Are houses selling?
Discussion
Schools seem to be almost universally positive as neighbours, I don't know why, aside from the obvious. Can people not walk for 10 minutes? It seems not.
My folks moved into a new place a year or so ago, it's in a village near York, the road leads to a school. Since buying they have had estate agents knocking on the door offering to sell because "we have people waiting for properties in this street". Yeah, sure you do, but at least they are doing their job. As I said though, I don't know why because at 3.30 in the afternoon it's like Death Race 2000 with 4x4s charging over pavements, kerbs, and God knows what. My folks won't take to the road at that time. Seriously. Don't get in the way of a yummy mummy when the red mist has come down at 15.31 and they aren't yet waiting at the gate, if they aren't there the massed forces of the paedophile army waiting outside will have whisked away Natasha and Bertie, never to be seen again. GET OUT OF MY WAY!
My folks moved into a new place a year or so ago, it's in a village near York, the road leads to a school. Since buying they have had estate agents knocking on the door offering to sell because "we have people waiting for properties in this street". Yeah, sure you do, but at least they are doing their job. As I said though, I don't know why because at 3.30 in the afternoon it's like Death Race 2000 with 4x4s charging over pavements, kerbs, and God knows what. My folks won't take to the road at that time. Seriously. Don't get in the way of a yummy mummy when the red mist has come down at 15.31 and they aren't yet waiting at the gate, if they aren't there the massed forces of the paedophile army waiting outside will have whisked away Natasha and Bertie, never to be seen again. GET OUT OF MY WAY!
I'm in Hertfordshire and prime commuter belt into London, when I bought 15 months ago everything in the area and the road was going for above asking price and things would sell in days, now I'm seeing houses with 10-20% knocked off the asking price and nothing selling / on the market for months even the nice / good stuff I thought would be snapped up quickly. Market seems worse to me then is being reported.
Europa1 said:
Here in Cambridge the property market still seems to be in very rude health.
Underlying i'd agree with you (waves from Shelford 
) , correctly priced houses are going well - however, there do seem to be a lot of chancers putting stuff up for sale at very inflated prices and that's what's sticking here.House next door to ours sold immediately, but was keenly priced, couple on a road just around the corner are sticking but I would guess are 20% ish over priced.
No harm in asking I guess, if you're content to stay anyway.
jshell said:
Edinburgh is nuts, loads of stuff flying off the shelves, particularly the £1MM and over houses. 120 miles North in Aberdeen and it's carnage with -ve equity, panic selling etc.
All depends...
yep, currently looking around to see what my money gets me- with a view to buying early next year. Edinburgh city centre flats and houses just outside the centre are selling ridiculously quickly. some friends have recently bought/trying to buy and 10% over valuation is not uncommon either!All depends...
thinking I might be either having to save for 6 months longer, or moving out of town!
Here (North East Hampshire), the market has been much quieter in past 10 months, far less properties coming to market which has been frustrating for us looking for somewhere. Ours sold in a few days for close to asking price, but it was well presented.
Agents still over valuing in some cases and then you get the inevitable price reduction, but well presented houses still seem to go very quickly for similar if not more money than this time last year. It’s the scruffy ones that go up for the same money as the good ones that hang around, unsurprisingly. Why do people think they can do nothing to their house for 15-20 years and get the same money as houses where maintenance/bathrooms/kitchens have been updated.
Agents still over valuing in some cases and then you get the inevitable price reduction, but well presented houses still seem to go very quickly for similar if not more money than this time last year. It’s the scruffy ones that go up for the same money as the good ones that hang around, unsurprisingly. Why do people think they can do nothing to their house for 15-20 years and get the same money as houses where maintenance/bathrooms/kitchens have been updated.
Work in finance and just buying our first house currently.
It's definitely a buyers market at the moment, banks are still showing the same appetite to lend, but those already on the ladder are generally staying put to see how things pan out in the next 2 years rather than leveraging up again. A lot of my friends who are currently renting and thinking about buying their first homes, are no longer quite as keen to make the jump after all the economic scare mongering we went through with Brexit.
Our offer was accepted at more than 10% discount compared to the one next door (both mid-terrace with identical layout and garden space etc.) which sold last year. Ours will need a little bit of decorating, but nowhere near equivalent to the £ value of a 10% difference.
Interestingly a few of my contacts in the construction industry have said they are seeing a noticeable up-tick in the number of home improvement jobs that they are getting. Certainly feels like people in our area are going down the 'improve what you already have' route, rather than moving up the ladder.
It's definitely a buyers market at the moment, banks are still showing the same appetite to lend, but those already on the ladder are generally staying put to see how things pan out in the next 2 years rather than leveraging up again. A lot of my friends who are currently renting and thinking about buying their first homes, are no longer quite as keen to make the jump after all the economic scare mongering we went through with Brexit.
Our offer was accepted at more than 10% discount compared to the one next door (both mid-terrace with identical layout and garden space etc.) which sold last year. Ours will need a little bit of decorating, but nowhere near equivalent to the £ value of a 10% difference.
Interestingly a few of my contacts in the construction industry have said they are seeing a noticeable up-tick in the number of home improvement jobs that they are getting. Certainly feels like people in our area are going down the 'improve what you already have' route, rather than moving up the ladder.
battered said:
Schools seem to be almost universally positive as neighbours, I don't know why, aside from the obvious. Can people not walk for 10 minutes? It seems not.
we lived opposite our village school for 7 years and I'd do it again.Ok it was busy for 30 minutes in the morning and afternoon but most people are at work at this time. At other times, evenings, weekends and holidays it was very quiet with no noise from inconsiderate neighbours
I was worried how things would pan out after Brexit as me and my mate had 5 houses on the go. One sale was just about to go through when we voted and it all went through without problem to first time buyers. Another sale fell through (nothing to do with Brexit) but I found another buyer within 10 days. Another property sold yesterday for full asking price after about 6 weeks on the market. The two others still need work to get them ready for sale but I have no concerns about the market now. We are looking for houses to buy but they are a bit thin on the ground at the moment.
Seems strange where I am (cm3).
Everything, including our house is overpriced. We have been on the market for a month and have had ten viewings. No one made an offer. The first 4 complained how tatty it was (dog has eaten skirting, decking rotten, paint a bit rough here and there, smallest two bedrooms too small). So I've done those bits now while changing stuff around (read, move a wardrobe out which made a decent room look tiny).
The next few loved the place but they are either moving from another area and undecided or it's been bottom of budget so they can afford better.
Looking on rightmove not a lot is actually selling, some are and very quickly. I'll give an example:
One at end of my road sold in a week for 400k. It's on a main road, has no parking except a carport. It's the same as ours except ours has a proper liveable conservatory on the back which is 25m2 connected to a kitchen which was a kitchen diner. So the space is 48m2 total. (Not a crappy lean to but insulated. Activ blue roof and a proper air con and heating unit so very nice place). Their house is tidy inside but nothing that special. Still has stipples ceilings, old doors etc
Ours is totally done inside. Neutral stuff but really nice stuff like doors, handles, sockets, kitchen, stone bathrooms, wet room.
We also have parking for 5-6 cars, we are tucked away at the end of a cul de sac, un overlooked and have a large green behind us so it's silent and very pleasant. Also have a detached double garage.
Ours is 460k so a bit heavy yes, but in reality I think more like worth 440k compared to theirs.
My problem is what else comes up, there's houses which are up for say 650k which I know similar ones sold for 550k or less within the last 18mths. For example my mate paid 485k for a house with loads of parking and a huge garden and very private position, currently there's a same model of house but with postage size garden and less parking and on a road and it's up for 630k.
People are asking up to 20% or more than a year ago and I don't know why. It's ridiculous. Ours should really be 380k which if those that were 650k were the 500 they were selling for last year would be right IMO.
Another mate bought his for 335k in 2013. Similar house (but possibly in a better position, done nice inside and has a small side extension recently sold for 635k). That's not sustainable.
I'm reluctant to lower ours because everything which comes on is excessive. Tbh the ones which have come on at 650 are silly, while they may be an extra 400sq ft inside they often need complete renovation, or have a tiny garden or very little parking, or are not in a great location.
The only one I have seen which was reasonable was one I really wanted. It went up for 650k and in a week sold for 710k, it needed complete renovation but was totally unique, was nearly 3000sq ft on 0.25 acres and had a huge south facing garden which overlooks a river and fields.
I think the problem is that the odd ones which do sell for top money make everyone else demand more and as such just push the whole lot up, but then nothing's really moving.
Everything, including our house is overpriced. We have been on the market for a month and have had ten viewings. No one made an offer. The first 4 complained how tatty it was (dog has eaten skirting, decking rotten, paint a bit rough here and there, smallest two bedrooms too small). So I've done those bits now while changing stuff around (read, move a wardrobe out which made a decent room look tiny).
The next few loved the place but they are either moving from another area and undecided or it's been bottom of budget so they can afford better.
Looking on rightmove not a lot is actually selling, some are and very quickly. I'll give an example:
One at end of my road sold in a week for 400k. It's on a main road, has no parking except a carport. It's the same as ours except ours has a proper liveable conservatory on the back which is 25m2 connected to a kitchen which was a kitchen diner. So the space is 48m2 total. (Not a crappy lean to but insulated. Activ blue roof and a proper air con and heating unit so very nice place). Their house is tidy inside but nothing that special. Still has stipples ceilings, old doors etc
Ours is totally done inside. Neutral stuff but really nice stuff like doors, handles, sockets, kitchen, stone bathrooms, wet room.
We also have parking for 5-6 cars, we are tucked away at the end of a cul de sac, un overlooked and have a large green behind us so it's silent and very pleasant. Also have a detached double garage.
Ours is 460k so a bit heavy yes, but in reality I think more like worth 440k compared to theirs.
My problem is what else comes up, there's houses which are up for say 650k which I know similar ones sold for 550k or less within the last 18mths. For example my mate paid 485k for a house with loads of parking and a huge garden and very private position, currently there's a same model of house but with postage size garden and less parking and on a road and it's up for 630k.
People are asking up to 20% or more than a year ago and I don't know why. It's ridiculous. Ours should really be 380k which if those that were 650k were the 500 they were selling for last year would be right IMO.
Another mate bought his for 335k in 2013. Similar house (but possibly in a better position, done nice inside and has a small side extension recently sold for 635k). That's not sustainable.
I'm reluctant to lower ours because everything which comes on is excessive. Tbh the ones which have come on at 650 are silly, while they may be an extra 400sq ft inside they often need complete renovation, or have a tiny garden or very little parking, or are not in a great location.
The only one I have seen which was reasonable was one I really wanted. It went up for 650k and in a week sold for 710k, it needed complete renovation but was totally unique, was nearly 3000sq ft on 0.25 acres and had a huge south facing garden which overlooks a river and fields.
I think the problem is that the odd ones which do sell for top money make everyone else demand more and as such just push the whole lot up, but then nothing's really moving.
PostHeads123 said:
I'm in Hertfordshire and prime commuter belt into London, when I bought 15 months ago everything in the area and the road was going for above asking price and things would sell in days, now I'm seeing houses with 10-20% knocked off the asking price and nothing selling / on the market for months even the nice / good stuff I thought would be snapped up quickly. Market seems worse to me then is being reported.
Similar here in Surbiton (SW London/Surrey borders). One particular house that would have had a queue outside on it's 'open day' in the Spring and sold for an offer well in excess of asking price the next day has now been reduced and is still on the market after a few months.I can't think of one For Sale board that has changed to a Sold one in months.
Definitely the quickest change in market conditions I can remember.
Rangeroverover said:
I'm an agent,
....
Fixer uppers are priced about the same as ready done, doesn't make much sense. Part of the reason they aren't selling is the sort of young buyer who wants them have already stretched as far as they can to get the house. Cash for doing the house up is real money not mortgage money and most of them don't have £20-50,000 extra cash
Certainly in our area of West Cheshire, we've seen houses that are not far off derelict going through auction at hardly anything less than you'd expect them to sell for normally.....
Fixer uppers are priced about the same as ready done, doesn't make much sense. Part of the reason they aren't selling is the sort of young buyer who wants them have already stretched as far as they can to get the house. Cash for doing the house up is real money not mortgage money and most of them don't have £20-50,000 extra cash
The ordinary 60's semis and small detached houses seem to have a ceiling at £250K and have been that way for 10yrs. If anyone chancing their arm at higher then the house just sits there.
But there have been a few that have been extensively modernised with the extended open plan kitchen/diner/glass doors come on the market recently at prices that make you think "no way" yet they sell quickly.
Brentwood/Shenfield - Still utterly ridiculous. Some thing are taking longer to sell than previously, but they are still actually selling. The prices of 2 bed Victorian railway cottages have near on doubled since I started looking 3 years ago. Santander are valuing my place at 25% more than they were when I remortgaged in December. Was very lucky to have got in when I did as there is no way I'd be able to buy again from a standing start.
In Leeds about 2 months ago in certain areas houses were going up on a Monday and sold and off the market by the following Wednesday!
Our neighbours house has gone up today so i'm interested to see how much that goes for. I think it's slightly expensive but i'd be interested to know if it's still a buyers market!
Our neighbours house has gone up today so i'm interested to see how much that goes for. I think it's slightly expensive but i'd be interested to know if it's still a buyers market!
I don't know what is going to trigger it but when the bust comes some people are going to have massive negative equity. I know several people that just walked away from their house/mortgage 20 odd years ago. Waited a while, paid around 10% of what they owed to clear it and bought again.
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