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Is it just my area, or are there a huge number of new properties on the market?
carolt
Posts: 8,531 Forumite
Loads of new ones on every day at the moment...
Obviously, it's spring, but I don't ever recall, in any of the last few years since I've been keeping a close eye on the market, this number of new-to-the-market properties coming on at once.
These aren't the same old coming on at marginally different prices - these are all new sellers.
Will be interesting to see what happens to them all post election - appears to be a case of cold feet pre-election; obviously none will sell beforehand, so we will have to wait and see...
Anyone else noticed the same trend?
Obviously, it's spring, but I don't ever recall, in any of the last few years since I've been keeping a close eye on the market, this number of new-to-the-market properties coming on at once.
These aren't the same old coming on at marginally different prices - these are all new sellers.
Will be interesting to see what happens to them all post election - appears to be a case of cold feet pre-election; obviously none will sell beforehand, so we will have to wait and see...
Anyone else noticed the same trend?
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Comments
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Would agree lots more than last year but still fewer than 2007.
However round here there seems to be an attempt to put on a stupidly high price for the first few weeks before reducing to a merely slightly high one (and still not selling). Although you would think that every seller equals a buyer the sales are not happening to the same extent as last year - looks like the sellers are all hoping to secure an offer before they actually offer themselves...some sort of fallacy of aggregation there methinks.
Local agent suggested mine is now worth 20% more than my offer which was accepted last September - I'm not convinced.I think....0 -
Anyone else noticed the same trend?
Well, I've noticed a trend but it's not quite the same as yours......
Up here it seems to be more houses coming on the market with single survey mortgage valuations at pretty much peak prices, and then selling for pretty much peak prices.
Like this one.....
Utterly ordinary terraced cottage, with a noisy dual carriageway 30 metres to it's front, and a noisy railway line at the end of the back garden.
http://www-p.aspc.co.uk/cgi-bin/public/LiveProperty/272619?ID=FMACEINH#picture
Last sold at peak in 2007 for 173K, now on the market for offers around 170K, and with a mortgage valuation of 170K.....
Under offer already, and will probably go to a closing date with sealed bids.:eek:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Like this one.....
what a funny looking little house. dumpy.0 -
Loads of new ones on every day at the moment...
Obviously, it's spring, but I don't ever recall, in any of the last few years since I've been keeping a close eye on the market, this number of new-to-the-market properties coming on at once.
Enjoy it. I'm loving it. It's the same for many areas I monitor. The sellers will all be competing with each other against a diminishing pool of byers. Competing and for those sellers who really want/have to sell, lowering prices, causing general values to fall. Tougher to qualify for mortgages, economic prospects, fewer confident about trading up and taking on more debt against a background of prices falling, those at the top wanting to trade down.
It's not a total dam burst but a sure sign that QE and low interest rates couldn't contain the consequences of a credit-fuelled bubble in house prices which has ended. When you look at anything closely enough, you find it connected to everything else in the universe. We should begin to see some nice falls in value from mid 2010 to end of the year, I would have thought. Nothing epic, but leading us nicely into 2011.0 -
lostinrates wrote: »what a funny looking little house. dumpy.
Dumpy indeed....:rotfl:
It's not remotely attractive, and it's sandwiched between the major dual carriageway and railway lines into Aberdeen.
I wouldn't touch it with a bargepole, yet it's being valued by surveyors for mortgage purposes at peak prices!!! And under offer already.
The weird and wonderful Aberdeen housing market at work.....:D“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »
The weird and wonderful Aberdeen housing market at work.....:D
Actually, just took a look at a couple of other properties at random.....
This one is a flat, on at offers over 290K.....
http://www-p.aspc.co.uk/cgi-bin/public/LiveProperty/279125?ID=FMACEINH#picture
Mortgage valuation as follows:The local property market is showing signs of improvement and this is reflected in increases in prices and demand.
This has been fully reflected when arriving at our valuation below.
£300,000 (Three Hundred Thousand Pounds)
Last sold for 295K in Jun 2008, and before that for 190K in 2004.
Or there's this one.......
http://www-p.aspc.co.uk/cgi-bin/public/LiveProperty/279099?ID=FMACEINH#picture
Another flat, on at offers over 249K......
With a mortgage valuation as below for 255K.Having considered matters, taking account of our general observations on site, we are of the opinion that the current market value of the subjects in their present condition and with the benefit of full vacant possession may be fairly stated in the capital sum of £255,000 (TWO HUNDRED AND FIFTY FIVE THOUSAND POUNDS
STERLING).
Last sold in Spring 2007 for £240K........
I thought we were supposed to have had a house price crash.....
Did I blink and miss it?:rotfl:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »Well, I've noticed a trend but it's not quite the same as yours......
Up here it seems to be more houses coming on the market with single survey mortgage valuations at pretty much peak prices, and then selling for pretty much peak prices.
Like this one.....
Utterly ordinary terraced cottage, with a noisy dual carriageway 30 metres to it's front, and a noisy railway line at the end of the back garden.
http://www-p.aspc.co.uk/cgi-bin/public/LiveProperty/272619?ID=FMACEINH#picture
Last sold at peak in 2007 for 173K, now on the market for offers around 170K, and with a mortgage valuation of 170K.....
Under offer already, and will probably go to a closing date with sealed bids.:eek:
This traditional property offers many original features and has been extensively upgraded by the present owners to make an attractive family home.
I wonder how much they spent doing it up to get the same price they paid for it after 2.5 years. Nice one!0 -
Under offer is non-binding. It's merely the first stage of negotiation.
In a bear market that's when you can draw things out painfully, and play hard ball with each successive bit of bad news screws the last hopeful sellers cash in before they're forced to crash out.Long live the faces of t'wunty.0 -
Yeah it's an epic fail, indicative of the desparation they must be feeling as they know if they wait any longer they'll start to lose serious hard cash in the forthcoming crash.
I wonder how much they spent doing it up to get the same price they paid for it after 2.5 years. Nice one!
If this were a bull market they'd at least put it on for 15-20% higher than the previous purchase price.
This has all the hallmarks of a investment property fail... cashing in their chips before the election, and the subsequent "UK-does-a-Greece" debacle!!Long live the faces of t'wunty.0
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