Is anyone moving now?
Discussion
Looking at a place this weekend that the other half seems really keen on.
However the current owners only bought it back in Feb 2022, and they’ve put it up at 12% increase without having done any work, it’s identical to 20 months ago.
It doesn’t feel like the past 20 months match a 12% increase in house prices. But hey, as we all know it’s worth what someone is willing to pay.
However the current owners only bought it back in Feb 2022, and they’ve put it up at 12% increase without having done any work, it’s identical to 20 months ago.
It doesn’t feel like the past 20 months match a 12% increase in house prices. But hey, as we all know it’s worth what someone is willing to pay.
Greshamst said:
Looking at a place this weekend that the other half seems really keen on.
However the current owners only bought it back in Feb 2022, and they’ve put it up at 12% increase without having done any work, it’s identical to 20 months ago.
It doesn’t feel like the past 20 months match a 12% increase in house prices. But hey, as we all know it’s worth what someone is willing to pay.
Exactly that happened with a house a few doors down, they turned down an offer which was 10% up after less than a year in the place having done very litte to it other than knocking a wall down (which isn't the one I'd have knocked down, so not sure how much value that adds) and painting the entire place grey. Madness as this was after the mortgae rates went up. It stuck around for a while and has now been withdrawn. The estate agent told them it was worth +20% what they paid, so I guess they were set on that amount for it.However the current owners only bought it back in Feb 2022, and they’ve put it up at 12% increase without having done any work, it’s identical to 20 months ago.
It doesn’t feel like the past 20 months match a 12% increase in house prices. But hey, as we all know it’s worth what someone is willing to pay.
It feels like estate agents are doing anything to get them on the books, Give a big number get the photos done and on rightmove.
Then ask to drop after 2 weeks. Some are dropping but others are not budging.
4 houses were reduced in my small town today.
But some owners after hearing what its worth from a cocky estate agent really think it's worth that much and won't budge.
Then ask to drop after 2 weeks. Some are dropping but others are not budging.
4 houses were reduced in my small town today.
But some owners after hearing what its worth from a cocky estate agent really think it's worth that much and won't budge.
brickwall said:
Absolute madness.
Don’t know where you are, but around me (SW London):
- Stuff is listing at ~5% below 2022 prices
- Transactions are at a discount to asking (where 2021 it was typically at/above list), so transacting at 10-15% below 2022 peak.
I’d say we are almost now back to 2020 pricing. There’s one of my road identical to mine that’s 5% above what I paid and not looking too hot, there’s a real chance it sells for less than what we paid in April 2020 (which was listed during the hot period after Brexit got done and before Covid). Which for the time I thought was a fair price, about 10% more than what people had paid 3 years prior. Don’t know where you are, but around me (SW London):
- Stuff is listing at ~5% below 2022 prices
- Transactions are at a discount to asking (where 2021 it was typically at/above list), so transacting at 10-15% below 2022 peak.
pacenotes said:
It feels like estate agents are doing anything to get them on the books, Give a big number get the photos done and on rightmove.
Then ask to drop after 2 weeks. Some are dropping but others are not budging.
4 houses were reduced in my small town today.
But some owners after hearing what its worth from a cocky estate agent really think it's worth that much and won't budge.
A family member had a toppy valuation from an agent, listed, no interest, reduced 10%, still no real interest. I think the agents give the large initial value to secure the job. Then ask to drop after 2 weeks. Some are dropping but others are not budging.
4 houses were reduced in my small town today.
But some owners after hearing what its worth from a cocky estate agent really think it's worth that much and won't budge.
Similar near me there are two almost identical houses but they have a 30% different in list price. The cheaper one looks good value but that’s not sold yet either!!
okgo said:
brickwall said:
Absolute madness.
Don’t know where you are, but around me (SW London):
- Stuff is listing at ~5% below 2022 prices
- Transactions are at a discount to asking (where 2021 it was typically at/above list), so transacting at 10-15% below 2022 peak.
I’d say we are almost now back to 2020 pricing. There’s one of my road identical to mine that’s 5% above what I paid and not looking too hot, there’s a real chance it sells for less than what we paid in April 2020 (which was listed during the hot period after Brexit got done and before Covid). Which for the time I thought was a fair price, about 10% more than what people had paid 3 years prior. Don’t know where you are, but around me (SW London):
- Stuff is listing at ~5% below 2022 prices
- Transactions are at a discount to asking (where 2021 it was typically at/above list), so transacting at 10-15% below 2022 peak.
Look at the latest transaction at £1.1M in June, basically back at 2018 prices. The offer/negotiation process was probably 3+ months before that.
Looks like there’s been a couple of failed listings in the road too, one at £1.4M and one at £1.2M. Can see why now given the latest benchmark.
On the last page I was ranting about the house we wanted to buy, and that the Estate agents were being a bit useless.
We found the money and offered full asking price £350K, we then waited for another week. Only to be told that the vendors don't want to sell now and will try again in the New Year. I had to phone again for an update by the way, they didn't think it was important to give me a call.
The issue we have, is that there is nothing else in the catchment area for the school we want our little one to go (The Chantry School, Worcestershire) that fits the bill. We need 4 beds, a garage and a garden for circa £350K. There's absolutely naff all.
I now need to tell the person who put in an offer on our house that we're in a tricky situation and it may have to be delayed.
We found the money and offered full asking price £350K, we then waited for another week. Only to be told that the vendors don't want to sell now and will try again in the New Year. I had to phone again for an update by the way, they didn't think it was important to give me a call.
The issue we have, is that there is nothing else in the catchment area for the school we want our little one to go (The Chantry School, Worcestershire) that fits the bill. We need 4 beds, a garage and a garden for circa £350K. There's absolutely naff all.
I now need to tell the person who put in an offer on our house that we're in a tricky situation and it may have to be delayed.
Discendo Discimus said:
On the last page I was ranting about the house we wanted to buy, and that the Estate agents were being a bit useless.
We found the money and offered full asking price £350K, we then waited for another week. Only to be told that the vendors don't want to sell now and will try again in the New Year. I had to phone again for an update by the way, they didn't think it was important to give me a call.
The issue we have, is that there is nothing else in the catchment area for the school we want our little one to go (The Chantry School, Worcestershire) that fits the bill. We need 4 beds, a garage and a garden for circa £350K. There's absolutely naff all.
I now need to tell the person who put in an offer on our house that we're in a tricky situation and it may have to be delayed.
Are you in a property that is a hard sell or are you confident you could find another buyer if a property did come up down the line?We found the money and offered full asking price £350K, we then waited for another week. Only to be told that the vendors don't want to sell now and will try again in the New Year. I had to phone again for an update by the way, they didn't think it was important to give me a call.
The issue we have, is that there is nothing else in the catchment area for the school we want our little one to go (The Chantry School, Worcestershire) that fits the bill. We need 4 beds, a garage and a garden for circa £350K. There's absolutely naff all.
I now need to tell the person who put in an offer on our house that we're in a tricky situation and it may have to be delayed.
If so, perhaps look at rental options and move out?
Discendo Discimus said:
On the last page I was ranting about the house we wanted to buy, and that the Estate agents were being a bit useless.
We found the money and offered full asking price £350K, we then waited for another week. Only to be told that the vendors don't want to sell now and will try again in the New Year. I had to phone again for an update by the way, they didn't think it was important to give me a call.
The issue we have, is that there is nothing else in the catchment area for the school we want our little one to go (The Chantry School, Worcestershire) that fits the bill. We need 4 beds, a garage and a garden for circa £350K. There's absolutely naff all.
I now need to tell the person who put in an offer on our house that we're in a tricky situation and it may have to be delayed.
Without sounding too off hand none of this is new information to you I presume and you've been watching the market for some time. I think we can all get stuck in getting a good deal but if the reality is the pickings are slim, you just need to go in hard and fast with a great offer conditional on then taking it off the market and responding within a quick timeframe. This doesn't necessarily stop a change of heart later per se. 2 houses ago I was buying in 2014 and was getting gazumped or pipped at the post probably at least 3 times. After that I simply offered the asking and that the house came off the market offer on the table till the end of the day. We found the money and offered full asking price £350K, we then waited for another week. Only to be told that the vendors don't want to sell now and will try again in the New Year. I had to phone again for an update by the way, they didn't think it was important to give me a call.
The issue we have, is that there is nothing else in the catchment area for the school we want our little one to go (The Chantry School, Worcestershire) that fits the bill. We need 4 beds, a garage and a garden for circa £350K. There's absolutely naff all.
I now need to tell the person who put in an offer on our house that we're in a tricky situation and it may have to be delayed.
Greshamst said:
Looking at a place this weekend that the other half seems really keen on.
However the current owners only bought it back in Feb 2022, and they’ve put it up at 12% increase without having done any work, it’s identical to 20 months ago.
It doesn’t feel like the past 20 months match a 12% increase in house prices. But hey, as we all know it’s worth what someone is willing to pay.
Well predictably we did really like this one. I still think the owners are taking the piss with 12% increase since 2022, but i think they probably will find someone to pay it. It’s very nicely presented inside. However the current owners only bought it back in Feb 2022, and they’ve put it up at 12% increase without having done any work, it’s identical to 20 months ago.
It doesn’t feel like the past 20 months match a 12% increase in house prices. But hey, as we all know it’s worth what someone is willing to pay.
We have an idea of what we think it’s worth, which is not asking price. Have put an offer in below asking. If someone else wants to pay asking then so be it. The owners are moving to a place that has around £150k of stamp duty alone to pay, so I imagine they’ll go with whoever can help them with that the most!
If we don’t get it, I’ll put it up and see what people think. (Although always a bit cautious of doing this as you never know who’s on here)
House I was looking at in Q1 has come back on the market.
It was 10-15% overpriced then, and the offers they received reflected that. Got pulled from the market in July (after 9 months for sale).
It’s come back on at exactly the same asking price. Nothing done in the interim. The only way to tell the photos are new is that next door has an extension.
Probate sale. Don’t know what the vendors are smoking. Its actual value has probably come down 5-10% in the year they’ve been trying to sell it, and they’ve lost another 5% in foregone interest.
It was 10-15% overpriced then, and the offers they received reflected that. Got pulled from the market in July (after 9 months for sale).
It’s come back on at exactly the same asking price. Nothing done in the interim. The only way to tell the photos are new is that next door has an extension.
Probate sale. Don’t know what the vendors are smoking. Its actual value has probably come down 5-10% in the year they’ve been trying to sell it, and they’ve lost another 5% in foregone interest.
Looked at another potential recently. Superficially it ticks a fair few boxes, but there’s a feeling in my gut that I’m not sure about…
Victorian house, was bought a few years ago and clearly bought to refurb and then sell. All new bathrooms, new kitchen, rejigged the layout etc. it’s very on trend in styling wise. But I have a nagging feeling it might be fashion over function.
The house used to have a conservatory closed off by doors. They’ve opened it up to make more ‘open plan’, and use as a main lounge, but it’s still the old conservatory frame. Along with being a Victorian house, that’s going to be an absolute heat sink in winter. Potentially quite nice in summer though.
And then there’s a few concerns about the refurb quality. The floor in the kitchen was quite bouncy, a slightly noticeable bulge in the middle of the room. In a normal Victorian house I might expect that. But in a recently refurbished room I’m worried this signifies poor workmanship…
Along with other noticeable things, like lining paper and painting over an uneven wall, rather than simply skimming smooth.
It’s been on the market since May, supposedly no offers high enough for the seller to accept yet so there’s potential for negotiation. Was on for £1m, now reduced to £950k. Was bought for £789k in 2021 before refurb.
But definitely a worry that after purchase you could find out that corners were cut on the refurb.
Victorian house, was bought a few years ago and clearly bought to refurb and then sell. All new bathrooms, new kitchen, rejigged the layout etc. it’s very on trend in styling wise. But I have a nagging feeling it might be fashion over function.
The house used to have a conservatory closed off by doors. They’ve opened it up to make more ‘open plan’, and use as a main lounge, but it’s still the old conservatory frame. Along with being a Victorian house, that’s going to be an absolute heat sink in winter. Potentially quite nice in summer though.
And then there’s a few concerns about the refurb quality. The floor in the kitchen was quite bouncy, a slightly noticeable bulge in the middle of the room. In a normal Victorian house I might expect that. But in a recently refurbished room I’m worried this signifies poor workmanship…
Along with other noticeable things, like lining paper and painting over an uneven wall, rather than simply skimming smooth.
It’s been on the market since May, supposedly no offers high enough for the seller to accept yet so there’s potential for negotiation. Was on for £1m, now reduced to £950k. Was bought for £789k in 2021 before refurb.
But definitely a worry that after purchase you could find out that corners were cut on the refurb.
Personally I would hate watching TV in that conservatory. The glare would be horrible.
It does seem like its been tarted up DIY style maybe?
If you like it and the location needing to paint a wall or two is ok but needing to put that door back in place for the kitchen or conservatry would be a no from me.
Looks like it would be too hot in the summer (Our conservatory reached 42c in the summer even with shade blinds) and it will be cold in the winter.
Why do they want to sell it so quick?
It does seem like its been tarted up DIY style maybe?
If you like it and the location needing to paint a wall or two is ok but needing to put that door back in place for the kitchen or conservatry would be a no from me.
Looks like it would be too hot in the summer (Our conservatory reached 42c in the summer even with shade blinds) and it will be cold in the winter.
Why do they want to sell it so quick?
pb8g09 said:
I presume they got planning permission to turn the conservatory into a permanent extension?
I'm sat on the exact same chair as that one at the desk - it cost me new £50 on ebay....
The conservatory has planning application and permission from 2004. I'm sat on the exact same chair as that one at the desk - it cost me new £50 on ebay....
There’s nothing I can find online for the change of opening etc, but I’m presuming it wasn’t required, or searches would identify that.
Here’s what I've found it was before
brickwall said:
pb8g09 said:
I presume they got planning permission to turn the conservatory into a permanent extension?
Definitely one to check. There’s all sorts of rules to classify something as a conservatory (and get the associated planning status)Typically, the difference is that you have to to retain external grade doors and windows to cover any openings between the main house and the conservatory and that only certain types of heating can be used.
That 2004 photograph suggests that they built it as an add on. They might have kept the original extneral door and window inside the conservatory just to save the cost of replacing them, but usually it would be be comply with the conditions.
If that's the case and they've just knocked the wall out without getting further permission to have the conservatory integrated as part of the house, then it will be an issue.
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