I Am Truly Staggered By Local Asking Prices

[The Masked Tulip]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

[Realistbear]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

Cheap and easy credit will push prices higher. We have not learned from the Brown bubble and are falling straight back into the pattern Brown established when our economy became miraculous and able to sustain house prices at 7 to 10 times average earnings. Everything is being piled into houses right now as they are the future of our nation. 399k is not a lot if you can borrow cheap and have a couple of friends to go in with you. Lets say they each earn 30k giving a total of 90K. You borrow 4.5 times joint income and there you have it! If that house went to 500k next month you just keep adding friends to keep up. See how simple it is to beat HPI?

[The Masked Tulip]

Cheap and easy credit will push prices higher. We have not learned from the Brown bubble and are falling straight back into the pattern Brown established when our economy became miraculous and able to sustain house prices at 7 to 10 times average earnings. Everything is being piled into houses right now as they are the future of our nation. 399k is not a lot if you can borrow cheap and have a couple of friends to go in with you. Lets say they each earn 30k giving a total of 90K. You borrow 4.5 times joint income and there you have it! If that house went to 500k next month you just keep adding friends to keep up. See how simple it is to beat HPI?

You really need to learn to post a after some of your posts!

[MinceBalls]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

You can have my flat if you want it, only £200 million. It's unique.

Wow. I'm rich.

[The Masked Tulip]

You can have my flat if you want it, only £200 million. It's unique.

Wow. I'm rich.

Does it have a view?

[Guest_James Toney_*]

well as always said , i am going to give it until the end of the year no falls, then i am off,

[Jadoube]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

You get Scottish water in Swansea?

[sbn]

Does it have a view?

Mine has - its worth 3.5 Mill and you can look down on all the homeless people who didn't get on the ladder. - Most of them are just there because, well they are young families. Some of the little urchins are really thin. Some of the fathers seem to be massing near the stairwell doors. I might just check the latch is on my flat door.

[The Masked Tulip]

You get Scottish water in Swansea?

No, it is Welsh - feckers sent me a bill for £1100 last week which should have been £90. Have Scottish electricity.

[cletus]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

erm

[The Masked Tulip]

well as always said , i am going to give it until the end of the year no falls, then i am off,

I do wonder whether the EAs have cottoned on to the fact that FTBs are no longer in the market and the only market now is selling houses to those already with houses and simply ramping up asking prices in a sucidal circle?

Although, a local EA who posts on the Wales sub-forum has stated he knows of several sellers who have MEWed and simply cannot afford to sell less than their exaggerated asking prices.

[The Masked Tulip]

Mine has - its worth 3.5 Mill and you can look down on all the homeless people who didn't get on the ladder. - Most of them are just there because, well they are young families. Some of the little urchins are really thin. Some of the fathers seem to be massing near the stairwell doors. I might just check the latch is on my flat door.

I only can afford 3.4 million - sorry.

[abharrisson]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

I too think prices look very robust locally ( east anglia and central london) but I am sure there are many types of property and regions which sufferred big falls and haven't bounced back.... but for some areas there may as well not have been a crash in 2007/2008 as any falls have been made back.. some might be even higher now.

[cletus]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

I am afraid "The Masked Tulip" that you have been sold a lie.

There is NO House Price Crash, never was, not is and never going to be at least anytime soon. Prices are not falling off a cliff. People are not selling for peanuts. In fact all of the evidence suggests that buyers are paying the above and at the asking prices or else sellers wont do complete the deal.

After all its alright coming on here, with fluff and feathers saying that you have offer £100k on a £300k because that what you think its worth. B=====ks. If the owner (seller), doesnt want to sell that price, then your stuffed arnt you.

This is why so few transactions are present, the number of buyers has drastically reduced and so people are staying put.

If you were lucky enough to buy pre-2006 then well done, otherwise you have permantly missed the boat. You looked the gift horse in the mouth and all of that.

I live this website, but I think some people try to make out that they know the market. Evidence of this is the shere number of "Black Monday, Tuesday, Wednesday, Thursday, Friday threads". Truth is, nobody knows what the hells going on, only that house are not going down anytime soon.

If you had the chance to buy and didnt, then you may regret this for the rest of your life. I am a VI, in the fact that I am a homeowner and only wish to speculate on buying further properties. This is no longer an option.

Property has become so expensive to buy as an investment, (rightly or wrongly) that only a fool would enter the BTL market in todays climate.

Investors (Priced out)

First time buyers (Priced out)

Chains (broken)

Sellers not selling

Buyers not buying

Result sustainable prices.

This the truth of the matter, to disagree with my view, is to stick your head in the sand saying to yourself that prices are falling.

[_w_]

I am afraid "The Masked Tulip" that you have been sold a lie.

There is NO House Price Crash, never was, not is and never going to be at least anytime soon. Prices are not falling off a cliff. People are not selling for peanuts. In fact all of the evidence suggests that buyers are paying the above and at the asking prices or else sellers wont do complete the deal.

After all its alright coming on here, with fluff and feathers saying that you have offer £100k on a £300k because that what you think its worth. B=====ks. If the owner (seller), doesnt want to sell that price, then your stuffed arnt you.

This is why so few transactions are present, the number of buyers has drastically reduced and so people are staying put.

If you were lucky enough to buy pre-2006 then well done, otherwise you have permantly missed the boat. You looked the gift horse in the mouth and all of that.

I live this website, but I think some people try to make out that they know the market. Evidence of this is the shere number of "Black Monday, Tuesday, Wednesday, Thursday, Friday threads". Truth is, nobody knows what the hells going on, only that house are not going down anytime soon.

If you had the chance to buy and didnt, then you may regret this for the rest of your life. I am a VI, in the fact that I am a homeowner and only wish to speculate on buying further properties. This is no longer an option.

Property has become so expensive to buy as an investment, (rightly or wrongly) that only a fool would enter the BTL market in todays climate.

Investors (Priced out)

First time buyers (Priced out)

Chains (broken)

Sellers not selling

Buyers not buying

Result sustainable prices.

This the truth of the matter, to disagree with my view, is to stick your head in the sand saying to yourself that prices are falling.

Good post.

But you are making out that you know the market too.

[Giordano Bruno]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

I think it might be something like 'the bigger the lie ...', and also the idea that if you're going to rip someone off, why do it by halves.

Someday, sanity will return, ... I hope.

[cletus]

Good post.

But you are making out that you know the market too.

No not at all. I just watch the carnage unfold around me.

[The Masked Tulip]

I did speak with two EAs who did suggest that their competition was putting on houses for higher asking prices to get the work.

But it seems to have gone from asking X tens of thousands over to now simply ludicrous figures.

I think today is the day that I pack it in looking locally and start planning my life elsewhere.

[non frog]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

.....

Thank god the idiots voted for Dave and we got rid of HIPS. You wouldn't want people knowing how much they are being ripped off I see in the papers that property is "pouring" onto the market and prices are "recovering" in a wonderful way that will secure the future for all the UK. Bless.....

[non frog]

....

I think today is the day that I pack it in looking locally and start planning my life elsewhere.

Bristol and commute?

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=4760844

[cletus]

I did speak with two EAs who did suggest that their competition was putting on houses for higher asking prices to get the work.

But it seems to have gone from asking X tens of thousands over to now simply ludicrous figures.

I think today is the day that I pack it in looking locally and start planning my life elsewhere.

I understand where your coming from. From what you say about the EA's this sounds bang on, after all theres no more HIPS, so sellers will put up the prices and advertise with the EA who lists your property most favourably. This does not mean it will sell, but it will draw other sellers out with thoughts that business is as usual and do the same, causing a nationwide cascade effect. Once banks start lending again, the game will start again and hello 2002 again.

Edited June 15, 2010 by cletus

[athom]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

Houses are for people with jobs, people with jobs didn't feel the crash, and aren't buying that anything has changed or believe that another crash is coming. We are a spilt society. It's just a waiting game, a boring very long winded waiting game. Bit like test cricket.

BTW i'm basing this on lots of chats i've had with a wide cross section of the employed class (i'm in private health care)

Edited June 15, 2010 by athom

[cletus]

Houses are for people with jobs, people with jobs didn't feel the crash, and aren't buying that anything has changed or believe that another crash is coming. We are a spilt society. It's just a waiting game, a boring very long winded waiting game. Bit like test cricket.

BTW i'm basing this on lots of chats i've had with a wide cross section of the employed class (i'm in private health care)

Very true.

[Confounded]

I am almost lost for words... I looked at a dozen houses today which, in late 2006 to 2007, were sold for 250K - LR figures. Today, all of them are on the market with an asking price of 399K. The difference in asking price is simply ludicrous!

I pointed out to the EAs today what the LR figures were for these houses when they last sold and they basically looked at me as if I was stupid for even challenging the asking prices. It is like a disease or some kind of brain-washing... or Invasion of the Body Snatchers.

A house near me, which has been on the market for 300K and which just got reduced to 275K asking price, is, at best, worth 250K in current prices... so when I mentioned to the EA that that is what it should go for I was told that it was worth much more than that... and was dismissed as a potential buyer for even challenging the price. I mean, a 25K reduction on a 275K asking price is not even 10% which would equate to 90% of asking price.

I am completely lost for what I personally see as the arrogance and stupidity of my fellow Swansea people.

Perhaps it is something in the water.

Can you post data in your posts, I am starting to think you are a ramper rather than a much disillusioned priced out want to be home owner. These figures seem to dwarf even the hottest of hot spots.

Looking at the Mumbles for example

Trinity close a modern 4 bed detached £339,000 http://www.rightmove.co.uk/property-for-sale/property-29822912.html#mapandlocalinfo

Group of similar looking houses last one sold September 09 (probably marketed summer 09 not far from trough prices) for £341,000 (it sold in 04 for £280,000)

Another one

Dunster Close a modern 4 bed detached at £305,000 http://www.rightmove.co.uk/property-for-sale/property-29908622.html

Group of similar looking houses last one sold in April 2010 for £290,000 (with one lucky sod buying at £167,50 in December 2008 for 2002 prices, just shows what forced sellers do to a market).

So it looks like there has been a rebound but it does not seem to fit with the picture you paint on a daily basis?

[miko]

I understand where your coming from. From what you say about the EA's this sounds bang on, after all theres no more HIPS, so sellers will put up the prices and advertise with the EA who lists your property most favourably. This does not mean it will sell, but it will draw other sellers out with thoughts that business is as usual and do the same, causing a nationwide cascade effect. Once banks start lending again, the game will start again and hell 2002 again.

The banks are not going to start lending again like they did pre 2007.

125% , 100% , 95% , let the builder pay the 5% deposit and we will lend you the rest . All that has gone and won't be coming back anytime soon.

At present tens of thousand's of repossessions have not hit the market as banks have not repod those that can not pay. Those household's have been left to carry on in their homes , like the living dead. There will come a time when the banks will repo people that are not paying .

We have two things that we use all the time in our lives numbers and words. Words can change , alter , meanings change , words become in fashion and then not used any more . Figures do not change never have and never will 2+2 will always make 4.

The figures for housing cost's and deb't do not add up the figures do not work.People can not pay the prices of houses with what they are earning. The crash has been suspended via interest rates having been kept artificially low , this won't happen for ever they will rise, the banks will repo , more and more will not be able to afford the debt's . The public sector shake up will happen causing god knows how many unemployed it is just a matter of time.

In the last crash we had a big drop a lol when things looked like they might be ok and then more big drops . I think we are in the lol period now on this crash it will happen.

But just MPI .