How Far Will House Prices Fall? [Volume 6]

[Louis Balfour]

G-wiz said:

Receiving a number of these emails daily from Right move.

Offers to pay stamp duty, cash back, solicitors fees paid, deposit paid, moving costs paid. Even 1st year mortgage paid.

The aholes won't reduce the asking price, however.

They want to protect the "value" of the house. There may be many reasons for that, including not devaluing the product or not breaching bank financial covenants.

[okgo]

Just went on satellite view. Was that entire Kings Hill place built in the last few years? Peculiar to have hundreds of houses with bugger all else apart from a business park. Must say I’m quite surprised that’s where Rolex decided to put their HQ!

Looks nicer than most new builds that one though.

[Louis Balfour]

okgo said:

Just went on satellite view. Was that entire Kings Hill place built in the last few years? Peculiar to have hundreds of houses with bugger all else apart from a business park. Must say I’m quite surprised that’s where Rolex decided to put their HQ!

I remember when it was all just (air)fields.

[soupdragon1]

Mr Whippy said:

A good DIY fitted diy kitchens or Ikea kitchen… redecorate, and a nice bathroom rework. £20k and it’d look pretty nice along with your fresh decor (or ‘dressing’ if that’s a thing at this price point)

It’s the outside and general architecture that looks a bit crap imo… though it’s got no better on series/bulk designs since then… so shouldn’t complain too much.

£575k for 1470sqft and an average garden though. Ouch, even more so with the work needing doing!
Housing costs really are getting a bit silly now. Great if you’ve been on the ladder a decade or two, utterly fked if you’ve not.

Just think what todays new builds will be like in 20 years. No chimneys, ASHP stuff, all fake stone or naff brick/tile/plastic, pointing washed out and re-done in patches… even new estates from 5-10yrs ago when driven through loop very cramped, full of cars, and tatty as anything… most greenery or trees having died or not grown.

Even the generally nice stuff I’ve been to see felt a bit odd and the cheap materials showing through, ie stone flags that look like they’re made from a mould and have gone shiny, the lawns still with that weird grass and odd floaty/fluffy soil nature etc.

Edited by Mr Whippy on Friday 5th January 16:00

I like a plain, light render. Some aren't a fan, granted, but it can be nice. The problem however is that nobody seems to want to paint it.

Water marks, general dirt, flaking etc....looks horrendous but the vast majority in my town just accept that it goes like that. Yeah, it does go like that, means its time to fking paint it!

Car outside polished to a mirror finish mind.

[loafer123]

okgo said:

Just went on satellite view. Was that entire Kings Hill place built in the last few years? Peculiar to have hundreds of houses with bugger all else apart from a business park. Must say I’m quite surprised that’s where Rolex decided to put their HQ!

Looks nicer than most new builds that one though.

Designed by Americans…can you tell?

I got lost there once…everywhere I turned was a dead end.

[brickwall]

loafer123 said:

okgo said:

Just went on satellite view. Was that entire Kings Hill place built in the last few years? Peculiar to have hundreds of houses with bugger all else apart from a business park. Must say I’m quite surprised that’s where Rolex decided to put their HQ!

Looks nicer than most new builds that one though.

Designed by Americans…can you tell?

I got lost there once…everywhere I turned was a dead end.

I visited someone there over the summer, it just seems to go on forever.
That being said, I’m sure many said the same about Welwyn Garden City when it was first built.

[G-wiz]

What's the strategy, here? On the market for 10 months and then reduce by only 2.4%, Does not compute:

https://www.zoopla.co.uk/for-sale/details/64071021...

[Mr Whippy]

G-wiz said:

What's the strategy, here? On the market for 10 months and then reduce by only 2.4%, Does not compute:

https://www.zoopla.co.uk/for-sale/details/64071021...

I know it’s near London, but wtf?

Look at the rear elevation!

I assume some cheap housing that’s been ‘gentrified’ and extended.

Is this really the future of the UK? £400k+ to live there?

I hate to say it, and I don’t agree with it entirely, but the young/old and rich/poor divides are going to be stretched to breaking point in the coming years.


Just inflating my salary by the same level houses have seen I’d be driving around in a 992 Porsche GT3 for my daily driver

[G-wiz]

True, would be depressing to come home to that every evening, having spent 400k.

But the point is, I am assuming it is not worth 400k, which is why it has sat on the market for nearly a year?

[Unreal]

It's incomprehensible to me that anyone would want to pay that, to live there. I can only assume it's like commuting that people did and do either on the train or round the M25 every day. When you're in the loop you just do it.

I suppose if you grew up around there and have no concept of moving away and starting afresh, you think it's normal. It would depress me beyond belief but for some people it's ok and even nice.

[G-wiz]

3 bed end-terrace with garage in Windsor:

[okgo]

Record sales happening in my part of London apparently. Sealed bids for houses in key roads near to the Dulwich schools.

Got agents coming round next week to value my place as I fancy a move, they’re telling me they’re seeing a very busy market. I’m skeptical.

This https://www.rightmove.co.uk/properties/143568494 was something i was excepting to sit for a while and maybe take a cut then sell, apparently sealed bids and finals tomorrow with multiple asking price offers

[skinnyman]

Our house is going on the market soon. The two agents we had round for a valuation have both said they've been very busy so far this year. Seems that people who wanted to move last year sat on their hands, waiting for rates to calm down, which is exactly what we did, so I can believe it.

The housing stock around here has mostly been sat on the market for months, unsold after several reductions. A fair few 2-3yr old houses that they're trying to sell for more than the exact same style new build, which also have incentives available now too

[brickwall]

okgo said:

Record sales happening in my part of London apparently. Sealed bids for houses in key roads near to the Dulwich schools.

Got agents coming round next week to value my place as I fancy a move, they’re telling me they’re seeing a very busy market. I’m skeptical.

This https://www.rightmove.co.uk/properties/143568494 was something i was excepting to sit for a while and maybe take a cut then sell, apparently sealed bids and finals tomorrow with multiple asking price offers

Equally a bunch of stuff at the £2.5M+ range has been sitting around for ages.

[Challo]

G-wiz said:

3 bed end-terrace with garage in Windsor:

Is it actually in Windsor or one of the less desirable areas nearby. Link to the listing?

[Frimley111R]

Unreal said:

It's incomprehensible to me that anyone would want to pay that, to live there. I can only assume it's like commuting that people did and do either on the train or round the M25 every day. When you're in the loop you just do it.

I suppose if you grew up around there and have no concept of moving away and starting afresh, you think it's normal. It would depress me beyond belief but for some people it's ok and even nice.

It's no different to anywhere further in towards London. Tiny flats are going for that in London, on main roads, in poor areas. Baffles me too but some people don't care, it's what they are used to.

[Vanden Saab]

A place in our road has gone up for sale, same basic house but smaller kitchen extension, no downstairs loo, only has parking for 1 car not 3 and no garage.
On for 30% more than we paid less than 5 years ago. It is a probate sale so will be fascinating to see when it sells and at what price.

[V6Alfisti]

There was a little spurt of 5 homes going right at the start of January near me, 2 are already back on the market.

Everything else is getting reduced in £50-100k chunks and nothing sold in last 2 weeks, with a few interesting but no stand out properties coming on at my level.

Seems really quite slow given the news focus on mortgages, which interestingly now seem to be creeping back up due to the inflation news. Uncertainty seems rife.

[Jobbo]

V6Alfisti said:

There was a little spurt of 5 homes going right at the start of January near me, 2 are already back on the market.

Everything else is getting reduced in £50-100k chunks and nothing sold in last 2 weeks, with a few interesting but no stand out properties coming on at my level.

Seems really quite slow given the news focus on mortgages, which interestingly now seem to be creeping back up due to the inflation news. Uncertainty seems rife.

Surely that's something you could take advantage of - must be the time to strike rather than trying to call the bottom of the market? You aren't buying the whole market, you're only buying one house after all.

[okgo]

brickwall said:

Equally a bunch of stuff at the £2.5M+ range has been sitting around for ages.

Yep. I think there’s a dearth of ‘good’ property that is vaguely realistic. Good things priced properly in good spots (noticing it between the commons too) are moving pretty well.