Opinions On Diss, Norfolk

[dogcat4]

Hello one and all,

We're ftb's in the process of buying a house in Diss but can't really get a feel for the place other than it appears to be a town of two halves ie chavtastic vs. very nice thank you. The motivations for buying in the town are work relocation and that houseprices are more favourable there than in Norwich / Bury St Edmunds etc. Does anyone on here know Diss at all? What is it like as a place to live? What's the Diss housing market like? If we need to move on in a few years will it take us a year to sell it on and then at a bargin basement price? We've held out and held out on buying thus far in the hope of a double dip in the housing market but how long do you wait?! Thank you, Dc.

[dustbinlidsid]

Hello one and all,

We're ftb's in the process of buying a house in Diss but can't really get a feel for the place other than it appears to be a town of two halves ie chavtastic vs. very nice thank you. The motivations for buying in the town are work relocation and that houseprices are more favourable there than in Norwich / Bury St Edmunds etc. Does anyone on here know Diss at all? What is it like as a place to live? What's the Diss housing market like? If we need to move on in a few years will it take us a year to sell it on and then at a bargin basement price? We've held out and held out on buying thus far in the hope of a double dip in the housing market but how long do you wait?! Thank you, Dc.

Diss-appointing

[luigi]

in the process of buying a house in Diss

Sounds like you've already made your decision, so can't really see how any input here is going to be useful to you.

Well here goes anyway, it's overall friendly and pleasant, popular with retirees from Essex and families, a few chavs in the council estates/social housing that cause a bit of disruption every now and then, town centre can get a bit rowdy at pub closing time on fri/sat nights, but mostly sleepy and peaceful.

Can't see how you think that Norwich is more expensive, seem like more bargains there ATM and it's definitely cheaper in places like Attleborough, Wymondham, Harleston, Long Stratton that don't have the mainline railway to London.

Bury St Edmunds is on a par, slightly more expensive for nicer areas.

The market here is really slow ATM, supply has been steadily increasing for the last few months, now about 730 houses for sale in a 5 mile radius of Diss, up from a low of 450 last summer/autumn and 600 at the the New Year, spring bounce hasn't really happened even if agents seem to have priced it in to their new instructions, reductions are coming thick and fast from those that need to sell and haven't had a sniff, lots of SSTC coming back on too.

IMHO, not a good time to buy unless you are getting a significant discount to peak price. 2 bed starter homes reached £135-140k at peak, dipped to 105-110k Feb 2009 low, that's where you need to be pushing, though I suspect that 120-125k is where the agents would like you to be. This autumn/winter I am expecting prices to slide as supply continues to increase and demand weakens as austerity budget kicks in. Sentiment has already turned, it's definitely a buyer's market out there.

You should always be able to sell a well-presented FTB house in Diss, as long as it's priced correctly, won't offer any guarantees as to what that price will be in a few years, though.

Hope this helps and isn't too negative for you, but then the website is called Housepricecrash

[audi tt]

I have watched bury st edmunds for a good few years.

prices at the moment are low and it is a good time to invest. i'm sure you would get a much better return on investing in bury st eds than in diss.

even if you had to go for something smaller. you can still get a terrace house in bury for around the 110k.

but its your choice. good luck what ever you decide.

[luigi]

dogcat4, any news?

What happened with your purchase? Everything still going ahead?

[dogcat4]

dogcat4, any news?

What happened with your purchase? Everything still going ahead?

Thanks for asking Luigi but unfortunately the vendor pulled out. Of course this was 6 weeks in and after we'd shelled out money for a mortgage application fee, valuation, searches and received our mortgage offer etc. Great! We were really set on the house in the end too. According to our mortgage broker and also a local estate agent (in Norwich) lots of sales are falling through at the moment. All types of properties and both vendors and buyers dropping out. The estate agent said the last two months have been the worst for this happening. Me thinks the housing market may be getting the jitters?! We're looking again but as hardly anything is coming on that's suitable we'll see. Here's hoping that there'll be another drop in houseprices and soon! Dc

[luigi]

Thanks for asking Luigi but unfortunately the vendor pulled out. Of course this was 6 weeks in and after we'd shelled out money for a mortgage application fee, valuation, searches and received our mortgage offer etc. Great! We were really set on the house in the end too. According to our mortgage broker and also a local estate agent (in Norwich) lots of sales are falling through at the moment. All types of properties and both vendors and buyers dropping out. The estate agent said the last two months have been the worst for this happening. Me thinks the housing market may be getting the jitters?! We're looking again but as hardly anything is coming on that's suitable we'll see. Here's hoping that there'll be another drop in houseprices and soon! Dc

Sorry to hear of your disappointment!

House selling/buying is such a rollercoaster of emotions!

I know it might not be much comfort, but if the market is as jittery as your EA suggests (I've also seen loads of SSTC come back on in the Diss area too), you may well end up with something better than you lost! Just be patient, I think this market has got to fall, this Autumn/Winter could well be a time for lowball offers getting accepted. If you're a FTB with a big deposit/ finance in place you're in a really strong position, don't squander it without extracting maximum value!

Are you still looking at Diss or Norwich?

[luigi]

There are now 762 houses for sale in a 5 mile radius of Diss, so unsold stock keeps building, 32 more than 9th July, inventory has kept on building throughout the Spring selling season, now entering the Holiday slowdown, a lot of sellers are going to be disappointed.

Viewed a house last week that hadn't had a viewing since it was put up for sale in early June, not particularly over priced in comparison to others and still no interest! Not sure if they're ready for a -20% offer yet though.

This one came on and sold quite quickly, the description reads "realistically priced", says a lot about a lot of the stock on offer, "hopefully overpriced" , I guess!!

http://www.rightmove.co.uk/property-for-sale/property-16478235.html

[audi tt]

I think East Anglia always has so many more properties for sale during the summer.

Priced hightly looking for the passing person who doesn't know the area but may consider buying because its such a lovely area in summer.

It may be better to wait until the winter, when those who are serious about selling are those on the market.

Then you have a better chance of buying something at a reasonable price.

Good Luck.

[dogcat4]

Thank you luigi and audi tt. We're looking exclusively in Norwich now. Stick to what you know and all that! Although that said we did go to see a very optimistically priced semi-det house in Diss last weekend but it needed alot of work, central heating etc. Too much work for us both financially and logistically as we'd have had to live in the house whilst we sorted it out with our toddler running around 'helping', not a good plan . So it's back to Norwich. There do seem to be quite a high proportion of properties coming up in our price range with no onward chain, ex btl's that need some tlc mostly which is promising. We're hoping to find something before our mortgage offer expires. Many properties are however still overpriced (the same old estate agents pricing as if everthing is peachy in the housing market) and vendors holding out for offers nearing the asking price. More encouraging is that we don't appear to be up against hoards of investors as we have been in the past and about time too. After years of saving and going without to get a deposit together it seems only fair that we might finally have a fair chance to get the best we can for our money! Dc

[luigi]

dogcat4, yesterday was a good day for us HPCers as the mass media caught up with reality, hopefully it will soften vendor expectations.

The agents are now talking prices down. I read with interest the comments of local agents in the latest RICS report:

Charlie Penrose MRICS, Arnolds Property

Consultants LLP, Norwich, Norfolk, 01603

620551 - Still the more unusual properties

incite prospective purchasers towards

sealed bid situations, whilst very modestly

priced ordinary suburban property hangs

about and becomes subject to low offers.

Tom Goodley MRICS, Strutt & Parker,

Norwich, Norfolk, 01603 617431 - The

market is definitely slowing down. There

are not as many buyers as there were in

the Spring and early Summer. Prices

need to come down.

Here's the link to the full report (pdf file):

http://www.rics.org/site/download_feed.aspx?fileID=7173&fileExtension=PDF

Make sure your offer is one of the low ones they are now expecting!!!

[audi tt]

Why not go to the bank and explain that your mortgage promise is running out and ask them to renew it now, so you don't have to rush in and buy something so urgently?.

We renewed ours many times over a two year period and it was never a problem with the halifax, they were very understanding.

Take your time and find the right thing, if any property needs work doing make sure to get quotes for that work and then offer accordingly.

We a few years ago went after a cottage in a bad state, by having a damp report done we saved 30k. A damp report is always a good barganing chip with a seller, cos if you found it the next buyer may also find it!

Good luck.

[ROC]

...

This one came on and sold quite quickly, the description reads "realistically priced", says a lot about a lot of the stock on offer, "hopefully overpriced" , I guess!!

http://www.rightmove.co.uk/property-for-sale/property-16478235.html

Headline in the local paper [Diss Mercury] is about the Persimmon plan for 120 dwellings blocking the prospect of an industrial estate access road just to the east of this property.

[luigi]

Headline in the local paper [Diss Mercury] is about the Persimmon plan for 120 dwellings blocking the prospect of an industrial estate access road just to the east of this property.

I suppose that's good news for this house, the road that runs alongside will remain little used at the top end of the industrial estate.

You must have local knowledge or enjoy reading small circulation newspapers in your spare time?!?

Amazing what makes the front page around these parts, isn't it? Must have been a quiet news week!

[ROC]

You must have local knowledge or enjoy reading small circulation newspapers in your spare time?!?

You mean, like, the Observer?

Lived in Diss for a few decades, yes, because it's possible to walk to schools, scout huts, dentists, health centres, library, squash courts, game butchers and delicatessen.

Park, swimming pool, comfortable trains to London (not like the Cambridge cattle wagons).

We have one notable disfunctional tribe that is still reproducing (requiring further housing) so there are at least a couple of spots to consider with caution.

Yes, a quite week. Nobody burned down a toyshop (see previous sentence ).

[luigi]

You mean, like, the Observer?

No, the Diss Mercury, it would be a strange choice of reading material if you weren't a local !?!

Nobody burned down a toyshop

Must have missed that one, I know the Kebab shop got it, I thought things had quietened down with the dysfunctionals, too much to ask really.

[ROC]

No, the Diss Mercury, it would be a strange choice of reading material if you weren't a local !?!

Must have missed that one, I know the Kebab shop got it, I thought things had quietened down with the dysfunctionals, too much to ask really.

The toyshop torching was seven years ago! Still, the miscreants will now be 19 or so. Grown ups!

[luigi]

I noticed today the prominently sited local branch of WH Brown had withdrawn all it's properties from it's window displays and replaced them with 'SALE NOW ON' and 'COMMITTED SELLERS'. Sounds like the Agents are overtly starting to talk the sellers back down!!

Was your local branch similarly adorned?

Edited September 4, 2010 by luigi

[waitingandsaving]

Ah! The joys of the autumn sale!

It's been a Wm H Brown tactic (in this area at least) at this time of year since 2008 (if not before) - it goes on till mid to end of November, when it all stops for Christmas.

[luigi]

Ah! The joys of the autumn sale!

It's been a Wm H Brown tactic (in this area at least) at this time of year since 2008 (if not before) - it goes on till mid to end of November, when it all stops for Christmas.

So you reckon it's just a marketing gimmick.

One of the signs reads 'GENUINE REDUCTIONS' and I noticed at least 3 of their properties with £10k reductions on Rightmove today, so maybe there's some substance to it.

[waitingandsaving]

No, you're right, it's a real sale, with real discounts.

They seem to put the time and effort into trying to get motivated sellers houses sold. I think it's a good idea, genuine sellers get the attention they deserve, genuine buyers know who might take an offer more seriously, and things get bought and sold... and sellers who aren't so motivated get to see what happens if you're flexible about that last £2,000 that they're squabbling over.

I think it also helps kick start their sales stats for the typically busy period - figures have been down for the last 4 months, which as we all know, is nothing unusual, and happens every year - summer is always quiet. Then they have a big effort to get sales moving at a traditionally busy time of year anyway, and it looks that all is well again, especially because it's been boosted by a big sales campaign. I guess they need to get as many sales in between now and Christmas when the market goes quiet again till the spring - and this has been especially true over the last few years.

I think I just wish they'd give this much attention to motivated sellers all year round.

Or have I just become too cynical in all this?

[luigi]

Mmmm, I share your cynicism, now at least 11 of their properties reduced in last 3 days on Rightmove, somewhere between £5k-£10k off, really only a few % off, not even removing the Spring froth from the valuations.

OK, it's a start but with the lack of buyers out there ATM, it's gonna take more than that to tempt me!

[luigi]

There are now 787 houses (plus flats, bungalows, etc) for sale in a 5 mile radius, I've been tracking this for a while and this is an all -time record, it's 25 up on last month, inventory just keeps building, reductions keep coming, can't really work out how many are actually selling as rightmove lists as new any properties that have been reduced.

Anyway keeping tabs on the number of listings shows up the supply/demand imbalance.

[waitingandsaving]

That's a positive sign!

I've been thinking it might be time for me to do a few house counts - to compare the situation to last year, and before...

Have you got Property Bee installed to work alongside RM? I can't recommend it highly enough.

[luigi]

Oh yes, I've got Property Bee, I think I'm the only one in the local area using it, if I'm away I notice that there haven't been any updates.

Difficulty in tracking sold numbers is because some agents remove the listing when SSTC, so you don't know if it's sold or withdrawn. You can look at Land Registry numbers but these appear with such a delay that it's not really an up to date picture of the market.