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  • FIRST POST
    • Jaywood89
    • By Jaywood89 11th Apr 18, 7:27 PM
    • 121Posts
    • 55Thanks
    Jaywood89
    House prices rising by 15-25% in 6 months?! No way!!
    • #1
    • 11th Apr 18, 7:27 PM
    House prices rising by 15-25% in 6 months?! No way!! 11th Apr 18 at 7:27 PM
    So Iíve been watching th housing market in my area for well over 2 years now. What Iíve learned is mostly that it makes no sense what so ever!
    I mean some houses you can see and think ďare 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?Ē

    Iím personally in the process of buying a house after our first purchase fell through. So my query doesnít really apply to me as such, but it does have me scratching my head!

    Iíve 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 Iím assuming they are purchased that fell through. What Iím finding strange is that they are being put back on at 10-50k more than 6 months ago! . 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 isnít 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 itís been accepted.

    So what are anyoneís thoughts on the matter? I know Iím being a nosey sod! But Iím just baffled!. Is it estate agents? Or vendors? Or has the housing market recovered and started rocketing and no ones told me?
Page 1
    • Jaywood89
    • By Jaywood89 11th Apr 18, 7:32 PM
    • 121 Posts
    • 55 Thanks
    Jaywood89
    • #2
    • 11th Apr 18, 7:32 PM
    • #2
    • 11th Apr 18, 7:32 PM
    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
    • By Aylesbury Duck 11th Apr 18, 8:34 PM
    • 1,675 Posts
    • 2,198 Thanks
    Aylesbury Duck
    • #3
    • 11th Apr 18, 8:34 PM
    • #3
    • 11th Apr 18, 8:34 PM
    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
    • By Jaywood89 11th Apr 18, 8:49 PM
    • 121 Posts
    • 55 Thanks
    Jaywood89
    • #4
    • 11th Apr 18, 8:49 PM
    • #4
    • 11th Apr 18, 8:49 PM
    No recent changes, someone mentioned Londoners buying all the houses up. But Iíve heard that many times
    • anselld
    • By anselld 11th Apr 18, 10:26 PM
    • 5,619 Posts
    • 5,241 Thanks
    anselld
    • #5
    • 11th Apr 18, 10:26 PM
    • #5
    • 11th Apr 18, 10:26 PM
    Some vendors are not actually motivated to sell. They just like testing the market.
    • brit1234
    • By brit1234 12th Apr 18, 1:43 AM
    • 5,184 Posts
    • 11,958 Thanks
    brit1234
    • #6
    • 12th Apr 18, 1:43 AM
    • #6
    • 12th Apr 18, 1:43 AM
    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.
    Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

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    • Gwendo40
    • By Gwendo40 12th Apr 18, 6:13 AM
    • 85 Posts
    • 75 Thanks
    Gwendo40
    • #7
    • 12th Apr 18, 6:13 AM
    • #7
    • 12th Apr 18, 6:13 AM
    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
    • By getmore4less 12th Apr 18, 8:01 AM
    • 31,886 Posts
    • 19,112 Thanks
    getmore4less
    • #8
    • 12th Apr 18, 8:01 AM
    • #8
    • 12th Apr 18, 8:01 AM
    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
    • By ciderboy2009 12th Apr 18, 9:39 AM
    • 385 Posts
    • 339 Thanks
    ciderboy2009
    • #9
    • 12th Apr 18, 9:39 AM
    • #9
    • 12th Apr 18, 9:39 AM
    the housing market isnít exactly bouncing at the moment (in most of the country)
    Originally posted by Jaywood89
    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
    • By gettingtheresometime 12th Apr 18, 9:44 AM
    • 3,517 Posts
    • 8,716 Thanks
    gettingtheresometime
    Whereabouts are you?

    In my neck of the woods (Bristol) prices are still going up &, on the whole, houses are still selling fairly quickly.
    Originally posted by ciderboy2009
    Not far from you but I predict house prices in the Chepstow/Usk area rocketing once the tolls on the Severn Bridge ending
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card cleared thanks to the 1 debt v 100 day challenge


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    • Crashy Time
    • By Crashy Time 12th Apr 18, 10:39 AM
    • 5,886 Posts
    • 2,321 Thanks
    Crashy Time
    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.
    Originally posted by Gwendo40

    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
    • Aylesbury Duck
    • By Aylesbury Duck 12th Apr 18, 10:50 AM
    • 1,675 Posts
    • 2,198 Thanks
    Aylesbury Duck
    And as less fewer and less fewer people have a desire to actually BUY their property they get further and further away from ever getting a buyer
    Originally posted by Crashy Time
    Fixed that for you.
    • Crashy Time
    • By Crashy Time 12th Apr 18, 12:54 PM
    • 5,886 Posts
    • 2,321 Thanks
    Crashy Time
    Fixed that for you.
    Originally posted by Aylesbury Duck

    Thanks......
    • CarbonImage
    • By CarbonImage 12th Apr 18, 1:52 PM
    • 17 Posts
    • 8 Thanks
    CarbonImage
    I don't know, I've had an eye on the Bristol market for about 18 months now and certainly at the lower end and in less desirable areas it seems to be slowing down a bit.

    I'd agree that the larger houses in more desirable areas like Clifton and Redland are doing as well as ever though.
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    • Elfinpie
    • By Elfinpie 12th Apr 18, 2:03 PM
    • 54 Posts
    • 12 Thanks
    Elfinpie
    I!!!8217;m in Southport and property prices here are ridiculous. For example, I!!!8217;m viewing a house later that has just gone on for £40,000 (yes 40) more than it!!!8217;s next door but one neighbour, who!!!8217;s just gone under offer. There is very little difference between the 2 houses. I really do not know where agents/vendors get their figures but it!!!8217;s incredibly frustrating!!
    • newbie1980
    • By newbie1980 12th Apr 18, 2:10 PM
    • 1,905 Posts
    • 23,144 Thanks
    newbie1980
    Telford prices have this last two years gone up around 30% i would say

    its absolutley riddiculous

    and theres no mention in any media because its not london
    • ciderboy2009
    • By ciderboy2009 12th Apr 18, 2:27 PM
    • 385 Posts
    • 339 Thanks
    ciderboy2009
    I'd agree that the larger houses in more desirable areas like Clifton and Redland are doing as well as ever though.
    Originally posted by CarbonImage
    Prices are still going up quickly in East Bristol as well as the expensive parts - maybe not as quickly as they were at one time but it's still scary how much they're selling for.
    • caronoel
    • By caronoel 13th Apr 18, 3:50 PM
    • 833 Posts
    • 1,071 Thanks
    caronoel
    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.
    Originally posted by brit1234
    You can safely ignore the wisdom of brit1234. He has been on this site for over 10 years now predicting gloom and doom.

    Shame is that he missed his chance to buy in London in 2009, when he used to boast that he was sitting on a large deposit and living cheaply for next to nowt in rented police accommodation.

    The day that brit1234 finally buys is the day that I sell all my (small) property portfolio.
    • dunroving
    • By dunroving 13th Apr 18, 4:09 PM
    • 971 Posts
    • 591 Thanks
    dunroving
    Not sure aboout the headline, but in just the past 24 hours, I have spoken with three colleagues who have been selling their houses/flats.

    Colleague 1 sold her flat in Edinburgh for 20% over what she paid 3 years ago. They had 8 offers within a week, of which 4 were cash buyers. They went to a closing date and sold within 2 weeks of first listing, with just two open house days.

    Colleague 2 sold her 3 BR semi in the Newcastle area, with similar busy viewing period and a healthy profit.

    Colleague 3 put her flat in Glasgow city centre on the market less than a week ago and has already had several viewings, one offer and 5 expressions of interest.

    Obviously just anecdotal evidence, but interesting nevertheless.
    (Nearly) dunroving
    • Jaywood89
    • By Jaywood89 13th Apr 18, 4:14 PM
    • 121 Posts
    • 55 Thanks
    Jaywood89
    Thanks for the replies guys.

    It all makes for an interesting read.

    What Iím perplexed about is that if house prices are rising st this rate (contrary to what the media is saying) then how can this possibly sustain?

    I bet the question has been asked a million times Iím sure.

    This canít be a good thing? Iím sure sellers would disagree but in the long run surely everyone looses when the market reaches an unsustainable level?

    Just a thought from a housing novice
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