Extend the uncertainty?

chucknorris

AG47 wrote: »

Not all of us only property owners and the wealthy :rotfl:

Although I've still got quite a bit invested in investment property, I have a bit more invested in equities, which would increase in value, if there was a no deal brexit. Although I must add that I do not think that there will be a no deal brexit, and even if there was, I can't see property falling anywhere near 35%, and even if it did, it would merely provide a good investment opportunity.

Out,_Vile_Jelly

AG47 wrote: »

Not true, if the 35% HPC is just the start, and it starts a rush to sell undercutting each other keep lowering the price to sell property before it goes even lower,

But only for the small fraction of transactions between vendors who desperately need to sell for certain reasons. Most people will just shrug and focus on paying off the mortgage. Dealing with estate agents and packing all your stuff into removal vans isn't most people's idea of fun.

AG47

Out,_Vile_Jelly wrote: »

But only for the small fraction of transactions between vendors who desperately need to sell for certain reasons. Most people will just shrug and focus on paying off the mortgage. Dealing with estate agents and packing all your stuff into removal vans isn't most people's idea of fun.

It's the mass repossessions that will be the main lroblem over the next several years. Interest rates going back to normal just at a I me of ecconomic crisis the GFC2.0

lisyloo

Out,_Vile_Jelly wrote: »

But only for the small fraction of transactions between vendors who desperately need to sell for certain reasons. Most people will just shrug and focus on paying off the mortgage. Dealing with estate agents and packing all your stuff into removal vans isn't most people's idea of fun.

We needed to sell recently after FIL died a year ago.
We didn’t have a choice as MIL nursing home fees had to be paid.
It took up quite a few months to sort out the place as we all work full time and it wasn’t in good shape having had a heavy smoker in in for 15 years.

We got full asking price 2 days before going to market (EA already had a buyer on their books) in sept 2018.
To an extent we got lucky with a buyer but also it was a sought after 2 bed.
We completed in Feb 2019.

So we did not suffer at all due to brexit uncertainty and that was completion only 2 months ago.

chucknorris

lisyloo wrote: »

We needed to sell recently after FIL died a year ago.
We didn’t have a choice as MIL nursing home fees had to be paid.
It took up quite a few months to sort out the place as we all work full time and it wasn’t in good shape having had a heavy smoker in in for 15 years.

We got full asking price 2 days before going to market (EA already had a buyer on their books) in sept 2018.
To an extent we got lucky with a buyer but also it was a sought after 2 bed.
We completed in Feb 2019.

So we did not suffer at all due to brexit uncertainty and that was completion only 2 months ago.

Sorry for your loss.

We've sold just over £2m of property in the last couple of years (including a house currently sold subject to contract, so that go could wrong of course), but we also bought a slightly better home for around £750k, so about £1.25m net has been sold. I reckon if it wasn't for Brexit we could probably have got about 5% more (less some CGT), but we have made so much profit, and selling at the exact right time is just down to luck, so I'm happy enough.

AG47

lisyloo wrote: »

We needed to sell recently after FIL died a year ago.
We didn’t have a choice as MIL nursing home fees had to be paid.
It took up quite a few months to sort out the place as we all work full time and it wasn’t in good shape having had a heavy smoker in in for 15 years.

We got full asking price 2 days before going to market (EA already had a buyer on their books) in sept 2018.
To an extent we got lucky with a buyer but also it was a sought after 2 bed.
We completed in Feb 2019.

So we did not suffer at all due to brexit uncertainty and that was completion only 2 months ago.

You did well to sell before the rush.

Yes many have to sell to pay for old age care

Thrugelmir

Out,_Vile_Jelly wrote: »

But only for the small fraction of transactions between vendors who desperately need to sell for certain reasons.

People die everyday. Eventually weight of sales will influence market prices.

phillw

Thrugelmir wrote: »

People die everyday. Eventually weight of sales will influence market prices.

People dying is not a new phenomena.

It doesn't always trigger a sale & even when it does there doesn't seem to have been a huge downward effect on the market.

AG47 wrote: »

It's the mass repossessions that will be the main lroblem over the next several years. Interest rates going back to normal just at a I me of ecconomic crisis the GFC2.0

Lenders are trying to avoid repossessions as they aren't good for their own interests. Look at it from their point of view, the sale of the property doesn't clear the debt and it drives down the price of houses and so people need to borrow less which cuts into their future profits.

The-Joker

AG47 wrote: »

You did well to sell before the rush.

Yes many have to sell to pay for old age care

This is an unfortunate truth, its not a case of parents handing down property as an inheritance, they will need to sell equity to pay for old age care while still living in their houses, then eventually selling their properties to pay for the last few years in a carehome.

lisyloo

The-Joker wrote: »

This is an unfortunate truth, its not a case of parents handing down property as an inheritance, they will need to sell equity to pay for old age care while still living in their houses, then eventually selling their properties to pay for the last few years in a carehome.

No that’s incorrect.
If you are still living in your home whilst receiving care it’s value is disregarded.
You only need to pay if your income is above approx £300 per week (I did the applications twice and still have the paperwork if more detail required).

Yes people should sell empty properties (once no longer required) and not hoard them for inheritance and expect to be paid for by someone else. I would rather forego an inheritance than see young taxpayers foot the bill (it’s odd how the least selfish people I know are not parents).

This is off-topic.
The point I was raising was that a recent sale (completed in feb) was unaffected by brexit uncertianty. There was a chain of 4 parties (3 properties) so some people just getting on with their lives and those HAVING to sell not necessarily badly affected (although as always depends on the quality and condition of the property).

If the rush wasn’t feb then I’m not quite sure when It’s meant to be.