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munkee

Delusional Sellers?

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This will be a very general observation but, does anyone else still find the NE specifically newcastle/gateshead areas still taking the utter piss for prices? Houses that are being put up for £200k, to be honest I wouldnt even pay 100k for. What world are these sellers living in? I'm currently looking up to £170k for a cash buy hoping to catch a top property dropping down in to some form of realistic value, but after some searching around and monitoring property snake there just seems to be no significant movement within 100k to 200k range.

I recently placed a bid on a "offers over £150k" property, which subsequently got a reply from the seller "I wont accept under £160k". Under what illusion are some people under, the offer met the critera, it was over £150k but that still isn't acceptable? I guess this is just a general rant, the attitude of sellers is completely off I wouldnt at all say this is a buyers nor a sellers market at the moment but the sellers all seem to be stuck in the mindset that they will have no problem selling, even after a year on the market.

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I burst out laughing whenever I walk the dog past the estate agents in Low Fell. 200k for anything with a garage in a chav-infested area!

I always make sure that anyone in the EA office sees me shaking my head and mutter about.

Things are going to change soon.

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As the houses I'm keeping an eye on, are generally getting roughly the asking price, there's no reason for sellers to drop their prices. Why would they ?. There are also sellers who don't have to sell & will only do so if they receive the asking price.

They're not taking the piss, just looking after their own interests. I can understand your disappointment that you're still not seeing the bargain prices you want, however with £170k cash in the bank, there's plenty of property you can buy immediately, if you really want to buy.

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As the houses I'm keeping an eye on, are generally getting roughly the asking price, there's no reason for sellers to drop their prices....

I've got my eye on the coast NE25 and it's the same here, houses going for asking or a bit less. Big drops (and there have been a few) are mostly new builds. Buyers would appear to be drying up however, 6 houses were sold last month in NE25 out of the 649 currently on the market.

Folk are oblivious to the impending economic doom heading for the NE and why wouldn't you be if your mortgage had slid onto the 3% SVR

you've never had so much cash in your pocket.

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Low Fell isn't such a bad area, much better than Dunston, Wrekenton etc. For some reason it does go Charv-mad on a Sunday evening though when they all hit the local pubs.

I agree with OPs sentiments. The main forum here has members commenting on substantial drops in other pockets of the UK daily. I personally haven't seen this happening in the NE.

Maybe there's a lag. House prices seemed to increase more slowly here than what was reported nationally so maybe they'll fall more slowly too?

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The thing is , they're not really delusional at the present. All the big falls, and there have been plenty on the quayside as I have reported in the Newcastle thread will in large have been due to repos - not many can survive a £1000 per month mortgage for a few months when there's no one to rent it at that price. Thus the HPC is stalled here until the next group of people,those who NEED to move(probably to take a job elsewhere in the country) are eventually forced to yield and accept a lower price to get a sale. I do believe we are seeing examples of this in St James Village, Felling (Sanderson Villas is a prime example). People seem to have given up trying to get over £100 K for a two-bed new build.

Sanderson Villas and surrounding 1/4 mile

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The thing is , they're not really delusional at the present. All the big falls, and there have been plenty on the quayside as I have reported in the Newcastle thread will in large have been due to repos - not many can survive a £1000 per month mortgage for a few months when there's no one to rent it at that price. Thus the HPC is stalled here until the next group of people,those who NEED to move(probably to take a job elsewhere in the country) are eventually forced to yield and accept a lower price to get a sale. I do believe we are seeing examples of this in St James Village, Felling (Sanderson Villas is a prime example). People seem to have given up trying to get over £100 K for a two-bed new build.

The cash / BOMAD money has been exhausted, transactions are at record low levels, lenders are reluctant to do business on small LTVs.

Fear, Capitulation and Despair people.

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*sigh*

As has been said before, wait for the public sector cuts. No one is dropping because they still have jobs to go to to pay the mortgage.

Interesting though, I seem to remember giving a brow beating in a similar thread some years back to some impatient someone or other... soon before TSHTF.

Downward lunge part 2 is coming.

There's definitely less cash around in the NE though, cars seem to have all of a sudden reverted from seemingly every man and their dog having a brand new Qashqai, 3 series, Range rover (insert any other mew-mobile of your choice...) to fleets of 6+year old austerity-boxes... oh, and second hand cars are waaaaaaaay pricier!

Edited by meow

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  • 140 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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