How far will house prices fall [volume 5]

[Al Gorithum]

A good friend of mine has a Purple Bricks franchise in North London. Told me this week that there's been a bounce in activity this month following months of doldrums.

[kingston12]

Is anyone familiar with the Sevenoaks market? I know the area reasonably well, and occasionally have a look at prices, and it seems to be going up when other equivalent commuter belt areas are static/down.

This one caught my eye:

https://www.rightmove.co.uk/property-for-sale/prop...

This is only about 1,350sqft when you exclude the garage, in need of complete modernisation and is two miles from the station, which is difficult to drive to because of traffic/parking.

There are plans approved for an extension and the garden is (too?) big, but I'd have expected this to be more like £900k. Is this type of thing selling near this asking price?

[NickCQ]

Al Gorithum said:

A good friend of mine has a Purple Bricks franchise in North London. Told me this week that there's been a bounce in activity this month following months of doldrums.

Let's hope so - just put my place on the market.
My experience is that the market usually goes on a massive upwards tear just after I accept an offer

[oyster]

kingston12 said:

Is anyone familiar with the Sevenoaks market? I know the area reasonably well, and occasionally have a look at prices, and it seems to be going up when other equivalent commuter belt areas are static/down.

This one caught my eye:

https://www.rightmove.co.uk/property-for-sale/prop...

This is only about 1,350sqft when you exclude the garage, in need of complete modernisation and is two miles from the station, which is difficult to drive to because of traffic/parking.

There are plans approved for an extension and the garden is (too?) big, but I'd have expected this to be more like £900k. Is this type of thing selling near this asking price?

Looks like they're pricing in a chunk of value for the already-approved extension.
The problem is that it's only approved - it's not built.

[Burwood]

oyster said:

kingston12 said:

Is anyone familiar with the Sevenoaks market? I know the area reasonably well, and occasionally have a look at prices, and it seems to be going up when other equivalent commuter belt areas are static/down.

This one caught my eye:

https://www.rightmove.co.uk/property-for-sale/prop...

This is only about 1,350sqft when you exclude the garage, in need of complete modernisation and is two miles from the station, which is difficult to drive to because of traffic/parking.

There are plans approved for an extension and the garden is (too?) big, but I'd have expected this to be more like £900k. Is this type of thing selling near this asking price?

Looks like they're pricing in a chunk of value for the already-approved extension.
The problem is that it's only approved - it's not built.

The whole house needs gutting. It's a complete mess. Two of the bedrooms are tiny (100sft). Only one bathroom.Considerably over priced. I'd say 800k tops. To do it justice theres £300k min to be spent (incl extension) and an 18 month ball ache.

[kingston12]

Burwood said:

oyster said:

kingston12 said:

Is anyone familiar with the Sevenoaks market? I know the area reasonably well, and occasionally have a look at prices, and it seems to be going up when other equivalent commuter belt areas are static/down.

This one caught my eye:

https://www.rightmove.co.uk/property-for-sale/prop...

This is only about 1,350sqft when you exclude the garage, in need of complete modernisation and is two miles from the station, which is difficult to drive to because of traffic/parking.

There are plans approved for an extension and the garden is (too?) big, but I'd have expected this to be more like £900k. Is this type of thing selling near this asking price?

Looks like they're pricing in a chunk of value for the already-approved extension.
The problem is that it's only approved - it's not built.

The whole house needs gutting. It's a complete mess. Two of the bedrooms are tiny (100sft). Only one bathroom.Considerably over priced. I'd say 800k tops. To do it justice theres £300k min to be spent (incl extension) and an 18 month ball ache.

Indeed, and after that the career-long ball ache of getting to the station. It just seems that everything that is detached with a TN13 postcode has gone up 25% in asking price in the last couple of years.

This one is right on the edge of a 1950's housing estate that was bolted onto the south end of the town. It's actually quite a nice location, but has always traded at more of a discount to houses on the more central roads which are much more conveniently placed and often with a fair bit more character.

[UpBeats]

Prices will collapse cause all the landlords are the prime target of this corona virus apparently.

Nice little 50pc crash in the making when a million houses hit the market in the space of a year?

[loafer123]

UpBeats said:

Prices will collapse cause all the landlords are the prime target of this corona virus apparently.

Nice little 50pc crash in the making when a million houses hit the market in the space of a year?

You certainly have an oxymoronic user name!

[UpBeats]

Will be best for everyone. The next gen will be able to buy a house.

[soxboy]

Colleague was looking at an apartment near Buck House for a client, chipped the asking price down £2m from £10m.

[Previous]

Aaaaaannd Sold (stc)

Had an offer at 95% asking price in Dec, but couldnt accept as the only house we wanted to move to didn't accept our offer.

Now been offered 97.5% of asking: Still nowhere to go, but buyer is cash buyer and happy to wait until we find somewhere

Location is BS35, just north of Bristol.

[matrignano]

Well, about 18-24 months since I joined this thread, probably 50+ viewings, I finally had an offer accepted on my first every house (flat).
Only my second offer in that period, and actually both offers were on the same flat but a year apart

And now I'm absolutely stting myself that I ballsed it up and the market will crash next month, I will lose my job in 2 weeks etc..

[okgo]

matrignano said:

Well, about 18-24 months since I joined this thread, probably 50+ viewings, I finally had an offer accepted on my first every house (flat).
Only my second offer in that period, and actually both offers were on the same flat but a year apart

And now I'm absolutely stting myself that I ballsed it up and the market will crash next month, I will lose my job in 2 weeks etc..

Where about was this? Did you have to go at asking?

Offered on two places myself, first of which the chain fell apart because the vendor got outbid and the property they wanted went for over asking in Tooting...

Spoken probably to 15 agents from Earlsfield one way to East Dulwich/Peckham the other - its a feeding frenzy, agents selling most things half decent on open days, like the glory days. Managed to get an offer accepted on something else, but was kind of scared into paying asking...

[matrignano]

okgo said:

Where about was this? Did you have to go at asking?

Offered on two places myself, first of which the chain fell apart because the vendor got outbid and the property they wanted went for over asking in Tooting...

Spoken probably to 15 agents from Earlsfield one way to East Dulwich/Peckham the other - its a feeding frenzy, agents selling most things half decent on open days, like the glory days. Managed to get an offer accepted on something else, but was kind of scared into paying asking...

Earl's Court

Flat was on last year for £1.05m, the reduced to £1m. I bid £900k and seller countered with £930k.
I left it at that point, and the seller died shortly after!

The family put it back on the market a few weeks ago on £950k, we shook on £930k.

No chain and it's been taken off market, so hopefully it should go through unless I balls it up

[okgo]

matrignano said:

Earl's Court

Flat was on last year for £1.05m, the reduced to £1m. I bid £900k and seller countered with £930k.
I left it at that point, and the seller died shortly after!

The family put it back on the market a few weeks ago on £950k, we shook on £930k.

No chain and it's been taken off market, so hopefully it should go through unless I balls it up

Saved yourself a fair chunk of stamp too given the ratchet up after £925k.

[Sheepshanks]

matrignano said:

Well, about 18-24 months since I joined this thread, probably 50+ viewings, I finally had an offer accepted on my first every house (flat).
Only my second offer in that period, and actually both offers were on the same flat but a year apart

And now I'm absolutely stting myself that I ballsed it up and the market will crash next month, I will lose my job in 2 weeks etc..

I know gulping at Southern property prices has been done to death, but I doubt even on here there are many people who could reassure you after their own first time buyer experience at £930K.

[matrignano]

I'm a late starter at 37 yo.
Thought I'd skip the first rung of the ladder and associated costs (SDLT)

[NickCQ]

matrignano said:

I'm a late starter at 37 yo.
Thought I'd skip the first rung of the ladder and associated costs (SDLT)

Sensible idea. I am 'second-stepping' in London myself at the moment having bought in July 2014, there will be no meaningful capital gain to offset SDLT and maintenance / upgrades.

[Burwood]

UpBeats said:

Will be best for everyone. The next gen will be able to buy a house.

Under your scenario are we all dead, along the lines of 'I'm getting that house for half price , even if it kills me.

[z4RRSchris]

good bounce at the moment pre the stamp[p duty rise on 11th march,

lots of big deals with people trying to beat the increase.

viewing numbers up, offers up etc etc.

Our place completes very soon so will be interesting to see what the interest is like when the doors open.