Hull Thread How are prices stacking up?
Posted 10 April 2009 - 04:41 PM
Posted 10 April 2009 - 04:45 PM
Posted 10 April 2009 - 05:54 PM
we have some light i feel and im finding its the new build estates that are falling fast - kingswood especially.
Posted 12 April 2009 - 01:18 AM
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!
Posted 20 November 2009 - 02:46 PM
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!?!
Posted 19 December 2009 - 12:06 AM
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?
This post has been edited by TeaPea: 19 December 2009 - 12:08 AM
Posted 09 January 2010 - 11:47 AM
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.
Posted 10 January 2010 - 06:22 PM
Looking a bit further out than you, but not by much. Iím 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 Ė 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. Itís 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 wonít 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).
* Been wrong for the last 4 years as the wife keeps reminding me!
Posted 10 January 2010 - 10:11 PM
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!
This post has been edited by simon813: 10 January 2010 - 10:14 PM
Posted 12 January 2010 - 09:05 PM
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?
Posted 13 January 2010 - 04:42 PM
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?
Posted 13 January 2010 - 09:48 PM
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.
This post has been edited by Westbury: 13 January 2010 - 09:49 PM
Posted 14 January 2010 - 05:16 PM
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!
Posted 14 January 2010 - 10:07 PM
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.