This so called rise in house prices...

IveSeenTheLight

HAMISH_MCTAVISH wrote: »

What were we thinking using all the major national indices of sold prices when we could have just asked Tom for some anecdotal stories about asking prices and property bee in his local area.:rolleyes:

Would he want to divulge that information?
We might want to stalk him :rolleyes:

Davesnave

Joeskeppi wrote: »

This thread worked out well.

Yup, looks like the usual bullyboy tactics worked, doesn't it?:p

Generali

Eric_Pisch wrote: »

There is also some over seas investment on the back of the devalued pound.

Is there any genuine evidence of this? I've seen annecdotes but no data.

Would some moderately wealthy bloke in Paris or Bangkok really think, "Hmm, the pound is low and the UK housing market is in trouble. Now might be the time to buy a 2 bed flat above a chippy in Tooting Bec"?

It just seems a little unlikely somehow.

IveSeenTheLight

Davesnave wrote: »

Yup, looks like the usual bullyboy tactics worked, doesn't it?:p

I don't understand how providing facts and figures is now classed as bullying.
Is this a new schoolyard thing?

On reflection I could see how it could be classed as bullying if some people are not in a position to back up what they say, but should we let them just spout whatever rubbish they want?

Really2

Near me hedgerows are taller than the previous year and are seeing YOY growth.:)

But it was not bulling it was debate, the idea of debate is to focus on the other persons stance and point out the mistakes and back it with evidence.

If the OP said they were going for cheaper than 04 (instead of 07:)) and backed it up he would be fairly water tight for his area.

HAMISH_MCTAVISH

Davesnave wrote: »

Yup, looks like the usual bullyboy tactics worked, doesn't it?:p

It's mildly annoying that every single time the national indices, which are based on actual sold prices, show a rise, somebody wants to come along and desperately bleat about "prices aren't rising, property bee says so"....

Particularly when the rightmove index (as rightmove is where property bee obtains local area prices from) also shows prices rising as a national average.

We don't doubt for a minute that some houses, in some areas, are not rising. Some may well be falling.

But on a national average, both asking prices and selling prices are rising, and have been doing so for most of the year.

[Deleted User]

We're in the process of moving. We're in Scotland where we have the 'offers over' system. Basically, it means that interested parties bid for your property and in normal times properties would get perhaps 20% over asking price. Sometimes much more.

We currently live in a very desirable location where houses until recently were snapped up the moment they go on the market.

I've been researching the market myself using property websites and looking at what houses have actually sold for. It didn't look brilliant.

My research showed that an identical house to mine sold for £185k in mid 2006. Comparable houses in the little estate next to mine (which has always been lower priced) are currently valued at 180k and are on the market for offers over 170k.

Looking at houses that have sold recently (not many of them) it appears that many have sold at quite a bit less than they did in the past. One of our neighbours had their house on the market at 230k for about 4 months. Last week they dropped the offers over price to 190k and it sold immidiately. I figured from all this that the house would be valued at 180k and that we'd probably need to sell at 160k - 170k. We were OK with this as we bought if for 100k.

We had an EA in yesterday. He says he'd be extremely suprised if the home report valuation came in at any less than 200k. I asked him what he thought we'd get and he said at least £200k. Other property in the area was making it's asking price. There are no shortage of people wanting to buy at valuation price and beyond. It's just that the market is slow and it's taking prospective buyers time to sell THEIR houses. Houses are only going for under asking price when the owners are desparate to move fast. I mentioned our neighbour that had dropped their asking price and he says that although they dropped to offers over £190k they actually got 225k - so only a bit less than their original asking price of £230k. The owner had seen a house she desparately wanted so dropped her price for a quick sale (I've confirmed this with our neighbour).

I'm told (by neighbours that have sold and by EA) that there is no shortage of people wanting to buy at valuation price and beyond. It's just that the market is slow and it's taking prospective buyers time to sell THEIR houses. Neighbour has chatted to other sellers in the area and their experiences support what EA is saying.

EA told me that at the peak my house would have sold for £230k. Now it's expected to get £200k. So that suggests a 15% drop in my area since mid 2007. However, when you consider that there was an even bigger INCREASE between 2006 and 2007 this drop is only of significance to the minority that bought when prices were at their peak. To the vast majority of us property has proven to be a fabulous investment.

I'll report back when it eventually sells! We're not putting it on the market until early December.

System

Davesnave wrote: »

Yup, looks like the usual bullyboy tactics worked, doesn't it?:p

I wouldn't really class this thread as bullying, people should be grateful that they're being put straight if anything.

HAMISH_MCTAVISH

Deleted_User wrote: »

EA told me that at the peak my house would have sold for £230k. Now it's expected to get £200k. So that suggests a 15% drop in my area since mid 2007. However, when you consider that there was an even bigger INCREASE between 2006 and 2007 this drop is only of significance to the minority that bought when prices were at their peak. To the vast majority of us property has proven to be a fabulous investment.

I'll report back when it eventually sells! We're not putting it on the market until early December.

That seems about right. The registers of scotland site has some good info on sold prices, also the local SPC sites will publish a sold price index.

Scottish prices fluctuate wildly by season, so don't worry about price falls over this winter.

You'll get the best price by selling in late spring or summer, so putting it on in january/february is probably better than december as you don't want it to get "stale".

In my area, prices are still at 2007 levels.... The only argument between the varying indices is over which month in 2007, so we've been lucky.

But in most places in Scotland, prices have fallen very little compared to elsewhere in the UK, 2006/2007 prices are still the normal state of affairs in most areas.

[Deleted User]

That's exactly what my Solicitor said! I did plan to wait until spring to sell (we bought our new house cash so aren't in a rush). But the EA suggested that we put the house on the market as soon as we're ready. His argument was that in the current climate people are selling their houses before buying. Lots of people have managed to sell so there's plenty with cash in their hands looking to buy now.

Not sure whether that's just the EA wanting to get us on his books quick. Getting some more EA's out so I'll see what they say. Will let you know!