How far will house prices fall [volume 4]
Discussion
Personally I'd say the last min 8 months have been very very slow for the £750k upward properties in my area.
That said so little has come into the market really either over the last 12-24months to be fair - and yes I'm OCD about glancing at right move on a daily babies and have a passing interest to move IF the right one in the right area comes up.
The last week I've seen some movement with 4/5 being sold within the 1/2mile range - yes a low number in isolation but none the less that's movement I have not seen in some time.
As for £550k and below I've not really looked at but I would say up to the end of 2015 they were really shifting but the step up to the next tier is the £750k was out of sync. Looking round and talking to lots of neighbours and school parents it seems many are settling where they are and simply extending as they are struggling to justify the extra cost to move and are happy with what they have got. I guess this does then cause problems further down the ladder as the next step becomes less and less available supply.
That said so little has come into the market really either over the last 12-24months to be fair - and yes I'm OCD about glancing at right move on a daily babies and have a passing interest to move IF the right one in the right area comes up.
The last week I've seen some movement with 4/5 being sold within the 1/2mile range - yes a low number in isolation but none the less that's movement I have not seen in some time.
As for £550k and below I've not really looked at but I would say up to the end of 2015 they were really shifting but the step up to the next tier is the £750k was out of sync. Looking round and talking to lots of neighbours and school parents it seems many are settling where they are and simply extending as they are struggling to justify the extra cost to move and are happy with what they have got. I guess this does then cause problems further down the ladder as the next step becomes less and less available supply.
Welshbeef said:
Personally I'd say the last min 8 months have been very very slow for the £750k upward properties in my area.
That said so little has come into the market really either over the last 12-24months to be fair - and yes I'm OCD about glancing at right move on a daily babies and have a passing interest to move IF the right one in the right area comes up.
The last week I've seen some movement with 4/5 being sold within the 1/2mile range - yes a low number in isolation but none the less that's movement I have not seen in some time.
As for £550k and below I've not really looked at but I would say up to the end of 2015 they were really shifting but the step up to the next tier is the £750k was out of sync. Looking round and talking to lots of neighbours and school parents it seems many are settling where they are and simply extending as they are struggling to justify the extra cost to move and are happy with what they have got. I guess this does then cause problems further down the ladder as the next step becomes less and less available supply.
What area are you in Welshbeef?, it does seem like the £1m+ drops and volumes are now spreading out to lower value properties. Down to the £750k properties in your area, down to £500k properties around west/north London.That said so little has come into the market really either over the last 12-24months to be fair - and yes I'm OCD about glancing at right move on a daily babies and have a passing interest to move IF the right one in the right area comes up.
The last week I've seen some movement with 4/5 being sold within the 1/2mile range - yes a low number in isolation but none the less that's movement I have not seen in some time.
As for £550k and below I've not really looked at but I would say up to the end of 2015 they were really shifting but the step up to the next tier is the £750k was out of sync. Looking round and talking to lots of neighbours and school parents it seems many are settling where they are and simply extending as they are struggling to justify the extra cost to move and are happy with what they have got. I guess this does then cause problems further down the ladder as the next step becomes less and less available supply.
Interestingly another property has just hit rightmove for a 2 bed 54sqm flat in Queens Park, priced at 500k. I bet that will drop to at least 465/470k in todays market. It is already below June 2015 prices.
Thought he was in Reading, which would explain the lack of anything expensive coming to the market 
Stuff round me still going if its half decent, loads in my road over last few months, all 700-900k - all sold now, though generally for a touch below asking, but not a huge amount from what I have seen.
Stuff round me still going if its half decent, loads in my road over last few months, all 700-900k - all sold now, though generally for a touch below asking, but not a huge amount from what I have seen.
t. At The other end of the market (northern terraces) there have been a few bargains had of late but again stamp duty a little unpleasant but refurbished houses for £35k renting for £350pm or £45k renting for £450pm. Each viewing for tenants thpically means 5 or so prospective tenants turn up and all wantbto rent there and then. (Mainly eastern europeans, people separating from partners or young adults.
A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
jonah35 said:
At The other end of the market (northern terraces) there have been a few bargains had of late but again stamp duty a little unpleasant but refurbished houses for £35k renting for £350pm or £45k renting for £450pm. Each viewing for tenants thpically means 5 or so prospective tenants turn up and all wantbto rent there and then. (Mainly eastern europeans, people separating from partners or young adults.
A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
Mainly because snobs down south see every Northerner who rents as a problem tenant who is going to cause nothing but grief.A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
Edited by TheLordJohn on Saturday 11th June 22:18
jonah35 said:
At The other end of the market (northern terraces) there have been a few bargains had of late but again stamp duty a little unpleasant but refurbished houses for £35k renting for £350pm or £45k renting for £450pm. Each viewing for tenants thpically means 5 or so prospective tenants turn up and all wantbto rent there and then. (Mainly eastern europeans, people separating from partners or young adults.
A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
Are you buying fairly locally and looking after them yourself?A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
TheLordJohn said:
Mainly because snobs down south see every Northerner who rents as a problem tenant who is going to cause nothing but grief.
I am sure there are stats that back up lower value tenants being more hassle than higher value ones on balance. The same way there is generally more bad things happening in poor areas than the opposite.Edited by TheLordJohn on Saturday 11th June 22:18
okgo said:
I am sure there are stats that back up lower value tenants being more hassle than higher value ones on balance. The same way there is generally more bad things happening in poor areas than the opposite.
A friend let's houses. She gets some aggro at the very bottom of thr market. A small step up and it's people in regular employment who have better things to do and more to lose. I'm talking the difference between 300 pcm and 350 so the very bottom of the price range in Leeds.battered said:
okgo said:
I am sure there are stats that back up lower value tenants being more hassle than higher value ones on balance. The same way there is generally more bad things happening in poor areas than the opposite.
A friend let's houses. She gets some aggro at the very bottom of thr market. A small step up and it's people in regular employment who have better things to do and more to lose. I'm talking the difference between 300 pcm and 350 so the very bottom of the price range in Leeds.It's a pleasure to let. I've only been called twice in 6 years for minor upkeep requirements (failed oven, shower screen fitting) and have now dropped inspections totally as it just isn't required.
Absolutely hassle free.
In contrast I have some mates with multiple cheap houses at bottom end of rental spectrum and the stories are horrific. Endless hassle and expense.
Edited by DoubleSix on Sunday 12th June 09:27
jonah35 said:
A londoner on a good wage could do worse than buy a northern terrace for cash every few months
The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
Local knowledge re rental demand at that level - there are loads of great deals on paper. The houses have had a fall further than the 3% stamp would cost and there is a bit of uncertainty but rents seem rock solid but i just cant see how theyre so cheap.
Just got one for £44k, has been fully refurbished with new walls, kitchen, bathroom etc. 2 good sized double beds even has a utility room downstairs lol. Rents at £475pm. Cant see why others wouldnt do it
anonymous said:
[redacted]
Round my way volumes coming onto Rightmove are WAY down. But everyone is building. Its insane how many loft conversions and extentions are going on.People know if they move they will either get the same as they have now, or will have to fork out say a couple hundred grand after fees for that extra bedroom. An extra bedroom seems to equate to about £150k round my way with good 4 beds being £600k minimum.
I don't know what value you can put on values shown in Zoopla, but in my home area, my place has just lept by 17% since I last looked a couple of weeks back & a rental we have in the same area by 10%. Don't understand how Zoopla works but seems very strange as it had reported falls during the 1st few months of the year.
Sheepshanks said:
No problem...if the house is "worth" £2.25M the market will knock £200K off to cover the stamp duty.
Somewhat true, though the correlation will not be perfect, and your current home you are selling will have the same rational applied, net net you are still forced to pay a shed load of tax to move, too much for most people in the £1m ish + market.As for buying and renting out £40k northern family homes? I've thought about it, and come to the conclusion at some point i would basically end up being a debt collector, which i have no interest in doing. I would also have to do this whilst living 200 miles away, not for me thanks.
I would also point to many costs of upkeep being loosely fixed, a new washing machine in my flat i rent out can be paid for in 3 days tenants rent, not 3 weeks. A boiler? Same scenario. Sure you have to put slightly higher end stuff in, but its far easier to amortize costs with £500 a week rentals.
V6Alfisti said:
This also stretches to Bristol
Bristol is a tale of three parts:Edited by V6Alfisti on Friday 10th June 13:15
1) Affordable/ cheaper stuff, which is still shifting, in some cases in droves. Eg average 3-beds in Bradley Stoke weren't making 250k last year and the stamp duty change didn't do a lot for that. Now they've moved >10% in year as [arguably nicer, more established] surrounding areas have moved up a lot and now look pricey, eg http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... and http://www.rightmove.co.uk/property-for-sale/prope...
2) Mid-market, which means in prime areas (BS6, 8, 9, no arguments please) 3-bed houses (often semi or terraces) now blowing over the top of 500k and up to 600, which is psychologically difficult for buyers in terms of stamp duty, both locally and those escaping their 1-bed hovel in Crouch End and expecting a Georgian mansion. These are priced high because of a) Agents competing but instructions falling so the BS factor creeps in, and b) sellers need the cash to move up so price things madly and expect. Examples http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... This level is also where a lot of prime flats now are, and many flats which are not prime, but the vendor won't hear otherwise, the market for which is limited. Naturally this filters out elsewhere, eg 4-beds in Bradley Stoke with prices north of 500 are difficult to shift, as people think "I'd rather have a better area".
3) And the top, which continues to be subject to its own rules, http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope...
It would not surprise me if your neighbours house was in the rather stuck middle...
Croutons said:
Bristol is a tale of three parts:
1) Affordable/ cheaper stuff, which is still shifting, in some cases in droves. Eg average 3-beds in Bradley Stoke weren't making 250k last year and the stamp duty change didn't do a lot for that. Now they've moved >10% in year as [arguably nicer, more established] surrounding areas have moved up a lot and now look pricey, eg http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... and http://www.rightmove.co.uk/property-for-sale/prope...
2) Mid-market, which means in prime areas (BS6, 8, 9, no arguments please) 3-bed houses (often semi or terraces) now blowing over the top of 500k and up to 600, which is psychologically difficult for buyers in terms of stamp duty, both locally and those escaping their 1-bed hovel in Crouch End and expecting a Georgian mansion. These are priced high because of a) Agents competing but instructions falling so the BS factor creeps in, and b) sellers need the cash to move up so price things madly and expect. Examples http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... This level is also where a lot of prime flats now are, and many flats which are not prime, but the vendor won't hear otherwise, the market for which is limited. Naturally this filters out elsewhere, eg 4-beds in Bradley Stoke with prices north of 500 are difficult to shift, as people think "I'd rather have a better area".
3) And the top, which continues to be subject to its own rules, http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope...
It would not surprise me if your neighbours house was in the rather stuck middle...
Oddly this was in the affordable/cheaper stuff range. I think it was up for £300k ish1) Affordable/ cheaper stuff, which is still shifting, in some cases in droves. Eg average 3-beds in Bradley Stoke weren't making 250k last year and the stamp duty change didn't do a lot for that. Now they've moved >10% in year as [arguably nicer, more established] surrounding areas have moved up a lot and now look pricey, eg http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... and http://www.rightmove.co.uk/property-for-sale/prope...
2) Mid-market, which means in prime areas (BS6, 8, 9, no arguments please) 3-bed houses (often semi or terraces) now blowing over the top of 500k and up to 600, which is psychologically difficult for buyers in terms of stamp duty, both locally and those escaping their 1-bed hovel in Crouch End and expecting a Georgian mansion. These are priced high because of a) Agents competing but instructions falling so the BS factor creeps in, and b) sellers need the cash to move up so price things madly and expect. Examples http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope... This level is also where a lot of prime flats now are, and many flats which are not prime, but the vendor won't hear otherwise, the market for which is limited. Naturally this filters out elsewhere, eg 4-beds in Bradley Stoke with prices north of 500 are difficult to shift, as people think "I'd rather have a better area".
3) And the top, which continues to be subject to its own rules, http://www.rightmove.co.uk/property-for-sale/prope...http://www.rightmove.co.uk/property-for-sale/prope...
It would not surprise me if your neighbours house was in the rather stuck middle...
My sister has her flat in Cotham (BS6) and her neighbours flats (still under £300k, moved rather quickly!)
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