Offer 30% below asking

[CheekyFakers]

A number of valuations all arrived at the same marketing price.

Healthy number of viewings to begin with (though feedback notes didn’t quite match who came through the door, numbers wise) but no offers. To be fair, this was right in the mini-budget aftermath.

After pressing the agent, one chap came to view. Took a few days to come back with an offer 30% below asking on a £1.7m property.

Is this pure CFery? Is the market that bad? Or have agents been known to send associates round to view and make guaranteed ‘no, thanks’ offers?

If it’s pure CFery, I’ll be making a note to try this myself!

"The people without resources to pay utilities dont own property."

That`s right, they have Jumbo mortgages and will be renting their debt from the bank for the next 50 years, hardly something to aspire to is it?

So do you think there will be hundreds, maybe thousands homeless because of this, or do you think landlords will be pressured by government (see Scotland and Wales) to get these houses/flats occupied?

MSE, is that the one with lots of posters who want you to save money on everything..........EXCEPT overpriced property? LOL (In particular THEIR property that they bought in the 80`s) that website?

So lots of people don`t have lots of debt on property and rising interest rates are not a problem, OK then, LOL.

Isn’t someone who has gone bankrupt going to struggle to find a landlord to accept them?

Losing your house isn’t the same as going bankrupt.

Repossession is worse. No mortgage for you for 6 years and as said earlier good luck finding a landlord that will trust you to pay them if you couldnt even manage to pay your mortgage with skin in the game.

My house is at the average price in the UK. If my mortgage doubled, it would go up by £250 quid. I might have to cut back on, let me think nothing

Repossession worse than bankruptcy? Of course it’s not.

LOL, looks like lots of other people are not in the same position.

www.standard.co.uk/homesandproperty/property-news/london-property-market-homes-interest-rates-mortgages-b1037585.html

Those poor people though that can`t view houses anymore because their mortgage repayments have gone up from nearly zero to still well under historical norms, where will they be sleeping, in parks, under bridges? Oh, they will just stay in their present accommodation and watch deluded sellers slowly smell the coffee, LOL. So much for "Supply and Demand".

Well, it depends whether you need somewhere to live or not blossom. If you’re bankrupt and you can go move in with your parents you’re gonna be fine aren’t you if you’re repossessed and you can’t you’re fucked

You are literally delusional 🙄 45% less demand than last year that saw unprecedented numbers of house movers due to the stamp duty holiday literally just goes to prove the data and statistics could be manipulated in any direction you like.
But to play the game if we had 200 percent growth between 2020 and 22 (which we did) and then it drops back by 45%. We are still looking over 120% growth on 2020.
rents are climbing at a faster rate than mortgages. Remind me what you can rent for a grand a month in London? Or even 2 ?

Logically there should be some pressure but how much logic have you seen in action from the government in recent times? I have little faith anything sensible happening but if you have then I admire your optimism!

I was trying to look for a studio flat for my disabled friend. She has severe mental illness and cannot work. She is dependent on her support network for even the most basic things like budgeting and food shopping and laundry so realistically should not leave London as her friends/family are all here. At the same time, can't live with parents as this would realistically cause them to have mental health problems of their own.

I cannot find a flat for her for much less than £1020. Council will only pay 1000 for housing benefit. She may get £1400 if she get PIP but apparently its quite hard to get PIP. Meanwhile my mortgage for a 2 bed flat is £1020 until 2024. Yes I do have a London mortgage. But i needed to live somewhere and the fact that i have been paying a mortgage that is roughly equivalent to the rent for a studio flat for benefit claimants for the past 5 years have meant that i have been able to save the difference. My flat is now renting for £1800.

The only way you can beat the system is if you live with family. Rents are high all over the country. the average rent in the UK is now over £1000.

@socialmedia23 I bought my eldest a little house up north, because whilst she was at university, they wanted £750 for what was basically a bedsit, Her kitchen was on the back of the wall Her bed touched. The place was covered in mould because there was insufficient ventilation in the shower bathroom area and then she had a little desk where she could eat and work facing the window.

And actually do you know what we would’ve stuck with it and put up with it if it wasn’t for the fact that the other students cat setting off the fire alarms during the night and then somebody else would get up who was pissed off with the fire alarm and then just pull the plug on it so they had no smoke alarms until morning. Terrifying.

Frankly, I will do just about whatever it takes to buy, has his for me and my family, because the alternative is just untenable.

Well why don't you test this theory by leaving your heating off for a couple of week and tell us what the bill is for a burst pipe

As for people who own homes having enough resources to pay utilities, why is the government giving everyone a rebate exactly and not just renters? You really haven't thought this through have you.

@Justthisonce12
Frankly, I will do just about whatever it takes to buy, has his for me and my family, because the alternative is just untenable.

There's a single alternative is there? There's not swarms of highly skilled people leaving the country?

@DeadHouseBounce you’re so jealous of home owners aren’t you, particularly those who bought in the 80s, suffered an initial setback with high interest rates but then made LOADS of money? You’re so pleased to think of new homeowners struggling to pay the mortgage, your glee is apparent in all your many posts.
But you never explain what a reasonable alternative would be, since rents are even more astronomical and rising fast in desirable areas. We can’t all live in our parents basement into our 40s & 50s can we?

There is new legislation in Wales that Landlords are squealing about, and a rent freeze/eviction ban in Scotland, not exactly pro-property hogging is it? There are not going to be thousands homeless though that is the point, because 99% of people viewing a rental are already living somewhere.

Nice story but meaningless in the context of the wider market, viewings/enquiries are down about 50% because people cant or wont pay bubble prices on the new monthly debt payment amounts they are being given from mortgage lenders, that points to only one thing - a price crash, most people dont buy their children a house because they dont like the look of the student digs, that isn`t what powers the UK property market it is powered by people taking out cheap debt and stretching themselves to do so. recent interest rate moves mean basically Game Over.

Nobody is/was talking to you

Why is DeadHouseBounce's font so weird and variable?

I think my keyboard is possesed.

I don’t know. They do it on nearly every post and they always say LOL on nearly every post, generally aimed at a recent homeowners misfortune.

LOL, someone explained once why the font does that, I couldnt understand a word of what they said but it isnt something that I am in control of as far as I know. I don`t think it affects the general message though?...............Bubble Be Gone!

The alternative is much higher interest rates than we have had for decades and a recession to crash house prices and rents to levels more comfortable for ordinary folk, that is basically what is happening now, if you borrowed too much in the run up to this event tough titty, chalk it up as a learning experience.