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Finally seeing house prices drop?
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Noneforit999 said:I think the ones that are being reduced were severely overpriced in the first place.
3 Bed Semis are going SSTC around here for £320k-£370k ish but I saw one recently list for £390k-£410k. Nothing special about it, 10-15 year old bog standard 3 bed semi with a drive and small garage.
Two weeks later is was reduced to £380k which is probably still top end so even if they get an offer, its likely to be down valued.
The ones that quickly go SSTC round here are ones that have the fewest compromises. With any property there are likely to be compromises but if you are trying to flog a 100 year old house that needs a new kitchen/bathroom, is on a main road and have no parking.....don't be surprised if its not snapped up as quickly as a 5 year old house with off road parking and a garage.
so for many, the compromise is a new build as they can't afford older houses.3 -
Right move pick a post code/city etc. and see what's happening
toggle the any, 7, 14 days and inc SSTC
I have a link that does whole UK start with thatdays total for sale SSTC %SSTC Any 610,946 217,250 393,696 64.44% 14 72,232 60,279 11,953 16.55% 7 37,487 34,810 2,677 7.14% 7-14 34745 25469 9,276 26.70%
how about the southeast around Kent/London taking in Cambridge, oxford Swindon Southampon
RM linkdays total for sale SSTC %SSTC all 242,618 98,046 144,572 59.59% 14 28,586 24,584 4,002 14.00% 7 14,826 13,886 940 6.34% 7-14 13,760 10,698 3,062 22.25%
Then say bristol+40Any total for sale SSTC %SSTC all 47,248 12,996 34,252 72.49% 14 5,184 4,115 1,069 20.62% 7 2,717 2,470 247 9.09% 7-14 2,467 1,645 822 33.32%
then Britol+10Any total for sale SSTC %SSTC all 12,651 3,035 9,616 76.01% 14 1,358 1,082 276 20.32% 7 723 649 74 10.24% 7-14 635 433 202 31.81%
lets try Newcastle upon tyne+0days total for sale SSTC %SSTC all 2,909 1,051 1,858 63.87% 14 363 304 59 16.25% 7 189 179 10 5.29% 7-14 174 125 49 28.16%
Can do if for any area.
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lookstraightahead said:Noneforit999 said:I think the ones that are being reduced were severely overpriced in the first place.
3 Bed Semis are going SSTC around here for £320k-£370k ish but I saw one recently list for £390k-£410k. Nothing special about it, 10-15 year old bog standard 3 bed semi with a drive and small garage.
Two weeks later is was reduced to £380k which is probably still top end so even if they get an offer, its likely to be down valued.
The ones that quickly go SSTC round here are ones that have the fewest compromises. With any property there are likely to be compromises but if you are trying to flog a 100 year old house that needs a new kitchen/bathroom, is on a main road and have no parking.....don't be surprised if its not snapped up as quickly as a 5 year old house with off road parking and a garage.
so for many, the compromise is a new build as they can't afford older houses.
I don't see any sign of prices dropping here in Scotland. There's very little stock coming onto the market and even less desirable properties are being snapped up in days.2 -
lookstraightahead said:Give me a 100 year old house over a new one any day of the week 👍. Most new houses are between 3 main roads, overhead power cables, no trees and unbuilt roads. In normal circumstances they lose value like secondhand cars.
so for many, the compromise is a new build as they can't afford older houses.Horses for courses I suppose. Like to know how much it costs you to heat your 100 year old home especially with the bills going through the roof (no pun) this year.
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MobileSaver said:Ramouth said:MobileSaver said:Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".Perhaps it would be different if houses were like say iPhones where there was practically unlimited supply and you could buy the same thing from pretty much anywhere.Houses people want though are in short supply and people don't just move house on a whim; they have very specific needs such as a new location, bigger size or better environment - only the HPC zealots will sacrifice all those things for ever and a day just to try and get something cheaper.1
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MobileSaver said:propertyhunter said:I'm surprised people are still looking to move and the market is buoyant when we could be on the precipice of war.Even if we were "on the precipice of war" wouldn't that encourage a lot of people to want to move from urban to more rural areas if they could thus keeping the market buoyant?Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...0
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MobileSaver said:Ramouth said:MobileSaver said:Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".Perhaps it would be different if houses were like say iPhones where there was practically unlimited supply and you could buy the same thing from pretty much anywhere.Houses people want though are in short supply and people don't just move house on a whim; they have very specific needs such as a new location, bigger size or better environment - only the HPC zealots will sacrifice all those things for ever and a day just to try and get something cheaper.0
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Thumbs_Up said:lookstraightahead said:Give me a 100 year old house over a new one any day of the week 👍. Most new houses are between 3 main roads, overhead power cables, no trees and unbuilt roads. In normal circumstances they lose value like secondhand cars.
so for many, the compromise is a new build as they can't afford older houses.Horses for courses I suppose. Like to know how much it costs you to heat your 100 year old home especially with the bills going through the roof (no pun) this year.
My in laws have a 60 year old house that is costing £140pm in gas and electric and they are on a tariff for another 8 months, I think they are going to be in for a shock once they end up on the standard tariff. Ours barely drops below 20 degrees, even without the heating on in the dead of winter so my gas bills are tiny compared to most others.
Like you said, horses for courses but new builds have several upsides that older houses often do not have. They are usually better insulated, the heating system inc boiler is fairly new, the electrics are usually up to the latest code or at least not far off it.
We are actually selling our 7 year old house and buying one build in the 60's.
I am having to budget for a new kitchen, new consumer unit, new bathroom and every wall is wallpapered so worst case every one needs skimming. Unless you can DIY or have mates in the trade, the cost of getting work done these days is expensive and I can't see how adding a things like a new kitchen is breaking even value wise, let alone adding value.1 -
HotPantsCruiser said:MobileSaver said:propertyhunter said:I'm surprised people are still looking to move and the market is buoyant when we could be on the precipice of war.Even if we were "on the precipice of war" wouldn't that encourage a lot of people to want to move from urban to more rural areas if they could thus keeping the market buoyant?Hmm, yes, if we go to war then lose your chance of a promotion by staying in the countryside or lose your life when your city work or home is bombed - it's a dilemma isn't it?What percentage of the hundreds of thousands of people who moved to rural homes last year unexpectedly lost promotions or jobs by WFH?HotPantsCruiser said:MobileSaver said:I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".
Every generation blames the one before...
Mike + The Mechanics - The Living Years4 -
In our local market there are certainly signs that properties are taking a little longer to sell and there have been some reductions in prices but these are properties that were put on the market for far too much money in the first place and were never going to sell for the asking prices.
There has been a gradual increase in the number of properties coming to the market but the numbers are still well below what they were a few years ago.
Well presented properties that are sensibly priced are still selling within days of coming onto the market. Other stuff is selling but more slowly. Over priced stock, much as it always has done just sits on the market going nowhere.1
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