Why is nobody selling?

toddler9

This is an interesting thread. I live in a northern mill town albeit in a slightly more desirable area than most. We have been looking for 3 bed semi for a few months- they literally sell within 48hours of coming on the market. Even 2 bedrooms houses which are not in short supply are sold within the fortnight. As soon as we had an offer accepted on ours we viewed a 3 bed which had been on the market for only 3 days and offered the next day which thankfully was accepted. We will be "maxing out" on this one- literally pouring every penny we can find into the deposit which will be approximately 4x the deposit we put down on our first house 3 years ago.
We bought in 2012 which seems to be a good time in hindsight. Yes we have done lots of work I.e bathroom, complete decorative overhaul etc but we have over £30k profit in those 3 years!
Will be interesting to see where the market goes from here!

michaels

toddler9 wrote: »

This is an interesting thread. I live in a northern mill town albeit in a slightly more desirable area than most. We have been looking for 3 bed semi for a few months- they literally sell within 48hours of coming on the market. Even 2 bedrooms houses which are not in short supply are sold within the fortnight. As soon as we had an offer accepted on ours we viewed a 3 bed which had been on the market for only 3 days and offered the next day which thankfully was accepted. We will be "maxing out" on this one- literally pouring every penny we can find into the deposit which will be approximately 4x the deposit we put down on our first house 3 years ago.
We bought in 2012 which seems to be a good time in hindsight. Yes we have done lots of work I.e bathroom, complete decorative overhaul etc but we have over £30k profit in those 3 years!
Will be interesting to see where the market goes from here!

It isn't really profit though as when you bought you had one house and when you sold you had one house and unless you are now planning to live with no houses then in terms of houses you haven't gained.

cns06

I don't know where these places are where the market is booming but its not round here. Our house was 185k ish in 05. Today its worth maybe 180k on a good day. Houses in the local area are often on the market for 18-24 months and often sell for 20% below their initial listing price. There is only one area where houses sell really fast and that is also the area where a 2 bed terrace is 3 times the cost of anywhere else in the city.

padington

michaels wrote: »

It isn't really profit though as when you bought you had one house and when you sold you had one house and unless you are now planning to live with no houses then in terms of houses you haven't gained.

The equity could unlock more credit though and eventually he / she could get another place if more deposit is saved. Which wouldn't have been possible before.

quantic

Houses in our estate are at around 2005-2006 levels currently, still about £20k off their peak. The general consensus from talking to people is that they feel they would be "losing" money if they sold now... which is weird mentality given most paid like £50k in 1999 when new. I get the impression a lot of people are waiting for prices to go up maybe another 10% before they are tempted.

That being said the houses that do go up (maybe 10 in the past 6 months in an estate of 500+) have sold within a very short amount of time. I think the market is just still undergoing a correction from the bonkers rises we saw in the past. Some of the houses in our estate were bought in 2002 for around 75k and sold a year later for 160k - absolutely mental.

PixelPound

I see houses that are put up at 2007 prices and don't sell, unless they are in great condition, but mostly it does seem around the 2004-5 mark. People are waiting, especially those who got RTB because they now believe it will eventually surpass the peak soon. However I don't see prices rising much in Leeds - they are up on a couple of years ago. Maybe there was a pre-election slow down and as we approach summer there will be an increase? Mind you I'm only looking at the bottom end of the market which is full of FTB and BTL

cns06

That follows what I have seen. Houses in exceptional condition with new kitchen / bathrooms will sell quite quickly. Anything else just sits there.




On the flip side the rental market is bonkers round here - I have friends who just started renting and they had their name on a waiting list for some time. I could easily get £1000 PCM for my place, perhaps as much as 1200. When we moved in 10 years ago rentals on the street were £500, maybe £600 tops.

PixelPound

There have been several houses round here sold in the last year for under £70k that are now been rented out for £600pcm!

ukcarper

Where I am there is one house for sale within 1/4 of a mile from my postcode but 33 stc. Prices are about 20% above peak this is in the south east about 40miles from London.

Crashy_Time

padington wrote: »

Move to London, certainly not the case here. Its foot on the pedal stuff. Proper property boom town since the election. It will come through the stats in a few months. Then ripple out more across the country.

:rotfl: Foot on the peddle stuff indeed. Are you sure it isn`t really foot in the horse dropping time Debtington?