And house prices coming back down again...

phil_b_2

PasturesNew wrote: »

Chap on another thread is selling his house at £125k, he only paid £43k for it in 2001 ... it's not that long ago - and I bet when he paid that he felt it was over-priced....

Oh how quickly people forgot how high the previous high prices were already.

£50-100k for a 3-bed semi = OK
£150-300k for the same house a few years later = nuts.

We would need quite a lot more determine whether that is reasonable or not though, he might have done a lot of work (strucural etc). Also, that is hardly representative of average price increases. From mid 01 to the peak in 07 the avergage price went up by about 70% or so.

Still high but not unbeleivable. The price of gold has quadrupled in that space of time but I would rather have a brick walls and a roof over my head.

IMO, prices are only silly in various parts of the south.

tommy75

phil_b wrote: »

We would need quite a lot more determine whether that is reasonable or not though, he might have done a lot of work (strucural etc). Also, that is hardly representative of average price increases. From mid 01 to the peak in 07 the avergage price went up by about 70% or so.

Still high but not unbeleivable. The price of gold has quadrupled in that space of time but I would rather have a brick walls and a roof over my head.

IMO, prices are only silly in various parts of the south.

Since 1998, average house prices have raised 170% whereas average wages have raised 55% or roundabout that. Houses have never been cheap, but have never been more expensive than where they are now. We left normality in 2002.

If average house prices don't come down will we not see another massive financial crash? Or are all the next generation of self certified borrowers suddenly going to turn out to be good payers on their diminishing wages and rising taxes and bills..... (if they can get a job of course)

PasturesNew

I bought my house at 10% under average price in 2000 - and sold in 2007 at nearly 50% over average price. That's the trouble with averages, it's too broad.

HAMISH_MCTAVISH

Cleaver wrote: »

I've often thought that recently. I could never quite work out how everyone organised 15 solicitors and 15 estate agents and all their finances in 2006 to make things fall in to place, let alone now.

In most cases they don't,, and never did.

A certain amount of empty housing stock in the system is needed to stop chains becoming ridiculously long and cumbersome.

IveSeenTheLight

HAMISH_MCTAVISH wrote: »

In most cases they don't,, and never did.

A certain amount of empty housing stock in the system is needed to stop chains becoming ridiculously long and cumbersome.

Sshhhhhh!!!!
Leave this as a mini HPC board / thread

JonnyBravo

carolt wrote: »

Not seen the 'close to asking price' scenario near me - sold prices suggest that the gap depends on how overpriced the property is; a few will sell near asking price, when they judge the market correctly; others will have to accept substantial cuts.

Certainly not much property out there. But not many buyers with the means to buy them at silly prices either.

How are you finding this out so fast?

I'm still waiting to play nosey neighbour with 2 houses that sold a few doors from me in the spring and their sold prices STILL aren't on housepricesdotcodotuk.

Is there somewhere else I should look?
Anyone?

roddydogs

According to Richard Littlejohn, even in the "Scruffier" part of London, £1 Million will "Only buy you a semi"..........is he right?

PasturesNew

roddydogs wrote: »

According to Richard Littlejohn, even in the "Scruffier" part of London, £1 Million will "Only buy you a semi"..........is he right?

People will always have their eye on the places just out of their reach.

I gues it depends where you call London, what you call scruffier, what you set the criteria at.

I don't know London at all, so completely guessed an area of W1, thinking that might be a "good bit" and for under half that there are four flats:
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^91991&maxPrice=450000&minBedrooms=2&includeSSTC=true&_includeSSTC=on

You can get 3-4 bedroom places in Harley street at the £1million end - and I always thought that was a posh bit
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^91991&maxPrice=1000000&minBedrooms=3&includeSSTC=true&_includeSSTC=on

As for scruffy, picking randomly that E1 might be, there are 12 under £250k
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^744&maxPrice=250000&minBedrooms=3&includeSSTC=true&_includeSSTC=on

London's a big place - and everybody has a different idea of what is and isn't London. If you just use the word "London" then look for 3 bed houses, there are well over 1000 under £250k http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^87490&maxPrice=250000&minBedrooms=3&displayPropertyType=houses&includeSSTC=true&_includeSSTC=on
and 103 cheaper than £175k http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^87490&maxPrice=175000&minBedrooms=3&displayPropertyType=houses&oldDisplayPropertyType=houses&includeSSTC=true&_includeSSTC=on

thriftybabe

A house round the corner from us was sold last week and was only up for a week or two. An identical one was up last Winter for ages and did not sell. I will check right move in the next few weeks to see if it got a decent price!

JonnyBravo

thriftybabe wrote: »

A house round the corner from us was sold last week and was only up for a week or two. An identical one was up last Winter for ages and did not sell. I will check right move in the next few weeks to see if it got a decent price!

Rightmove reports sale prices?