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Willy Weasel

This Is What Is Wrong With The Market

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I check new properties coming onto the market and this one has been added today:

http://www.rightmove.co.uk/property-for-sa...26radius%3D10.0

This cost £445,995 as a newbuild sold at the height of the market in the Spring of 2007.

Bearing in mind that newbuilds always command a premium and that the market has fallen by 20% since the property was bought, you might expect the vendor to set an asking price that is lower than the price they paid.

Instead, the vendor is asking £489,950

It's absurd asking prices like this that not only cause the Rightmove asking price index to rise but also perpetuates the standoff between buyers and sellers.

I shall wait with interest to see how quickly it sells...

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Guest DissipatedYouthIsValuable

That's what I'd call an average house, and I wouldn't commit around £800k of my lifetime earnings to buy it.

Idiotic.

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I check new properties coming onto the market and this one has been added today:

http://www.rightmove.co.uk/property-for-sa...26radius%3D10.0

This cost £445,995 as a newbuild sold at the height of the market in the Spring of 2007.

Bearing in mind that newbuilds always command a premium and that the market has fallen by 20% since the property was bought, you might expect the vendor to set an asking price that is lower than the price they paid.

Instead, the vendor is asking £489,950

It's absurd asking prices like this that not only cause the Rightmove asking price index to rise but also perpetuates the standoff between buyers and sellers.

I shall wait with interest to see how quickly it sells...

Does it really matter? Britons propensity for ill thought investments and creating economic bubbles is boundless.

The property market in Britain is a fools paradise. This economic 'upturn' is being fuelled by crushing debt, which is all part of the Labour re-election plan.

The piper will have to be paid.

Edited by cashinmattress

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It reminds me of a conversation that I heard this morning at a carboot sale.

This woman said I bought it for a tenner from a stall over there, we'll easily be able to flip it for 20 quid.

Theyre all at it.

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And it's been built by Barratt, aye carramba, get a full survey at the very least if you are mad enough to contemplate buying this pile of cr*p.

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I check new properties coming onto the market and this one has been added today:

http://www.rightmove.co.uk/property-for-sa...26radius%3D10.0

This cost £445,995 as a newbuild sold at the height of the market in the Spring of 2007.

Bearing in mind that newbuilds always command a premium and that the market has fallen by 20% since the property was bought, you might expect the vendor to set an asking price that is lower than the price they paid.

Instead, the vendor is asking £489,950

It's absurd asking prices like this that not only cause the Rightmove asking price index to rise but also perpetuates the standoff between buyers and sellers.

I shall wait with interest to see how quickly it sells...

the bank valuation will sort it out ...

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It reminds me of a conversation that I heard this morning at a carboot sale.

This woman said I bought it for a tenner from a stall over there, we'll easily be able to flip it for 20 quid.

Theyre all at it.

ho ho, these entreprenuers, forget the £6 minumum wage they must pay themselves, the parking and travelling, the vehicle ownership and all the other costs that add up on a perhour basis.

like the assignments on the Apprentice....woopy do, 6 of them "made" a grand in a day.....doesnt cover the costs of putting them there in the first place.

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the bank valuation will sort it out ...

My point is that it will never get that far. 20% off the 2007 price is about £350,000. Who is going to offer within £100,000 of the asking price?

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I check new properties coming onto the market and this one has been added today:

http://www.rightmove.co.uk/property-for-sa...26radius%3D10.0

This cost £445,995 as a newbuild sold at the height of the market in the Spring of 2007.

Bearing in mind that newbuilds always command a premium and that the market has fallen by 20% since the property was bought, you might expect the vendor to set an asking price that is lower than the price they paid.

Instead, the vendor is asking £489,950

It's absurd asking prices like this that not only cause the Rightmove asking price index to rise but also perpetuates the standoff between buyers and sellers.

I shall wait with interest to see how quickly it sells...

Madness.

That would be up for 220K-240K in Consett and STILL wouldn't sell.

A £489,950 repayment mortgage at 5.5% would be £3030 a MONTH!!! (909K total over 25 years)

Edited by ItsColdUpHere

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My point is that it will never get that far. 20% off the 2007 price is about £350,000. Who is going to offer within £100,000 of the asking price?

is it in Maidstone?

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Mickleton - where the F is that!!!

in my humble opinion - it looks like a good/nice house - but how does someone in Mickleton afford a 500k house?

it isnt banker territory is it?

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