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Ponzi

Cat On A Hot Tin Roof

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I'm friendly with an estate agent based near Marlow.

1. Valuation surveyor values three bed detached at £335 - that's no change from 2007.

2. Huge barn conversion on market for most of this year now sold, asking 695 sold 670.

3. No stock left to sell, shelves empty.

This is one hell of a Dead Cat Bounce.

The market here is in Denial on that famous curve thingy.

IR's are due a sharp rise and may happen soon once we can no longer flog our IOUs to Johnny Foreigner and sterling dives as a result.

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South Bucks here too, Amersham / Chesham.

Prices for the boggo terraces are falling I think, say £220K down to £200K ( top to present) but the more desirable rural or semi-rural detached properties seem very 'sticky' and are not getting notable more affordable, unless deals are being done out of the public eye. Some of the local agents just WILL NOT concede that prices have softened in the last 18 months and value as per 2007.

The market is distorted by the very high level of wealth in the area, where funding is available for many buyers without resorting to mortgages and lending criteria, and as cash buyers, they remain unaffected by market falls, jitters, turbulence, or whatever. They see, they want, they buy.

Thus, nice houses DO sell, at prices not far from historic highs. This does not mean that the local house market is unaffected, as it seems to be as dysfuncional as most areas, with a shortage of FTB's top feed the market. The top end, though, seems to be self-propelling at the moment.

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Thanks for your comments. I know Chesham well.

It's the old dilemma agts face when so little coming on - give a high val to win the instruction, but luckily for them there are plenty of buyers seeing this as the return of the bull (thanks to cheap money and media spin).

I saw the barn conversion and took a look inside - poor work and materias used, the beams upstairs all had to stay at 5" (listed rules no doubt) and really should be at the 500k mark. And no garden near a busy road, semi as well! Still London buyer who wants his semi rural idyl.

As you say they see, they want, they buy.

I think also that ropey tired houses are selling that have been on since winter, buyers are making big compromises in order to move up the ladder.

On an unrelated matter my father auctioned off two vintage vehicles in North Midlands - sold no problem. Cash is trash to many investors, but I feel they may regret their spending in a few months, as IRs rise sharply.

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My parents live in South Bucks (High Wycombe) and they were watching a detached bungalow there. It was initially on for £280K for months but they changed agents who reduced to £235K. This was much more realistic pricing and my folks knew it wouldn't hang around long at the new price. My parents offered £230K and asked the seller to take it off the market for 1 month to see if they could sell their own house (as it wasn't even on the market). The vendor agreed and my parents then ordered a HIP on their house and the agent started advertising it.

The agent got 5 people up to view on the 1st day including a 1st time buyer. The FTB had a 25% deposit and a mortgage in principle sorted out. My parent's place is a tidy 1970s 3 bed end terrace and it went on at £219,950 and the FTB made an offer on the 1st day. My folks accepted their offer of £210,950 because they had been watching this other bungalow for months on at £280K and knew it wouldn't hang around long at the newer more realistic price.

So houses can sell quickly, as long as they are not at peak 2007 prices. A bungalow in the same street as the place my folks want was sold for £285K on 23/10/07. Getting one for £230K means it has sold for within 18% of peak. The last terrace house in the street my folks live on went for £202,500 on 2/2/06. If the estimated value peak value of terraced houses was £240K in 2007, then my folks got within 13% of peak. There are places in Wycombe that have been on the market for 12 months or more, but they are not selling as they are still asking 2007 prices!

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Property in Gt Miss, put on at highest price for street, sold within a month. (400k+)

Hmmm. This thread is very interesting. I am in Gt. Miss and looking in the local area.

Which house are you talking about? We viewed one recently on Church St., and that sold very quickly (was on for £435k). Quite a lot of others dont seem to be shifting - viewed a place a couple of times during Nov/Dec and thats still there.

Seems to me that the prices that look sensible are going quickly but there is still a lot not budging who perhaps are still hanging on to peak valuations.

PS. I wonder if there is enough of us for a gathering in The Crossed Keys or the Nags Head at some point!

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Hmmm. This thread is very interesting. I am in Gt. Miss and looking in the local area.

Which house are you talking about? We viewed one recently on Church St., and that sold very quickly (was on for £435k). Quite a lot of others dont seem to be shifting - viewed a place a couple of times during Nov/Dec and thats still there.

Seems to me that the prices that look sensible are going quickly but there is still a lot not budging who perhaps are still hanging on to peak valuations.

PS. I wonder if there is enough of us for a gathering in The Crossed Keys or the Nags Head at some point!

Stuff is moving in Chesham old town. A couple of very overpriced houses are not selling though.

PS Queens Head anyone? (I am quite often in The Polecat)

Edited by Moley

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Stuff is moving in Chesham old town. A couple of very overpriced houses are not selling though.

PS Queens Head anyone? (I am quite often in The Polecat)

Am I the only person slightly scared to meet other HPC'ers in case I (one) find out that we are all a bunch of weirdos!?!?

Queens Head is good. Havent been to the Polecat for ages.

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Queens Head sounds good,- I am there at least 2 nights a week. Seems to be the only pub in Chesham not on the brink of closing !

Took part in the Queens Head 's 'Tour de Pednor' bike ride yesterday. T'was a touch on the warm side!

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Queens Head sounds good,- I am there at least 2 nights a week. Seems to be the only pub in Chesham not on the brink of closing !

Took part in the Queens Head 's 'Tour de Pednor' bike ride yesterday. T'was a touch on the warm side!

I know - I saw you.

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