2015 House prices ?
Discussion
It still depends on the area and the amount of houses on the market at one given time.. North Herts is crazy and looks to have no ceiling price for now.. houses sell for over asking in days.
someone summed it up well the other day for me. £400k Victorian terraced houses in Hitchin Herts are a bargain in the eyes of a London Buyer! St Albans, Harpenden, Hertford are still noticeably more expensive and offer little difference in quality of life
Two up from us was brought by London buyers who traded out of a 2 bed flat in London, now have almost zero mortgage and are spending £85k on renovations. they are in there early 30's
blade7 said:
Will prices probably keep rising or stall over winter ?
Traditionally they stall over winter but for the medium term the supply and demand equation would suggest strong demand with the population growing at about 300,000 pa and house building at about half that: https://www.gov.uk/government/statistical-data-set...I've found the London market moving in to the home counties etc to be a phenomenon hyped up by the large agencies who have offices in London and the "commuter" towns. It's a great instruction winner against smaller agents without the London presence to be able to tell potential their property will be marketed with massive London exposure.
In reality having an office in London doesn't make it any more likely you'll sell a house in the home counties.
In my experience (Oxfordshire) it has been a constant trickle of London buyers moving out. When speaking to London buyers, the response is usually they can't even think about moving out of London while their annual property gains are so huge.
As the London market cools, I can see more movement which in theory will only push those house prices higher in the future.
I would be very interested to know the % of house sales in the home counties etc to people who currently reside in a central London postcode. I'd wager it's nowhere near most peoples perception.
As said before, the above may not be accurate of other areas as market trends are very different depending on price bracket and location.
In reality having an office in London doesn't make it any more likely you'll sell a house in the home counties.
In my experience (Oxfordshire) it has been a constant trickle of London buyers moving out. When speaking to London buyers, the response is usually they can't even think about moving out of London while their annual property gains are so huge.
As the London market cools, I can see more movement which in theory will only push those house prices higher in the future.
I would be very interested to know the % of house sales in the home counties etc to people who currently reside in a central London postcode. I'd wager it's nowhere near most peoples perception.
As said before, the above may not be accurate of other areas as market trends are very different depending on price bracket and location.
FrankAbagnale said:
I've found the London market moving in to the home counties etc to be a phenomenon hyped up by the large agencies who have offices in London and the "commuter" towns. It's a great instruction winner against smaller agents without the London presence to be able to tell potential their property will be marketed with massive London exposure.
In reality having an office in London doesn't make it any more likely you'll sell a house in the home counties.
In my experience (Oxfordshire) it has been a constant trickle of London buyers moving out. When speaking to London buyers, the response is usually they can't even think about moving out of London while their annual property gains are so huge.
As the London market cools, I can see more movement which in theory will only push those house prices higher in the future.
I would be very interested to know the % of house sales in the home counties etc to people who currently reside in a central London postcode. I'd wager it's nowhere near most peoples perception.
As said before, the above may not be accurate of other areas as market trends are very different depending on price bracket and location.
Obviously not, but most people do not live in Central London, you don't need to in order to be classed as a London buyer and to have benefitted from the massive upswing, I'm in SW in Zone 5/6 and 30% in two years for me, quite a lot, I would expect to almost be classed as a London buyer (work here, with a salary befitting that and have benefitted from the big price gains) if I was to look in home counties despite being a stones throw from Surrey. But certainly anyone in the zones if you asked someone in Oxford would be classed as a London buyer I think.In reality having an office in London doesn't make it any more likely you'll sell a house in the home counties.
In my experience (Oxfordshire) it has been a constant trickle of London buyers moving out. When speaking to London buyers, the response is usually they can't even think about moving out of London while their annual property gains are so huge.
As the London market cools, I can see more movement which in theory will only push those house prices higher in the future.
I would be very interested to know the % of house sales in the home counties etc to people who currently reside in a central London postcode. I'd wager it's nowhere near most peoples perception.
As said before, the above may not be accurate of other areas as market trends are very different depending on price bracket and location.
You have the remember that for most people its a one time trade, when you cash in on your place in London or near it there is no going back, so most people will likely be wanting to ride it out as long as possible for before cashing in their chips I suppose.
Put my late father in laws house on the market recently.
It was valued by one agent at £320k ish and by another with more local experience at offers in excess of £375k. Four viewings on an open day resulted in three offers the highest of which was £387k.
It's a specific house type in a popular part of Maidstone though.
There's very little for sale around here and good properties are selling very quickly for asking price or over.
It was valued by one agent at £320k ish and by another with more local experience at offers in excess of £375k. Four viewings on an open day resulted in three offers the highest of which was £387k.
It's a specific house type in a popular part of Maidstone though.
There's very little for sale around here and good properties are selling very quickly for asking price or over.
blade7 said:
Around 25-30 miles from us just into Northamptonshire comparable houses are £30-50k less, not sure why that is. Mrs doesn't fancy the commute in winter though.
Northamptonshire is cheaper. Cambridgeshire is generally cheaper than Bedfordshire though, excluding Cambridge itself.I'm in Bedford, I think that we're near enough to London that things sell quickly, and prices have been steadily rising.
Do you need to get in to Huntingdon? Be careful of the areas where they're going to build the new A14/bypass, and the surrounding areas where you'll be able to hear it.
FrankAbagnale said:
The overpriced objection is an interesting one. The feedback on a lot of my viewings is "it's overpriced."
Shortly after, the property sells for asking price.
So, the property isn't overpriced. Either the buyer is wrong and doesn't understand values or they (as an individual) aren't willing to pay the price.
Pretty irrelevant to the overall thread so i'll shut up!
Market moving quick enough that what would have been not long ago overpriced, now is not.Shortly after, the property sells for asking price.
So, the property isn't overpriced. Either the buyer is wrong and doesn't understand values or they (as an individual) aren't willing to pay the price.
Pretty irrelevant to the overall thread so i'll shut up!
Esseesse said:
FrankAbagnale said:
The overpriced objection is an interesting one. The feedback on a lot of my viewings is "it's overpriced."
Shortly after, the property sells for asking price.
So, the property isn't overpriced. Either the buyer is wrong and doesn't understand values or they (as an individual) aren't willing to pay the price.
Pretty irrelevant to the overall thread so i'll shut up!
Market moving quick enough that what would have been not long ago overpriced, now is not.Shortly after, the property sells for asking price.
So, the property isn't overpriced. Either the buyer is wrong and doesn't understand values or they (as an individual) aren't willing to pay the price.
Pretty irrelevant to the overall thread so i'll shut up!
I had a phone call from a lady about a year ago who was irate because I had started marketing a property at £1m - a new high for the road. She berated me for marketing a property at such a ridiculous level, the price was outrageous, the house was never worth it and how I was pricing hard working families out of the road. After a good dressing down about how prices were my fault she ended the call by saying "and somebody will pay it".
Edited by FrankAbagnale on Wednesday 7th October 17:49
FrankAbagnale said:
Esseesse said:
FrankAbagnale said:
The overpriced objection is an interesting one. The feedback on a lot of my viewings is "it's overpriced."
Shortly after, the property sells for asking price.
So, the property isn't overpriced. Either the buyer is wrong and doesn't understand values or they (as an individual) aren't willing to pay the price.
Pretty irrelevant to the overall thread so i'll shut up!
Market moving quick enough that what would have been not long ago overpriced, now is not.Shortly after, the property sells for asking price.
So, the property isn't overpriced. Either the buyer is wrong and doesn't understand values or they (as an individual) aren't willing to pay the price.
Pretty irrelevant to the overall thread so i'll shut up!
I had a phone call from a lady about a year ago who was irate because I had started marketing a property at £1m - a new high for the road. She berated me for marketing a property at such a ridiculous level, the price was outrageous, the house was never worth it and how I was pricing hard working families out of the road. After a good dressing down about how prices were my fault she ended the call by saying "and somebody will pay it".
Edited by anonymous-user on Wednesday 7th October 17:49
Roo said:
Put my late father in laws house on the market recently.
It was valued by one agent at £320k ish and by another with more local experience at offers in excess of £375k. Four viewings on an open day resulted in three offers the highest of which was £387k.
If you had gone with the £320k agent I wonder if one of their mates/relatives would have bought it...It was valued by one agent at £320k ish and by another with more local experience at offers in excess of £375k. Four viewings on an open day resulted in three offers the highest of which was £387k.
UK House Price inflation is so skewed a national rate is almost meaningless.
Using Monetary policy to control / influence (or even barometer for) House Prices is a horse that long since bolted the stable doors. Especially in the South East. Reeks of mainstreet talk (and the old adage there has always been “when mainstreet talks, Wall Street walks”). You would need such massive movements in Interest Rates, that the potential wider macro-economic effects will be damaging (asset bubble fueled by cheap borrowing goes BANG). Cheap money supply in developed countries is trickling down to the developing world fuelling a global debt boom, and going back to pre-crisis Interest Rates would do more damage than good).
Neither is UK PLC immune from the global picture, a negative interest rate environment / deflationary pressure in Europe (ECB); low oil price, Sovereign Wealth fund sell off (net savers into net sellers) and US interest rates (Fed) – means that monetary movements to control House Price inflation are the stuff of A level economics.
One of the biggest challenges to the UK housing market / runaway house price inflation is developer land-bank. You going to need legislative and fiscal policy to break that deadlock, because the developers can use their land bank as way to throttle supply & demand in the mkt place.
The only way to deal with the UK market is sensible and gradual cooling measures (affordability checks, incentives to build, repealing planning rules etc etc). Sounds a bit like Conservative party manifesto; but the downside risks are far too great (if you push the house inflation into reverse, you kill consumer spending).
Of course you can’t realistically argue or hedge your bets against idiots, or (forum) fantasists – but policy will (ok should) continue towards sustainability / gradual leveling. This appears to be priced in across the board, and even if you see the Mortgage rates and moves of the FCA currently; the only catalyst for significant house price deflation has to be a Black Swan event (although being fairly bearish in sentiment I would say the chance of that is increasing). I remortgaged this week to base+80bps; which is an invitation (in my mind) to leverage up (and my house equity / mk to mkt wealth increases greater than my take home); but my house is my home and I want to own the roof over head in the next couple of years.
Using Monetary policy to control / influence (or even barometer for) House Prices is a horse that long since bolted the stable doors. Especially in the South East. Reeks of mainstreet talk (and the old adage there has always been “when mainstreet talks, Wall Street walks”). You would need such massive movements in Interest Rates, that the potential wider macro-economic effects will be damaging (asset bubble fueled by cheap borrowing goes BANG). Cheap money supply in developed countries is trickling down to the developing world fuelling a global debt boom, and going back to pre-crisis Interest Rates would do more damage than good).
Neither is UK PLC immune from the global picture, a negative interest rate environment / deflationary pressure in Europe (ECB); low oil price, Sovereign Wealth fund sell off (net savers into net sellers) and US interest rates (Fed) – means that monetary movements to control House Price inflation are the stuff of A level economics.
One of the biggest challenges to the UK housing market / runaway house price inflation is developer land-bank. You going to need legislative and fiscal policy to break that deadlock, because the developers can use their land bank as way to throttle supply & demand in the mkt place.
The only way to deal with the UK market is sensible and gradual cooling measures (affordability checks, incentives to build, repealing planning rules etc etc). Sounds a bit like Conservative party manifesto; but the downside risks are far too great (if you push the house inflation into reverse, you kill consumer spending).
Of course you can’t realistically argue or hedge your bets against idiots, or (forum) fantasists – but policy will (ok should) continue towards sustainability / gradual leveling. This appears to be priced in across the board, and even if you see the Mortgage rates and moves of the FCA currently; the only catalyst for significant house price deflation has to be a Black Swan event (although being fairly bearish in sentiment I would say the chance of that is increasing). I remortgaged this week to base+80bps; which is an invitation (in my mind) to leverage up (and my house equity / mk to mkt wealth increases greater than my take home); but my house is my home and I want to own the roof over head in the next couple of years.
Equilibrium25 said:
Depends on where you are, but here in Bristol that rings true. I have been closely watching the market for 18-24 months, houses at the price bracket that interests me are moving faster than ever, at higher prices than ever.
Houses I have viewed have sold for close-to-asking or exactly asking price within days of hitting the market. There is the odd difficult property that sticks on the market for 2-3 weeks, when that happens it usually becomes months. The general rule is a quick move to SSTC though.
That's my amateur view, but based on a lot of time watching the market. The EAs say exactly what yours told you as well, so the professional opinion matches.
I'm in north Bristol and just recently (moved end of Aug) sold at the asking price of £190k after one viewing within 2 hours of it going up for sale.Houses I have viewed have sold for close-to-asking or exactly asking price within days of hitting the market. There is the odd difficult property that sticks on the market for 2-3 weeks, when that happens it usually becomes months. The general rule is a quick move to SSTC though.
That's my amateur view, but based on a lot of time watching the market. The EAs say exactly what yours told you as well, so the professional opinion matches.
Prices had been climbing steadily for a few months so we took the plunge, tidied a few bits up and off we went.
Looking on Rightmove, prices are about the same presently.
Bought for £123k back in Aug 2005.
one of several things I wasn't impressed by was the plastic fake chimney.around here..............(South East London) it is predictably bonkers.
I said on another thread - one house was 26 viewings on one day.............everybody offered............over the asking price. It never even went on the market. Estate agent rang people on a list. Appointments for Saturday. Sealed bid by Monday lunchtime.
The irony the sale didn't go through as the vendor changed mind - couldn't find somewhere they liked enough to move in.
Another property, the Surveryor has tried to settle it down at best (get it cheap for his mates at worst) - and told the mortgage company it is worth 10% (approximately) less than what the asking price and offer was.
The result - agents indicate the buyer may as well honour the original price, or as its been two months........we'll put it back on the market for another 20k on top of the original price..........and it will go to someone that doesn't require the mortgage (%)
London really is 'haves' and 'have nots' - and the folk that live there aren't appearing to give any f
ks about any of it, as long as they are ok and get on the ladder.
I said on another thread - one house was 26 viewings on one day.............everybody offered............over the asking price. It never even went on the market. Estate agent rang people on a list. Appointments for Saturday. Sealed bid by Monday lunchtime.
The irony the sale didn't go through as the vendor changed mind - couldn't find somewhere they liked enough to move in.
Another property, the Surveryor has tried to settle it down at best (get it cheap for his mates at worst) - and told the mortgage company it is worth 10% (approximately) less than what the asking price and offer was.
The result - agents indicate the buyer may as well honour the original price, or as its been two months........we'll put it back on the market for another 20k on top of the original price..........and it will go to someone that doesn't require the mortgage (%)
London really is 'haves' and 'have nots' - and the folk that live there aren't appearing to give any f
ks about any of it, as long as they are ok and get on the ladder.Edited by RacerMDR on Friday 16th October 17:59
blade7 said:
If you had gone with the £320k agent I wonder if one of their mates/relatives would have bought it...
Those were the days ! That service is no longer available around here , god knows I've dropped plenty of hints , I've started working for other people again as I can't get anything cheap enough .House prices in and around Bristol have gone utterly ridiculous over the past 6-12 months. I bought a house in March that needed total gutting, same house further down the street sold In August for just under 20% more.
According to all the local agents and developers we work with because of the electrification of the Great Western Railway a lot of money is pouring into Bristol and surrounding areas from London and the commuter belt into London is effectively being extended out to include Bristol and Bath.
I don't see any cooling in the market around here until post 2017.
According to all the local agents and developers we work with because of the electrification of the Great Western Railway a lot of money is pouring into Bristol and surrounding areas from London and the commuter belt into London is effectively being extended out to include Bristol and Bath.
I don't see any cooling in the market around here until post 2017.
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