We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
First signs of revival in property market?
Daveyk1975
Posts: 83 Forumite
First signs of revival in property market?
Published Date: 30 January 2009
By Lesley Draper
SIGNS of an upturn in interest from potential buyers is casting a glimmer of hope on Sheffield's beleaguered property market.
Estate agents across the city are reporting a distinct increase in activity this month - the first positive sign since doom descended on the sector last year.
Agents have been reluctant to read too much into isolated 'good news' stories. But this week there was cautious optimism as the flurry of new year interest continued.
"It isn't yet equating to more sales, but there are more enquiries and more people viewing houses. We've definitely had a better time in January than in November or December," said Alistair Humphrey, a partner with Eadon Lockwood & Riddle.
And Mark Jenkinson & Son, which staged its first auction of the year on Tuesday, reported sales of more than £2.6 million.
"As far as I'm concerned, to sell 30-something properties in January is encouraging in itself," said spokesman Adrian Little.
"This is a change to previous years. Enquiries are good, viewings are good and we're selling - I think that means there's a definite glimmer of light at the end of the tunnel."
Agents are anxious to point out that the improvement is fragile and comes from a very low base.
But it is at least a hint of recovery and will no doubt come as a welcome relief after months of deepening gloom.
"People are sick to death of the national media talking it down all the time," said Mr Humphrey. "I think they've realised that house prices are about at the bottom and they're going to have a look and see what's out there."
The key to recovery is a realisation that prices have to adjust to market forces, he said - and they have dropped by around 20% over the last year.
"My staff, along with other estate agents, are spending their time persuading people to bring their prices down.
"People have woken up to the fact that when prices are reduced, it rekindles the interest.
"That's a national thing, not just local. Feedback from membership of the National Homes Network is that members across the country have experienced a bit of an upturn in activity since the beginning of the year."
Among those who have benefited is receptionist Joanne Stephenson, who put her three-bedroom Gleadless semi on the market at the end of November - and was both astonished and delighted to sell it within six weeks.
"It was daunting, but I wanted to buy somewhere with my partner, so we decided to go ahead in spite of the market," she said.
"I had about eight people to view it and two offers, one of them above the asking price. Then some first-time buyers came along so we grabbed them!"
Joanne found her dream home the next day - at considerably less than she had expected to pay for it - and is hoping to move into her new detached house at Owlthorpe next month.
"I never imagined I'd sell that quickly," she said. "The mortgage rates have come down as well, so it's brilliant. I'm really excited about starting our new life."
One area of the market that is proving particularly popular at present is auctions.
The Jenkinson's event this week included a number of small terrace houses, most of which went for around £50,000, and a plot of land at Middlewood fetched £190,000. The firm is planning another sale on March 10.
Meanwhile ELR is staging an auction on March 3 and Blundells, which launched its Auction House last year, has just published the catalogue for its February 17 event.
Lots range from a commercial unit at Lodge Moor (guide price £15,000-£20,000), to a five bedroom Victorian semi in Nether Edge, expected to fetch in excess of £180,000.
Published Date: 30 January 2009
By Lesley Draper
SIGNS of an upturn in interest from potential buyers is casting a glimmer of hope on Sheffield's beleaguered property market.
Estate agents across the city are reporting a distinct increase in activity this month - the first positive sign since doom descended on the sector last year.
Agents have been reluctant to read too much into isolated 'good news' stories. But this week there was cautious optimism as the flurry of new year interest continued.
"It isn't yet equating to more sales, but there are more enquiries and more people viewing houses. We've definitely had a better time in January than in November or December," said Alistair Humphrey, a partner with Eadon Lockwood & Riddle.
And Mark Jenkinson & Son, which staged its first auction of the year on Tuesday, reported sales of more than £2.6 million.
"As far as I'm concerned, to sell 30-something properties in January is encouraging in itself," said spokesman Adrian Little.
"This is a change to previous years. Enquiries are good, viewings are good and we're selling - I think that means there's a definite glimmer of light at the end of the tunnel."
Agents are anxious to point out that the improvement is fragile and comes from a very low base.
But it is at least a hint of recovery and will no doubt come as a welcome relief after months of deepening gloom.
"People are sick to death of the national media talking it down all the time," said Mr Humphrey. "I think they've realised that house prices are about at the bottom and they're going to have a look and see what's out there."
The key to recovery is a realisation that prices have to adjust to market forces, he said - and they have dropped by around 20% over the last year.
"My staff, along with other estate agents, are spending their time persuading people to bring their prices down.
"People have woken up to the fact that when prices are reduced, it rekindles the interest.
"That's a national thing, not just local. Feedback from membership of the National Homes Network is that members across the country have experienced a bit of an upturn in activity since the beginning of the year."
Among those who have benefited is receptionist Joanne Stephenson, who put her three-bedroom Gleadless semi on the market at the end of November - and was both astonished and delighted to sell it within six weeks.
"It was daunting, but I wanted to buy somewhere with my partner, so we decided to go ahead in spite of the market," she said.
"I had about eight people to view it and two offers, one of them above the asking price. Then some first-time buyers came along so we grabbed them!"
Joanne found her dream home the next day - at considerably less than she had expected to pay for it - and is hoping to move into her new detached house at Owlthorpe next month.
"I never imagined I'd sell that quickly," she said. "The mortgage rates have come down as well, so it's brilliant. I'm really excited about starting our new life."
One area of the market that is proving particularly popular at present is auctions.
The Jenkinson's event this week included a number of small terrace houses, most of which went for around £50,000, and a plot of land at Middlewood fetched £190,000. The firm is planning another sale on March 10.
Meanwhile ELR is staging an auction on March 3 and Blundells, which launched its Auction House last year, has just published the catalogue for its February 17 event.
Lots range from a commercial unit at Lodge Moor (guide price £15,000-£20,000), to a five bedroom Victorian semi in Nether Edge, expected to fetch in excess of £180,000.
0
Comments
-
:rolleyes: ... .NO !!
0 -
i think that you should post under your own user name
0 -
If pockets of the country have taken an earlier hit than others - note the 20% reduction over the year, that they indicate - then they could well end up looking attractive, in relative terms to the last 18 months.
Throw in the opportunity to get a relatively low Mortgage rate, for those with good LTVs, and it could add up, for some.
I think there will be better Mortgage deals to come in the next 6 months, though. Not to mention another 6% to 9% off by then.
Slightly concerned over the anecdotal - "I bought cheaply but had offers over"...if their locality was enjoying a good spell, why didn't the EA of the house she was buying tell the vendors to hold out for better offers?0 -
First signs of revival in property market?
Hello.
Hat we hit a time shift ??
Is it 2013 already ????'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
The demand for somewhere to live has not gone away just because we are in recession. Aside from cat-swingingly small urban apartments there is still a shortage of housing stock of normal size. With prices falling as much as they are I'm not at all surprised to hear that there are punters out there ready to buy.
The big issue around whether or not this is the start of a revival is the availability of mortgages. Yes rates are low, but there aren't anywhere near as many products on offer as there once was, and the LTV ratio is a lot tougher for people to make (not just first time buyers, people remortgaging who have seen their equity vanish). If lenders can offer mortgages that people can afford then yes, things could start to pick up.0 -
Rochdale_Pioneers wrote: »The demand for somewhere to live has not gone away just because we are in recession. Aside from cat-swingingly small urban apartments there is still a shortage of housing stock of normal size. With prices falling as much as they are I'm not at all surprised to hear that there are punters out there ready to buy.
The big issue around whether or not this is the start of a revival is the availability of mortgages. Yes rates are low, but there aren't anywhere near as many products on offer as there once was, and the LTV ratio is a lot tougher for people to make (not just first time buyers, people remortgaging who have seen their equity vanish). If lenders can offer mortgages that people can afford then yes, things could start to pick up.
Excellent Rational post.
Thanks:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
it has already been said that this interest isnt converting into house sales.0
-
pandamonia wrote: »it has already been said that this interest isnt converting into house sales.
Where we were looking last weekend, it was converting into offers.0 -
pandamonia wrote: »it has already been said that this interest isnt converting into house sales.
Maybe, Maybe not, time will tell.
It takes time even at the height of property sales for interest to be converted into completions:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Sheffield figures will start to get skewed in the coming weeks/months.
I saw on the news lastnight that there was part of an estate that was old timber framed buildings and was knocked down.
They built some new houses on the site that and are giving the old residents 1st dibs on the houses and to return to the area.
£130K starting price with shared ownership schemes. I think the top end was £155K
The people interviewed were very happy they could get a brand new house, pay part mortgage and part rent.
http://sccplugins.sheffield.gov.uk/press/news/release.asp?akey=5520I beep for Robins - Beep Beep
& Choo Choo for trains!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards