Who Is Buying?

[BearShaped]

I would say there are parts of Cheltenham with a degree of immunity to price drops simply because of desirability, schools etc If you look at Gloucester, Evesham or Tewkesbury (10 miles away) price drops on propertybee are much more significant. I still think Cheltenham will get hit but it will take longer to filter through.

[BearShaped]

'tis true. I'm also looking in Cheltenham

lol. maybe prices are holding up because there are simply too many people looking to buy in Cheltenham and EAs inventorys of decent property in decent areas is low. I've certainly found this to be the case.

[Non Sequitur]

I hate to say it but I am buying somewhere. It's for one of my children and it is a long term thing so I don't mind if prices fall in the short to medium term. Probably a bit stupid.

[Alfie Moon]

As with everyone else on here i've been watching the market now for some time and must say i'm a little perplexed as to the recent upturn is activity with regard to house sales.

In my area, Cheltenham, prices were beginning to fall very gradually and most properties were sticking since they went on the market last year. All changed now though....

Within the last few weeks i'm seeing SOLD signs on a significant number of houses that I was sure (hoping) weren't going to shift for a long time. If (big If) these sales go to completion then I think we're going to see a relatively big increase in sold numbers in the next few months. Thing I can't get my head around is who's buying?!

1) FTB's - surely not considering the mortgage approval numbers

2) STR funds entering back into the market? Maybe people are getting spooked and are putting in offers.

3) People with big savings that see no point in letting them sit in bank accounts earning no interest

4) Property, aherm, 'professionals' who are dipping their toes back in for rental yields

Any ideas what's going on?

Give us the postcodes and we can all check out the level of selling activity with propertybee. In fact I don't see why all those claiming that there has been a surge in selling activity should not provide this info so that their claims can be verified as true or nonsense.

In Birmingham, Lichfield and Worcester March has seen many estate agents selling less than 1 property a week - so transactions are still at an all time low. There is the occassional EA that is selling more than one property a week but I haven't found any that have managed 2 or more a week in Worcester and parts of Birmingham.

What are other people observing through their use of propertybee?

[Henrik]

We're possibly looking to buy too. Sure, there are still price falls to come, but hopefully our 20% below an already quite decent asking prices (judging by the neighbours and houseprices.co.uk) will take some of the pain away.

With current interest rates (5.25% from leeds bs), interest only works out cheaper than the rent in our current house (looking at buying a 4 bed with garage vs renting a run down 2 bed with no garage). We're not going for interest only, obviously, but useful as a comparison.

Our aim is to get a mortgage that we can pay with one single "shelf stacker in tesco" kind of salary (even though it would be tight!), and it actually seems like that is within reach now.

I'm in the inflation camp myself (maybe not hyper inflation, but since the bank of england started printing money, i don't believe in deflation), so I want to protect our deposit as much as possible (not interested in buying gold, sorry).

The mortgage would be less than 3x my single salary, so should be manageable'ish. Hopefully. If possible, we will also be looking at paying down as much as possible of the mortgage early on as a hedge against deflation (assuming we both keep our jobs).

[Harry Monk]

I'm an STR who may be buying very soon as the beautiful and unique property I have had my eye on for some time is now at a price which would allow me to put down a 40% deposit, take on a mortgage of 3.5 times salary and still leave me money for the restoration.

I wouldn't buy yet if I was after just any old house, HPC has at least another year to go.

[Danny Deflation]

1) FTB's - surely not considering the mortgage approval numbers

2) STR funds entering back into the market? Maybe people are getting spooked and are putting in offers.

3) People with big savings that see no point in letting them sit in bank accounts earning no interest

4) Property, aherm, 'professionals' who are dipping their toes back in for rental yields

Any ideas what's going on?

Maybe just people wanting somewhere to live.

[Emy74]

Give us the postcodes and we can all check out the level of selling activity with propertybee. In fact I don't see why all those claiming that there has been a surge in selling activity should not provide this info so that their claims can be verified as true or nonsense.

In Birmingham, Lichfield and Worcester March has seen many estate agents selling less than 1 property a week - so transactions are still at an all time low. There is the occassional EA that is selling more than one property a week but I haven't found any that have managed 2 or more a week in Worcester and parts of Birmingham.

What are other people observing through their use of propertybee?

I'm looking in CR8 and CR5. Lots of properties have gone under offer between £250K and £450K since the middle of Jan. Bairstow eves have even put all their under offer properties back onto the market even though if you phone them up they are still under offer. Hardly anything new has also come to the market.

[Godley]

See through what exactly Sherlock, an honest question?

As I said I've been watching the market for a 18months and have suddenly seen sold signs going up on quite a few properties that I'm interested in. These are all on Rightmove if you want to check..

Clare Place, Cheltenham, 4bed, £435,000 - Sold STC

Merestones Drive, The Park, Cheltenham, 4 bed, £425,000 - Sold STC

Noverton Lane, Prestbury, Cheltenham, 4 bed, £425,000 - Under Offer

The Grove, Hales Road, Cheltenham, 3 bed, £395,000 - Under Offer

Bournside, Cheltenham, 4 bed, £385,000 - Sold STC

Admitedly I have no idea what these places went for and wont until they appear on the land registry but I was hoping that the price of these would tumble over the coming months.

Soooooooooooo, taking the above into consideration, I was naturally wondering who is now making offers/buying these places and this being a forum dedicated to houseprices thought it may be good to raise that question here.

SOOOOOOOOOOOO none of them are sold then

Give me the addresses so I can track them.

[Harry Monk]

I hate to say it but I am buying somewhere. It's for one of my children and it is a long term thing so I don't mind if prices fall in the short to medium term. Probably a bit stupid.

Given that you are being realistic about the reason, and that you accept that the property may decline in value further, it isn't stupid at all.

"Stupid" is buying a house now for investment purposes, not buying a home.

[Godley]

I hate to say it but I am buying somewhere. It's for one of my children and it is a long term thing so I don't mind if prices fall in the short to medium term. Probably a bit stupid.

No not stupid go for it.

[Ignorant Steve]

My cleaners daughter and her boyfriend have just bought. A repossession 4 bed house costing them £135K. 40% cheaper than asking prices of similar properties last year.

Outskirts of Leamington Spa has loads of property for sale - loads of it repossessed apparently. (Cleaners husband is a bailiff).

[Ignorant Steve]

SOOOOOOOOOOOO none of them are sold then

Give me the addresses so I can track them.

None of them are sold. But at the very least it gives the sellers no incentive to reduce price further. Even if the chain collapses that won't be a good enough reason to reduce price.

[crash 2005]

I'm Buying the house I've been renting since I STR'd in 2004, I am buying it for a 31% discount of what it was valued at in March 2008. Should be completing next week.

Edited March 27, 2009 by crash 2005

[squire]

Recently, my friend in NI got a mortgage with the Ulster Bank - 95% plus 5% deposit paid by the developer! Moves in shortly. But could only buy from a new development. Check out these mortgage terms: http://www.ulsterbank.ie/ni/personal/borro...first-time.ashx

Bit of a con in regards to "Protection against falling house prices". I'd imagine the developer will just offer cashback for other buyers therefore you won't get money off if your house value falls in reality.

I know of two others who are looking to buy, one in NI, another in England. I don't think people are actually thinking through about the prices and interest rates.

[juvenal]

My cleaners daughter and her boyfriend have just bought. A repossession 4 bed house costing them £135K. 40% cheaper than asking prices of similar properties last year.

Outskirts of Leamington Spa has loads of property for sale - loads of it repossessed apparently. (Cleaners husband is a bailiff).

Big block of redundancies announced yesterday in Leamington Spa?

Even more repossessions to come?

[kennymq73]

SOOOOOOOOOOOO none of them are sold then

Give me the addresses so I can track them.

Nooooooooooo, they haven't technically sold yet but as these have only started appearing over the last few weeks they wouldn't have had time to yet would they. The point is interest has picked up enough for these to go under offer or SSTC -what's your issue?

I've supplied enough detail for anyone to look these up on Rightmove.

I'm just interested to know what other people think is going on, thanks to those that have replied. Interesting point made about the housing situation particular to Cheltenham. Oh well, onwards and downwards..

[Godley]

Nooooooooooo, they haven't technically sold yet but as these have only started appearing over the last few weeks they wouldn't have had time to yet would they. The point is interest has picked up enough for these to go under offer or SSTC -what's your issue?

I've supplied enough detail for anyone to look these up on Rightmove.

I'm just interested to know what other people think is going on, thanks to those that have replied. Interesting point made about the housing situation particular to Cheltenham. Oh well, onwards and downwards..

Correct they haven't sold and correct to the bit I have put in bold.

Move along please.........

[kennymq73]

Correct they haven't sold and correct to the bit I have put in bold.

Move along please.........

idiot.

[HPCatlast.]

As with everyone else on here i've been watching the market now for some time and must say i'm a little perplexed as to the recent upturn is activity with regard to house sales.

In my area, Cheltenham, prices were beginning to fall very gradually and most properties were sticking since they went on the market last year. All changed now though....

Within the last few weeks i'm seeing SOLD signs on a significant number of houses that I was sure (hoping) weren't going to shift for a long time. If (big If) these sales go to completion then I think we're going to see a relatively big increase in sold numbers in the next few months. Thing I can't get my head around is who's buying?!

1) FTB's - surely not considering the mortgage approval numbers

2) STR funds entering back into the market? Maybe people are getting spooked and are putting in offers.

3) People with big savings that see no point in letting them sit in bank accounts earning no interest

4) Property, aherm, 'professionals' who are dipping their toes back in for rental yields

Any ideas what's going on?

We are pretty close geographically.

We were very tempted to purchase last weekend, but resisted the temptation for now.

Had two outstanding offers on new builds, developers are definately very realistic of prices, from our experiance.

Fed up with savings rates, so seriously considered buying again, spent 2 weekends researching new and older properties,

but we could not convince each other that we were doing the right thing, so staying as tenants for now.

Desperate to buy again, but we got to be more patient, the correct time will come.

Some of the current buyers are like ourselves (STR), when there cash is gone our time will be right, I think!

RiG

amended spelling mishtake.

Edited March 27, 2009 by ROBinGLOS

[kennymq73]

We are pretty close geographically.

We were very tempted to purchase last weekend, but resisted the temptation for now.

Had two outstanding offers on new builds, developers are definately very realistic of prices, from our experiance.

Fed up with savings rates, so seriously considered buying again, spent 2 weekends researching new and older properties,

but we could not convince each other that we were doing the right thing, so staying as tenants for now.

Desperate to buy again, but we got to be more patient, the correct time will come.

Some of the current buyers are like ourselves (STR), when there cash is gone out time will be right, I think!

RiG

Yeah, I've been getting itchy feet as my rents up in May hence the interest. Think i'll just renew for 6 months and take another view then.

Goodluck!

[50%deposit]

Obviously they're completely hatstand for doing this.

what do you mean by 'hatstand'?

[Non Sequitur]

No not stupid go for it.

Thanks. I thought I would get shot down in flames. You are right it is going to be a home and it makes sense to them as they would rather buy somewhere and do it up now. Love's young dream and all that.

[bingobob777]

Indeed...but joined in June 08. Why so long to say hello?

I wonder how many accounts have been registered proactively, and if this is in an effort to give some credence to what inevitably always seems to be a somewhat dodgy ramping first post.

Joins June 2008 to view forums with aim of getting information/advice and now seeks clarity/help or

Joins June 2008 with view to posting 9 months later to ramp up housing market

You decide.

[Flat Bear]

As with everyone else on here i've been watching the market now for some time and must say i'm a little perplexed as to the recent upturn is activity with regard to house sales.

In my area, Cheltenham, prices were beginning to fall very gradually and most properties were sticking since they went on the market last year. All changed now though....

Within the last few weeks i'm seeing SOLD signs on a significant number of houses that I was sure (hoping) weren't going to shift for a long time. If (big If) these sales go to completion then I think we're going to see a relatively big increase in sold numbers in the next few months. Thing I can't get my head around is who's buying?!

1) FTB's - surely not considering the mortgage approval numbers

2) STR funds entering back into the market? Maybe people are getting spooked and are putting in offers.

3) People with big savings that see no point in letting them sit in bank accounts earning no interest

4) Property, aherm, 'professionals' who are dipping their toes back in for rental yields

Any ideas what's going on?

I agree with your observations

You have got your answer now I think?

Its a proportion of STRs or first time buyers such as those that have replied on this thread. The number of so called "bears" on this forum who are viewing property and actively looking to buy is quite astonishing.

As you summised we are in a period of higher activety made up of those who think they have found a bargin because the price they have offered is 30% or possibly 40% from the "peak" as they see it and are somehow justifying this as a reason to buy. Unfortunately they are not looking at how much above the future bottom these prices are 20% minimum in my view 30%?

We are in a traditional bull trap albeit with continuing falling prices.