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The Masked Tulip

150K Plus Asking More Than Bought For Last Year

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I just have to bring this to the attention of the wider HPC board.

Have a look at this house that just came on the market on RM today - it should be at the top of this link.

I noticed it had come onto RM earlier and later, when I did a comparission report via the link in West Cross, it popped up again.

It is now on with an asking price of £369,950 - according to RM it last sold in April of LAST YEAR for £210,000!

http://www.rightmove.co.uk/house-value.html?searchLocation=SA3+5PX&displayPropertyType=&bedrooms=&radius=1.0&sellersPriceGuide.x=0&sellersPriceGuide.y=0&sellersPriceGuide=compare+house+prices

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I just have to bring this to the attention of the wider HPC board.

Have a look at this house that just came on the market on RM today - it should be at the top of this link.

I noticed it had come onto RM earlier and later, when I did a comparission report via the link in West Cross, it popped up again.

It is now on with an asking price of £369,950 - according to RM it last sold in April of LAST YEAR for £210,000!

http://www.rightmove.co.uk/house-value.html?searchLocation=SA3+5PX&displayPropertyType=&bedrooms=&radius=1.0&sellersPriceGuide.x=0&sellersPriceGuide.y=0&sellersPriceGuide=compare+house+prices

why do you care?

people can put any price on anything they want to sell.

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why do you care?

people can put any price on anything they want to sell.

Because TMT posts about the Swansea area a lot, and probably wants to buy there, at a reasonable price.

Many posters would probably take the opportunity to buy a repo cheap if they could, the many threads reflect this. Maybe this was one such purchase last year, and therefore got it BMV. :rolleyes:

More likely flying a kite though.

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Looks like the extension is VERY recent (Street View): Street View, Woolacott Drive

A new garage and a forth bedroom have got to be worth at least £159,000!! (I have no idea of the area, but the whole house can't be worth more than £160k.).

[Edited to fix link]

Edited by hpc-craig

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I just have to bring this to the attention of the wider HPC board.

Have a look at this house that just came on the market on RM today - it should be at the top of this link.

I noticed it had come onto RM earlier and later, when I did a comparission report via the link in West Cross, it popped up again.

It is now on with an asking price of £369,950 - according to RM it last sold in April of LAST YEAR for £210,000!

http://www.rightmove.co.uk/house-value.html?searchLocation=SA3+5PX&displayPropertyType=&bedrooms=&radius=1.0&sellersPriceGuide.x=0&sellersPriceGuide.y=0&sellersPriceGuide=compare+house+prices

The new RM tool is very powerful. I'm not sure the agents are going to be happy with this as their must be still quite a few internet unsavy punters out there who don't know how to check previously sold prices. Thanks to RM its now right in your face.

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The new RM tool is very powerful. I'm not sure the agents are going to be happy with this as their must be still quite a few internet unsavy punters out there who don't know how to check previously sold prices. Thanks to RM its now right in your face.

Hooray for Rightmove! We're looking at a similar house that's on for 70k more than it sold for 10 months ago. Buyer has done nothing. Planning permission for an extension is already in, so no added value there. And when we went to view it, buyer admitted he was selling because his landscape gardening business had hit the skids.... We did put in an offer and even the estate agent admitted the buyers were having a giraffe....

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The new RM tool is very powerful. I'm not sure the agents are going to be happy with this as their must be still quite a few internet unsavy punters out there who don't know how to check previously sold prices. Thanks to RM its now right in your face.

Have rightmove made a fundamental shift to supporting buyers more than sellers? It would make sense. I can't think of many markets where sellers dictate to buyers. Excellent, bring it on.

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It is now on with an asking price of £369,950 - according to RM it last sold in April of LAST YEAR for £210,000!

Yes, but it has glowy-blue lights in the kitchen.

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They must have solid gold toilets in that area, judging by that page. And they say Scotland is "immune." :huh:

In fact Swansea almost makes London look "cheap." I'm sure you could pick up something in the'burbs cheaper. Madness I tell you.

Edited by Sir John Steed

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The new RM tool is very powerful. I'm not sure the agents are going to be happy with this as their must be still quite a few internet unsavy punters out there who don't know how to check previously sold prices. Thanks to RM its now right in your face.

Shame they don't take it another level, and allow is to vote up/down, make comments and add reviews from viewings. Hmm. now theres an idea.

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On a different subject from this particular house...

I was talking to 2 EAs in Swansea in the last week - they said that they personally think the local market is close to collpase.

The reasons they cited for this were sellers wanting to over-value their asking prices combined with the banks basically stopping lending. They gave me an example of a couple on 24K between them who were turned down by every lender for a 100K (one of those 99,995K jobs apparently) starter home which, although apparently fairly new build and in 'posh' Swansea West, had just been gutted with "a new everything put in it".

The EAs said that because nothing was moving at the bottom it meant that everything else was not moving above it.

They said that a house on the market for between 220K and 300K asking price now had to drop its price by 30K to sell. I ventured that they were still over-priced at that 10% discount on the 300K and they did not disagree.

They had a couple in their office from London who had purchased a holiday 2 up 2 down in S'sea for 220K at the height and, (Alas I did not get there early enough to hear their reason for selling.), were very disappointed when one EA told them in detail why it would do well to get 150K now.

They wanted, after much debate, to put it on for 155K but the EA then pointed out that they stand a better chance of selling it if they marketed it at £149,995 - said it would sit there at 155K - and to give him a 5K to 15K margin to work with from that 150K asking price. They agreed with a 5K margin after much debate.

After they left he told me that they were getting quite a few people in now who could not get their heads around the property being worth less now than it was when they bought at the height.

Suffice to say, this EA firm is one of the exceptions in the area IMPO.

Went on to say that some of the expectations from sellers were unrealistic. Had a long conversation about many sellers having MEWed - the conversation came from the EAs and not me - and sticking it on top of their asking price. They stated openly that most local people on local salaries were now priced out of the housing market altogether and that people from London /South East were selling up now and getting out of Swansea and not buying into Swansea.

They openly said that with the coming local public sector job cuts they thought that they themselves would be out of work - but I told them that a housing price crash would actually be good for them as people with jobs would be able to afford to buy and they would probably get more transactions than now.

Anyhow, when they asked me what I was looking for I told them I was waiting for the crash and they totally understood - a few months ago they would have looked at me as if I was nuts I guess.

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Looks like the extension is VERY recent (Street View): Street View, Woolacott Drive

A new garage and a forth bedroom have got to be worth at least £159,000!! (I have no idea of the area, but the whole house can't be worth more than £160k.).

[Edited to fix link]

Yes, it does look as if they have built it out a fair bit.

About 160Kish worth of work though?

As someone else said, I suppose they can put it on for whatever they wish to ask for it. All I can say is that competition for houses in that price range, IMPO, appears to be pretty competitive now.

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On a different subject from this particular house...

I was talking to 2 EAs in Swansea in the last week - they said that they personally think the local market is close to collpase.

The reasons they cited for this were sellers wanting to over-value their asking prices combined with the banks basically stopping lending. They gave me an example of a couple on 24K between them who were turned down by every lender for a 100K (one of those 99,995K jobs apparently) starter home which, although apparently fairly new build and in 'posh' Swansea West, had just been gutted with "a new everything put in it".

The EAs said that because nothing was moving at the bottom it meant that everything else was not moving above it.

They said that a house on the market for between 220K and 300K asking price now had to drop its price by 30K to sell. I ventured that they were still over-priced at that 10% discount on the 300K and they did not disagree.

They had a couple in their office from London who had purchased a holiday 2 up 2 down in S'sea for 220K at the height and, (Alas I did not get there early enough to hear their reason for selling.), were very disappointed when one EA told them in detail why it would do well to get 150K now.

They wanted, after much debate, to put it on for 155K but the EA then pointed out that they stand a better chance of selling it if they marketed it at £149,995 - said it would sit there at 155K - and to give him a 5K to 15K margin to work with from that 150K asking price. They agreed with a 5K margin after much debate.

After they left he told me that they were getting quite a few people in now who could not get their heads around the property being worth less now than it was when they bought at the height.

Suffice to say, this EA firm is one of the exceptions in the area IMPO.

Went on to say that some of the expectations from sellers were unrealistic. Had a long conversation about many sellers having MEWed - the conversation came from the EAs and not me - and sticking it on top of their asking price. They stated openly that most local people on local salaries were now priced out of the housing market altogether and that people from London /South East were selling up now and getting out of Swansea and not buying into Swansea.

They openly said that with the coming local public sector job cuts they thought that they themselves would be out of work - but I told them that a housing price crash would actually be good for them as people with jobs would be able to afford to buy and they would probably get more transactions than now.

Anyhow, when they asked me what I was looking for I told them I was waiting for the crash and they totally understood - a few months ago they would have looked at me as if I was nuts I guess.

That sounds like you got an honest appraisal of the market from an EA! I have to ask though, why were you in their office if you were not interested in buying or selling a house? I've tried it a couple of times to find out what was going on at the coalface as it were and they were not interested in having a conversation, how did you get yours off the ground?

Edited by ArthurHon

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Yes, it does look as if they have built it out a fair bit.

About 160Kish worth of work though?

Nah, my original thoughts ("A new garage and a forth bedroom have got to be worth at least £159,000!") was intended to be from the mouth of a deluded seller. It must have been convincing though if you fell for it. B)

I doubt the extention would add 50k to the house price, let alone £150k.

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Had a long conversation about many sellers having MEWed - the conversation came from the EAs and not me - and sticking it on top of their asking price. They stated openly that most local people on local salaries were now priced out of the housing market altogether and that people from London /South East were selling up now and getting out of Swansea and not buying into Swansea.

I think this paragraph sums up exactly what is happening in areas of Britain where house prices -- in relation to LOCAL peoples affordability -- are going to be devastated.

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That sounds like you got an honest appraisal of the market from an EA! I have to ask though, why were you in their office if you were not interested in buying or selling a house? I've tried it a couple of times to find out what was going on at the coalface as it were and they were not interested in having a conversation, how did you get yours off the ground?

I am a lovely person.

I am actually interested in buying a house.

If I could get a house 20% off current local asking prices that I like I would buy tomorrow. They are, IMPO, mostly 30% over-valued at least but I would go for a 20% reduction and just move on with my life... but IMPO the asking prices are mainly just so sky-high that even putting in an offer 20% below would mean I would still be paying way too much.

Nah, it all depends on the EAs and building a relationship with them. Most know I am in the market to buy and that I am a potential customer once the time is right.

Also, sentiment is slowly changing. I can think of 2 or 3 EA firms in S'sea where I can now get a very open, honest view of what is going on - one of them posts over on the Wales sub-forum. But I can think of several other EA firms where, IMPO, they are still living somewhere between denial and cloud cuckoo land re asking prices.

But even in the latter I am now getting stuff from one or two EAs who work in the offices, who tell me stuff when they have no colleagues around, who tell me how little stuff is moving or how they even think asking prices are over-valued... or, in one case, that the EA has his/her own house on the market and is hoping to get out before the crash... or, in one case, one who is looking for another job because he/she thinks there is no future in the current market.

In short, I think you have to regularly visit them, listen in, communicate with them and basically sound the Human Beings from, IMPO, the bullsh*tters.

If you really want the gossip then you want to find the Human Beings when they are alone in the office and you will probably get it - few will talk openly in front of their colleagues, especially if the colleague still resides in cloud cuckoo land.

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Nah, my original thoughts ("A new garage and a forth bedroom have got to be worth at least £159,000!") was intended to be from the mouth of a deluded seller. It must have been convincing though if you fell for it. B)

I doubt the extention would add 50k to the house price, let alone £150k.

Nah, I didn't fall for it. Once again, I note that this US coded forum lack an irony smiley.

My soicitor told me a few years ago, he deals with houses daily, that 50K buys you an awful lot of house modernisation and often the sum is nearer 20K to 30K tops dependent on what is done.

So, in regard to that particular house, if they have extended it a bit and put in the obligatory new kitchen, new bathroom and presumably a new boiler/wiring/heating I would be willing to pay 240K tops. If I really liked it I might pay 250K... but you can now get some really lovely houses in Swansea West between 200K and 250K.

A fellow HPCer bought a house about a mile from there, admittedly smaller and a semi but nearer the beach and the shops and the pubs, which had just been completely gutted and modernised for 7.5K less than the developer who had done the house out... and about 150K less than the aforementioned property. Bargain!

Nearly 370K - I would not consider even viewing it.

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I think this paragraph sums up exactly what is happening in areas of Britain where house prices -- in relation to LOCAL peoples affordability -- are going to be devastated.

But what is local in this day and age? where I live just about anywhere between west London and Cardiff is commutable by car, weekly commuting is not uncommon either, arrive Monday morning and leave Friday afternoon. Until road fuel is much more expensive how much influence do local wages have?

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  • 261 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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