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Jayne The Payne

Anecdotal - Asking/selling Prices

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"The Cambridge property market will always be good, blah, blah, blah..."

Now, I did some local research. I recorded a few good new listings between mid-March and mid-April:

Street 1 where 5 houses were for sale between mid-March and mid-April:

- 4 semis - for sale at asking prices: £239,995, £240,000 (was £249,000 two weeks before), £247,500 and £249,950.

- 1 detached - for sale at asking price of £304,950

Now, looking at Nethouseprices, there were only two sales since that time:

- 1 semi - went for £222,500 - a 8-11% CUT

- 1 detached - went for £200,950 - a 34% CUT :huh:

Street 2 - 1 semi (thought the price was relatively good):

- asking: £182,000

- selling: £161,000 - a 11.5% CUT :huh:

Street 3 - 3 semis:

- asking: £249,950-£249,995

- sold: none

And many, many others un-sold properties.

When you factor in the oversupply of rental property, the University and Colleges building huge student housing developments, it doesn't look like a healthy market to me.

What have you observed in terms of asking/selling prices in your area?

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Jayne, you are indeed a pain - far too measured and reasonable to be on this board. ;)

On topic - I too have noticed this.

However, I wonder how much of this is overpricing to attain a desired price now that people expect a price cut. Like with car sales - nobody pays the "list price" its just a starting point to haggle down from.

Could it be that the ESs/VIs are expecting £200k but pricing at, say, £220k?

The buyer walks away thinking they got a bargain, the seller gets a reasonable price.

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Jayne, you are indeed a pain - far too measured and reasonable to be on this board. ;)

On topic - I too have noticed this.

However, I wonder how much of this is overpricing to attain a desired price now that people expect a price cut. Like with car sales - nobody pays the "list price" its just a starting point to haggle down from.

Could it be that the ESs/VIs are expecting £200k but pricing at, say, £220k?

The buyer walks away thinking they got a bargain, the seller gets a reasonable price.

Thanks Needle.

Sorry, I should have precised: these properties were very desirable, in good locations and KEENLY PRICED already (to use EA's speak). There was no point in following property that was ridiculously overvalued in the first place.

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"The Cambridge property market will always be good, blah, blah, blah..."

Now, I did some local research.  I recorded a few good new listings between mid-March and mid-April:

Street 1 where 5 houses were for sale between mid-March and mid-April:

- 4 semis - for sale at asking prices: £239,995, £240,000 (was £249,000 two weeks before), £247,500 and £249,950.

- 1 detached - for sale at asking price of £304,950

Now, looking at Nethouseprices, there were only two sales since that time:

- 1 semi - went for £222,500 - a 8-11% CUT

- 1 detached - went for £200,950  - a 34% CUT  :huh:

Street 2 - 1 semi (thought the price was relatively good):

- asking: £182,000

- selling: £161,000 - a 11.5% CUT :huh:

Street 3 - 3 semis:

- asking: £249,950-£249,995

- sold: none

And many, many others un-sold properties.

When you factor in the oversupply of rental property, the University and Colleges building huge student housing developments, it doesn't look like a healthy market to me.

What have you observed in terms of asking/selling prices in your area?

Just to clarify, were the houses sold part of those you saw for sale? If so, the detached example must set some sort of record for Cambridge! What age/type of property were they?

Cheers

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My neighbour has just sold her house. It's a two bed terrace in very nice condition (new kitchen, decking in the garden, very neat and tidy). The asking price was £250 and she accepted £237. She's quite clued-up on the property situation, and having bought years ago has made loads of money, which will shortly be winging its way to Oz.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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