Hull Thread

[lincs]

I can't say I've been paying much attention to prices locally, certainly not as much as I did a few years ago. However, I don't seem to have noticed any noticable reduction in asking prices at this stage. Nothing seems to be selling but people seem very reluctant to lower asking prices. I'm guessing this is maybe common throughout the country as only the people who are forced to sell will reduce their asking price below what they think it is "worth". Any people on here from Hull and surrounding areas who have been keeping tabs on prices and possibly have any anecdotal evidence?

[kittingerjump]

I don't know Hull at all. It was interesting to read though that it's near the top of the list for current uk unemployment. I would have thought that high unemployment areas would suffer more noticeably especially in terms of general house prices. Maybe people cannot sell because they are not in a position to?

[NICK2151]

I am following Hull, I must admit things have been moving slow but in the last 2 months im seeing some joy we are just starting to see some decent repos coming onto the market as opposed to the usual trash. I have also found that what is selling is being sold at far less than asking prices (thanks to zoopla), i saw two sold recently that i had been watching for a while in west hull - asking price £250k down to £240 then £230 - then sold for £197.5, another on at £160 found its way down to £135 and sold for £102.

we have some light i feel and im finding its the new build estates that are falling fast - kingswood especially.

[lincs]

Also the floods didnt help Kingswood. I think a lot of people who would be put off buying there considering how badly that area was hit, although much of Hull itself didnt fair much better.

[darwin]

I can't say I've been paying much attention to prices locally, certainly not as much as I did a few years ago. However, I don't seem to have noticed any noticable reduction in asking prices at this stage. Nothing seems to be selling but people seem very reluctant to lower asking prices. I'm guessing this is maybe common throughout the country as only the people who are forced to sell will reduce their asking price below what they think it is "worth". Any people on here from Hull and surrounding areas who have been keeping tabs on prices and possibly have any anecdotal evidence?

Yeah, doesn't look like much is moving. I've seen a number of properties go from 'Available' to 'Sold STC', only to be relisted as 'Available' again.

At this point I think anything that sells now will turn out to be overpriced because prices will fall a lot further. Property Bee is tagging 20%+ reductions. I don't know what kind of offers are being made, I'm guessing 10%-15% under asking. It must therefore be possible to get something at 30% below original asking price. Bigger drops to come though.

Kingswood?! No freakin' way!

[PopGun]

I wouldn't let a my dog 5hit in some of the houses being peddled for over £100k!

I still don't get it. In a decent(ish) area of Hull or West Hull villages, you're still looking at around at least £120,000 for a modest terrace.

This in an area famous for low employment prospects were the average wage is < £18,000!?!

[TeaPea]

I am following Hull quite closely indeed at the moment,

It must be said I feel that Hull is very overvalued right now, the area has high unemployment, and to be frank, most of the youth are useless and earning pennies if they're even in a job.

I don't understand how the current prices are being sustained.

I think it's one to watch and I am expecting further falls in Hull . . .

Kingswood is extremely cheap, but that's partly due to it's new build nature, partly due to it's location in terms of being ages from the a63, and partly next to being on the doorstep of the beautiful bransholme . . oh and then there was the great floods? but i cannot see them happening again?

Edited December 19, 2009 by TeaPea

[simon813]

Right, time to give this thread a bit of life!

My wife and I are FTB's with a budget of upto £200k (although the muppets at the bank will lend us £280k if we wanted it!!). About 20% of our budget is deposit which we have saved by living in cheap rented for the last 6 years.

We have been viewing and offering on houses in West Hull and the villages for the last few months. For example:

3 bed semi in Willerby, needs minor work doing to the roof and a couple of new windows. On the market for 3 months, no other offers. On the market at £207k - we offered £180k which was refused.

3 bed semi in Kirkella, best road in the area but upstairs needs serious modernisation. On the market for 3 months, no other offers. On the market at £245k - we offered £210k which was refused.

4 bed semi in Anlaby, busyish road and very small 4th bedroom. On the market for 6 months, no other offers. On the market at £225k - we suggested that we might offer circa £190k which was laughed at. Vendor stated that there was no point viewing if we weren't going to offer £215k as she won't take anything less!!

So, the prices in the West of the city are holding firm but no-one is selling. It seems as though people are expecting things to pick up in the Spring and are holding out for someone to come along and offer full asking price!! Good luck to them. What worries me is that when new houses come to the market in Spring they are priced according to this stock which is sitting unsold on the market.

Something has to give, some of these people will have to move eventually and price their houses accordingly. When they do our position as FTB's should mean that they choose us over people who are in a chain. There can't be many FTB's in this area looking at these sort of houses.

All observations welcome.

Simon

[Westbury]

Hi Simon,

Looking a bit further out than you, but not by much. I’m looking at buying in an East Riding village next to Hull.

The amount of property has dropped by about 50% as last year ended. A house or two has come onto the market recently - one a bungalow near the Humber which I think will sell because of its location at 185K. Another is a 3 bed semi at a ridiculous price of 225K – There is also a 4 bed (extended 3 bed semi) at 210K.

In the village we are renting in there appears to be more properties coming onto the market - I also have noticed a couple of new sold signs. But I believe that properties are coming onto the market faster than they are selling.

At the moment I am keeping an eye on the Gilts thread as I believe this along with the economy affecting jobs in this area will be the cause of the long due correction.

I suspect that people are or will soon be putting properties on the market hoping to sell at the top. It’s as though the spring house selling season has started early this year. Whether the buyers are getting more aware that changes are likely (ie house prices won’t keep on rising) and are hanging back from buying. Only time will tell to see if my hunch is correct^*. Hopefully this year I'll be buying but it won't be until the weather is warmer and someone has taken proper action to get this country out of its mess it is in. Shall watch how things unfold in the next few months - I suspect it could be interesting (as a spectator).

Westbury.

* Been wrong for the last 4 years as the wife keeps reminding me!

[simon813]

Hi Westbury,

Nice to hear that there is another local on the forum. Like you we are hoping that lots of stock comes to the market in the early part of the year and brings a bit more choice, along with decreasing prices.

Do you mind me asking whereabouts you are looking? I would guess by your post and my (rather sad) extensive knowledge of Rightmove that it's N. Ferriby. If so then we are nearly neighbours, we are in Hessle but I went to South Hunsley so I know Ferriby very well. We have looked externally at the two houses (not the bungalow) that you mention above. Both seem well overpriced although I have a friend who bought a very similar house on one of those streets at around that price at the peak of the market!

I would buy in Ferriby, Swanland, Welton or Elloughton but my wife is a Willerby girl and wants to stay there!

Simon

Edited January 10, 2010 by simon813

[Westbury]

Spot on Mr Holmes! You have been spending too much time on Rightmove.

Yes, we have decided on Ferriby its close to Hull but not too close. Its fairly easy for the wife to get to work from there and there is no need to use the A63. Maybe consider one of the other villages you mentioned if a property came onto the market that the wife liked. North Ferriby just seems that slightly more convinient.

Can I ask about your friends motive for buying when he did. Is he still happy with his decision?

[simon813]

Westbury,

The friend I mentioned is not a particularly close friend so I don't know them that well. As far as I know they just bought because they wanted to. I don't think they have any strong feelings about the market in general, they probably think they got it at a good price.

Personally, I like Ferriby as a place, I just aren't keen on the pub. It's a bit like a school reunion in there for me and not my favourite place! I like Welton and Swanland, but not that keen on Brough, especially the new bit.

All we want is a 3/4 bed semi with a decent sized garden. The type of place that should be circa £170k in the areas we have discussed, not £225k!!!!

Have you viewed / offered on anything?

Simon

[Westbury]

Simon,

Glad your not looking at Ferriby - we would be competing on the same type of house by the sound of it. 3 bed semi with a decent garden.

I think prices will drop below the £170K mark in Ferriby for a 3 bed semi. I have not recently viewed or put an offer in on a property for a couple of years now. I think that was for £150K for a 3 bed semi - But it had a small garden. EA was pushing for me to up the offer slightly to get the property. But due to the fact that we were unsure if we really wanted the property and we were just about to move out of the current rental property, aided by some stubbornness on my behalf when pushed by the EA. We did not go ahead.

A few months before that I had put in an offer on one of the ex council houses in Ferriby (£140K) Sold for around £160K I think). I was thinking that this was getting ridiculous then. Unfortunately it has got no better since and I get the impression there is a deperate push to get the maximum price from property at the moment. Though thinking about it the, some of the ex council houses on the edge of the village were dropping in price towards the end of last year.

And no need to tell me about Brough - Guess were I am renting!

Are the houses you put the offers on still on the market? Did you get any indication why they wanted to sell?

PS. Talking to the wife I'm pretty sure we have met once. Have you a younger brother (who also went to S Hunsley) and your mum has still got her sports car. My wife noticed it was still there when she posted her Christmas card. Hope I don't have to dig out the embarrassed smiley icon.

Edited January 13, 2010 by Westbury

[simon813]

Hi Westbury,

You aren't Glynis's husband are you? I remember meeting at my mum's 50th and having a brief conversation about HPC.co.uk. It did cross my mind when you replied to my first post above, but i couldn't remember the username you said that you would use (if that was you of course!).

Out of the houses I have mentioned above, two are still for sale. The Kirkella one is now up for rent as the owners have emigrated. The other two are both downsizing but for different reasons. The Kirkella one and the Anlaby one were both bought in the last 5 years at very over inflated prices (in my opinion) whereas the Willerby one has been owned by the couple for 30 years.

We are finding it difficult at the moment. We would like to start a family but we always said that we would buy a house first. We have saved really hard for 6 years for a deposit and we have good jobs which should be recession proof, yet we can't afford to buy a decent family home in the area we want to live, and remember this is Hull not London!! If I had a crystal ball and the end was 2 years away we could accept it and wait, but the uncertainty is torture!

Simon

[Westbury]

Simon,

Correct again!

It is interesting about the couple emigrating because that Ferriby house (with the small garden) was also being sold by people emigrating and it was down to wire with respect to their departing the country date. Perhaps there are a lot of people leaving the country. The two other ex council houses we looked at. One was the selling the parents old house and the other was a couple divorcing and selling up.

You have my complete sympathy with your situation. I'm fairly laid back on most issues but over the past four years the politicians have, in my opinion, run this country to the brink of disaster all for the sake of their jobs. (And have done so with their noses in the trough) Find it very difficult to watch any politician on the box without wanting to shout at the telly these days. I thought you were supposed to calm down in old age!

Unfortunately, this has hit people like you. Ok, there is not a god given right to own a home, but it should be attainable for people who want it without sacrificing their financial and social future to obtain it. God help the generation coming up behind you. I look at my parents generation with a little envy, which is strange, as I'm sure I should be looking at the next generation with envy.

I can feel the ethos of the HPC site surging through my veins now. Even when lurking you can get infected.

[simon813]

Hi Westbury,

I haven't been on here for a few months as I really thought that the crash was finally in full flow, but since new year I have felt the need for a fresh injection of hope so have been popping on and off the website regularly. It is nice to regain the faith and makes the wait slightly less painful.

On a slightly different note I have seen an influx of new properties onto Rightmove in the East Riding in the last week, however they seem to have been made up of two new estate agents who I haven't previously seen on RM.

Simon

[Westbury]

Hi Simon,

Hopefully this correction will start moving in the next few months. I still think the election will be the main trigger. My bearish tendencies seem to be emerging early from hibernation after the battering they have had over the last few months.

I think that the unemployment figures for Hull were a bit disappointing? ie Down. This must have an effect at somepoint.

Reading other threads in the main forum there seems to be some talk of properties coming onto the market. Add the news that Skipton is upping its SVR and its start to look a bit more optimistic for the bears. Though I can see reasons why the Skipton hike will be a one off and other banks/BS won't follow but it may be a wake up call.

I have just got a Rightmove update about another ex council house in NF. Priced at about peak rate though. 160K. Going to NF on Saturday may have a drive past to gets its number and look up its price/selling history.

Anything caught your eye in the new properties you've seen coming onto Rightmove? Or are they out of your area or not meeting your requirements.

Apologies for being a bit slow on replying I've been laid low with a cold for the last few days.

Westbury

[simon813]

Hi Westbury,

I guess the latest addition you are referring to is on Plantation? A few friends lived round there when I was growing up and it seemed like a nice area.

We haven't really seen anything new come to the market that fits the bill in our chosen locations. We are still plugging away at one in Willerby that we offered on before Christmas. I think our offer is a bit high based on my predictions for the future but I'm trying to balance getting a good deal with getting on with our lives! I've come to terms with the fact that we might have to pay over the odds to get on, it's just a case of how much over.

Some of the news in the main forum and on the news sounds good, but then it's contaminated with stuff like the Nationwide report from today. The general public are still being led along a path that doesn't end were we want it to.

Simon

Edited January 29, 2010 by simon813

[PopGun]

Hi Westbury,

I guess the latest addition you are referring to is on Plantation? A few friends lived round there when I was growing up and it seemed like a nice area.

We haven't really seen anything new come to the market that fits the bill in our chosen locations. We are still plugging away at one in Willerby that we offered on before Christmas. I think our offer is a bit high based on my predictions for the future but I'm trying to balance getting a good deal with getting on with our lives! I've come to terms with the fact that we might have to pay over the odds to get on, it's just a case of how much over.

Some of the news in the main forum and on the news sounds good, but then it's contaminated with stuff like the Nationwide report from today. The general public are still being led along a path that doesn't end were we want it to.

Simon

Hello Simon/Westbury.

I'm currently in Hessle, but looking to move up the chain when/if the prices fall accordingly. I too like Willerby, Welton etc but doubt we could afford Swanland, but you never know.

There has to be a sharp correction in these neck of the woods. There are hardly any decent jobs outside the public sector, so how these prices can hold up I don't know. I remember those £200k Semi Detached Willerby Houses going for < 90K 2000/2001, I wouldn't pay more than £140,000 in principle.

What's the rent like in your respected areas? Will check back on this thread to see if either of you have made any progress.

Good luck

[simon813]

Hi Popgun,

Nice to see another local on the forum.

We currently rent from a friend who kept her last house when she moved in with her partner. We have been here for 6 years and its on a small Barratt estate. Our landlady/friend doesn't bother us from one year to the next (until recently we hadn't heard from her for 18 months!) and she charges us about 60% of what the rent should be on comparible houses on the estate. For us it's been a win/win situation as we pay such a small amount of rent we have been able to save heavily and spend a bit enjoying ourselves. You mention public sector, funnily enough we are both in public sector jobs so we are very lucky.

We are looking in Willerby/Anlaby/Kirkella/Swanland/Welton/Elloughton. We want to start a family this year or next so we are looking for an average 3 bed semi with a nice garden (we like being outside). The same houses seem to have been on the market forever and we won't be forced into paying over the odds for something that it is overpriced and isn't selling. We have been putting offers in which I think are quite generous but we are still getting laughed at by estate agents.

What sort of place are you looking for?

Simon

[PopGun]

Hi Simon,

Pretty much the same house in the same areas to be honest, keeping an eye on Southcave as well. I think you're doing the right thing, stick to your guns. With Westbury, the three of us can make our own little contribution to a localised HPC

Despite the lack of local jobs and an average wage of < £18,000 prices can't go up any further thats for certain. However how much they end up coming down is anyone's guess.

[Westbury]

Hi Simon/PopGun,

Thought there must be more than two of us in this area with an interest in a HPC.

I'm waiting a few more months yet. But it's all up to your own personal circumstances. That dream home may be just around the corner. I think if the prices fall to PopGuns estimate (which I'm in agreement with) of around 140K I will buy. Unless I can persuade my wife that prices will fall further - but I think I'll be pushing my luck. So I'm looking for 20% falls which may take more than a few months!

Another Ferriby property has come on to the market (Bungalow 175K) and the overpriced 3bed semi has been reduced, still way overpriced for a 3 bed semi though imo. Could do with a few more coming up for sale in NF just to bring a bit more competition to the market. Don't think anything has sold at the moment which is also a positive note.

Simon have you got time for HPC now with all your TV appearances?

Westbury

[simon813]

Hey, no mickey taking! I've had enough of that from people at work!

On the housing front I had noticed that the overpriced semi in NF has been reduced slightly.

The one we were most hopeful about in Willerby has gone under offer. The EA took great delight in telling me that it sold at a "much higher price" than our offer. We viewed another one in Kirkella on Sunday, quite nice, but strange set up with two full bathrooms next to each other upstairs. Greatly over priced like everything else.

Simon

Edited February 8, 2010 by simon813

[PopGun]

The one we were most hopeful about in Willerby has gone under offer.

Simon

Don't worry, I'm sure the EA will take great delight in informng you soon, that the property is back on the market.

Stand firm, even £140k is way too much imo, but a line must be drawn somewhere.

[Westbury]

Don't worry, I'm sure the EA will take great delight in informng you soon, that the property is back on the market.

Stand firm, even £140k is way too much imo, but a line must be drawn somewhere.

+1.

Though sorry to hear that its gone under offer. Suspect that the EA used your offer to pressure these buyers?

Unfortunately, it can all get a bit depressing. Hence, I'm still not venturing out to see any EAs at the moment. My HPC confidence level seems to be going up on one day's news and then down on the next day's news.

On my way to work I've just noticed that a bungalow that has been on the market for ages has now got a sold sign on it. I will wait to see how long it stays like that. Still the SOLD signs are pretty rare. Would like to see more properties coming onto the market. A bit more of a choice would be in our favour.

Westbury.