housing market 2020-2021 = WTF???

[aparna]

Davey S2 said:

Our driver for moving is mainly due to school catchment areas but as my kids are 7 and 3 there's no urgent rush.We'd have to do it soon though as i'm now 47 so can't leave it too long if we need to get a chunky mortgage.

It's not the budget that's the problem for us just the lack of stock on the market. The agent we spoke to a couple of months ago said that pre pandemic there would be around 50-60 houses on the market in the area we are looking. At the time there were 12.

Budget and stock are linked though? What's wrong with any of the 12 on the market?

[okgo]

aparna said:

Budget and stock are linked though? What's wrong with any of the 12 on the market?

Are they linked?

[normalbloke]

Kimmiller said:

Would be better use special custom software.

Quite..

[Sheets Tabuer]

House near me was on sale for 275, sold STC but it fell through so today it's relisted for 300k.

[aparna]

okgo said:

Are they linked?

If you increase budget, number of right move results increases?

[okgo]

aparna said:

If you increase budget, number of right move results increases?

But if you move the budget from 250 to 400, are you still going to be viewing the sub 250 stuff? Probably not?

My searches all have a minimum level as I know anything below won't be of interest, increase the overall budget and that bottom would rise too... Generally fewer houses out there the larger your budget.

[aparna]

okgo said:

But if you move the budget from 250 to 400, are you still going to be viewing the sub 250 stuff? Probably not?

My searches all have a minimum level as I know anything below won't be of interest, increase the overall budget and that bottom would rise too... Generally fewer houses out there the larger your budget.

Got you, yes.

I guess what I'm wondering about the 12 vs 60, is whether this is distorted by time on market . What happens if you tick the 'include stc' box?

In my village, there is one for sale, but if you include stc that goes up to 9. So if you increase your budget, then in a way, more houses are available, as you can make good offers for the houses that pop up briefly and go for over asking, like a radar blip.

Nationally, sales transactions are still healthy.

Edited by aparna on Thursday 24th June 16:49

[Blown2CV]

red_slr said:

Sheepshanks said:

GreatGranny said:

OP, this has just come on the market in the village I grew up in and my parents and sister still live in.

Easily walking distance to the village centre, in catchment oof good primary school and the high school is decent as well but there are private alternatives not too far away.

https://www.rightmove.co.uk/properties/109364741#/

The way things are that'll probably sell but it looks way expensive to me, both for what it is, and related to its price when last sold in 2006. £545K now vs £310K in 2006, and it's not like it's been physically altered in the meantime.

A couple of 'sold nearby' listings don't show much movement - one sold in 2017 for less than in 2011.

Culcheth can be strange like that but there are places that are very popular. We still keep an eye on the area and anything in the Twiss Green area does generally sell quite fast. Only time will tell really.

got to watch some parts of the various areas around that way as HS2 etc

[Davey S2]

aparna said:

Davey S2 said:

Our driver for moving is mainly due to school catchment areas but as my kids are 7 and 3 there's no urgent rush.We'd have to do it soon though as i'm now 47 so can't leave it too long if we need to get a chunky mortgage.

It's not the budget that's the problem for us just the lack of stock on the market. The agent we spoke to a couple of months ago said that pre pandemic there would be around 50-60 houses on the market in the area we are looking. At the time there were 12.

Budget and stock are linked though? What's wrong with any of the 12 on the market?

Either too small, too expensive or complete renovation cases which we don't want.

[LooneyTunes]

Found an example of the extent of overbidding near me. House was listed towards the start of the year when things were starting to get silly.

It was arguably underpriced at the time of posting so wasn’t surprised to hear that it went over. Turns out the offer accepted on it was 28% above the asking price. It wasn’t underpriced to quite that degree so it looks like someone went a bit nuts.

Fell through earlier this week, haven’t found out why just yet, and an offer has since been accepted on it at about 5% above the original asking price. Maybe they simply wanted rid, maybe it’s the market cooling, but there are still opportunities out there to buy at prices that don’t seem totally ridiculous.

Thinking back to the thread earlier in the week about the guy determined to kick off with the agent, another notable point is that property didn’t reappear on rightmove but instead sold after the agent called a couple of people to see if they were still interested. Shows how it can be useful to have them on your side.

[sutoka]

I live on a road the joins two major commuter roads, one of the commuter roads is a very pleasant leafy posh road lots of planning applications during the pandemic so not one house is the same as when it was built.. Since the pandemic seemed the prices on my road have gone up too.

Detached house in need of serious modernisation in 2018 sold for £165k, sold last week for £350k. Then around the corner a detached bungalow that was £375k in 2020 is up again for £500k.

Being up North the prices seem very cheap but these houses are just 'average', nothing special.

[kingston12]

semirason said:

The prices were insane, those who managed to sell some houses during that period have to be with a huge profit right now.

Why past tense? Surely those who have sold this year would have done better still as prices have surged further in a lot of areas?

[PositronicRay]

https://www.rightmove.co.uk/properties/123333233?u...


I know grey is so last year darling, but no doubt the millionaires of west wickham will snap it up.

[kingston12]

PositronicRay said:

https://www.rightmove.co.uk/properties/123333233?u...


I know grey is so last year darling, but no doubt the millionaires of west wickham will snap it up.

I don't know the area, but that seems quite a lot of money, a mile from the nearest station too.

I'm seeing a bit of change in a different part of the London suburbs in that houses that are optimistically priced are staying on the market for quite a lot longer. A lot of the nice houses that have come up recently seem to have a 'Sold' sign put up before they've even had a chance to put up a 'For Sale' one. Not so now.

I'm not sure if that really means much - it could just be a temporary lull as opposed to a longer term change.

[Teebs]

Certainly slowing down in York / North Yorkshire..

[Square Leg]

Have noticed a fair few that had SSTC are now back on the market in my area, with some being reduced.
Also rentals, that 6 months ago would be let in a few days, now hanging around and even the monthly’s being reduced.

[HRL]

My estate agent friend here in North Devon says there’s less coming onto the market so far this year but they've been snapped up as soon as they have regardless.

Not enough stock for his liking, and properties still selling for over the asking price.

[c6r]

noticeable in the searches i'm keeping an eye on that prices don't seem to be dropping as such, but things that would have gone sstc within days are still there a couple of weeks after listing. even seeing a few reductions, although in most cases they look like 'crazy taking the piss' type asking prices down to merely 'quite optimistic'. who knows in a few months time we might actually see some proper falls, although even a 15% fall which some people seem to believe is unthinkable, would only take things back to pre-covid levels.

[brickwall]

kingston12 said:

I don't know the area, but that seems quite a lot of money, a mile from the nearest station too.

I'm seeing a bit of change in a different part of the London suburbs in that houses that are optimistically priced are staying on the market for quite a lot longer. A lot of the nice houses that have come up recently seem to have a 'Sold' sign put up before they've even had a chance to put up a 'For Sale' one. Not so now.

I'm not sure if that really means much - it could just be a temporary lull as opposed to a longer term change.

I’m seeing a few things
- Still not a lot coming on the market
- Quite a lot of what does come on is crap stock priced very optimistically. This sits around, with tokenistic reductions after a few weeks (e.g., £1.4m down to £1.35m).
- Sensibly priced good stock still moving very fast

[_Yeti]

Not sure if this got posted, but here's the actual data from the previous year by the land registry
UK House Price Index for March 2022 . Price of new builds up by 19.6% in 12 months!