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Tug Boat
Posted: 26 May 2021 13:24:26(UTC)
#12

Joined: 16/12/2014(UTC)
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“The estate agent also ties in the buyer - writing into the contract that they will have first refusal on being the agent of any future sales of said property.”

The contract is between you and the purchaser or seller. It protects both parties until the money has been paid, then it is dead.

If the estate agent wants a different contract between him and the purchaser, tell your solicitor, that’s what he’s there for. You can’t be forced into signing a contract. Oh and get a good solicitor don’t try the cheap as chips type.
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Newbie on 26/05/2021(UTC)
Newbie
Posted: 26 May 2021 16:59:49(UTC)
#10

Joined: 31/01/2012(UTC)
Posts: 3,819
MBA MBA;171513 wrote:
Newbie;171507 wrote:
I recently enquired about a property to potentially downsize in the near future. It was advertised as a guide price of £1.2m (everything around here is either on 'guide price' or 'best offer accepted'). The agent told me that the first offer was for £1.25m and that after being on the market for half an hour that offer was matched by 3 others and could potentially reach £1.4m by end of month if not week, so my offer needs to be high and quick.

Apparently the tactic used by estate agents is to, first determine the budget of the buyer and then tell the buyer that is the price and some more. No longer is there a need to put up a for sale board sign. Within 15 mins of going on right move a barrage of offers flood in from people wanting to move out of London or foreign buyers.

The estate agent also ties in the buyer - writing into the contract that they will have first refusal on being the agent of any future sales of said property.

What property slow-down ???


market in my part of outer london is healthy but not the above. i dont evern remember the above between 2000-2006 when the market was on steroids. tbh the above sounds dubious, not least this...

The estate agent also ties in the buyer - writing into the contract that they will have first refusal on being the agent of any future sales of said property.

pretty sure the above would be illegal and certainly against the unfair contracts terms et al, The property ombudsman would strike against this.

a) Depends on which side of the outskirts you live in? -

b) Not sure about the unfair contract terms bit and I did go sideways a bit (I hold my hand up) - I know for certain that when an agent sells the land to a developer they are binding them in for the right to sell the developed properties - and it seems to be the new game in town. Whether that is an official agreement or a gentleman's handshake I cannot say.

c) However I do know that a neighbour who move in down a couple of doors from me paid the estate agent a backhander to secure the property.

d) Then within this area you also have the false rental market scam - from both within and outside of the UK. Properties are being snapped up (often without any viewings) on the basis of getting the children into the local schools. It certainly saves on the £30k a year for private schools x 6 years - so why not take a £10-50k hit ?
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NoMoreKickingCans
Posted: 26 May 2021 17:12:49(UTC)
#13

Joined: 26/02/2012(UTC)
Posts: 4,470
‘’I do know that a neighbour who move in down a couple of doors from me paid the estate agent a backhander to secure the property.’’

So your neighbour is a bas**** then.
And has the estate agent broken the law there ? I would think so, he acts for the seller by contract.
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Newbie
Posted: 26 May 2021 17:27:45(UTC)
#14

Joined: 31/01/2012(UTC)
Posts: 3,819
NoMoreKickingCans;171556 wrote:
‘’I do know that a neighbour who move in down a couple of doors from me paid the estate agent a backhander to secure the property.’’

So your neighbour is a bas**** then.
And has the estate agent broken the law there ? I would think so, he acts for the seller by contract.

a) Agree with you completely. A couple from London with a little girl. They wanted to get in the local school and they can still be in the city within 1/2 and hour. There are plenty of those stories on my street. They have ramped up the price and continue to do so. They do however come with their baggage - ie do away with the greenery and shrubs and pave eveyrthing back front and sides.

Then you have the lady who moved across from Lithunia and rented a 3 bed house in which she stepped foot in once and was not seen again. Paid for full 6 months rental in advance - the hard part for her was that she needed to do bank transfer and was not allowed to pay in cash. Got her daughter into the local private school and back she went.

The local children, without the help of parents. grandparents have little to no chance of getting on the housing ladder locally.

b) Probably has - but who is going to do anything ? The market conditions entice and facilitate such behaviour
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NoMoreKickingCans on 26/05/2021(UTC)
NoMoreKickingCans
Posted: 26 May 2021 17:33:33(UTC)
#15

Joined: 26/02/2012(UTC)
Posts: 4,470
I have to say all this stuff is bonkers - what has got into people.
There are still the same number of people and houses as there were pre-pandemic.

Lockdown appears to have completely destabilised the whole economy. Massive shortages, massive price rises, people rushing around like sheep in the headlights. As usual the poorest are being hit hardest while the rich and greedy become richer and greedier.

The last time I recall such stories was back in 1989 when they were ending double MIRAS relief (?). It didn’t end well with many in negative equity shortly afterwards and I bought happily in ‘93 in a much more subdued and stable market.

This is undoubtedly the worst government this country has ever had. There was never any justification for a stamp duty holiday and they have pi**ed away unlimited sums on things of zero long term benefit - testing well people - failing T&T - Unused Nightingales - Endless Furlough payments.

Hopefully within a year Johnson will be the most hated man in Britain. Once people end up with negative equity, incomes of pensioners destroyed by inflation, rising mortgage rates, excess cancer deaths, vaccine deaths in the young, higher taxes etc.
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Newbie on 26/05/2021(UTC), Captain Slugwash on 01/06/2021(UTC)
ANDREW FOSTER
Posted: 26 May 2021 17:56:31(UTC)
#16

Joined: 23/07/2019(UTC)
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NoMoreKickingCans;171565 wrote:
I have to say all this stuff is bonkers - what has got into people.
There are still the same number of people and houses as there were pre-pandemic.
.


It seems not. It would appear that the UK population fell between 700,000 and 1,000,000 during 2020 as a lot of EU workers went home and now cannot easily return due to work permit requirements.

That's maybe 1.4% of the population and something like 2.5% of households (many EU workers had no children here)

But yes, bonkers it is... And we know how bonkers house price inflation always ends. it ends in repossessions and negative equity usually accompanied by an economic crash.
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uhm on 26/05/2021(UTC), Newbie on 26/05/2021(UTC), NoMoreKickingCans on 26/05/2021(UTC)
NoMoreKickingCans
Posted: 26 May 2021 20:22:12(UTC)
#17

Joined: 26/02/2012(UTC)
Posts: 4,470
It is 14 months since interest rates were cut because of the pandemic.
We need them to be raised very soon within the next 2-3 months certainly.
I would make a small increase on 21st June - just to signal and set the direction of travel - a stitch in time saves nine.

https://www.bbc.co.uk/news/business-51962982

Although people have saved some money in the pandemic - I really don’t see how a few thousand saved over a year funds a mad surge in house buying. It is the interest rates and the stamp duty (and the useless lockdown) that are driving this. They all need to be reversed.

If we have lost that many immigrant workers, will they come back ? Otherwise we have permanently lost GDP and labour costs may rise. Trouble is this government want to keep them out - but we seem to be desperately short of all the trades (as we would rather send John & Jane to do media studies at no-name universities).
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ANDREW FOSTER
Posted: 26 May 2021 21:26:14(UTC)
#20

Joined: 23/07/2019(UTC)
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NoMoreKickingCans;171585 wrote:


If we have lost that many immigrant workers, will they come back ? Otherwise we have permanently lost GDP and labour costs may rise. Trouble is this government want to keep them out - but we seem to be desperately short of all the trades (as we would rather send John & Jane to do media studies at no-name universities).


We have a million and a half more people in the country than jobs. We have never "needed" mass immigration, it's just been cheap labour.

Keeping migrants out will, as you say, raise wages. And hence living standards. That's good right?

Or maybe you are a fan of exploiting workers with a large labour pool and low wage economy?
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Captain Slugwash on 26/05/2021(UTC), Guest on 27/05/2021(UTC)
MBA MBA
Posted: 26 May 2021 22:02:37(UTC)
#18

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NoMoreKickingCans;171585 wrote:
It is 14 months since interest rates were cut because of the pandemic.
We need them to be raised very soon within the next 2-3 months certainly.
I would make a small increase on 21st June - just to signal and set the direction of travel - a stitch in time saves nine.

https://www.bbc.co.uk/news/business-51962982

Although people have saved some money in the pandemic - I really don’t see how a few thousand saved over a year funds a mad surge in house buying. It is the interest rates and the stamp duty (and the useless lockdown) that are driving this. They all need to be reversed.

If we have lost that many immigrant workers, will they come back ? Otherwise we have permanently lost GDP and labour costs may rise. Trouble is this government want to keep them out - but we seem to be desperately short of all the trades (as we would rather send John & Jane to do media studies at no-name universities).


Greater chance of bojo leaving Carrie and marrying Dominic Cummings than any rate rise this year (and probably next too).
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Tim D on 27/05/2021(UTC)
NoMoreKickingCans
Posted: 27 May 2021 09:35:19(UTC)
#21

Joined: 26/02/2012(UTC)
Posts: 4,470
Quote:
Keeping migrants out will, as you say, raise wages. And hence living standards. That's good right?

No it will just bring inflation. Higher wages from labour shortage = inflation = lower living standards.

Especially when there has been a sudden exodus and you then stop those people coming back. I’d have thought quite a few might want to come back now the £ is 8% higher against the euro, and the UK looks like it may be post pandemic.

Inflation currently looks like either (a) It is already a huge problem with huge pent up demand vs capacity cuts to below pandemic levels, or (b) ‘It is just a temporary blip’ - in which case we are in for large price drops within 6 months - which frankly seems unlikely.

If you take shipping costs, even if/when all the containers are back in the right place there will be a capacity shortfall, and you can’t build ships quickly.

Lockdown has hugely destabilised the economy. Materials and commodities prices hugely inflated - and I think once suppliers have the taste for hugely hiked prices I cannot see them lowering them again. The only pressure for prices falling again is a drop in demand plus competition.

Lockdown and money printing looks to be sending us back to boom & bust economics and all the damage that does.
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Newbie on 27/05/2021(UTC), xiang zou on 30/05/2021(UTC)
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