How far will house prices fall [volume 4]

How far will house prices fall [volume 4]

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Timberwolf

5,340 posts

217 months

Wednesday 15th June 2016
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There's some suggestion that with prices in the capital looking rather peaky, Manchester is being seen as the "next London" by overseas investors: http://www.bbc.co.uk/news/business-36086012

WCZ

10,492 posts

193 months

Wednesday 15th June 2016
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Thankyou4calling said:
There are literally hundreds of two bedroom apartments on the market in Manchester city centre though.

What's so special about the ones he is offering on?
they have character (mostly old conversions, exposed brickwork, beams etc) and are 750+sq ft

too many extremely boring apartments around, but even so nothing is staying on the market for a particularly long time!

TLandCruiser

2,788 posts

197 months

Wednesday 15th June 2016
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Jobbo said:
yikes When did that happen?!
A few months ago, very little news coverage and what I did read was the land registry was very profitable and paid dividends back to the govement.

walm

10,609 posts

201 months

Wednesday 15th June 2016
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TLandCruiser said:
Jobbo said:
yikes When did that happen?!
A few months ago, very little news coverage and what I did read was the land registry was very profitable and paid dividends back to the govement.
I don't think it has happened.
The CONSULTATION on privatisation closed in May, but they haven't sold it... YET!
They will, despite the fact that precisely zero people want them to.

Fortunately we will hand these people more power by exiting the EU, so that's all OK. (Sorry, O/T.)

stain

1,051 posts

209 months

Wednesday 15th June 2016
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anonymous said:
[redacted]
A rise in interest rates would be the cherry on top.

Jobbo

12,960 posts

263 months

Wednesday 15th June 2016
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walm said:
TLandCruiser said:
Jobbo said:
yikes When did that happen?!
A few months ago, very little news coverage and what I did read was the land registry was very profitable and paid dividends back to the govement.
I don't think it has happened.
The CONSULTATION on privatisation closed in May, but they haven't sold it... YET!
They will, despite the fact that precisely zero people want them to.

Fortunately we will hand these people more power by exiting the EU, so that's all OK. (Sorry, O/T.)
I'm aware it hasn't happened - hopefully the sell-off won't actually happen but signs are it is inevitable frown

J4CKO

41,287 posts

199 months

Wednesday 15th June 2016
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I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.

Bedford Rascal

29,469 posts

243 months

Wednesday 15th June 2016
quotequote all
stain said:
A rise in interest rates would be the cherry on top.
Fingers crossed.

Sheepshanks

32,538 posts

118 months

Wednesday 15th June 2016
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J4CKO said:
I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.
I see your profile says you're in Cheshire - I'm in a village in west Cheshire and anything that looks even slightly OTT price-wise is just sitting there.

Someone mentioned proximity to good schools earlier - an issue all over West Cheshire and into Chester is the good schools are rammed so young families won't move into the area as they can't get places for their kids.

Hitch

6,101 posts

193 months

Wednesday 15th June 2016
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I'm also in west Cheshire and there are a couple of agents who seem to regularly float properties at 30% above their probable value. I see things moving but there are a lot of reductions flowing through. It seems only occasionally do houses come on and sell in a week or two.

sooperscoop

408 posts

162 months

Thursday 16th June 2016
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Timberwolf said:
There's some suggestion that with prices in the capital looking rather peaky, Manchester is being seen as the "next London" by overseas investors: http://www.bbc.co.uk/news/business-36086012
Friends in Shanghai have been going to "Buy in Manchester!' presentations for at least 3 years. The Chinese always flock to where the Chinese already are.

If the centre of Manchester can keep hold of it's prices, then the outskirts are very attractive, there's plenty of nice areas with 200k semis within 20 mins commute of the centre.

J4CKO

41,287 posts

199 months

Thursday 16th June 2016
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Sheepshanks said:
J4CKO said:
I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.
I see your profile says you're in Cheshire - I'm in a village in west Cheshire and anything that looks even slightly OTT price-wise is just sitting there.

Someone mentioned proximity to good schools earlier - an issue all over West Cheshire and into Chester is the good schools are rammed so young families won't move into the area as they can't get places for their kids.
East Cheshire, must be that specific property, very nicely done, short walk to a good school, other stuff in the same price range isn't moving, but a lot of it is ugly seventies stuff or initially impressive stuff that is hemmed in and hanging from the a34 bypass in a less desirable area.


Hitch

6,101 posts

193 months

Thursday 16th June 2016
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sooperscoop said:
Friends in Shanghai have been going to "Buy in Manchester!' presentations for at least 3 years. The Chinese always flock to where the Chinese already are.

If the centre of Manchester can keep hold of it's prices, then the outskirts are very attractive, there's plenty of nice areas with 200k semis within 20 mins commute of the centre.
But these seminars are usually centred on some big infrastructure development which is claimed to be the catalyst for business investment and residential growth. What are they claiming is happening in Manchester?!

number 46

1,019 posts

247 months

Thursday 16th June 2016
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anonymous said:
[redacted]
Who? sounds like one of Jordan's kids?!!

okgo

37,860 posts

197 months

Thursday 16th June 2016
quotequote all
J4CKO said:
I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.
So that is all based on 'your opinion' of what things are worth - means very little really.

A 3 bed house opposite me sold for over £850k the other month - a mate of mine bought almost the same property about 100m down the same road for £580k when I bought mine in July 2013 - I thought £580k was probably toppy, as above though, didn't really mean anything as since then every single house on the road has gone for 7 plus.

Edited by okgo on Thursday 16th June 09:11

Timmy40

12,915 posts

197 months

Thursday 16th June 2016
quotequote all
Hitch said:
sooperscoop said:
Friends in Shanghai have been going to "Buy in Manchester!' presentations for at least 3 years. The Chinese always flock to where the Chinese already are.

If the centre of Manchester can keep hold of it's prices, then the outskirts are very attractive, there's plenty of nice areas with 200k semis within 20 mins commute of the centre.
But these seminars are usually centred on some big infrastructure development which is claimed to be the catalyst for business investment and residential growth. What are they claiming is happening in Manchester?!
Loads of Chinese students. Interestingly there was a program on R4 recently about the booming China town in Manchester due to the huge numnber of Chinese students there.

I assume a wealthy Chinese family would be quite likely to decide to buy a flat their kid could use whilst at Uni then rent it out afterwards as an investment and handy way of having some money out of China ( just incase ).

J4CKO

41,287 posts

199 months

Thursday 16th June 2016
quotequote all
okgo said:
J4CKO said:
I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.
So that is all based on 'your opinion' of what things are worth - means very little really.

A 3 bed house opposite me sold for over £850k the other month - a mate of mine bought almost the same property about 100m down the same road for £580k when I bought mine in July 2013 - I thought £580k was probably toppy, as above though, didn't really mean anything as since then every single house on the road has gone for 7 plus.

Edited by okgo on Thursday 16th June 09:11
Yeah, I was surprised at the asking price, I thought it was perhaps testing the water, but I am not an estate agent and had an out of date idea of prices which has been altered.

i think some of the neighbours are perhaps scanning rightmove all the time and obsessed with prices, one spotted it and told the owner she thought it was too cheap, seemingly she was right seeing as it went to sealed bids.

However, I just wonder where people find these amounts of money to purchase or mortgage a house at that price.

We paid 160, just under twenty years ago, with inflation that amount is worth £288,000 now yet the house is worth somewhere between six and seven hundred grand, wages havent gone up by that percentage, can it really keep increasing at such a rate above inflation ?


Bedford Rascal

29,469 posts

243 months

Thursday 16th June 2016
quotequote all
J4CKO said:
.... can it really keep increasing at such a rate above inflation ?
If course it can't. It's all part of the baby boomer theft from their own children.

superkartracer

8,959 posts

221 months

Thursday 16th June 2016
quotequote all
okgo said:
J4CKO said:
I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.
So that is all based on 'your opinion' of what things are worth - means very little really.

A 3 bed house opposite me sold for over £850k the other month - a mate of mine bought almost the same property about 100m down the same road for £580k when I bought mine in July 2013 - I thought £580k was probably toppy, as above though, didn't really mean anything as since then every single house on the road has gone for 7 plus.

Edited by okgo on Thursday 16th June 09:11
It's madness indeed , next door has been placed on the market for 2.2million , he paid £50k about 40 years ago.

p1stonhead

25,489 posts

166 months

Thursday 16th June 2016
quotequote all
superkartracer said:
okgo said:
J4CKO said:
I think things have officially gone mad, one went up over the road at 100/125 grand more than I would have expected, had several buyers in a week and they resorted to sealed bids above the asking price, so probably 150 grand more than I would have thought it was worth.

All very well, this middle class self congratulatory house price stuff but I have three kids that will need to get something in the next five or so years, a 3 bed family house shouldnt be that expensive.
So that is all based on 'your opinion' of what things are worth - means very little really.

A 3 bed house opposite me sold for over £850k the other month - a mate of mine bought almost the same property about 100m down the same road for £580k when I bought mine in July 2013 - I thought £580k was probably toppy, as above though, didn't really mean anything as since then every single house on the road has gone for 7 plus.

Edited by okgo on Thursday 16th June 09:11
It's madness indeed , next door has been placed on the market for 2.2million , he paid £50k about 40 years ago.
Isnt £50k, 40 years ago, still really really expensive? Average price was what £5-10k?

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