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Houses

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16 minutes ago, Leicester_Loyal said:

In the downside forecast, the OBR says that house prices may fall 2.4 per cent this year, fall by a further 11.7 per cent in 2021, and then regain 10.4 per cent in 2022.

 

In the upside forecast, house prices may gain 0.2 per cent this year, 4.1 per cent in 2021, and then shoot up by 12.2 per cent in 2022.

 

Talk about casting a wide ****ing net. So over this year and the next they could fall 14.1% or rise by 12.4%. I reckon I could have a stab at this prediction malarkey. lol

 

 

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10 minutes ago, Leicester_Loyal said:

I'm not sure I'd put too much store in these projections - I know it's an average that they've worked on, but in some areas of the country house prices simply don't move that much. Maybe do some local research on how prices have risen/fallen over the past 15 years or so, therefore taking a little bit of boom and bust.

 

People we know sold up last year and moved into rental because they were convinced that there would be a crash after Brexit. Absolutely convinced that it would happen, and then they would take advantage of the lower prices and buy cheaply.

 

Obviously didn't work out for them, and I think they just ended up wasting about 9 months rental payments.

 

I think if you're dabbling in stocks and investments, then predicting what might or might not happen in the future can be a bit of fun, but I wouldn't want to do it with my house, especially if the couple of grand saving/increase is likely to be spread over 20 odd years so in reality is fairly negligible.       

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2 minutes ago, Innovindil said:

In the downside forecast, the OBR says that house prices may fall 2.4 per cent this year, fall by a further 11.7 per cent in 2021, and then regain 10.4 per cent in 2022.

 

In the upside forecast, house prices may gain 0.2 per cent this year, 4.1 per cent in 2021, and then shoot up by 12.2 per cent in 2022.

 

Talk about casting a wide ****ing net. So over this year and the next they could fall 14.1% or rise by 12.4%. I reckon I could have a stab at this prediction malarkey. lol

 

 

I thought the samelol

 

On the plus side, if you can save more than 4% of your total house value in a year (2021), you'll be gaining on the market.

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4 minutes ago, Milo said:

I'm not sure I'd put too much store in these projections - I know it's an average that they've worked on, but in some areas of the country house prices simply don't move that much. Maybe do some local research on how prices have risen/fallen over the past 15 years or so, therefore taking a little bit of boom and bust.

 

People we know sold up last year and moved into rental because they were convinced that there would be a crash after Brexit. Absolutely convinced that it would happen, and then they would take advantage of the lower prices and buy cheaply.

 

Obviously didn't work out for them, and I think they just ended up wasting about 9 months rental payments.

 

I think if you're dabbling in stocks and investments, then predicting what might or might not happen in the future can be a bit of fun, but I wouldn't want to do it with my house, especially if the couple of grand saving/increase is likely to be spread over 20 odd years so in reality is fairly negligible.       

Anyone moving out of their house into rental purely to try and gain on the market is mental IMO. It's so risky.

 

EDIT: You're right about the area too, places like central London will drop a lot more than your average town or city IMO.

Edited by Leicester_Loyal
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13 minutes ago, Leicester_Loyal said:

Anyone moving out of their house into rental purely to try and gain on the market is mental IMO. It's so risky.

 

EDIT: You're right about the area too, places like central London will drop a lot more than your average town or city IMO.

To be fair it’s what I considered, not really that mental depending on your financial situation and the industry you work in but it won’t be for everyone.

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6 minutes ago, Costock_Fox said:

To be fair it’s what I considered, not really that mental depending on your financial situation and the industry you work in but it won’t be for everyone.

I knew someone had mentioned it, I just don't think it's worth the risk (but obviously everyone is different) because of the money you'll lose in rent and potentially what you'll lose in rising prices.

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29 minutes ago, Leicester_Loyal said:

I knew someone had mentioned it, I just don't think it's worth the risk (but obviously everyone is different) because of the money you'll lose in rent and potentially what you'll lose in rising prices.

Maybe not so crazy like @Costock_Fox said. You are also then are no longer attached to a house and may be more attractive as a buyer to sellers knowing you'd potentially be able to move quickly, might then save a few £K offering lower with that going for you. 

 

Saying that, it could then be lost if you're tied into a contract rent-wise! 

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5 hours ago, Leicester_Loyal said:

I knew someone had mentioned it, I just don't think it's worth the risk (but obviously everyone is different) because of the money you'll lose in rent and potentially what you'll lose in rising prices.

Yeah it depends. My other half works in an industry most at risk and the house I own has gone up in value by about £60k so if made redundant and we sold later on potentially we would lose more. Alternatively, we sell for high then rent and then the market crashes then we buy for less.

 

We won’t do it but it was definitely thought about.

 

My boss says a lot of things but he mentions an estimated price drop of 20% today. Here is the article actually...

 

https://www.google.co.uk/amp/s/www.telegraph.co.uk/property/house-prices/soaring-property-market-wont-last-estate-agents-warn-boom-followed/amp/

Edited by Costock_Fox
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Even though we've had no second viewings from last weeks viewings, let alone an offer :mellow: I decided to contact the agents there to alert us to property available. Completed the online enquiry with our requirements, West Leicestershire village, non estate location etc. I've received a plethora of property emails today - all Hinckley, Nuneaton, Melton Mowbray, or Market Harborough and an end terrace being marketed as link detatched!

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1 hour ago, DB11 said:

Is it normal to have to remove a free standing oven/cooker as condition of sale? Seems unreasonable to me, seeing as I’ll be using it right up until the night before the move and no idea where to even start with that?!

Not sure if it's normal but it's not unusual. We purchased a house where the vendor offered to sell the cooker to us as an extra, we didn't want it and requested it was removed before completion. We didn't want the cooker or the hassle of having to have it removed and then dispose of it.

 

If you're not planning to take it with you and the purchaser doesn't want it, can't you sell it and then just get a take away for a few nights?

Ours isn't included in the sale (the agent thinks this is odd) and if we don't need it in the new house or the purchaser doesn't want to buy it, it'll be on Gumtree.

Edited by FoyleFox
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44 minutes ago, DB11 said:

Is it normal to have to remove a free standing oven/cooker as condition of sale? Seems unreasonable to me, seeing as I’ll be using it right up until the night before the move and no idea where to even start with that?!

It’s in your house that your selling?  Down to you to remove it…

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2 hours ago, DB11 said:

Is it normal to have to remove a free standing oven/cooker as condition of sale? Seems unreasonable to me, seeing as I’ll be using it right up until the night before the move and no idea where to even start with that?!


It’s unreasonable to expect the new owners of the house to get rid of any crap you leave behind that’s for sure. 

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On 13/08/2020 at 11:12, Innovindil said:

In the downside forecast, the OBR says that house prices may fall 2.4 per cent this year, fall by a further 11.7 per cent in 2021, and then regain 10.4 per cent in 2022.

 

In the upside forecast, house prices may gain 0.2 per cent this year, 4.1 per cent in 2021, and then shoot up by 12.2 per cent in 2022.

 

Talk about casting a wide ****ing net. So over this year and the next they could fall 14.1% or rise by 12.4%. I reckon I could have a stab at this prediction malarkey. lol

 

 

Whilst the government are backing the economy in this way, house price are not going south, naturally they would.

I’d be looking at 21/22 for a crash if at all.

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4 hours ago, stix said:


It’s unreasonable to expect the new owners of the house to get rid of any crap you leave behind that’s for sure. 

I wouldn’t call an oven that’s less than five years old and in full working order crap but each to their own 

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7 hours ago, DB11 said:

Is it normal to have to remove a free standing oven/cooker as condition of sale? Seems unreasonable to me, seeing as I’ll be using it right up until the night before the move and no idea where to even start with that?!

A free standing cooker I would argue would be classed as a chattel and unless specifically included in the sale particulars, in practice, it should be removed or you would be in breach of the vacant possession clause in the contract. The seller can argue that you’re in breach of contract (unlikely) or charge you for the removal.

 

To be honest, you could write an entire book on chattels and fixtures and fittings. I have had conversations on the point with high value real estate lawyers as well as general conveyancers and both Identify the law has an issue in identifying them. Therefore, whether anyone kicks up a fuss is another thing.
 

Have they specifically asked for its removal ? if not, worth having the convo not just relying on your solicitors advice.

 


 

 

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14 minutes ago, Mickyblueeyes said:

A free standing cooker I would argue would be classed as a chattel and unless specifically included in the sale particulars, in practice, it should be removed or you would be in breach of the vacant possession clause in the contract. The seller can argue that you’re in breach of contract (unlikely) or charge you for the removal.

 

To be honest, you could write an entire book on chattels and fixtures and fittings. I have had conversations on the point with high value real estate lawyers as well as general conveyancers and both Identify the law has an issue in identifying them. Therefore, whether anyone kicks up a fuss is another thing.
 

Have they specifically asked for its removal ? if not, worth having the convo not just relying on your solicitors advice.

 


 

 

This is great advice for a lot of things that go on in a house move. Talk it through and you'll know exactly where you stand. 

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6 hours ago, DB11 said:

I wouldn’t call an oven that’s less than five years old and in full working order crap but each to their own 


Well that may be, but if they don’t want it, then you’ve got to get it out. You can’t expect them to put their hands in their own pocket to remove stuff that you’ve left behind. 
 

Unless you’ve stipulated previously that it would be included in the sale on the inventory that is. 

 

Edit: Didn’t read @Mickyblueeyes post before posting

Edited by stix
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Prices have well and truly gone mad. There is a house on my estate which is the same style as mine but in a worse location and the interior doesn’t look as nice that has come on for £80k more than I paid for mine nearly 5 years ago. £80K!

 

I had a mortgage appointment last night where they mentioned my value to be around that mark and I laughed and said she was miles out. So tempted to sell up.

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Just now, masterg59 said:

My son is trying to buy a house in Hamilton Canada, sealed bid system, the last house he bid on, listed at 400,000 cad, it went for 141,000 over that, its madness. They dont stand a chance.

Sealed bids sound like a complete nightmare mate, glad we don’t have that here.

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1 hour ago, Costock_Fox said:

Prices have well and truly gone mad. There is a house on my estate which is the same style as mine but in a worse location and the interior doesn’t look as nice that has come on for £80k more than I paid for mine nearly 5 years ago. £80K!

 

I had a mortgage appointment last night where they mentioned my value to be around that mark and I laughed and said she was miles out. So tempted to sell up.

The market is insane at the minute, the problem is that they're selling for over their true value, so when the banks come to value the house prior to giving out the mortgage, they value it at less and you have to put your own money in, or take out a higher interest LTV.

 

3 of the houses I looked at sold within a week of me seeing them, but within two weeks were back on the market (and still are).

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It’s a crazy market but potentially deals to be done. Just put an offer in on a house in a location we’ve wanted for sometime. It’s our third offer (one other interested party). We are at £10k under asking. A few houses on the same street and area sold for £25k-£35k more then this. Needs a bit of modernisation and if the market goes down then up, after the work could potentially sit on a good mark up of £50k plus. Having said that, if it stays stagnant, we’ve acquired a good home in a location we want. Just need the offer accepted now.

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