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Guest theboltonfury

Proof The Mentalness Is Returning

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Guest theboltonfury

A client of mine told me today about how he bought a flat at the weekend, off plan, in Didbsury in Manchester. It's a 1 bed and he paid £135k. He said, the agent reckons it'll go up by a good 40/50k in the next few years. He also said that they were queueing in the showrooom for a chance to purchase.

It's still amazing to know how much credence people will give Estate Agents and Property Developers when they are selling their flats.

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A client of mine told me today about how he bought a flat at the weekend, off plan, in Didbsury in Manchester. It's a 1 bed and he paid £135k. He said, the agent reckons it'll go up by a good 40/50k in the next few years. He also said that they were queueing in the showrooom for a chance to purchase.

It's still amazing to know how much credence people will give Estate Agents and Property Developers when they are selling their flats.

Hi tbf,

I suppose people perceive £135k as cheap compared to previous prices. Depends on the exact location of the development as to how desirable they will be in the longer term- there's Didsbury, West Didsbury as desirable locations and then there's Burnage!

Do you know what this would rent for - Would give us some indication of how 'cheap' these are in fact?

M21er

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Guest theboltonfury
Did you tell him about all the money he owes you? Seems he'll believe anything.

We're not talking big numbers here.

I was surprised as he seemed so normal!

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Guest theboltonfury
Hi tbf,

I suppose people perceive £135k as cheap compared to previous prices. Depends on the exact location of the development as to how desirable they will be in the longer term- there's Didsbury, West Didsbury as desirable locations and then there's Burnage!

Do you know what this would rent for - Would give us some indication of how 'cheap' these are in fact?

M21er

West Didsbury. I'm not really that familiar with the area.

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West Didsbury. I'm not really that familiar with the area.

I'm told Didsbury is due to have the tram link extended there so it may be one of the more upcoming areas on the outskirts of Manchester. Whether this benefit has been already priced into the local property market I have no idea.

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Guest theboltonfury
I'm told Didsbury is due to have the tram link extended there so it may be one of the more upcoming areas on the outskirts of Manchester. Whether this benefit has been already priced into the local property market I have no idea.

To be fair he said they were initially being touted at £195k so he may have picked up a good deal.

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A client of mine told me today about how he bought a flat at the weekend, off plan, in Didbsury in Manchester. It's a 1 bed and he paid £135k. He said, the agent reckons it'll go up by a good 40/50k in the next few years. He also said that they were queueing in the showrooom for a chance to purchase.

It's still amazing to know how much credence people will give Estate Agents and Property Developers when they are selling their flats.

I would suggest not offering credit to this person in future ;)

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I'm told Didsbury is due to have the tram link extended there so it may be one of the more upcoming areas on the outskirts of Manchester. Whether this benefit has been already priced into the local property market I have no idea.

West Didsbury is already one of the desirable areas in south Manchester. East Didsbury will be getting the tram extension but it already has a train station and two major bus routes into the city centre. I still wouldn't pay £135k for a one bedroom flat in Didsbury though.

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A client of mine told me today about how he bought a flat at the weekend, off plan, in Didbsury in Manchester. It's a 1 bed and he paid £135k. He said, the agent reckons it'll go up by a good 40/50k in the next few years. He also said that they were queueing in the showrooom for a chance to purchase.

It's still amazing to know how much credence people will give Estate Agents and Property Developers when they are selling their flats.

Similar thing happening in the US, greater fools out biding each other on new builds:

http://www.dailynews.com/business/ci_13236830

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A client of mine told me today about how he bought a flat at the weekend, off plan, in Didbsury in Manchester. It's a 1 bed and he paid £135k. He said, the agent reckons it'll go up by a good 40/50k in the next few years. He also said that they were queueing in the showrooom for a chance to purchase.

It's still amazing to know how much credence people will give Estate Agents and Property Developers when they are selling their flats.

The agent told him. Must be true then.

I cannot believe how stupid some people are.

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Guest theboltonfury
I would suggest not offering credit to this person in future ;)

It's OK, he pays cash every month. £60. I don't think my exposure is too high. I'm only a music teacher not a corporate jetsetter!

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Similar thing happening in the US, greater fools out biding each other on new builds:

http://www.dailynews.com/business/ci_13236830

Interesting article. Sounded an iffy auction but not sure if $400k was a good deal or not...

"Many scratch their heads wondering if they got good deals. They are curious to know what their neighbors paid, Winchell said. "

Perhaps the head-scratching was accepted as a bid by the aucntioneer? :)

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The "mentalness" is indeed returning.

I viewed a 3-bed semi in Farnborough, Hants last weekend - nice place; not a great area; highest price ever paid for a property in the road was £240k. Spoke to the EA on Monday with the intention of putting a sensible offer in and was told that 3 bidders had already gone over £250k, the highest offer of which was £260k. I was absolutely gobsmacked and got off the 'phone quick-sharp! :blink:

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The "mentalness" is indeed returning.

I viewed a 3-bed semi in Farnborough, Hants last weekend - nice place; not a great area; highest price ever paid for a property in the road was £240k. Spoke to the EA on Monday with the intention of putting a sensible offer in and was told that 3 bidders had already gone over £250k, the highest offer of which was £260k. I was absolutely gobsmacked and got off the 'phone quick-sharp! :blink:

Yep. My brother-in-law put his 4 bed house in Ruislip on the market at the start of August. He priced it at the upper end of even my bullish expectations and I thought he was mental. BANG! Full asking price offer within 3 weeks. He's now bought a building plot in Oxford and is going to build 2 houses on it - one to live and one to sell. It's full speed ahead now for him and loads of others.

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Yep. My brother-in-law put his 4 bed house in Ruislip on the market at the start of August. He priced it at the upper end of even my bullish expectations and I thought he was mental. BANG! Full asking price offer within 3 weeks. He's now bought a building plot in Oxford and is going to build 2 houses on it - one to live and one to sell. It's full speed ahead now for him and loads of others.

Im glad hes doing his bit to make the BoE confident enough to start putting interest rates back up ;)

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Guest KingCharles1st
We're not talking big numbers here.

I was surprised as he seemed so normal!

You are referring to IQ- riiiight?

Jeezuz- these people are so ******ing dim

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Guest theboltonfury
Yep. My brother-in-law put his 4 bed house in Ruislip on the market at the start of August. He priced it at the upper end of even my bullish expectations and I thought he was mental. BANG! Full asking price offer within 3 weeks. He's now bought a building plot in Oxford and is going to build 2 houses on it - one to live and one to sell. It's full speed ahead now for him and loads of others.

Well it's best to buy now as prices are going to go sky high. This will be no problem as wages are on the rise too. Oh - hang on........

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