Is property selling in your area?

rizla01

Looks like a 'North of the border' Scenario still persists then.

And that £300.00+ props are the ones that are sticking. (Unless you are in London)

STAR_BUCK

I'm currently buying in Egham (leafy Surrey) and houses on particular streets ( especially on the street i'm buying) have been flying off! Reassuringly to know we're buying somewhere that others see as desirable

PoorDave

mystic_trev wrote:

The current market feels like 1988 al over again, and I remember it well. For those of you that don't, this is what happened.

Nigel Lawson, then Chancellor, unwittingly created thousands of domestic disasters when he announced the scrapping of double Miras, a tax perk. Couples rushed to beat the deadline, jointly buying properties for the tax benefit alone. The ensuing house price crash and the problem of negative equity left them stranded.

Although nothing like that is happening this time, it "feels" the same. The market seems to be heading for "capitulation" a period where people will act irrationally just to get into (or further up) the property ladder.if this is happening, and we get further interest rises, prepare yourselves for the worst. No - It's not different this time!

I think there's an element of "buy now and get a better fixed interest rate than you might in a few months" and "if we're heading down the road of neg equity and not being able to sell our house for a "sensible price" (compared to today's inflated prices) then i want to be in a nicer house for the duration of that"

IMHO the scrapping of double MIRAS was a large factor in what happened afterwards!

inmypocketnottheirs

Proerty round here (Cheshire, Knutsford, Wilmslow, Alderley Edge, Holmes Chapel) is doing very well. There seems to be a hiatus around the £250k stamp duty mark, but FTB flats are now breaching the £100k mark with 3 bed semi's around £180k, 3 bed detached around the £220-£250k and 4 beds from £240-£300k. All in all, if property is priced realistically then it is selling, if not it just sits there.

Dead_Eye_Jones

My street has quite a high turnover at the moment, I have one of the bigger houses on the road and the smaller ones are now starting to sell for the same price I bought mine earlier this year - its crazy to be honest. There are about 50 terraced houses and 10 semis, many seem to be owned by an older generation who are about to move to a 'better place'. They are being bought up by young professionals as ideal FTB properties 25mins from central London, and central heating, double glazing, etc all going in too.

Not many places in London you can buy 2/3 bed houses with big gardens for around £180k. But many do need work as they've been untouched by their elderly owners for 40 years or so!

Leaves an interesting split in demographics in the road, with some of us being hard working aspirational youfs (we have to be to be a home owner ), some being retired elderly people and a number of families who clearly moved in before the house prices went crazy and will never be able to afford to move up the ladder (these are great homes for starter families but too small for 2 or 3 grown up teens squashed in!).

When we bought earlier this year there were 6 houses for sale in our road, and perhaps about 20 other suitable ones in the vicinity - we saw them all! All of them are now sold, and there are 3 iirc in our road up for sale now.

Im just glad I didnt listen to the people who told me to wait for "the crash", could be waiting around for a long time! I hope things do slow down though as it makes the next step harder and harder

ollyshaw

In whitley bay, for houses I might be interested in, they dont seem to be moving at all! There are a couple I know have been on for 3 months (possibly longer).

Olly

mi-key

Here in Cardiff its pretty stagnant, and has been for over a year - particularly if you look at the amount of properties on the market. In the are we are currently in, when a house came on the market, you would see a SOLD board up within a week pretty much without fail, now the same houses I walk past every day still have the FOR SALE up that has been there for months.

Also, in the village we are moving to ( about 12 miles from Cardiff ) 90% of the properties that were for sale when we started looking ( June ) are still there, a few have been reduced in price by a couple of thousand, but most still sit there in the Autumn with the photos of their gardens bathed in bright sunlight and looking like a nice sprin day !

Lady_S

Walsall, West Midlands.

Market is pretty stagnant. Two houses opposite me have been up for 6 and 4 months respectively. Haven't seen more than a few people looking around. They are priced at approx 220k so really stamp duty isn't an issue. They are 3 bed detatched.

rizla01

Still the 'Ayes' have it

So despite the doom & gloom and the warnings against purchasing in an uncertain market there seem to be an upward trend in house buying accross the board.

does this suggest that now IS the time to buy or are a lot of people going to get their fingers burned?

Time will tell.

rizla01

I Wonder what others think?