Anyone noticed "For Sale" residential discounting starting to happen?

RelievedSheff

Thrugelmir said:

RelievedSheff said:

Is it really a surprise that sales volumes are down given that the country spent 3 months in lockdown?

The impact on jobs and incomes is minimal? 

That rather depends on what sector you work in. Some have done quite well out of Covid, others not so well. Swings and roundabouts.

Crashy_Time

RelievedSheff said:

Thrugelmir said:

RelievedSheff said:

Is it really a surprise that sales volumes are down given that the country spent 3 months in lockdown?

The impact on jobs and incomes is minimal? 

That rather depends on what sector you work in. Some have done quite well out of Covid, others not so well. Swings and roundabouts.

The general economy is not doing well, I think that was the point being made.

Greymug

Crashy_Time said:

Greymug said:

Similar depressing situation in Edinburgh, Scotland.

Flats in the city centre used to be gone quickly, they'd be sold on a "offers over" system and the bidding war would lead to a selling price on average 15% over home report valuation. Now the city centre is flooded with flats for sale; they stay for sale for weeks/even months and with progressively lower prices.

On the other hand, houses in the outskirts are still going fast and at high prices. People want space and are moving out of the city as fast as they can.

Rental market is just as depressing: a lot of ex airbnb flats have flooded the rental market, driving prices down. So also buy-to-let has become a bad investment.

Depressing? I`m sure hard working key workers and money saving strivers who know you are just as safe from Covid in a cosy flat in the town as out in a field in Dalkeith or somewhere are devastated that mug punters no longer have enough bank credits to start "bidding wars", LOL.

Depends which way you're coming from. If you have a flat in the city centre and you want to buy a house in the countryside, the situation is as depressing as it gets

Splatfoot

Properties tend to fly off the shelves where I live. However, i have noticed some ridiculous asking prices in the last couple of weeks. We've been under offer for 11 wks, sold for 485k. A bungalow in my street, similar size but has a kitchen with no windows (??!) came on for offers over 600k. Totally ridiculous and I really hope they've shot themselves in the foot. 

oldbikebloke

yet another DEBATE house prices post on here because the nutters board has been closed and the nutters can't follow the rules about not posting debate threads on here instead.

we’ve reluctantly decided to temporarily close the Debate House Prices & the Economy Board so that we can redirect our limited resources to those who need us most at this time.
Please do not post content intended for this board elsewhere in the forum 

RelievedSheff

Crashy_Time said:

RelievedSheff said:

Thrugelmir said:

RelievedSheff said:

Is it really a surprise that sales volumes are down given that the country spent 3 months in lockdown?

The impact on jobs and incomes is minimal? 

That rather depends on what sector you work in. Some have done quite well out of Covid, others not so well. Swings and roundabouts.

The general economy is not doing well, I think that was the point being made.

Someone had better let the general public know then.

https://www.bbc.co.uk/news/business-54656486

tedlewis355

Greymug said:

Crashy_Time said:

Greymug said:

Similar depressing situation in Edinburgh, Scotland.

Flats in the city centre used to be gone quickly, they'd be sold on a "offers over" system and the bidding war would lead to a selling price on average 15% over home report valuation. Now the city centre is flooded with flats for sale; they stay for sale for weeks/even months and with progressively lower prices.

On the other hand, houses in the outskirts are still going fast and at high prices. People want space and are moving out of the city as fast as they can.

Rental market is just as depressing: a lot of ex airbnb flats have flooded the rental market, driving prices down. So also buy-to-let has become a bad investment.

Depressing? I`m sure hard working key workers and money saving strivers who know you are just as safe from Covid in a cosy flat in the town as out in a field in Dalkeith or somewhere are devastated that mug punters no longer have enough bank credits to start "bidding wars", LOL.

Depends which way you're coming from. If you have a flat in the city centre and you want to buy a house in the countryside, the situation is as depressing as it gets

London estate agency Chestertons reports that there has been a significant increase in the number of homeowners offloading properties.

The latest monthly data released by the company reveals that it brought 90% more properties to the market in September than the corresponding month last year, and conducted 77% more valuations.

The company suggests that homeowners in the capital have become increasingly keen to sell their properties so that they take advantage of the recent boom in the market and the government’s stamp duty holiday.

Buyers have responded positively to these changes and Chestertons registered 9% more applicants, conducted 19% more viewings, received 20% more offers and finalised 22% more sales than the previous month.

tedlewis355

Cities are falling but country is a different story

Just over a fifth of landlords predict their tenants will escape to the country in search of more space because they are able to work from home, almost anywhere.

jimbog

tedlewis355 said:

Cities are falling but country is a different story

Just over a fifth of landlords predict their tenants will escape to the country in search of more space because they are able to work from home, almost anywhere.

I'm worried all that coping and pasting is going to give you tennis elbow.
Far easier to just to post a link?

yksi

I live in a tourist area. In the week that the first lockdown was lifted, agents were full of beans and telling buyers that the market was shooting up. Three buyers believed this and offered silly amounts on properties that I went to see. All three fell through. Two of them went SSTC again, both fell through. One has just gone SSTC a third time at well under the asking price. This is a direct result of uncertainty around tourism related to Covid-19 and Brexit possibly changing the tourist landscape here, coupled with so many in hospitality now out of work and out of the FTB market.

However I have a friend scouting the market at a town not known for tourism and he seems to think prices are slightly up due to optimistic hype. He is waiting for what he thinks is the inevitable crash next year (he might have a point; the time from "lost job" through spent all savings and bank repossession is easily a year long).

Jury is out.