Houses listed higher than ever?

housebuyer143

I'm not sure if it's the same near anyone else, but are you seeing houses listed higher than ever? 
Lots of houses that are coming up are priced £20-£50k more than last year. I can't understand why. None are selling, then they just reduce them a few weeks later, but still ridiculously expensive. 
Are agents this desperate for business now that they are just making up prices to get people to go with them? 

oldernonethewiser

May be a local thing or just a blip, not happening round my neck of the woods.

ThisIsWeird

I'm guessing, but of the two things that typically makes prices go up - high demand and a lack of properties - I suspect the latter might be at play there?

But I don't know.

housebuyer143

ThisIsWeird said:

I'm guessing, but of the two things that typically makes prices go up - high demand and a lack of properties - I suspect the latter might be at play there?

But I don't know.

There are many more properties on than last year when I was looking, mainly because no one is buying them. It's a really odd thing.. I have never seen so many reduced, but it's no surprise because the starting price is too high. 

A semi next to my house I sold last year, exactly the same want £280k when the same house next door sold for £230k last year. It's not just one, they all seem like this. 

oldernonethewiser

There aren't many reductions near me and generally properties are moving reasonably quickly

BobT36

Weird isn't it. I see them sitting there for a whole year and they've only knocked 20k off, lol. Old buildings, too. 

What's even weirder is that **** 2-bed-and-a-box-room houses are being listed for £350-400k in some of the worse parts of northern England (near Newcastle), yet you can buy literal mansions like these for around double the price, in much-lovlier North Yorks:
https://www.rightmove.co.uk/properties/134765264#/media?id=media0&ref=photoCollage&channel=RES_BUY
https://www.rightmove.co.uk/properties/134774435#/media?id=media0&ref=photoCollage&channel=RES_BUY

Sure I can't afford anywhere near those, but why are "normal houses" only half the price of something like that? You're getting MUCH less than half the amount of house / land! Barely even a quarter. 

Normal houses seem to be overpriced by around 3x at least.

molenpad

In my area houses typically sold within a week and usually at asking or "offers over". The trend I'm seeing at the moment is consistency in asking prices, far less listings at "offers over" and houses being on the market for much longer, several weeks before they are sold. 

Historically this is a desirable area, and it still is, but I think there are less buyers or maybe less buyers willing to take a risk on highly priced properties when compared to other nearby areas where similar properties are much lower.

strawb_shortcake

One of the areas we've been looking at has been pretty flat all year and hovering around 17/18 3 bed properties on RM some sold some not. 

Any reductions seems to have stopped and owners are maintaining reductions from last year, so presumably not all that desperate to sell. 

One has been on and off for over a year, I really like the property but it's overpriced and well out of my budget. It was on at one point modern auction offers over £620k but now with a different agent with a guide price of £675k.

A little further afield in another area I'd consider I've seen one or two go on which seems very highly priced. 

Seems to be basic 3 beds around £300k stay on the market for ages.

Decent 4 bed around £500k sell quickly older properties not newer builds. 

Top end of the market £700k-£1m+ aren't moving but just had another flux of those appear locally 

Snuggles

This is happening in my area. My theory is that vendors are pricing high because they know buyers are going to offer well under asking in the current market. 

[Deleted User]

People trying it on. Offer less.

lookstraightahead

Best thing is just to offer what you want. Then leave your offer on the table and walk away. You can't lose then. So long as you're happy with what you've offered, they'll either come back to you when they've come back down to earth, or you'll find something else.

prices by me haven't really come down (asking prices) but they're just sitting around gathering dust.