Price rises! What price rises?

leftieM

A house near us sold in Jan 2005 for ca 119k (last known offer - sale prices aren't recorded in NI). The same house, which had been a rental property since its last sale, sold yesterday for ca 220k (again, last known offer.)

mixu

Some areas have been flat for the last few years but other areas have been catching up. We bought a year ago — the neighbours bought for £10k less a year before us but have just sold for £70k more than we paid for an almost identical flat...

pricedout_1

It seems like the property market is not 'the sum of it parts'.
Each part/area/street/property type is a market in and of its own right.

The impression I get is that we are in a soft landing. I've seen other posts on here that say the market goes one way or the other, but could this be the first time we have seen stagnation in the market after a rise in the price to earnings ratio surpassing that of the previous crash in the UK ? There seems to be so much pent up demand that as long as rates don't go much above 5.5% then the BOE may well pull it off (or have they just been lucky).... the first 'soft landing' ever ?

meanmachine_2

*groan*

This is fast becoming a "I bought my house for 10p and now it's worth £500,000!" thread.

Funny how these people know exactly what their house is worth today, but of course wouldn't pay that now, and "oh no it's a home not an investment".

One thing a correction will stop is this house price bragging. It's like being in a playground.

bunking_off

hughgallagher wrote:

It seems like the property market is not 'the sum of it parts'.
Each part/area/street/property type is a market in and of its own right.

Would agree with that. Sold a property in SE England in 2002 for £250k, bought one in NW for £200k.

At the end of 2004 the house I sold in SE England sold again, for £260k (i.e. no movement in market 2003/4) and I had mine in the NW valued - by a surveyor for various reasons, not an estate agent seeking to inflate price - at £300k (i.e. 20%+ annual growth 2003/4).

Now in 2007, the same houses in the SE are selling for £340k (i.e. approx annual 15% growth 2005/6) whereas going off the local estate agencies I don't think mine would go for much more than £300k (i.e. no movement in market 2005-6).

Go figure...

nej

meanmachine wrote:

*groan*

This is fast becoming a "I bought my house for 10p and now it's worth £500,000!" thread.

Funny how these people know exactly what their house is worth today, but of course wouldn't pay that now, and "oh no it's a home not an investment".

One thing a correction will stop is this house price bragging. It's like being in a playground.

I'm not sure it's bragging. I'd probably be happier if my house hadn't gone up in value at all, or at least only in line with inflation. It would make selling and moving much easier.

My house may be worth £100k more than when I bought it, but the next-step-up house is also more so any gain has gone.

I guess the only people who benefit are people who are selling and leavnig the country for somewhere cheaper!

leftieM

I totally agree with the last post. I think the rise in prices in NI are a shambles. Investors/ developers are laughing but poor fools like me have been priced out of moving. Yes, I am relieved we already have a house but I don't feel like boasting about it! It's just luck that we missed the boom, nothing more.

mr.broderick

meanmachine wrote:

*groan*

This is fast becoming a "I bought my house for 10p and now it's worth £500,000!" thread.

Funny how these people know exactly what their house is worth today, but of course wouldn't pay that now, and "oh no it's a home not an investment".

One thing a correction will stop is this house price bragging. It's like being in a playground.

I've missed these little rants meanmachine...