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Frizzers

Kent - Borough Green

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My Granny used to live in Borough Green. She died about ten years ago and my dad and uncle let out her house. Now they want to sell it.

What sort of state is the market in round there? Are 3-bed semis selling? Is it stagnant, dead or, like the North East, so behind that it's still booming?

Any locals or anyone with local knowledge, please fill me in.

Small garden, nice street, close to the station and the roads out of town.

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Come on, guys. Somebody must know something about this part of Kent? Or at least nearby - Wrotham, West Malling, Maidstone even. How are things doing down there?

Please, can anyone shed any light?

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Come on, guys. Somebody must know something about this part of Kent? Or at least nearby - Wrotham, West Malling, Maidstone even. How are things doing down there?

Please, can anyone shed any light?

go away you silly VI

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Come on, guys. Somebody must know something about this part of Kent? Or at least nearby - Wrotham, West Malling, Maidstone even. How are things doing down there?

Please, can anyone shed any light?

I'm in Sevenoaks and I'm not really sure if that bears any similarity to Borough Green but things do seem to be slow around here. There was a thread on here recently about houses in Tonbridge (or was it Tunbridge Wells?) saying that people were having to take chunk off the asking prices before they would sell.

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Well, it's been on the market two and a half weeks now. Three viewings in that time. No offers.

The EAs' valuations - there are three in the town - were all within ten grand of each other and they all reckoned it would sell easily.

Watch this space.

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Well, it's been on the market two and a half weeks now. Three viewings in that time. No offers.

The EAs' valuations - there are three in the town - were all within ten grand of each other and they all reckoned it would sell easily.

Watch this space.

Hi Frizzers,

I would have replied to your query earlier, but I'm based in Tunbridge Wells, which I took to be too far from Borough Green for me to have any useful advice to offer you. However, seeing as someone has mentioned my posts about TW, I'm happy to offer my point of view.

The market has been more or less stagnant in West Kent since January 2005, and even people dropping asking prices are not necessarily managing to sell - buyers are a lot more wary now.

I would certainly advise you to undercut the market by a good 10% if you really want/need to shift your property. For instance, 3-bed semis around here were on the market in December 2004 for £325K - now they're on at £275 and still not selling.

Obviously, I don't know your full personal circumstances (nor the exact situation in Borough Green), but if you can afford to shave some off, I'd do so, otherwise you may well find yourself still sitting on the property in six months' time, with house prices crashing all around you.

Sorry to sound pessimistic, but things do seem to be taking a serious downward turn in this area, fuelled not least by the huge numbers of new-build flats, which are not selling at all. In turn, this has led developers to slash prices, with the obvious detrimental effect that has on the prices of other houses in the area.

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Well, we put it on (my Grandmother's old house) in September (3 bed semi) at 260 and it got something like two viewings in 2 months. Terrible. All three agents in the area declared the market for that type of property was very quiet.

We reduced it to 250k in November and had a bit more in through the door (the market generally, if where I am in Wandsworth is anything to go by, seems to have had a sort of mini rally in the last couple of months). And we've just had an offer, how serious I don't know, for 220. Which is quite a bit down on the orginal asking.

So that's the current state of affairs in that part of Kent. Rather depressed, I'd say.

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It's now gone under offer to some people, who are currently renting, at 240. Here's hoping it goes through.

That's 20k less that the asking of 260. But it was probably overvalued. The other agents said 250 and 240 at valuation.

So my feeling is the market has been slow, but not dead.

My dad (aged 75, 'You can't beet property as investment') wants to put the proceeds into a buy-to-let. Unfortunately, he doesn't have internet access, otherwise I'd send him here.

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It's now gone under offer to some people, who are currently renting, at 240. Here's hoping it goes through.

That's 20k less that the asking of 260. But it was probably overvalued. The other agents said 250 and 240 at valuation.

So my feeling is the market has been slow, but not dead.

My dad (aged 75, 'You can't beet property as investment') wants to put the proceeds into a buy-to-let. Unfortunately, he doesn't have internet access, otherwise I'd send him here.

Frizzers,

Hope your sale goes through. We are quietly monitoring the market arouind BG and S'oaks and have been putting in the occasional cheeky offer - much cheekier than the 220 you sniffed at - and had a few nibbles but no bite yet. The very fact we are getting nibbles suggests there are quite a few people having trouble shifting stuff in the area.

CS

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Frizzers,

Hope your sale goes through. We are quietly monitoring the market arouind BG and S'oaks and have been putting in the occasional cheeky offer - much cheekier than the 220 you sniffed at - and had a few nibbles but no bite yet. The very fact we are getting nibbles suggests there are quite a few people having trouble shifting stuff in the area.

CS

Cheers CS. I'll pass that on.

I've got a nasty feeling that BG and S'oaks might get hit a bit, don't know why, just a feeling - I remember my cousin had a major negative equity problem back in about 87 - so I wouldn't dive into anything. I'd wait a while, as you're doing.

Best,

Frizzers

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Well, we completed the sale on the house today.

We had an unencumbered buyer, so it went from offer to completion in under a month.

The final price 240k. For a three-bed semi in Borough Green.

Original valuations were 260, 250 and 240. We greedily went for the 260 agent. Nobody came through the door. And as soon as we lowered our asking price to 250 it we had some viewings and it quickly went under offer. (I wish we'd gone with the 240 guy as his was the most accurate valuation).

It went on in September, so to have completed by now is very pleasing. And very surprising, given that the first couple of months were deathly with barely a viewing.

My overall assessment, based on this one sale, is that things are teetering. The speed of the sale might suggest we are enjoying a mini rally, while the overall trend is downwards, or it might suggest things are not as bad as many on this site say. My feeling is that it would take very little to depress things again. But if you’re not too bold with your asking price you should still see a sale.

Things are not what they were four years ago, there's no doubt about that, but - on the limited evidence of this one sale and on where I live in Wandsworth - the more militant doom-and-gloomers on this site seem a bit extreme. That may change, but for now that seems to be the case.

And Stressed-out's earlier assessment of things, if you read back, was about right.

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  • 333 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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