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Wrong Hole Poker
14 Feb 15 21:37
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Date Joined: 23 Jan 10
| Topic/replies: 448 | Blogger: Wrong Hole Poker's blog
I'm based in the East Midlands and there are very houses up for sale. Is this a sign that the economy is in a worse state then we are led to believe?

Also it also appears that the few houses that are put on the market are snapped up very quickly mainly by Asian business men who then let the property. This a common trend throught the UK?

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Replies: 137
By:
unitedbiscuits
When: 14 Feb 15 21:47
Yes, conditions in this country favour the home buyer, to the point where now it is cheaper to pay a mortgage than rent. Part of a cultural shift towards a new-model two-nation state: the majority paying rent to a property owning minority. This refines the old model where the privileged prospered off the the labour of the masses, towards a state where the masses pay the privileged simply for breathing in and out.
By:
s.kenbo
When: 14 Feb 15 21:54
It's funny you say that, I'm in Loughborough and the missus was just looking on Rightmove at bungalows in the area for sale, there was only three listed in our kind of price range and two of them were on the same street.
By:
Burton-Brewers
When: 14 Feb 15 22:02
you don't want any houses for sale in the East Midlands, we have it good regarding immigrant numbers let it stay that way
By:
Capt__F
When: 14 Feb 15 22:05
Go West young man
By:
Wrong Hole Poker
When: 14 Feb 15 22:06
s.kenbo 14 Feb 15 21:54 Joined: 05 Aug 12 | Topic/replies: 4,925 | Blogger: s.kenbo's blog
It's funny you say that, I'm in Loughborough and the missus was just looking on Rightmove at bungalows in the area for sale, there was only three listed in our kind of price range and two of them were on the same street.


Mate i'm from Loughborough originally and my Dad still lives there just off Park Road. The houses around there are mainly occupied by people aged 50+ with some being much older and gradually they pass on, the house then becomes up for sale usually needing a fair bit of work as the previous elderly occupant didn't do any diy for years.
It seems that the same crew are snapping up these houses with a fixed plan of limited refurbishment then letting them out. It is happening time and time again. You would have to be quick to snap one of these properties up and even then i suspect their "mates" are the estate agents.
By:
pantsonfire
When: 14 Feb 15 22:08
I was thinking the opposite earlier this week. Parents looking to downsize and there are hundreds for sale in and around Bolton. I suppose there are different trends in different areas. They have also been considering a move to the Lake district and house prices in the lower/mid price range are not that dissimilar which I was astounded by.
By:
unitedbiscuits
When: 14 Feb 15 22:09
Depressing report. Rings true.
By:
Dr Crippen
When: 14 Feb 15 22:25
Seasonal trend.
It happens ever year.
By:
Dr Crippen
When: 14 Feb 15 22:25
every year.
By:
Dr Crippen
When: 14 Feb 15 22:26
It'll pick up when the sun comes out again.
By:
Capt__F
When: 14 Feb 15 22:27
Jesus?
By:
s.kenbo
When: 14 Feb 15 22:37
I live near Maxwell's, it's a lovely area but more and more of the residents are Asian, and you even get them asking you if you'd be willing to rent your house out.
By:
fool proof
When: 14 Feb 15 22:48
Asian is this the same as BBC speak Asian = Pakistani.As the landlords around my area are mostly Pakistani people.
By:
s.kenbo
When: 14 Feb 15 22:53
I was trying to be PC!
By:
Dr Crippen
When: 14 Feb 15 22:56
What a wonderful situation to have an Asian for a landlord in your own country.
It makes you proud to be British.
By:
fool proof
When: 14 Feb 15 22:58
A Surrender without as much as a gun shot how very sad.
By:
Dr Crippen
When: 14 Feb 15 23:02
That's socialism for you.
By:
Just Checking
When: 14 Feb 15 23:39
unitedbiscuits • February 14, 2015 9:47 PM GMT
"Yes, conditions in this country favour the home buyer, to the point where now it is cheaper to pay a mortgage than rent. Part of a cultural shift towards a new-model two-nation state: the majority paying rent to a property owning minority."
Talk about contradicting yourself.
By:
Just Checking
When: 14 Feb 15 23:42
I think it's surely just local if you aren't seeing much for sale. I've not noticed it myself.
I'm sure I read the other day now is a good time to buy. Not sure about that myself.

The worry, re property, is that apparently so many have mortgaged themselves to the hilt. Interest rates are at a ridiculous low and people are used to it, when they eventually go back up, I think buyers will be getting bargains as poor sods homes are auctioned off as they can't afford the payments, and prices drop as supply goes up and demand down?
By:
screaming from beneaththewaves
When: 15 Feb 15 01:02
If you're mortgaged to the hilt, the last thing you can do is put your property on the market. The Mortgage Market Review rules now in effect are designed precisely to stop morons mortgaging themselves to the hilt, so you'd never be able to obtain a loan on a new property.

You can see the effect right now in the West Country, with little on the market at price levels above the minimum. So many people living in such houses are doing so solely by means of 5x joint-income 35-year mortgages that they have no hope of repaying should they lose a job, take a pay cut or see interest rates rise even marginally.
By:
bodil
When: 15 Feb 15 01:13
Deflation - your debts increase. Bad luck if you bought high, and most are debtors. The whole system is insane - trying to postpone the apocalypse.  The longer you leave it, the bigger the ****-storm  becomes.  Unless we have a World War - which is where I came in.

And those Asian businessmen?  They have the deep pockets of family/clan behind them?  And you?
By:
Wrong Hole Poker
When: 15 Feb 15 09:22
I have no idea how deep these businessmen pockets are but clearly they are not short of a bob or two.

It just seems to be the same pattern.

House goes up for sale and sold within a week, i suspect the deal was close to being done before the board even goes up with these guys having insider knowledge of what properties are coming up.

House is sold and its bish bash bosh, double glazing, garden ripped up and replaced with low maintenance gravel and a general tidy up.

Then the To Let sign goes up.

No idea if it is the same bloke behind snapping up these properties but he must own a lot if it is. Obviously loaded.


I don't they are too fussy who they let these places out to either and maybe have some kind of arrangement with the local housing association.
By:
Jack Hacksaw
When: 15 Feb 15 10:09
Is there anyone out there that does't think the property market won't go tits up and a lot of people will have done their money?

Then, those renting will be the smug ones.
By:
Dr Crippen
When: 15 Feb 15 10:39
Is there anyone out there that does't think the property market won't go tits up and a lot of people will have done their money?


Yes me.

You need oversupply to wreck a market, we haven't got that or likely to get it.
Even this thread is about undersupply of housing stock, which is the exact opposite of what is needed for a prolonged drop in the housing market.

The market will have its highs and lows like any other market, but those Asian businessmen who are snapping up properties left right and centre know what they are about.
And it doesn't bode well for future generations in the new low wage economy.
By:
1st time poster
When: 15 Feb 15 10:41
just a question for the smug ones in londion especialy how do you fund your renting when your retired,40 years of sky high rents behind you and maybe another 25,30 yrs to find,nowt to be smug about
By:
Thin and Crispy
When: 15 Feb 15 10:44
I sold my parents house to a BTL (White english).  The estate it is on used to be 100% owner occupied now its about 50% rental.  The rents are higher than a mortgage would be.  Not a good situation for a young family knowuing that they can be kicked out with a just a couple of months notice.
By:
Dr Crippen
When: 15 Feb 15 11:01
This is the new socialist dawn we all voted for in 1997.
They're taking us back to the thirties.

And if everybody keeps voting for free stuff and self serving politicians it's going to continue.
We need a nationalistic government that looks after its own instead of the rest of the world.

Any suggestions?
By:
lfc1971
When: 15 Feb 15 11:09
The housing market is not really determined by an under or over supply of houses, other factors such as job security and increasing wages are more important.
By:
lfc1971
When: 15 Feb 15 11:17
Dr C the world has changed and it is better to stop thinking in nationalistic terms. Best not to even consider yourself British. Do not vote or take any part in the countries affairs and attempt to make as much money and pay as little tax as possible...first and foremost reset thoughts that this country has any claim on you.
By:
Dr Crippen
When: 15 Feb 15 11:34
lfc1971, The housing market is determined by supply and demand like any other market.
The other ingredient that matters is availability of credit.

The factors you mention are incidental.
By:
paddletoe
When: 15 Feb 15 11:44
I think one of the biggest factors leading to social problems in society in modern times has been the high amount of buy to lets. When I was a boy I lived in a council estate where everybody knew everybody and because families lived in the same house for years there was a far better sense of community. Nowadays many of the houses on these same estates are owned by buy to let landlords and tenants come and go all the time. Its just takes one or two bad families to bring an area down and I speak with first hand experience.
By:
Burton-Brewers
When: 15 Feb 15 11:46
Then, those renting will be the smug ones.

no the smug ones paid off their mortgages a while ago
By:
Dr Crippen
When: 15 Feb 15 12:09
^^and bought some BTLs with their savings.
By:
Howdi
When: 15 Feb 15 12:16
just putting mine up for sale valued in jan 2014 at £265,000, valued yesterday at £315,000 Excited
By:
G1_Jockey_4
When: 15 Feb 15 12:18
you could get a flat in southern spain for just over a 10th of that howdi.
By:
Blades
When: 15 Feb 15 12:25
I cant see the market crashing.
Why do you have problems with Asian landlords?? Britain is a country of opportunity...get off your backside and become a property developer yourself...you don't need a huge amount to start up!!
By:
G1_Jockey_4
When: 15 Feb 15 12:38
the problem i have with landords (by to lets) is they have helped push up the prices which in turn has raised rents.

its gotten silly as some people working full time have to claim housing benefit which adds to the country's debt.
the uk is ion a vicious circle right now which has to be broken or it will fall behind europe when they pick up.

mp's dont want to damage their own wealth so they wont do what needs to be done.


id tax buying second properties say 20% ont he value...plus 40% on profits from rent.....plus have a rent capping system per council borough and if a person got evicted the council then HAS to house them....this would stop most corruption or leaning on.
id tax non eu citizens buying property here 25% on the value...this would get money from rich russians or chinese who help fuel the market in london and cause a knock on effect in surrounding areas.

id also consider a new state building scheme / regeneration scheme.
where the smaller profits go to state coffers rather than letting foreign building companies profiteer from their schemes.
By:
Coachbuster
When: 15 Feb 15 12:38
poor areas -  prices will stagnate

good areas- prices will keep going up ,up and up
By:
1st time poster
When: 15 Feb 15 12:42
bbc 2 mayfair in london counted as a good area watch how the rich and famous mingle with 1000,s in social housing in mayfairs distruict of london, so think you need to rephrase so called poor or good area,s, obviously the torys and boris ethnic cleansing of the capital will make it easier to tell
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