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House prices rising by 15-25% in 6 months?! No way!!

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Jaywood89
Jaywood89 Posts: 161 Forumite
in House buying, renting & selling
So I’ve been watching th housing market in my area for well over 2 years now. What I’ve learned is mostly that it makes no sense what so ever!
I mean some houses you can see and think “are you for real asking £xxx for this?, then some you see are so beautiful and you wonder are they mad to mark it so low?”

I’m personally in the process of buying a house after our first purchase fell through. So my query doesn’t really apply to me as such, but it does have me scratching my head!

I’ve noticed a lot of properties that were circulating when I first started preparing to make an offer back in sept-December 2017 are back on the market after being sold. Non with any changes so I’m assuming they are purchased that fell through. What I’m finding strange is that they are being put back on at 10-50k more than 6 months ago! :eek:. One of them I nearly fell off my chair as it was listed for ages in the first place then was reduced and has gone back on at 50k more than the original price! I even know someone who has relisted at 100k above what they accepted 9 months ago!! (75k above original price)

I would really love to find out why? Just out of curiosity. the housing market isn’t exactly bouncing at the moment (in most of the country) and most houses in our area are being reduced long before they are sold and I know a lot of people who have offered well below asking (myself included) and it’s been accepted.

So what are anyone’s thoughts on the matter? I know I’m being a nosey sod! But I’m just baffled!. Is it estate agents? Or vendors? Or has the housing market recovered and started rocketing and no ones told me?
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  • Jaywood89
    Jaywood89 Posts: 161 Forumite
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    http://www.rightmove.co.uk/property-for-sale/property-53853543.html

    http://www.rightmove.co.uk/property-for-sale/property-64452136.html


    http://www.rightmove.co.uk/property-for-sale/property-53776407.html


    Here!!!8217;s a few listings for reference, first is on at 10k above original listing 6 months ago

    Second on for 50k

    Third 75k (accepted 100kless 9months ago)
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 14,112 Forumite
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    Have there been any significant changes to the local area? A good new school opened up, change to grammar schools' catchment/admissions, a new rail link or something like those? In my old area (Bucks), prices have gone up a lot in recent years, partly fuelled by its good rail line into London and partly because wealthy people from NW London have worked out that they can move to Bucks, pocket the difference in house prices and send their kids to grammar schools instead of paying private school fees. It's made family houses along the Met Line very expensive in recent years.

    If there are no obvious local changes, it's just people chancing their arm, no doubt encouraged by EAs desperate to talk the market up.
  • Jaywood89
    Jaywood89 Posts: 161 Forumite
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    No recent changes, someone mentioned Londoners buying all the houses up. But I’ve heard that many times
  • anselld
    anselld Posts: 8,300 Forumite
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    Some vendors are not actually motivated to sell. They just like testing the market.
  • brit1234
    brit1234 Posts: 5,385 Forumite
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    Birmingham and Manchester Market rissing due to big Help to Buy developments and people moving out of London to cheaper cities. Don't think it will last more than 6 months with London and South East propert prices fallingand spreading. However there are a lot of people moving futher north at moment.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • Gwendo40
    Gwendo40 Posts: 349 Forumite
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    Over half the houses brought to market subsequently get withdrawn after failing to achieve a sale, that should tell you all you need to know about just how many vendors are simply greedy, deluded time wasters or kiteflyers with no real desire to actually sell their property.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    Standard first check is the more like this and fiddle with the distances and prices to get a sample then add SSTC and see what's selling(but can still fall through)

    using the second one as it is highest price(£420) and between the other 2.
    RM gives back
    basic more like this

    7 house adding SSTC 13 so 6 roughly 1/2 have sold in that range.

    Dropping the low price to £300k from £375k does not add any new ones.
    suggesting a local floor of around £375 for 4 beds in that small area.

    Extending the search area from 0.5 to 1 on the the original price range (375-475).

    gives us 26/47 and dropping the price changes that to 27/54
    The cheaper ones are getting snapped up.

    pushing out to 2 miles 81/135
    dropping the top price to £425 from £475 53/81

    There is a lot of stock and a lot is selling £420k is in the ballpark for 4 beds needs more detailed comparison to see where it fits, there is a lot of choice from relatively new like this one to large old semis.

    moving the circle up and to the left a bit to get those around the park and move away from the M6 and capture the other property.
    76/119
    Drop the base to £300k 101/175 potentially indicating the cheaper stuff is selling quicker.

    In this price range and this amount of stock a move from lowball to highball could easily be £50k-£60k

    if you look at that one you say went but fell through at £295k now on at £395k if you pitch it in the current £300-£400 stock its at the high end of 9 within 3 miles for 5 bed+
    But at £375-£400 there are 31 4 beds and 13 3 bed so £395k for a 6 bed seems OK and £295 was probably far to low unless a complete wreck.
  • ciderboy2009
    ciderboy2009 Posts: 1,161 Forumite
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    Jaywood89 wrote: »
    the housing market isn’t exactly bouncing at the moment (in most of the country)
    Whereabouts are you?

    In my neck of the woods (Bristol) prices are still going up &, on the whole, houses are still selling fairly quickly.
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
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    ciderboy2009 wrote: »
    Whereabouts are you?

    In my neck of the woods (Bristol) prices are still going up &, on the whole, houses are still selling fairly quickly.

    Not far from you but I predict house prices in the Chepstow/Usk area rocketing once the tolls on the Severn Bridge ending
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Gwendo40 wrote: »
    Over half the houses brought to market subsequently get withdrawn after failing to achieve a sale, that should tell you all you need to know about just how many vendors are simply greedy, deluded time wasters or kiteflyers with no real desire to actually sell their property.


    And as less and less people have a desire to actually BUY their property they get further and further away from ever getting a buyer :(


    http://www.bbc.co.uk/news/business-43724002
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