard sell or rent as there is always a demand.
people want to sell then have an instant crash and buy cheap but you can wait an age for that to happen, would rather get on with life living somewhere i’m happy.
EDIT: on the radio 4 earlier the head of NatWest saying he expected a small correction but there are not enough homes for buyers/renters so demand will keep things from crashing. that said in places where people don’t want to live or can’t afford to it might be a different storey, so those second homes in the west country that locals can’t afford even when they come up for sale and towns where a big employer suddenly closes will see more of an impact.
Last edited by MrSmith; 16th October 2022 at 13:56.
I don’t need to talk down the market, but happy to do so as I have older kids who one day may like to buy a place in the SE. Day by day the press headlines are getting worse, which is not good for sentiment.
Especially when the Torygraph, who has never been shy of its BTL support, posts an article like this today (paywall)
https://www.telegraph.co.uk/property...-rates-rocket/
Buy to let landlords face ruin as mortgage rates rocket is the headline.
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House has been up for nearly a month now and just the one viewer who also toured around 12 other properties. Not quite the ‘you’ll sell that in a day or two with buyers offering above the asking price’ which seemed to be the mantra 3 months ago.
I would have thought a 5 bed detached with off road parking for 4 vehicles might have sparked a bit more interest.
If you have almost zero interest, do you plan on dropping the price?
I sort of guessing that’s the next step. We will be contacting the estate agent this week to see what the level of interest is from their point of view and if there is any reasonable feedback, people like it but think it’s overpriced etc.
I would prefer to leave the asking price as is for now and be flexible if any offers eventually come in. If I suddenly wipe £20k or £50k off the asking price any buyer is still likely to try and make a reduced offer. It’s a game of poker at the moment.
Obviously everything will sell at the right price.
If you are bullish going forward then your strategy appears sound.
If you are bearish then there is the risk that you may end up chasing prices down, and in that instance taking a hit now before more competing houses come onto the market can also make sense.
But hey, who knows what is going to happen and how this will all pan out. Good luck.
I’m not a subscriber to that title so can’t read it but the headline gives enough of a clue.
Whilst there will be landlords with high gearing my understanding is the majority of BTL landlords have been at it for some time and have enough equity to cope with any forthcoming issues. This stereotype BTL landlord with massive borrowing isn’t representing the sector in my experience; but it makes a good headline and landlords are pretty much #1 hate figures these days and many would love to see them all suffer. But I suspect most will be fine and if they tire of the business and leave I doubt it will do anything to lower house prices as the exit will be steady and orderly. Ultimately if the PRS shrinks it will be tenants that suffer as less supply will push rents up further.
Thanks, got a viewing on Wednesday afternoon, poker face instead of please buy my house.
The reduction instamp duty is still going ahead, so that's some good news.
15 'additions' within the last 24 hours in my neck of the woods. 8 of them are reductions. Last week 5 new builds were reduced, out of 16 listed.
Same in my area with lots being reduced or removed and re-listed cheaper.
I think there is still some way to go though in prices coming down.
Good luck! I sold my house 2 years ago, had approx. 15 viewings and most ended up being timewasters. It goes with the territory, for every serious buyer you'll get 3-4 that are just wasting your time. I`ve been involved with helping to sell my sister's property and it was exactly the same.
Be open and courteous, but be prepared for some interesting visitors! I had one lady who was obsessed with storage space and started opening wardrobes and drawers throughout the house, the nosey bitch was accompanied by her son who was so embarrassed he told her to stop. Had another couple with two kids, their opening comments was that they didn't really want to live in the area, the kids were badly behaved too which annoyed me.
Another elderly couple aged 70+ were moving from a bungalow despite the fact the old guy had problems getting up stairs but the lady was obsessed with owning a house again........you couldn't make it up!
You just have to grin and bear it!
Estate agents are lazy buggers nowadays . In the age of open sale prices its a simple task of getting a base price of a property and adjusting it slightly for any reasons.
And thats the kiddie. A property will only be massively different for a reason.
By strange coincidence, had a letter today from the National Homebuyers (never heard of them) based in West Sussex, so only about 250 miles away wanting to buy my house. Is this some sort of scam or do they just low ball people in the hope that someone is desperate.
Anyone ever heard of them, or more bizarrely, dealt with them.
I’m not rushing to get back to them.
I had that as well. My mistake was engaging with them for a laugh and just in case they did actually pay market value. Scummy, scummy people constantly calling me. They only stopped when it became clear I wanted 40k more than their ballpark offer and didn't care less if it didn't sell. They prey on desperate people and distressed sellers.
Bit like the forum hoovers ;-)
Thanks, that seems to be the feedback on google, a few happy customers (if genuine), but a lot of lowballing going on.
Cheers Paul, useful advice.
You just have to roll with it .. it cuts the other way too ...
We were once viewing a property and I saw a photo of one of my mates on the dresser ... I mentioned it to the vendor who turned out to be my mates father-in-law ...
About 30 minutes later my mate called me and told me not to waste my time making an offer as his Father-in-law had just put the house on the market to annoy his wife and the property wasn't really for sale....
Some (lots of) people are idiots with too much time ...
Look upon them as “We buy any house”’to get a good idea of their operation.
You get a quick, no hassle sale but only about 70% of the actual value of the property.
IIRC, they also want to charge you £50 for the pleasure of giving you a valuation.
I sold a new bungalow last year that my business had built. It went to the first viewer, for asking price, two days after going on the market. I also do some photography work for a local estate agent that specialises in high end properties.
To stop potential time wasters I would:
Take plenty of good quality images, that not only show the property in it's best light, but also be honest.
I did some drone shots last month for a beautiful farm house that despite it's rural location was next to a suburban street, the home owner didn't want the houses next door to be in the shots, however leaving them out of view would just mean buyers are being deceived, and if they don't like the location on viewing you've just wasted your time and theirs.
Good floor plans that show accurate room sizes, along with a plot plan. Personally the more detailed the better.
And ask your agent to only send people round for viewings that are in a position to buy.
Set a realistic sale price. Many agents will tell you what you want to hear to win the business. But do your own research and get a good idea of the local market and know what your property is worth before the agent tries to flatter you.
It's best to weed out the time wasters before they arrive at your door, then you should only have seriously interested people viewing.
My experience 2 years ago reflects trying to sell in a buoyant market. If buyers can`t find what they really want they get tempted to look at something that doesn't tick the boxes but the act of going to view makes them feel better, they feel they have to look at something. This might sound odd but I`m sure it happens, their head tells them the property isn`t right for them but their heart says 'go and have a look' even though they know deep down it's a waste of time.
My sister's property was a superb, in a good area too, but very close to the M62 so noise was always going to be a problem. It wouldn't suit me, I was in the position of trying to 'talk up' a property that I personally wouldn't buy. After a few viewings we decided to leave it to the Estate Agents to accompany viewings and eventually a buyer has been found. Without the motorway issue I`m sure the property would be 20% dearer, the noise aspect was reflected in the price and anyone who did their homework could work out how close the motorway was......Google Earth is good for that!
I hope I never get involved in another house sale again, it's stressful to say the least. If you like the occasional whisky on an evening you'll find the bottle doesn`t seem to last as long when you're house-dealing.
The best / most desirable assets are normally saleable in all markets, it just comes back to price. Imperfections get overlooked as supply struggles to meet demand.
In a weak market, the pricing impact of any imperfection is magnified. Buyers no longer "take a view" and at best discount heavily, at worst there is simply no demand for a period if there is a satisfactory supply of assets with less imperfections.
The only "exception" is the old adage of buying the worst house on the best street is normally better than the best house on the worst street. Location will normally prevail as an imperfection in structure can be fixed, but not so easy to move the property if it backs onto a busy road or railway line!
Last sold a house 22 years ago.
Some dirty wee bitch asked to use the toilet and had a shit during a viewing.
They didn't even make an offer.
Farking liberty.
When you gotta go….
She lost her deposit then...
My mum did one here in the loft on our third viewing, didn't even warn anyone. My wife went went to look at a bathroom and saw my mum on the toilet and they both screamed.
Still can't believe she did it but at least it was a vacant house and we ended up buying it. Luckily the agent was in the garden leaving us to it.
Lots more reductions on the local market today, and I'm noticing a lot of "no onward chain" properties at the lower end of the market, which is undoubtedly people getting rid of their BTL properties.
I have been looking in the £1.2-1.8m in my local area, Epping.
There are some coming on to the market still, and of the existing stock - about 50% or so have been reduced.
None of them look appealing with the prospect of increasing interest rates. Monthly payments have increased by ~£2k for the higher priced ones.
This affordability, or lack of it, will surely drive house prices down.
Wow, I admit to a very cursory look on zoopla, there's a lot of very to fairly bog standard looking property asking a million plus in Epping!
Wrong part of the country, my 5 bed detached with off road parking for 4 vehicles is on at £360,000. Triple glazed throughout by Everest.
I'm down the road and back onto Epping Forest. What you get for your money is insanity. We bought less than 18 months ago and we could not afford our house today.
When we first got the keys a few neighbours made comments that we paid top money and recently the same neighbours said we were lucky to get in while we did.
Certainly sounds a far more realistic number, good luck with your sale.
The last two weeks I have photographed 2 properties with none this week, three/four weeks ago I was shooting several a day!
Off a cliff comes to mind, luckily I only do it for the enjoyment and a bit of pocket money, I wouldn’t want my main income to come from selling property right now…. Or probably not the next 12 months..
There are peaks and troughs of coming to market though, as somebody who has spent the last year trying to sell and buy there was a huge rush in March/April and then Another August/September for the ‘in before Christmas’
And in the very specific property area i have been looking at (and hopefully exchanging soon) 2 new properties cam on this week, there are usually at least 2-3 of this particular type of property on at any one time, there are currently 5.
That’s not to say there isn’t a general slowing in the market but people always need to buy and sell whatever is going on elsewhere.
be good to see less estate agents on the high street though...
Give me one good reason why this will be good? What will we get in their place? The likely answer is more nail bars, Turkish barbers and charity shops, or in some towns the property will simply be boarded up to eventually get turned into flats. I`m struggling to see the upside, I¬d rather have the Estate Agents.
I'd rather have the residential property.
With far greater demand for housing then there is supply, turning a large proportion of many 'failing' high streets into residential properties would be of great benefit. Many shops that currently exist are not economically sustainable and many have already gone out of business. Well, there is beneficial, profitable, useful future for them: As residences.
Flats over shops are common enough of course. But the ground floor can be a residence too.
I can see more and more retail areas moving over to residential as retail moves online. It's happening in Kent.
I think this is better to maintain life in towns than a load of £1 shops ... high streets will be come a mix of residential and entertainment with shopping moving on line and only services remaining.
I think so too.
Hopefully government at all levels can recognise this and not hinder it.
Strange , I see lots of new houses for sale around the Portishead area. They don’t seem to stay on the market long.
Strangely, we have had 4 houses go up local to us in the last week or so - 2 have sold within a couple of days, 2 still up for sale.
When you look long into an abyss, the abyss looks long into you.........
Well that’s how it’s been, market has changed massively in the last few weeks, the agent I know said it’s either cash buyers or people who can keep their mortgage by porting so effectively keeping their cheap interest rates, without porting they wouldn’t be moving..
Wonder who’s buying them. Personally I prefer clevedon
Depends what you want I suppose. We chose Portishead for the schools, marina, potential railway, (ha ha) and the high street. Both Portishead & Clevedon are ok though .
Yes both good choices. Is the railway ever gonna happen?
Depends what part and what you want, personally I like Portishead Marina to look at but wouldn’t want to live in that area, too busy and parking not great so prefer the older properties along the coast.
Victorian parts of Clevedon are lovely but there is also large areas of housing that I wouldn’t want to live - location location location!
It is a farce how long it is taking, supposedly when it arrives all property in Portishead will rise by 10% - we live in hope..
Anything to do with public transport in the Bristol area is a nightmare and always has been.
Not quite on the coast but I do sometimes consider a life of self sufficiency on the southern slopes of the Mendips.
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