Owning your own home

Is it just a coincident or are the estate agents / vendors getting a little desperate? My phone hasn't stopped ringing since Friday with properties that ain't even within my price range / ticked that many boxes... I registered with few of them over 3 months ago and never did I have a single phone call until now... hummmm....

Vendors are getting spooked by any adjustment in property prices as a result of the vote last week. They've contacted the Agents who have in turn, replied by saying that prices will get slightly lower and they've panicked. Yes the pound has dropped in value, but you and I won't be directly affected just yet. Unless someone's trying to offload a portfolio of rental properties, they're not going to be affected either. Getting a mortgage might be a little more difficult, but banks haven't shut up shop and fucked off yet.

Property is a long term game. You'll be surprised how many people over stretch themselves in an attempt to pick up things at the right price when a market is rumoured to be in freefall. It isn't in freefall at all. If an agent is calling you with regards to a property that was originally twice your budget, they're hoping that someone has kicked the bucket and left you some cash.

Most vendors won't accept kick in the bollocks offers, because they know that prices will increase again soon.

Hello.
When we were looking to move, I did something very similar. We still have the map on the wall. With pins.
I drew a circle from where I work with the boundary on where I lived and then another one to where I could feasibly commute. And went from there.

It's a solid plan.

We still have the map on the wall. With pins.

Have I woken up in 1930s? ;)

I just received a loooong letter from the senior partner of the estate agents for the property that I'd withdrawn an offer for.

The tl;dr is that he doesn't think prices will fall (because he just knows from 40 years of experience). And that I should buy, buy, buy. Unsurprisingly.

He does, to his credit, acknowledge that rates are likely to fall, but then fails to recognise that it would be to my advantage to wait for this to happen.

He completely obviates the fact that property pricing is entirely illiquid and discrete, and that while the individual prices might not fall, the implied demand curve has / is shifted

Should I be in a position this year / next year / the year after with a need to sell (because brexit) I would likely be in negative equity, and having to realise a significant loss.

Either way, current conditions are too uncertain to enter into a significantly leveraged position, when any pressure to move can be taken on the chin for the moment.

The first step is visualizing the problem, without using a screen.

We did exactly this - criteria were journey time, which station we entered/left London via and last time trains. Hitchin won because of the last train being 1:30am more than any love for the place.

Just viewed a place in Catford that had an extension put on without planning permission. Badly.

Staggering how a few years in possession of someone with poor judgement and a poor grasp on planning regulations can completely balls a place up.

It's well within our budget. Good location. But would need a LOT of work and it's too scary.

...last train being 1:30am

This is a huge plus of being on that line, perfect for those nights you decide to stay for just one more!

Catford

"North Downham"

last train being 1:30am

Ah. The Vomit Comet.

Naively sitting there wondering why everyone was suddenly moving down the train from the next carriage up, until the smell hits and that sets someone off in your carriage. Repeat until there are no unsullied carriages.

You mean NoDo?

Mexican heave.

DTM for moving out of SoDo.

I'd had a dodgy pint, it wasn't my fault.

DTM?

It's highly unlikely that I'm going anywhere, chap.

http://www.urbandictionary.com/define.php?term=DTM&defid=4721410

We're just having a look. Don't worry.

BR4LYF

Crappy question, but has anyone got any experience with pneumatic flush mechanisms, as compared with conventional mechanical? It's for a concealed cistern. Looking at Grohe or Geberit - presumably you can't go wrong with them but thought I should check if anyone had had any bad experience with a pneumatic option.

Excellent, thank you.

I fitted one, works very well, made very well, would recommend.

Had a mate over for dinner last night who works at the Treasury dept who told us the forecast is a 30% drop in prices in the next year. Our purchase still mired in vendors dithering,. This place has been sold stc since January. Our buyers have been on the verge of pulling out for weeks. We've decided today to crack on with the sale before house prices in London tank and rent for the next six months to see what the market does. Sick of indecision and inertia. Feels good to have made a call. Am bullish about it. LET'S RENT!

How are prices going to drop 30% in London when there's so much demand? Maybe for houses over £2m.

A 15% drop would put a lot of people saving for deposits suddenly within reach and they will buy.

Just don't see it personally.

This. It would take something absolutely catastrophic to see a 30% drop across the board on all London house prices... and as bad as things are, we're nowhere near that yet. Anecdotally, things are definitely slowing down slightly now, but I just can't see how that could happen... too many people, too much demand...

Only thing I can see causing that big a shift in house prices that quickly is if the threats to passporting in the city become more....threatening in the near future.