Ponty
pfm Member
Selling. Inbetween exchange of contracts and completion....
Truly spectacularly good timing. Best of luck.
Selling. Inbetween exchange of contracts and completion....
Yep, it's what I've been harping on about on this forum for ages...ZIRP basically results in people becoming less afraid of the principal amount they are borrowing. Classic bait and switch by the financial system.
It's the same with PCP...most buyers don't actually know the price of the car they have just signed up for....
Selling. Inbetween exchange of contracts and completion....
They’re trying it on PontyI’m on a few lease company mailing lists. The special deal yesterday was a Ford Kuga. £4,143 initial rental then £460 a month for 4 years, 5K miles a year. Folk on current cheap leases are in for one hell of a shock. The bloody thing is even out of warranty for a year!
Yes they will but the EAs are still in arguing mode, there’s now plenty of evidence about excessive pricing such that very few mugs remain who will pay the premium now. It all takes time to filter through, but it needs to happen soon.They’ll wise up. Without sales, EA’s earn no fee. They’d prefer 75% than no fee.
I think it was Mervyn King who said house prices are a matter of opinion but debt is real.
Yes they will but the EAs are still in arguing mode, there’s now plenty of evidence about excessive pricing such that very few mugs remain who will pay the premium now. It all takes time to filter through, but it needs to happen soon.
The other side of the opportunity you suggest for doer-uppers is that the cost of doing up if you don’t diy it is now cost-prohibititive. I agree about people not wanting to take a drop but there’s a feeding frenzy with some estate agents. They do “best and finals” on a Friday then call you at 6pm Friday telling you there are higher bids (are there really?). The final bids come in on the Monday. It’s all a confidence trick with these sharks. Not all are like this but they push prices up.Every estate agent I’ve ever discussed this sort of thing with has said the same thing - the thing that stops houses from selling is sellers refusing to accept offers. They say that one tricky part of the job is persuading sellers to accept a lower valuation of their property - many would rather hold on and wait and wait and wait.
If I were in the market for a property to live in myself, I would keep an eye out for old, pre-war, little one or two bedroom things with low EPCs - they’re the sort of thing which were snapped up by BTL businesses, but I doubt that any landlord now would touch them, because there’s so much uncertainty about forthcoming energy efficiency rules for lets. I bet there’s a real window of opportunity to snap up a bargain.
That's £26k in total over 4 years for a car that you cannot commute due to the low mileage limit.£4,143 initial rental then £460 a month for 4 years, 5K miles a year.
Bank valuations will bring things back to earth. Unless it’s all cash buyers, people can bid what they like, whether they are then proceedable based on borrowing someone else’s money is another matter entirely.
This is the rub. For years people have been paying nearly as much for doer-uppers as for fully done. I put in a couple of low offers on houses that needed work, the offers reflected to work needed. No go. I put a low offer in on one with everything done, beautifully presented. Go on then. I got the better, bigger house with everything done for less than the price of the lesser house plus the work. Every day I'm glad I missed out on the doer-upper, and 8 years on in mine I've done nothing other than paint 3 rooms and replace a dead boiler. Meanwhile a friend of mine who lives half a mile away bought a doer-upper and 6 years on they are still looking at peeling wallpaper and ugly, worn out carpets. No thanks.I bet there’s a real window of opportunity to snap up a bargain. But of course, many people will just not sell them for the market price, so they may be hens’ teeth.