British agents can't sell their houses, whilst one clever Brit doesn't pay for his house at all!

By
Services for Real Estate Pros with Globrix

UK property ‘news' of late has seemed, to me at least, to be a little lacklustre on the ‘news' front. Most stories being a confirmation of house prices going down from another lender, survey or what have you. But there have been some interesting tales dotted around...

We all know the story on the house prices, but today we learnt the full extent of unsold stock on estate agent books. The average number of unsold properties per surveyor is 85, a number that hasn't been reached since Febraury 1999, and it's a 40% jump since September of last year.

It might seem like the perfect time to get on the housing ladder, but as it has become harder to get a mortgage the young and eager are unable to help the market out. In fact, the average age of first time buyers hasn't really changed over 2006 and 2007, despite changes in the market. 33.5 years of age remains the stable average age of first time buyers, which is (perhaps bizarrely) six years later than the average age that women have thier first child.

It's also become apparent this week that people in England don't even need to pay for houses any more! It seems all you have to do to get a house for free is not pay your mortgage for 15 years and bobs your uncle, you're technically a squatter and the powers that be clear your debt. At least it worked out that nicely for Djabar Babai from Stockport, who only ever paid £40 towards the mortage of his £200,000 property. It's worth having a read of the full story over at The Daily Mail, if not just for the heated debated going on in the comments section. There's also a picture which shows that, for a man with no money to pay his mortgage, he drove a pretty nice car. 

The Council of Mortgage Lenders are quick to mention that this case falls under the ‘do not try this at home' category and we shouldn't expect a ruling like this to be happening again. But it's always reassuring to know that somebody, somewhere managed to screw the system.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
london
uk property market

Spam prevention
Show All Comments
Ambassador
1,120,119
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com
I would love to live somewhere free for 15 years.  Sign me up.  I hope it is in a good part of London.  I have to wait until I win the lotto here first.  I'll bet they both happen at the same time.
Feb 12, 2008 09:58 PM #1
Rainer
34,860
Poppy Dinsey
Globrix - Anaheim, CA
London, UK
Russ - maybe we should just do a trade, I'm waiting to win the lotto to move to the US ;-)
Feb 12, 2008 10:02 PM #2
Rainer
23,446
Brian Wentz
Keller Williams Greater Des Moines - Des Moines, IA
Realtor - Des Moines Iowa Real Estate
I am off to read the story- I am sure this one will be good!
Feb 12, 2008 10:04 PM #3
Rainer
34,860
Poppy Dinsey
Globrix - Anaheim, CA
London, UK
Brian - It's just one of those ideas you wished you had first! Hehe
Feb 12, 2008 10:07 PM #4
Rainmaker
594,298
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
Maybe I should buy and live there a few years for free...then just pick up and move back to the US:)
Feb 12, 2008 10:27 PM #5
Rainer
34,860
Poppy Dinsey
Globrix - Anaheim, CA
London, UK
Neal - You know you're not going to find somewhere better than Florida! In London we get excited if the rain stops for five minutes!
Feb 12, 2008 10:30 PM #6
Rainmaker
453,716
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

Poppy

Very interesting indeed. It appears someone fell asleep and slipped through the cracks. Thank you for the update from across the pond- much has been said about the American housing market.  But little is said about what is happening across the globe. Housing it appears is a global concern. 

As our market constricts, the opportunities for the precious pound to achieve greater muscle much like a steroid effect is apparent.  For under 100,000 pounds one can have a substantially large, nice home here. Something to ponder over tea.

Feb 12, 2008 10:41 PM #7
Rainer
34,860
Poppy Dinsey
Globrix - Anaheim, CA
London, UK
Allison - It certainly is something to ponder over tea! My tiny flat in London would cost nearly $600,000 to buy (I rent it) and it only has one bedroom! I'm always considering the US for a nice house with a garden, and I'd get to eat Apple Jacks for breakfast...a cereal I dearly miss here in the UK!!!
Feb 12, 2008 10:47 PM #8
Rainmaker
594,298
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Poppy,

It's been awesome weather here...until yesterday....now it's gloomy and it poured all night and lightening and thunder...I should have put down more fertilizer on my lawn:) It's so dark here right now I thought it was night time:)

Feb 12, 2008 10:49 PM #9
Ambassador
841,003
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros
nice post Poppy. We are trying to market ourselves in the Uk and could use some tips or work out some type of joint venture any advise
Feb 12, 2008 11:05 PM #10
Ambassador
1,654,700
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Poppy - There is always someone ready to take full advantage of the system.  It happens on this side of the Atlantic too.

I found the average age at which people buy somewhat old.  At $600,000 you could get a very nice home in some parts of the USA  with enough land for a beautiful English garden.

Feb 12, 2008 11:11 PM #11
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
34,860

Poppy Dinsey

London, UK
Ask me a question
*
*
*
*

Additional Information