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The Masked Tulip

I Am Seeing Asking Prices Nudge Up

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Just watching properties coming on the market in the last few weeks - those which should be 300K asking have been edging up to 320Kish and now, in recent days, several in the 340K to 360K region.

At best, selling price for be 260Kish...

I can only assume that they are pushing up asking prices in order to not drop below the 300K selling mark.

Absolutely nuts as there are plenty of properties longer on the market that are coming down in asking price.

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House on my street was on at £285K back in spring. Went SSTC

Now it's back on at £250K. And this is a place people really really want to live.

That's a drop of between 10% and 20% Make of that what you will.

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OP is correct, and that's echoed by the Rightmove figures. But then you've got the Halifax figures. Is it a great, big, massive Mexican stand off?

I suspect that what'll happen is that, in decent areas, you'll get somewhere near asking prices. In others, you'll see a drop of 20-30%. Most of it will come down to how long they've been on the market. It feels like we're going to see the big drops once these houses have been on for a long time: say, after Christmas. That's when the stand-off will come to an end.

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Got sent details of a house in Chelmsford a while back, end terrace in centre of town. £205k dropped to £189k in august. Then in September I get another email from another agent. Mid terrace two doors down put up for £209k!! Are these people mentally retarded? End terrace bot selling at £189k so put a mid terrace two doors away up for £20k more! The vendor must be braindead too, surely you would question the logic there?

Anyway they are both £189k now. Niether selling. Although I expect they will as the prime central Chelmsford location, just shit parking and shit gardens.

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New properties coming on the market are slowing considerably in my area... As I have said before, the bottom end of the market looks as if the bottom is falling out of it now... but the middle sector is being incredibly stubborn on asking prices.

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I live in north devon and the lower end of the market is dropping fast. The middle ranks are just sitting there with the odd one selling. The higher priced propertys are dropping fast.

You never used to see an repo round here but I was looking at 2 today. Both shit.

The london buyers seem to have dried up - they used to buy blind! prices got stupid in north devon - 10 x earnings. I have a 90k deposit and a 28k salary and I still cant find a house big enough for my kids that isnt in a crap estate...

Edited by crab paste

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New properties coming on the market are slowing considerably in my area... As I have said before, the bottom end of the market looks as if the bottom is falling out of it now... but the middle sector is being incredibly stubborn on asking prices.

I've been looking at what I think is "middle market" in our immediate area - if they're put up for rental they go quite quickly, if they're put up for sale they just sit there, for month after month. I know of one house - 5-bed, nice area, quirky - went on the market at a slightly ambitious price for a probate sale. First 3 weeks and ONE viewer, who was "just getting a feel for the market." Sounds as though she should have been checking for vital signs.

A solicitor who lives in one of those places which are supposed to be immune to HPC tells me that he is seeing a really visible drop just in the last three weeks - and normally house price movements are rather slower than that in his bailiwick. He puts it down to the fear of redundancy - everyone wants to downsize NOW while they can still get a mortgage on both incomes. I'm guessing that the worsening of the mortgage famine is hitting that process particularly hard.

And this is the point when we have to buy! (External circs make it almost compulsory) Just as I think we are seeing another substantial drop on the way - at least outside of London (which isn't on the same planet as the rest of us).

db

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I think the next 3 months will be a great time to be trying to get a good price.

Im not talking 50% off peak of course, Ill leave that to the more rabid hpcers. Hp inflation gave me much of my present deposit, and I dont grudge falls after I have bought, so long as I can fix my small mortgage for 5 years at a historically low rate.

There are lots of people who would like to sell before christmas- it is a mental goal I have set myself in the past. Once you get to feb, people will be holding out for spring season in the vain hope that ranks of buyers will appear.

Who knows what will happen in the future, but what is happening right now is sustained and sizable falls on the properties I am watching.

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OP is correct, and that's echoed by the Rightmove figures. But then you've got the Halifax figures. Is it a great, big, massive Mexican stand off?

I suspect that what'll happen is that, in decent areas, you'll get somewhere near asking prices. In others, you'll see a drop of 20-30%. Most of it will come down to how long they've been on the market. It feels like we're going to see the big drops once these houses have been on for a long time: say, after Christmas. That's when the stand-off will come to an end.

I think now it is just about the bank valuations ... and banks do not care if it is good or bad area ... plus they will check your real income ....

FTB age is now 37 ....

there is no way that in London zone 5 or 6 houses in good areas will stay on 400k .... they will go down again to 200k range ....

there is no money what so ever to afford 400k for FTB ....

and there is no property leader ... just the snake .....

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A solicitor who lives in one of those places which are supposed to be immune to HPC tells me that he is seeing a really visible drop just in the last three weeks - and normally house price movements are rather slower than that in his bailiwick. He puts it down to the fear of redundancy - everyone wants to downsize NOW while they can still get a mortgage on both incomes. I'm guessing that the worsening of the mortgage famine is hitting that process particularly hard.

db

What is the solicitor seeing a really visible drop in? Buyers? Sales? Prices?

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What is the solicitor seeing a really visible drop in? Buyers? Sales? Prices?

Probably asking prices, but backed up by the conveyancing coming in - of course, that's not including sales which fail - I believe that's running at about 1 in 3.

db

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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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