Crazy housing market
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Is anyone else experiencing a crazy property market at the moment. My girlfriend and I have been looking on and off for a while now.
The problems we're experiencing are properties going within 12 hours of coming on the market, for about £15k over the asking price
We received a call from an agent on Wednesday, said we'd like to arrange a viewing, he comes back any says it's sold....they didnt even have time to write the particulars.....
This is the 5th time in as many weeks that this has happened.
Is this a national thing, or just the Cambridgeshire area?
The problems we're experiencing are properties going within 12 hours of coming on the market, for about £15k over the asking price
We received a call from an agent on Wednesday, said we'd like to arrange a viewing, he comes back any says it's sold....they didnt even have time to write the particulars.....
This is the 5th time in as many weeks that this has happened.
Is this a national thing, or just the Cambridgeshire area?
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From what i can see the houses for sale seem to be sticking around quite a while unless they are substantially undercutting the competition.
South East btw....
It's the same round here as well. Although not all houses for sale go that quick. Depends if the asking price is realistic.
Housing booms usually begin in London, then spread to East Anglia/counties to the North and West of London, up into the Midlands.
as planned
We looking in the south east area of the M25, we saw one come on rightmove last Saturday around 10am, at about 2ish we phoned up to book in for the viewing day they had mentioned on the website to be told he had 2 offers already. So yes, we are having the same problem completely but made worse by the fact that we have a property to sell and the market here is not quite the same as London so we're not as attractive to sellers as you are!
That the Bank of England yesterday explicitly stated that interest rates will be kept low to support the housing market, and they view the current trajectory as a 'return to normal' says it all. Pensions and other productive investments will be annihilated IMO over the coming years due to all these measures to boost house prices.
I agree, why buy a house now because when NOT if the crash comes you will be able to buy a whole street and become a buy to let landlord
Hopefully an ethical one
With a statement like that, I believe you would be
I am a landlord as I inherited a house but I am a very easy going one. Don't charge too much rent, am flexible in it's collection, take care of any issues that come up as quickly as I can etc etc.
One of the Sunday shows yesterday was talking about London prices doubling by 2019! Might`ve been worth waiting.
There is a localised and patchy bubble mainly in London and surounding areas (with as usual a few hot spots a bit further afield). House prices declined in the North East of England for example in the last quarter, and surprisingly even declined in a few of the London boroughs.
Most of the London bubble is caused by an influx of foreign money and that's why the B of E can't do anything to stop it. But of course it suits the Government's interests to give the impression that all property owners are benefiting from the housing bubble, when only a minority are.
Average house prices in England and Wales are still 6% below their 2007 peak and property nationwide has been a poor investment. Outside London, it's been one of the best possible ways to lose money from then to now.
True. Sigh. I am lucky enough to have buy to let properties that have nearly halved in value over the last 10 years, and are now in substantial negative equity. If you want a cheap house, find a decaying ex mining town with no jobs.
Sorry i cant help but smile at that. BTLers are one of the main problems with the housing market. I wish all the rest of them where in the same boat as you.
Our house has now sold btw for just under asking price. Problem is now we cant find anything we want to buy. There's no much out there and what is is going for crazy prices...
Well thanks. I mean, it's not as if you are prejudiced or anything.
I am not a problem with the housing market. I bought cheap, unmodernised properties, did them up, and let them to vulnerable tenants who would otherwise be homeless - substance abusers, ex prisoners etc. None of them would be in a position to buy a flat in any circumstances. A lot of them have a long history of homelessness. They are all on housing benefit, and with tremendous care and dedication we often break even on our costs. To be honest, I am burnt out with the stress and worry, the night-time phone calls, the endless defaults - often for no other reason than that tenants can't be bothered to walk down to the housing office and see them - the constant damage (which insurance doesn't cover), the death threats when we have to evict someone, cleaning out flats full of used needles and excrement. If I could give the whole thing up I would do it like a shot.
We were a bit starry eyed when we started, definitely; my husband and I had both worked with prisoners, and wanted to help them re-settle and stay out of trouble. Often we have. But no one expected house prices to fall by 50% over 10 years; we assumed that in time we could sell up and retire. It is pretty stressful thinking that we might have to deal with this for the rest of our lives, then have nothing to leave our children because of the debts.
But thank you for wishing ill on me.
Sorry, but that's just unnecessarily spiteful.
Thanks .
Will Average London House Prices Hit £36 million?
http://londonist.com/2014/03/will-average-london-house-prices-hit-36-million.php
If what you say it true, you gambled and lost. Sell up, cut your losses and move on.
You still own several houses when many people in this country cant even afford a 1 bed flat. Please don't go looking for sympathy. You are one of the lucky ones!
Personally i think there should be a massive windfall tax on anyone that owns more than 1 home. Of course this will never happen as that includes most of the MPs!
You appear not to have bothered to read what I wrote. It is diffficult to debate with someone who answers a post without reading it.
Still. I cannot 'sell up' because I have no way on earth of raising enough money to buy myself out.
No sane person would think I was 'one of the lucky ones', unless your definition of 'luck' is deranged. I am irrevocably tied to a hugely time consuming and draining business that has made a net loss every year except one (when we made £2000 for thousands of hours of work); this is money, already taxed, that has to be taken from our very ordinary household income to keep the business afloat. (My husband is retired; I am part time and on a low income).
YOu appeared in your original and nasty post to be blaming me for inflating house prices so that other people cannot afford to buy. I would like you to explain how I have inflated house prices in an area where prices have fallen by nearly 50% over ten years, and within that figure, there are houses and flats that are almost unsellable at any price. There is no property I own where the estimated selling price is less than 8 or 9 thousand pounds less than the mortgage. That would be almost my entire annual income used up to sell one flat.
As I said, none of our tenants would ever be able to buy a property. We are not depriving long-term homeless people who have been in and out of prison for the last 25 years of their chance to get a mortgage and a sit-on lawn mower. We were starry eyed, as I said, when we started. We knew that the single biggest factor in determining whether a prisoner reoffends is whether he has a stable address. We would provide stable addresses, clean, safe, well maintained, and priced exactly at the housing benefit level so they had no money to find. The profit margin was always going to be wafer thin. But we misjudged the shiftlessness of some of the people; they don't bother to put in forms, they disappear, they sell their boilers and fake a burglary, they will happily run up a thousand pounds of arrears rather than walk down to the housing office, a distance of perhaps half a mile, and they lie and lie and lie. As you can see, my eyes are a little less starry now.
We HAVE provided homes for people who would otherwise have been homeless, and I am proud to have done so. We have had our successes. Ex cons are often tired, and if they can stay off the drink and drugs, want a quiet life. There are tenants we would happily keep until they die, unless the ratio between costs and rents gets grotesquely disadvantageous. But if I could sell a property, at a loss (taking into account the work we have done) but clearing the mortgage every time one fell vacant, I would be a happy, happy person.
I am not sure what money you would like to impose your 'massive windfall tax' on. My husband's pension? My very modest earnings from my job? My Tesco vouchers? My losses?
But as I said, it's not as if you are prejudiced or anything. Everyone who rents out a property MUST be evil, and should be punished as severely as possible. I mean if there was no rental property, everyone would effortlessly buy, wouldn't they?