Housing Market Downturn - Really?!

Lips

I've bid on 3 properties that have come on the market since 3rd January, as follows :

Property 1 - listed at offers over £220k. I bid £245k.
Property 2 - listed at offers over £225k. I bid £249,950.
Property 3 - a complete renovation project, listed at offers over £145k. I bid £170,050.

All three of these properties attracted multiple offers, and every time, I was outbid. I am a cash-buyer with no chain.

I thought that the market was supposed to be slowing down?! Glasgow, apparently, is thriving. More's the pity...

- Lips

irnbru_2

Lips wrote: »

Glasgow, apparently, is thriving. More's the pity...

You must stay in a different part of Glasgow: 3 properties on sale since March 07, 1 sold t'other 2 withdrawn from market and remain empty (both of these were Beeney jobs).

An additional 2 properties on sale since Aug/Sep 07: only 1 is currently under offer.

Thriving indeed ....

lynnexxxo

Lips,

The overs offer price rarely reflects the sale price. In most areas at least 10% over is normal. in more popular areas - West End, Bearsden, Milngavie at least 30% over the offers over price is a normal offer.

In Scotland it doesn't really matter as much if you are part of a chain or not, once your offer is accepted its legally binding, hence the vendor doesn't care if your house sale falls through as you still have to complete with them.

fimonkey

Lips, no downturn in Bournemouth/Dorest yet either. In fact a glut of overpriced new builds just come onto the market and appear to be selling!

Lips

irnbru wrote: »

You must stay in a different part of Glasgow: 3 properties on sale since March 07, 1 sold t'other 2 withdrawn from market and remain empty (both of these were Beeney jobs).

An additional 2 properties on sale since Aug/Sep 07: only 1 is currently under offer.

Thriving indeed ....

1 and 2 were in Old Drumchapel, and both were on the market less than two weeks. Property 3 was in Hardgate, and there were at least 20 sets of viewers at the open viewing (during the 20 minutes of it that we were there...) http://www.gspc.co.uk/content/forsale/PropDetail.asp?pageNo=1&source=GSPC&ref=135317&selarea=0&seltype=0&seldaterange=&txtMinprice=&txtMaxprice=150,000&selbroom=0_0&selproom=0_0&selgarage=&selgarden=&selstatus=&req_type=&status=&garden=&garage=&area=&bedrooms=&publicrooms=&daterange=&orderby=&busbusinessid=0&Keywords=&pageSize=10&txtstreet=clydebank&rdbimagesearch=1&chkfixedprice=&selorder=p%2Easkingprice+desc&gspcOnly=0&chknewbuild=0

Lips

lynnexxxo wrote: »

Lips,

The overs offer price rarely reflects the sale price. In most areas at least 10% over is normal. in more popular areas - West End, Bearsden, Milngavie at least 30% over the offers over price is a normal offer. .

I know, but you'd figure that, if there really is a downturn, then o/o + 10% would be a pretty good deal for a seller. My point is that it's not. 10% just isn't cutting it with these houses, and the starting prices don't seem to be going down either.

lynnexxxo wrote: »

In Scotland it doesn't really matter as much if you are part of a chain or not, once your offer is accepted its legally binding, hence the vendor doesn't care if your house sale falls through as you still have to complete with them

True, but there's still that perceived advantage of selling to someone who's (a) already sold and (b) got the money in the bank. Not that it's doing me any good...

- Lips

mystic_trev

Prices are still booming in Scotland, await the 'ripple effect' !

brit1234

West London is falling fast. Those who say prices are rising are in denial or lying. I accept that prices in some parts of Scotland are rising but that will change shortly (lag effect).

The simple fact is that the banks don't have the money to support prices at current levels due to the credit crunch. The credit crunch has only just started and will last at least another year with this continual drip feed of bad news. Prices will fall to match what people can borrow.

nelly_2

I bid £170,050. <

---

Whats with the fifty quid

Doozergirl

It's so you hopefully don't bid the same amount as someone else - you'd just pip someone who bid the straight 170k. If I do it, it's an even more random amount than that! (actually I favour 666, so it's not that random)

Trollfever

You need to move to Sussex!


Millions of pounds to tumble from Sussex house prices
By [EMAIL="miles.godfrey&#64;theargus.co.uk"]Miles Godfrey[/EMAIL]

Comment | Read Comments (231)

Experts are warning homeowners to get out of the property market before a massive crash wipes more than £100 million off the value of Sussex homes.
Slowing house prices and mounting worries over sub-prime mortgage lending has led industry bosses to predict that the county's property market will slump in 2008.

From:

http://www.theargus.co.uk/news/generalnews/display.var.1989716.0.millions_of_pounds_to_tumble_from_sussex_house_prices.php