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MJT

Rocketing Prices

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House prices certainly seem to be rocketing in Cambridge again (not that they ever really crashed). This was on for £560k a month or so ago – it was sold but that must have fallen through, as it's back on the market. I imagine the owner must have been delighted to hear that it gained £15k in value in the four or five weeks it was off the market...

http://www.bidwells.co.uk/view_property.ph...ype=residential

The same thing has happened with at least a couple of other houses on with Cheffins. There was one in Humberstone Road that came on at £495k and then reappeared a few weeks later at offers in excess of £500k (forcing the buying into a higher stamp duty bracket), and another in one of the villages that was on at £325k and then came back on within the month at offers over £335k.

I imagine that the perplexing scramble to buy houses in Cambridge at the moment is resulting in bun fights that push the agreed price well over the guide price, giving Bidwells the confidence to go back to the market at a higher price. Cambridge must be one of the worst – if not the worst – place to be looking to move to at the moment...

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Not here in Norfolk, only seen 1 price increase in my area (not really an increase but merely put it back up to the original price after not selling at a reduced one, clearly deluded! :rolleyes: ), but lots of reductions.

Are you sure what you're seeing is 'rocketing prices' or just some deluded sellers trying it on because they heard some spurious news report?

Land Registry stats are the key, here we've seen a 1.7% rise over last Q (spring bounce?), but still -11.6% YoY. Cambs hasn't fared much better with a rise of 2.8% over last Q, down 11.6% YoY

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It must be expensive properties on low volumes scewing the prices.

However I can confirm that you do not need many"real" buyers for prices is some places, I have moved from Norwich to Tunisia a few years ago and though I love it there the prices in Tunis for houses are the same if not more than Norwich.

The scary thing is that people earn in on average less than 500 quid a month.

I walk around the city center and just like Norwich there are loads of empty flats over 200k£ thousands of them even my friend in China earning 40K a year £ cannot buy in shanghi in a good area.

The money is not coming from people there is no "investment" since they are too expensive to rent.

Homes have become like gold bars in countries where there is closed currency ie the bank is crap, and the owner expects inflation. They sit there not intended for use and for the price rises.

What has happened is out government have literally handed money to keep this status quo in check and other govenments around the world, rates in Tunisia are also "the lowest ever".

I believe in the wall of money concept where the top 10% of the rich folks just move their money(easy credit) around and at this moment where can they move it to get a return?

The scale of these issues is truely massive if your buying for yourself you have to stay out of this since your not buying a gold bar your buying a house. Once the rates go up its going to get incredibly nasty incredibly quicky.

Me I an not impressed with the rises if my government gives banks money to keep prices high I would expect them to boost them by more than this to me this just show how bad things are.

Edited by Fromage Frais

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