Is it just Bristol that is this ridicuous?

hanb

Hi all,


Just wondering whether all cities are as crazy as Bristol is at the moment? And whether anyone else on here is attempting to buy in Bristol?


Houses in general are going 15-20% over asking price according to agents. Houses with an OIEO price go for even more!


We viewed this house at the weekend http://www.rightmove.co.uk/property-for-sale/property-59438276.html and it was, of course, not as nice as the photo's. There was a fair amount of work needed, some damp issues to look in to, the kitchen was too small for appliances so the washing machine was in the basement (that you had to go outside, down steep steps and enter from the garden) and generally a lot smaller than expected. Just found out the highest offer put in was over £330k.


Are we looking at the wrong time of year? Or is Bristol just going to be like this? We have been looking for areas walking distance to town/work etc so granted they're more expensive than outer areas but I do search whole of Bristol and only the rougher parts of town seem to see a real difference in price. We're first time buyers and with a decent deposit and enough of a mortgage for our personal maximum (300k) we thought we'd be fine but when viewing places around 270/280 and they go for over 300k we're starting to feel quite flat! Surely these houses can't sustain such high prices? I can't see how they make it through the banks valuation process but they seem to so maybe we just can't afford to buy in the city we live.


Apologies if this has been discussed elsewhere, I did do a search and I don't know anyone else looking to buy here at the moment so haven't got anyone else to compare with. It's all just a bit depressing! Sorry for the slight rant

Hutch100uk

hanb wrote: »

Hi all,


Just wondering whether all cities are as crazy as Bristol is at the moment? And whether anyone else on here is attempting to buy in Bristol?


Houses in general are going 15-20% over asking price according to agents. Houses with an OIEO price go for even more!


We viewed this house at the weekend http://www.rightmove.co.uk/property-for-sale/property-59438276.html and it was, of course, not as nice as the photo's. There was a fair amount of work needed, some damp issues to look in to, the kitchen was too small for appliances so the washing machine was in the basement (that you had to go outside, down steep steps and enter from the garden) and generally a lot smaller than expected. Just found out the highest offer put in was over £330k.


Are we looking at the wrong time of year? Or is Bristol just going to be like this? We have been looking for areas walking distance to town/work etc so granted they're more expensive than outer areas but I do search whole of Bristol and only the rougher parts of town seem to see a real difference in price. We're first time buyers and with a decent deposit and enough of a mortgage for our personal maximum (300k) we thought we'd be fine but when viewing places around 270/280 and they go for over 300k we're starting to feel quite flat! Surely these houses can't sustain such high prices? I can't see how they make it through the banks valuation process but they seem to so maybe we just can't afford to buy in the city we live.


Apologies if this has been discussed elsewhere, I did do a search and I don't know anyone else looking to buy here at the moment so haven't got anyone else to compare with. It's all just a bit depressing! Sorry for the slight rant

Sorry I can't comment on your area but I have been looking in the north east for 6 months. Our problem is that there are just no decent houses going on the market at all. Those that do, get snapped up within days and often over the asking price.

I've also noticed lots of houses over priced and then they sit for ages and get reduced several times.

Its very frustrating. Have you looked at how much similar houses have sold for in the last year? Its the first thing I do when I look at a house on the market.

Guest101

It's basic supply and demand, couples with emerging market areas.


A roundabout of higher house prices pushing out the poor, which incentivises exclusive businesses to the area, which pushing up house prices.

Thrugelmir

Popular round here. In part that all 5 local schools are highly rated by Ofsted. Nor is there any new development. Demand exceeding supply = rising prices.

hanb

I meant to also say, each house comes up with 2 or 3 days block viewing that are booked up within a day or 2 of being advertised/contacted by the agent. Then each house receives around 10+ offers with almost all of them above over (from the ones we've seen/been told about but only been looking 3 months).


As FTBers it's quite scary that you get a 15 minute viewing and have to have best and final offers in 24-48 hours. I don't know if I'll ever be ready to agree to spending 300k on something I've looked at for 15 minutes! Maybe I'll get used to that idea the more I look but it just seems nuts!


I thought that 50 houses a day on rightmove would be a good thing. There's just clearly a lot of people looking for the same thing we are. I just want to build a treehouse to hide in until it's all less scary

hanb

Hutch100uk wrote: »

Its very frustrating. Have you looked at how much similar houses have sold for in the last year? Its the first thing I do when I look at a house on the market.

It really is!


I have, and the ones that have sold and are similar within 12 months went for slightly less. The worse thing is I looked at buying on my own 4 years ago. A couple of the places I'd saved on rightmove have come round again with a 60%/140k increase, and then sell for another 15-20% on top of that. Not that I'm kicking myself at all for not buying before

Brightspark87

Hi I am Bristol too but North and not town centre close enough.

I know house prices closer to the city are going crazy. We both work all over Bristol so this is a) our best bet and b) cheaper.

Have you thought about being slightly further out but with train access? That is why we've bought (subject to contract) in the area we have.

If you want to see where and more detail happy to PM you the link! we offered full asking @ £249,950 and that was accepted.

Gloucester Road way seems to be crazy too but not quite as crazy as Bedminster as less the 'amazing schools' everyone seems to be wanting. What other areas you looking at? Nice parts of Knowle are 20 minute walk into town centre (or cycle) and they seem more reasonable too....

Hutch100uk

hanb wrote: »

I meant to also say, each house comes up with 2 or 3 days block viewing that are booked up within a day or 2 of being advertised/contacted by the agent. Then each house receives around 10+ offers with almost all of them above over (from the ones we've seen/been told about but only been looking 3 months).


As FTBers it's quite scary that you get a 15 minute viewing and have to have best and final offers in 24-48 hours. I don't know if I'll ever be ready to agree to spending 300k on something I've looked at for 15 minutes! Maybe I'll get used to that idea the more I look but it just seems nuts!


I thought that 50 houses a day on rightmove would be a good thing. There's just clearly a lot of people looking for the same thing we are. I just want to build a treehouse to hide in until it's all less scary

I know what you mean, you feel pressured into making a decision. There no reason why you can't make an offer and after its accepted, get back round and have a much more detailed look at the property. You could then back out if its not right (sorry to the buyers).

It annoys me that I register with every estate agent in the region but they don't call you when a house comes up and you end up last in the queue for a viewing.

Wassa123

Yes and no.

Check out https://www.thehouseshop.com/compare-estate-agents

(give it a postcode in your area)

It tells you how many properties have sold with each estate agent, and what their actual selling/asking price % is.

Some agents undervalue, get a rush of offers, and it goes quickly and starts a bidding war that goes over the asking price.

Some agents routinely ask for higher prices, and negotiate downwards.
However, they hope that people like you think "oh others have gone for over the asking price" and will be happy to get it for the asking price or more.




Also, it's the spring/summer season when everyones house hunting. You can tell as this forum can get 3+ pages deep with posts/replies in a single day. In winter there's barely any action.

We bought last year and noticed that there was a sharp drop in house prices around september/october when noone really wants to move house, and all the school places have already been allocated.

Brightspark87

Hutch100uk wrote: »

I know what you mean, you feel pressured into making a decision. There no reason why you can't make an offer and after its accepted, get back round and have a much more detailed look at the property. You could then back out if its not right (sorry to the buyers).

It annoys me that I register with every estate agent in the region but they don't call you when a house comes up and you end up last in the queue for a viewing.

Just to say SO many agents in the city are doing this to try and get sealed bids and people paying over the odds for the type of house it seems you are wanting. Register with them all but be fussy - some we dealt with were completely awful!

hanb

Wassa123 wrote: »

Yes and no.

Check out https://www.thehouseshop.com/compare-estate-agents

(give it a postcode in your area)

It tells you how many properties have sold with each estate agent, and what their actual selling/asking price % is.

Thanks, that's interesting.


It ranged from 99.9% to 107% so they don't seem too far apart but it must mean that they don't all go for crazy %'s over asking so now I just need to find the ones that don't