Bloo Loo Posted January 16, 2009 Share Posted January 16, 2009 (edited) two houses on my street came up as STC in December, so yes, offers are being made, but both are back on the market as buyers had no chance to complete. This IS the pattern throughout the land. Broken chains are the sign of the recession, unrelaistic expectations on the parts of buyers and Sellers is the other. Course an STC makes work for the Agent, but no income...the phone calls, changing rightmove and the adverts, changing the signs and so on. Edited January 16, 2009 by Bloo Loo Quote Link to comment Share on other sites More sharing options...
Number79 Posted January 16, 2009 Author Share Posted January 16, 2009 Probably this:http://www.rightmove.co.uk/property-for-sa...minPrice=270000 Well done that man, thanks. Nice place and explains a lot imho but even so.... Quote Link to comment Share on other sites More sharing options...
Tummybanana Posted January 16, 2009 Share Posted January 16, 2009 350K house? I imagine that people who can't afford the mortgage on their 750K houses and don't want to rent need to live somewhere. Quote Link to comment Share on other sites More sharing options...
brocken spectre Posted January 16, 2009 Share Posted January 16, 2009 Problem is the EA needs 3 a Week. Some properties will sell and will attract the few Buyers that actually have money. I saw a House before Xmas.EA said lot of interest offers coming in etc. Now on for £20,000 less.House BS Quote Link to comment Share on other sites More sharing options...
Blue Peter Posted January 16, 2009 Share Posted January 16, 2009 Probably this:http://www.rightmove.co.uk/property-for-sa...minPrice=270000 A lot of interest wouldn't surprise me. You could see similar properties in the south west for that sort of money, and I would suspect that South Oxfordshire is a much more convenient location. Peter. Quote Link to comment Share on other sites More sharing options...
worried1 Posted January 16, 2009 Share Posted January 16, 2009 Sonning common, a village between henley and reading. I know that places with land will sell but 5 asking price offers so far? 15 more viewings? and all procedable with no chain. This is an expensive area - £350k does not sound all that bad for a place with all of that land. This could have been £500k at the peak of the market, especially if there is the ability/permission to turn it into something much bigger. If someone buys this at £350k, spends £200k turning it into a 4,000sqft home with 1 acre+ garden, then surely they will have got a fairly good deal? This house is £895k: http://www.findaproperty.com/displayprop.a...amp;pid=2802570 If the buyer of the £350k property is planning to turn it into something similar, then they won't lose much money until the market drops a further 40%. Quote Link to comment Share on other sites More sharing options...
AteMoose Posted January 16, 2009 Share Posted January 16, 2009 (edited) Probably this:http://www.rightmove.co.uk/property-for-sa...minPrice=270000 Some crazy sales going on in that postcode: 53a is a semi: 17/02/2005 : 360k 16/02/2007 : 270k 53b is a semi 25/02/2000 : 219k A fall in value by 90k from 2005 to 2007.... Edited January 16, 2009 by moosetea Quote Link to comment Share on other sites More sharing options...
GregG Posted January 16, 2009 Share Posted January 16, 2009 (edited) In that case this is understandable. The property hasn't been on sale for 60 years and is in a nice part of the country. I think Henley was voted the best place to live in the UK. Plus it has 1.5 acres of land. Edited January 16, 2009 by GregG Quote Link to comment Share on other sites More sharing options...
Number79 Posted January 16, 2009 Author Share Posted January 16, 2009 the calls were probably EA colleges. these people are going bust by the dozen - they were using scum tactics at the peak of the boom - i expect they are selling their grannies right now lot of effort to convince someone signing a 12 month tenancy agreement don't you think? I was early so they were not even ready for me. I dislike ea's aswell but she seems ok and i have no reason at all to doubt this hence the complete shock. Quote Link to comment Share on other sites More sharing options...
rxe Posted January 16, 2009 Share Posted January 16, 2009 A half respectable house with an acre and a quarter in Sonning Common - £350K is cheap on a historical basis. Loads of horsey people with seemingly inexhaustible quantities of cash. I know that horses are being allegedly abandoned all over the place, but not in that area. We bought late last year in an area close by. Cottage (in need of some renovation) + 6 acres. It was put on at a competitive price (clearly more than £350K), and there were similarly loads of offers, some were 25% OVER asking. We lowballed and got binned out...but two months later they came back, as none of the silly offers could actually complete - so we got it. So the credit crunch saved us 25% I suppose - in normal times, the loonies would have been able to complete. Crazy time to buy, I know, but even with hindsight, I'd do it again in an instant. Quote Link to comment Share on other sites More sharing options...
Number79 Posted January 16, 2009 Author Share Posted January 16, 2009 Let me get this straight. There were TWO calls about the house while you were there to sign a tenancy agreement? What's that 20-30 mins tops.Yet there is no link to the house on the internet? How the F'k are the callers discovering this bargain property is for sale? She told me it is advertised in the property papers. Is probably on their website but the rightmove link has already been posted. Quote Link to comment Share on other sites More sharing options...
worried1 Posted January 16, 2009 Share Posted January 16, 2009 Probably this:http://www.rightmove.co.uk/property-for-sa...minPrice=270000 Ah, a semi. That blows my theory out of the water! Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 16, 2009 Share Posted January 16, 2009 I was in the showroom the other day looking at the new Avensis, Boy were they busy said the salesman. Quote Link to comment Share on other sites More sharing options...
Willy Weasel Posted January 16, 2009 Share Posted January 16, 2009 I viewed a property this week - buildings plus land and the EA had 20 viewings in three days (three other people were viewing it at the same time as us so I've no reason to doubt this). I think a lot of people are seriously looking at land with potential because most property developers are out of the market which gives joe public a sniff of getting these opportunities when in the past they were quietly snapped up off market by the developers. Quote Link to comment Share on other sites More sharing options...
Wires 74 Posted January 16, 2009 Share Posted January 16, 2009 Must be the interest rates - just been past my local estate Agents and it`s so busy some enterprising soul has set-up a hot dog stall outside ... Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 16, 2009 Share Posted January 16, 2009 Spring bounce? Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted January 16, 2009 Share Posted January 16, 2009 Looks a great deal. Assuming the highest proceedable offer is £400K it's still a bargain. I was STR in 2005 and had a similar experience when I visited EAs. To test the market I wandered in with a £400K deposit, mortgage arranged and "looking to buy" for £750K. I expected them to be crawling all over me. Not so - I was merely 1 of many! Seems to me we have a real split in the economy. Those with money and those without. There are still significant numbers with money. Re-entering the property market as an STR was always (IMO) going to be very difficult to time. We were hopelessly wrong having re-bought early 2006! Quote Link to comment Share on other sites More sharing options...
Number79 Posted January 16, 2009 Author Share Posted January 16, 2009 Problem is the EA needs 3 a Week.Some properties will sell and will attract the few Buyers that actually have money. I saw a House before Xmas.EA said lot of interest offers coming in etc. Now on for £20,000 less.House BS She did say quite seriously that she hoped this wasn't just a short flurry and that it ended up being 3 months work in two weeks. I know they have been struggling so far. Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted January 16, 2009 Share Posted January 16, 2009 I take it back. More shock than disbelief now .... There is many a slip twixt offer and completion though ....... This may be the spring bounce, bull trap or dead cat bounce that many have been thinking about for a while. Markets can never go down in a straight line so it is time for some sort of pause to give the market a chance to catch its breath for the next big leg down .... Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 16, 2009 Share Posted January 16, 2009 Looks a great deal. Assuming the highest proceedable offer is £400K it's still a bargain.I was STR in 2005 and had a similar experience when I visited EAs. To test the market I wandered in with a £400K deposit, mortgage arranged and "looking to buy" for £750K. I expected them to be crawling all over me. Not so - I was merely 1 of many! Seems to me we have a real split in the economy. Those with money and those without. There are still significant numbers with money. Re-entering the property market as an STR was always (IMO) going to be very difficult to time. We were hopelessly wrong having re-bought early 2006! Its booming, what with 1m properties on rightmove alone, and about 5000 completions last August. Quote Link to comment Share on other sites More sharing options...
Number79 Posted January 16, 2009 Author Share Posted January 16, 2009 two houses on my street came up as STC in December, so yes, offers are being made, but both are back on the market as buyers had no chance to complete.This IS the pattern throughout the land. Broken chains are the sign of the recession, unrelaistic expectations on the parts of buyers and Sellers is the other. Course an STC makes work for the Agent, but no income...the phone calls, changing rightmove and the adverts, changing the signs and so on. I have seen this also but these are all buyers with no chain. Fully procedable, only being viewed by people with nothing to sell and will go to the highest offer. I know there are lots of people around here with money still. This is a good place. Have heared similar throughout the home counties, wonder how much of it is just wealth being put into something tangeable before it is eroded away? Quote Link to comment Share on other sites More sharing options...
Number79 Posted January 16, 2009 Author Share Posted January 16, 2009 I take it back. More shock than disbelief now ....There is many a slip twixt offer and completion though ....... This may be the spring bounce, bull trap or dead cat bounce that many have been thinking about for a while. Markets can never go down in a straight line so it is time for some sort of pause to give the market a chance to catch its breath for the next big leg down .... I read about the bull trap that caught many early on during the great depression. I think that this activity will be gone by the spring apart from those with a lot of money looking for ways to keep it safe. Quote Link to comment Share on other sites More sharing options...
Willy Weasel Posted January 16, 2009 Share Posted January 16, 2009 I was talking to an EA yesterday - she said plenty of offers around just very low ones. Gave me an example of a property on for £435K where someone had just offered £300K. If you've STRd, I think you still need to watching the market very closely and be ready to make a low offer on something you like as an offer well below asking price now may be no worse than an asking price offer in 12 months time. Quote Link to comment Share on other sites More sharing options...
rex Posted January 16, 2009 Share Posted January 16, 2009 Seems to me we have a real split in the economy. Those with money and those without. There are still significant numbers with money. This is where I think we are at present. As I have posted elsewhere, I am simply not seeing price drops yet in Devon in the over 800k bracket and my full cash offers (at 30% off) are being rebuffed every time. They are not even interested in haggling with me; they just tell me to go away. And two of the houses in my shortlist of 3 have sold (ie completed) in the last 3 months (one of them completing today). Im hoping it will filter up gradually because I am really seeing a split approach in the economy so far. Quote Link to comment Share on other sites More sharing options...
Godley Posted January 16, 2009 Share Posted January 16, 2009 Now I have seen it can see why its had interest. Price has been corrected and now there is a market. On the face of it I would pay £350k for this. Think about how many mongs there are now who are looking at places for £350k plus acre plus paddock and paid that for a 1 bed flat with wheelie bin storage and enough room to swing a cat with 125% mortgage 6 times their earnings. Quote Link to comment Share on other sites More sharing options...
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