House Prices Going Crazy Again

michael1983l

Bought mine back in June last year for 137k 9 months later an estate agent tels me he can get 170k for it and backs this up by showing a house with one less bedroom on my road having recently sold for 155k and another identicle build to mine being up for 170k. Did the banks and consumers not learn the first time around :mad:

Its good for me, but bad for any FTB

sjaypink

Oh no, surely not another p!ss take

Thrugelmir

So why aren't you selling then?

michael1983l

Thrugelmir wrote: »

So why aren't you selling then?

Because I will gain nothing unless I downgrade to a cheaper house. Most house prices have risen in line with each other and if I moved I'd lose out on fees.

badrobot76

house prices are expensive and way out of line with average earnings ,quite simply the baby boomers are hoovering up all the capital appreciation and greedily still want more

treliac

michael1983l wrote: »

Bought mine back in June last year for 137k 9 months later an estate agent tels me he can get 170k for it and backs this up by showing a house with one less bedroom on my road having recently sold for 155k and another identicle build to mine being up for 170k. Did the banks and consumers not learn the first time around :mad:

Its good for me, but bad for any FTB

If you're staying put, it's of no real material difference to you but still bad for FTBs of course.

We'll see what happens further on down the road!

smamst

Haven't you heard Gordon Brown has saved the HPC, we are all rubbing ourselves together in Bullsh*t here.

doire_2

michael1983l wrote: »

Bought mine back in June last year for 137k 9 months later an estate agent tels me he can get 170k for it and backs this up by showing a house with one less bedroom on my road having recently sold for 155k and another identicle build to mine being up for 170k. Did the banks and consumers not learn the first time around :mad:

Its good for me, but bad for any FTB

Its official then.....house prices are now crazy man

ukcarper

badrobot76 wrote: »

house prices are expensive and way out of line with average earnings ,quite simply the baby boomers are hoovering up all the capital appreciation and greedily still want more

Another babyboomer fault post show me all the babyboomere hoovering up the capital all the ones I know including me are just living in their houses doing nothing.

Generali

michael1983l wrote: »

Bought mine back in June last year for 137k 9 months later an estate agent tels me he can get 170k for it and backs this up by showing a house with one less bedroom on my road having recently sold for 155k and another identicle build to mine being up for 170k. Did the banks and consumers not learn the first time around :mad:

Its good for me, but bad for any FTB

Unemployment is 2,500,000 and set to rise as public sector workers are laid off. GDP appears to have bottomed out after the biggest fall in 80 years (looks can be deceptive of course). Credit refuses to grow despite huge amounts of cash being put into the banking system by central banks. It must be clear to even the most blinkered bull that the economy is in a mess (where it's headed is a different thing).

Yet British house prices by the only measure that matters, the amount of money a buyer must pay to persuade a seller to sell, are rising. If we take the rather unreliable forward indicator that is the Rightmove Index, prices appear to be in Gold Rush territory.

The ability of the UK housing market to defy gravity is amazing. Can it continue? No idea. Time will tell as always. What's going on right now is pretty incredible though.

jetta_wales

It certainly doesn't make any sense at all but I agree it is the case as things ame here too. We bought in June last year (at auction so somewhat bellow Market value) but it was the very bottom of the Market. I don't know if they'll keep going but they did take a big bounce back to start with and after we've put in a new kitchen and bathroom (can't afford the kitchen yet) then we'll walk away with at least a 45k profit over what we've spent. Not bad for a house that only cost 101k.

What this babyboomer stuff all about? The only baby boom I know of was after the war so they're all in their early 60's now like my parents.