UK housing market

[jimtnash]

Hi - first posting,(so be nice).

Just been having a coffee with my friendly local estate agent, who tells me that instead of auctioning off repossesed properties the banks are now hanging on to them and letting them out themselves - he has recently started on a few instructions (this is a little local firm in devon).

He tells me this has never happened before and we discussed the impact it may have on their balance sheets & wider implications.

Being two Bears of Very Little Brain, this discussion was pretty short, so I wondered if anyone else might like to throw in their tuppence-worth.

Cheers
Jim

[Adeptus]

Re: UK housing market

Define "letting them out". Is that like renting?

[raja]

Re: UK housing market

Hi - first posting,(so be nice).

Just been having a coffee with my friendly local estate agent, who tells me that instead of auctioning off repossesed properties the banks are now hanging on to them and letting them out themselves - he has recently started on a few instructions (this is a little local firm in devon).

He tells me this has never happened before and we discussed the impact it may have on their balance sheets & wider implications.

Being two Bears of Very Little Brain, this discussion was pretty short, so I wondered if anyone else might like to throw in their tuppence-worth.

Cheers
Jim

It will drive down rents . . . bad news for those who are in the landlord business.

[jimtnash]

Re: UK housing market

yup -exactly that.

[karim0028]

Re: UK housing market

Sounds like the banks in the UK are smarter than the ones here in the states...

[audrey_girl]

Re: UK housing market

reminds me of what my Dad once told me of what happened to a couple of families who lived down the street from him during the depression.

one day, a bank officer showed up at their doors and said the bank could either foreclose them out and they would have to move out immediately, or they could sign a few papers and start paying rent to the bank (lower monthly payments to the bank).

both families signed, legally lost all rights to the houses, and became renters