Houses listed higher than ever?

BobT36

BikingBud said:

peter3hg said:

I find this property listing fascinating.
https://www.rightmove.co.uk/properties/113048279

Originally listed at £325k in September 2021.
Put up to £335k 7 months later in April 2022.
Reduced back down to £325k in August 2022.
Increased to £330k in December 2022.
Increased to £335k this week.

I just don't understand the logic. If they couldn't sell it with the market how it was in late 2021/early 2022 then clearly it was overpriced but presumably the owners don't accept that.
I imagine a normal estate agent wouldn't want to keep it on their books so long as it doesn't exactly give a good impression, but it is Purple Bricks.

Nice to have decking so you can sit nearer to the train line, must make the glass of vino after a hard day all the more soothing!

LOL, leasehold as well. Tiny, too. 

Wow that history though, bonkers! How do they think they'll get more now than they would have at the peak?? Absolutely delusional. 
Growing up, I thought I'd be paying around £180k for a luxurious top-end detached (in the north). 

BikingBud

BobT36 said:

Case in point, this one LOL: https://www.rightmove.co.uk/properties/129710942#/?channel=RES_BUY
They thought they were going to get £400k for that? (December), today reduced to £300k. 

Sure it's got a big garden, lot of land there, but look at it. Visible mould allover, boarded up garage, terrible disrepair, kitchen is destroyed, etc etc..

So, how is a house like that (even in it's "reduced" state) worth half of this? 
https://www.rightmove.co.uk/properties/134774435#/media?channel=RES_BUY&id=media0&ref=photoCollage
Surely even if count the land it's only around a third as good, if that?? Again more like a quarter. Considering it's state it should be around £200k max, yet they expected £400k? And this is the NORTH. 

Offer £150k for the land, demolish and build a well designed, well insulated (especially sound insulation given the proximity to the A1) eco home.

niceguyed

Yes we are seeing this but many plausible reasons. Sold in March 22 and purchased in Dec 22, kept a close eye on the local market since then (East Mids, small desirable commuter town). Prices have held for older detached properties and desirable locations. 

Certainly see nearly all listings test the market (like, "no way prices") and predictably many are lowered weeks later. However, the ones mentioned do sell and I've noticed the market pick up over the last 8 weeks. It seems the doer uppers and estate houses are taking much longer though and need much more keen price reductions. 

Lots of things happening I feel:

Realisation the crash isn't happening in a lot of areas so a bit more confidence from all sides.

Agents fighting for listings and pricing up.

High rental prices incentivising buyers.

Some stand off from sellers not in a rush.

I am seeing houses that seem realistically priced snapped up in days, but I have to agree many don't seem to start off that way!
 

Skiddaw1

BikingBud said:

Skiddaw1 said:

It fascinates me a bit when a house sits on the market for yonks at the same price. I suppose if you're in no particular hurry to sell you can afford to wait for someone to bite but it does seem odd that you wouldn't reduce the price eventually. There's one near us that's been on the market for well over a year now for example. I love it that the blurb mentions that it won't be on the market for long so buy it whilst you can!

https://www.rightmove.co.uk/properties/122397503#/?channel=RES_BUY

We stayed in a B&B just on the end of the road as it comes to the bridge, River Garth it is very pretty but right on the river and very susceptible to flooding 

So I wouldn't be offering on it and certainly not for £1.5 million

Yes, it's certainly one of the occupational hazards of living in Eamont Bridge. It does indeed flood from time to time. We're lucky in that whilst we're in a nearby village we're further out and up on a hill.

Alderbank

BobT36 said:

BikingBud said:

peter3hg said:

I find this property listing fascinating.
https://www.rightmove.co.uk/properties/113048279

Originally listed at £325k in September 2021.
Put up to £335k 7 months later in April 2022.
Reduced back down to £325k in August 2022.
Increased to £330k in December 2022.
Increased to £335k this week.

I just don't understand the logic. If they couldn't sell it with the market how it was in late 2021/early 2022 then clearly it was overpriced but presumably the owners don't accept that.
I imagine a normal estate agent wouldn't want to keep it on their books so long as it doesn't exactly give a good impression, but it is Purple Bricks.

Nice to have decking so you can sit nearer to the train line, must make the glass of vino after a hard day all the more soothing!

LOL, leasehold as well. Tiny, too. 

Wow that history though, bonkers! How do they think they'll get more now than they would have at the peak?? Absolutely delusional. 
Growing up, I thought I'd be paying around £180k for a luxurious top-end detached (in the north). 

...but were you looking in the 'Golden Triangle' of York, Harrogate and Wetherby?
It's been called the Golden Triangle for a long time and for a reason.

That house in Meyrick Ave might need a lick of paint or two but it's not far from Linton Lane where the average house price is in excess of £1million!

steve866

House came on near me in London came on last week priced similar to prices ~2 years ago and had 18 viewings and full asking price offers. Friend also just had an offer accepted in Bristol over asking price due to competition. It seems that fairly priced properties are still moving. If I wasn’t on the ladder and wanted to buy, I’d still proceed now if it wasn’t priced too high, I’d rather that than play the waiting game. Prices might fall in the next couple of years, but if interest rates do come down they’ll soon increase again. 

markin

I just checked a post code i monitor, all reduced and new ones are a little more sensible.

BobT36

BikingBud said:

Offer £150k for the land, demolish and build a well designed, well insulated (especially sound insulation given the proximity to the A1) eco home.

Hahahhaha wow I didn't even clock the location. Looking at the map, the A1 is right on the other side of the garden fence. 
Just what are they smoking????

Alderbank said:

...but were you looking in the 'Golden Triangle' of York, Harrogate and Wetherby?
It's been called the Golden Triangle for a long time and for a reason.

That house in Meyrick Ave might need a lick of paint or two but it's not far from Linton Lane where the average house price is in excess of £1million!

Oh of course not. However the prices are not far off even up near Newcastle (supposed to be one of the "cheapest"). Like I said that was when I was growing up. A modest 3 bed would be around just £40k.. 

 Whew. I wonder what the wages are like around there?..

smipsy

The area I monitor (North West around Manchester) has had a flurry of reductions and a massive amount of new properties coming on the market as well, majority of which isn't even priced sky high (for a change).

Not sure what changed in the last week, but it's a noticeable change.

spoovy

BobT36 said:

 Whew. I wonder what the wages are like around there?..

In my experience "wages" has got nothing to do with it. Everyone I've ever known who owns a very expensive house was either gifted a large sum (or several) and/or inherited one (or several), and then leveraged their good fortune in some way to make even more (usually by buying other property and watching the value skyrocket).