House prices rising by 15-25% in 6 months?! No way!!

LandyAndy

I've noticed that here, north western fringe of the New Forest, that asking prices have increased dramatically in the last 6 months and properties are selling very quickly.

PhilE

Location.

Properties in Cornwall haven't risen in 10 years. Parts of London are still on the rise, with some most probably due a sharp increase in coming years. There tends to be a period of massive increase, followed by a more gentle but continuing rise.

Yes, it is crazy and will probably remain that way. For a couple of decades in London, houses built for working class families have been turned into leasehold flats costing over half a million.

hutman

There is a significant shortage of dwellings coming onto the market even at expected seasonal peaks. Last year, the only type of property which increased in count of properties available for sale has been two bed flats.

So transactions volumes have tumbled, which is probably why we're seeing the deceptive anaemic rates of house price growth.

And that is likely to continue unless we have some sort of supply side adjustment from government policy (housing is apparently high up its priority list - Corbyn threat as a pose to real desire to fix). So taxes on foreign investors, building on the greenbelt and crushing NIMBYISM and a faster convergence with the fed on rate hikes would most welcomed by FTBs.

Any combination of the above will give greedy vendors the kick up the back side to list their properties.

cajef

PhilE wrote: »

Properties in Cornwall haven't risen in 10 years.

Not sure where you got that information from but prices around where I live have been inreasing steadily over the last ten years, I bought a detached bungalow on a small estate ten years ago they are now selling for 25% more than I paid.

What's the average house price in Cornwall?

The average price for property in Cornwall stood at £285,354 in April 2018. This is a rise of 4.43% in the last three months (since January 2018) and rise of 6.46% since 12 months ago. In terms of property types, flats in Cornwall sold for an average of £203,104 and terraced houses for £215,670. This is according to the current Zoopla estimates.

Gwendo40

dunroving wrote: »

Fixed it for you.

Shall we agree on fraudulent and irresponsible lending AND borrowing?

Surely you're not trying to suggest that the banks (or debt pushers as I prefer to call them) were entirely naive and innocent in that whole little episode are you?

dharm999

dunroving wrote: »

Not sure aboout the headline, but in just the past 24 hours, I have spoken with three colleagues who have been selling their houses/flats.

Colleague 1 sold her flat in Edinburgh for 20% over what she paid 3 years ago. They had 8 offers within a week, of which 4 were cash buyers. They went to a closing date and sold within 2 weeks of first listing, with just two open house days.

Crashy won't be happy about that.

dunroving

Gwendo40 wrote: »

Shall we agree on fraudulent and irresponsible lending AND borrowing?

Surely you're not trying to suggest that the banks (or debt pushers as I prefer to call them) were entirely naive and innocent in that whole little episode are you?

I can absolutely agree that it was irresponsible lending AND borrowing.

But the situation is so often presented as "fraudulent and irresponsible lending", that my mental response is that, "It takes two to Tango". (or, alternatively, "Surely you're not trying to suggest that the borrowers (or debt addicts as I prefer to call them) were entirely naive and innocent in that whole little episode are you?")

Crashy_Time

dunroving wrote: »

Fixed it for you.

Very true, both bankers and public couldn`t get enough lending/borrowing before the crash, and that debt bubble has not been fixed, just kept inflated by everything they could pull out from under the kitchen sink, interest rate cuts being the biggest spanner they could find?