frenchy Posted March 1, 2011 Share Posted March 1, 2011 (edited) It is that time of the month when I await for LR data to filter through to websites like houseprices. This house: http://www.zoopla.co.uk/property/47-brins-close/stoke-gifford/bristol/bs34-8xu/2919194 (srcoll down to see the bottom to see original ad). very near where I leave. Last sold in 2006 for 236k, estimated currently at 248k on zoopla, estimated at 239k using the Nationwide calculator but sold 265k.Had been on the market for 7 months so I expect the seller was just waiting for a mug and it came along. I would have thought the valuation would return the true value of 250k (there are several completed sales of almost identical houses at 250k within a few 100s of meters from this house) and that the lender would not lend at this price. Although I was not interested in this house (no garage) I find it depressing it sold for such a high price at such a bad time of year (just before Xmas)... Edit: this "crash" is taking forever and I am losing patience (even though losing patience does not mean giving in in my case but just feeling very irritable and angry about the society we live in and the stupidity of a few of its participants...) Edited March 1, 2011 by frenchy Quote Link to comment Share on other sites More sharing options...
long time lurking Posted March 1, 2011 Share Posted March 1, 2011 It is that time of the month when I await for LR data to filter through to websites like houseprices. This house: http://www.zoopla.co.uk/property/47-brins-close/stoke-gifford/bristol/bs34-8xu/2919194 (srcoll down to see the bottom to see original ad). very near where I leave. Last sold in 2006 for 236k, estimated currently at 248k on zoopla, estimated at 239k using the Nationwide calculator but sold 265k.Had been on the market for 7 months so I expect the seller was just waiting for a mug and it came along. I would have thought the valuation would return the true value of 250k (there are several completed sales of almost identical houses at 250k within a few 100s of meters from this house) and that the lender would not lend at this price. Although I was not interested in this house (no garage) I find it depressing it sold for such a high price at such a bad time of year (just before Xmas)... Edit: this "crash" is taking forever and I am losing patience (even though losing patience does not mean giving in in my case but just feeling very irritable and angry about the society we live in and the stupidity of a few of its participants...) Same think happening round my way with the middle to top of the market ,but the bottom end is dropping quite quickly with what looks like the BTL brigade bailing out ,there have got to be a knock on effect sooner or later Quote Link to comment Share on other sites More sharing options...
koala_bear Posted March 1, 2011 Share Posted March 1, 2011 Same think happening round my way with the middle to top of the market ,but the bottom end is dropping quite quickly with what looks like the BTL brigade bailing out ,there have got to be a knock on effect sooner or later +1 Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 1, 2011 Share Posted March 1, 2011 It is that time of the month when I await for LR data to filter through to websites like houseprices. This house: http://www.zoopla.co...s34-8xu/2919194 (srcoll down to see the bottom to see original ad). very near where I leave. Last sold in 2006 for 236k, estimated currently at 248k on zoopla, estimated at 239k using the Nationwide calculator but sold 265k.Had been on the market for 7 months so I expect the seller was just waiting for a mug and it came along. I would have thought the valuation would return the true value of 250k (there are several completed sales of almost identical houses at 250k within a few 100s of meters from this house) and that the lender would not lend at this price. Although I was not interested in this house (no garage) I find it depressing it sold for such a high price at such a bad time of year (just before Xmas)... Edit: this "crash" is taking forever and I am losing patience (even though losing patience does not mean giving in in my case but just feeling very irritable and angry about the society we live in and the stupidity of a few of its participants...) how do you know what it sold for? Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 1, 2011 Share Posted March 1, 2011 My offer on a property was accepted today. £325k last July--drop drop drop--offer at £201,250 accepted. They are tumblinhg darn sarf. Transactions down 50% YoY, job losses brewing--gloom everywghere--don't belive the EA hype this market is crashing. Quote Link to comment Share on other sites More sharing options...
Beggar Thy Children Posted March 1, 2011 Share Posted March 1, 2011 My offer on a property was accepted today. £325k last July--drop drop drop--offer at £201,250 accepted. They are tumblinhg darn sarf. Transactions down 50% YoY, job losses brewing--gloom everywghere--don't belive the EA hype this market is crashing. Right, let's see it then. Rightmove link? Quote Link to comment Share on other sites More sharing options...
frenchy Posted March 1, 2011 Author Share Posted March 1, 2011 how do you know what it sold for? 4th down the list: http://www.houseprices.co.uk/e.php?q=stoke+gifford&n=10 Quote Link to comment Share on other sites More sharing options...
200p Posted March 1, 2011 Share Posted March 1, 2011 My offer on a property was accepted today. £325k last July--drop drop drop--offer at £201,250 accepted. They are tumblinhg darn sarf. Transactions down 50% YoY, job losses brewing--gloom everywghere--don't belive the EA hype this market is crashing. Congratulations, as a HPC member or 6 years+ I sincerely hope it works out! Quote Link to comment Share on other sites More sharing options...
fellow Posted March 1, 2011 Share Posted March 1, 2011 My offer on a property was accepted today. £325k last July--drop drop drop--offer at £201,250 accepted. They are tumblinhg darn sarf. Transactions down 50% YoY, job losses brewing--gloom everywghere--don't belive the EA hype this market is crashing. Nice bit of direct action to get house prices down, as you've hopefully devalued the whole area. We need sales to lock in the falls. Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted March 1, 2011 Share Posted March 1, 2011 It's impossible to do anything proactively about the housing market. Everyone can do their little bit (well done RB and good luck - I hope it goes through), but you can't make a difference macroscopically. I have a policy about not worrying about stuff that is out of my control. House prices are largely out of my control. Affordability is under my control, so I can make a difference to the amount of money I earn, save etc. This is the area that gets my focus as I have an ability to positively influence it. A crash would be nice, but there is no way I can make it happen. But by earning more and saving harder I can make houses more affordable to me. Maybe that makes me sound like a wage slave, but you're going to have to compete with people like me if you want to get what you want. I'm already resigned to the fact that these things take as long as they take. If you make your long term psychological state dependent on something as potentially volatile as house prices then you're asking for trouble. Chill out and have another glass of wine. Quote Link to comment Share on other sites More sharing options...
Guest The Relaxation Suite Posted March 1, 2011 Share Posted March 1, 2011 It is that time of the month when I await for LR data to filter through to websites like houseprices. This house: http://www.zoopla.co.uk/property/47-brins-close/stoke-gifford/bristol/bs34-8xu/2919194 (srcoll down to see the bottom to see original ad). very near where I leave. Last sold in 2006 for 236k, estimated currently at 248k on zoopla, estimated at 239k using the Nationwide calculator but sold 265k.Had been on the market for 7 months so I expect the seller was just waiting for a mug and it came along. I would have thought the valuation would return the true value of 250k (there are several completed sales of almost identical houses at 250k within a few 100s of meters from this house) and that the lender would not lend at this price. Although I was not interested in this house (no garage) I find it depressing it sold for such a high price at such a bad time of year (just before Xmas)... Edit: this "crash" is taking forever and I am losing patience (even though losing patience does not mean giving in in my case but just feeling very irritable and angry about the society we live in and the stupidity of a few of its participants...) The problem in England is that even if a large crash were to occur, and this I doubt as I am now of the opinion that air is being let out of housing over decades (we're already four years in and a few small % down) is that the housing stock is so small to start with. After your big crash what do you get? A three bed terrace with an overlooked garden the size of a postage stamp next to housing association filth for £175,000 instead of £225,000?? Is this really all that good a deal? The bottom line is that housing in Britain will always be more expensive and smaller than most other countries because Britain is a very small and overcrowded island with dreadful population density problems. And while we're all worrying 24/7 about this, doing our calculations, thinking about maths and sums, monitoring properties, viewing properties, following the news, thinking about how we might be able to find a nice house in 10 years' time for our children, the Orwellian swine class of millionaires get to direct all their mental energy into what champagne to buy, where to go on holiday and how to keep going up the ladder while keeping all of us off of it. They have more time on their hands. Much more time. They always win. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted March 1, 2011 Share Posted March 1, 2011 It's impossible to do anything proactively about the housing market. Everyone can do their little bit (well done RB and good luck - I hope it goes through), but you can't make a difference macroscopically. I have a policy about not worrying about stuff that is out of my control. House prices are largely out of my control. Affordability is under my control, so I can make a difference to the amount of money I earn, save etc. This is the area that gets my focus as I have an ability to positively influence it. A crash would be nice, but there is no way I can make it happen. But by earning more and saving harder I can make houses more affordable to me. Maybe that makes me sound like a wage slave, but you're going to have to compete with people like me if you want to get what you want. I'm already resigned to the fact that these things take as long as they take. If you make your long term psychological state dependent on something as potentially volatile as house prices then you're asking for trouble. Chill out and have another glass of wine. Fortunately most are not like you, they are credit serfs, and without credit they won`t be competing anymore to bid up the price of houses. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted March 1, 2011 Share Posted March 1, 2011 (edited) The problem in England is that even if a large crash were to occur, and this I doubt as I am now of the opinion that air is being let out of housing over decades (we're already four years in and a few small % down) is that the housing stock is so small to start with. After your big crash what do you get? A three bed terrace with an overlooked garden the size of a postage stamp next to housing association filth for £175,000 instead of £225,000?? Is this really all that good a deal? The bottom line is that housing in Britain will always be more expensive and smaller than most other countries because Britain is a very small and overcrowded island with dreadful population density problems. And while we're all worrying 24/7 about this, doing our calculations, thinking about maths and sums, monitoring properties, viewing properties, following the news, thinking about how we might be able to find a nice house in 10 years' time for our children, the Orwellian swine class of millionaires get to direct all their mental energy into what champagne to buy, where to go on holiday and how to keep going up the ladder while keeping all of us off of it. They have more time on their hands. Much more time. They always win. Most real millionaires are long out of property as an investment, and spend their energy on more than what drinks to buy this holiday season. You are confusing them with wannabes who MEW`ed excessively and banker type tosswipes who thought the bonus would always be there? (The top pups of course are still making bonus, I don`t know what they do about drinks) Edited March 1, 2011 by dances with sheeple Quote Link to comment Share on other sites More sharing options...
TeddyBear Posted March 1, 2011 Share Posted March 1, 2011 EA told me (when I asked why anyone would go a little over sd threshold and pay so much more tax) that most places selling around 265 have stamp duty paid by seller to just bump it up a bit over 250. Therefore, registered 265, probably sold really for 257 with seller paying stamp duty. Still higher than you would have wished but not quite as depressing as you thought... Quote Link to comment Share on other sites More sharing options...
MonkeyNuts Posted March 2, 2011 Share Posted March 2, 2011 Had been on the market for 7 months so I expect the seller was just waiting for a mug and it came along. I would have thought the valuation would return the true value of 250k (there are several completed sales of almost identical houses at 250k within a few 100s of meters from this house) and that the lender would not lend at this price. Although I was not interested in this house (no garage) Maybe paying an extra 15K + 5K duty was worth it for someone who didnt want the hassle of doing a garage conversion themselves. Quote Link to comment Share on other sites More sharing options...
Lepista Posted March 2, 2011 Share Posted March 2, 2011 Most real millionaires are long out of property as an investment, and spend their energy on more than what drinks to buy this holiday season. You are confusing them with wannabes who MEW`ed excessively and banker type tosswipes who thought the bonus would always be there? (The top pups of course are still making bonus, I don`t know what they do about drinks) most 'small-time' millionaires I know are not actually very financially astute. They know their business well, and how to extract a profit from it, but as to the wider financial world, they leave itt to their accountants / portfolio investors to sort out. The last 15 years has been a bit of a no-brainer - invest your stash in proprty, or shares, pretty much anything. That landscape is now changing, and I suspect alot of these 'millionaires' are going to get their fingers severely burnt. Quote Link to comment Share on other sites More sharing options...
W1zard Posted March 2, 2011 Share Posted March 2, 2011 A largish three bed semi was on sale for around three weeks just down to the road to me for 525k. It easily needs at least 50k of work doing to it as it currently looks like an ex student squat. The For Sale sign changed to Sold last week and another similar property has now gone on for 520k. This new one is actually a two bed. This area does appear to command a premium but these prices are beyond a joke. The more sales that go through at these prices will just enable sellers to continue to try their luck and hold out for obscene prices. Quote Link to comment Share on other sites More sharing options...
red Posted March 2, 2011 Share Posted March 2, 2011 My offer on a property was accepted today. £325k last July--drop drop drop--offer at £201,250 accepted. They are tumblinhg darn sarf. Transactions down 50% YoY, job losses brewing--gloom everywghere--don't belive the EA hype this market is crashing. Oh, RB... with all due respect to where you live - and I'm glad you got such a huge discount - prices are most certainly not tumbling in my part of the 'sarf'... And the EAs aren't having to work hard to see any decent property go straight under offer for near asking (around peak 2008 prices). IR rises, please. Quote Link to comment Share on other sites More sharing options...
red Posted March 2, 2011 Share Posted March 2, 2011 A largish three bed semi was on sale for around three weeks just down to the road to me for 525k. It easily needs at least 50k of work doing to it as it currently looks like an ex student squat. The For Sale sign changed to Sold last week and another similar property has now gone on for 520k. This new one is actually a two bed. This area does appear to command a premium but these prices are beyond a joke. The more sales that go through at these prices will just enable sellers to continue to try their luck and hold out for obscene prices. Exactly what I'm seeing around here - one sale goes through on a particular road then the rest in the area jack their prices up in the hope of matching it. Quote Link to comment Share on other sites More sharing options...
Saver Posted March 2, 2011 Share Posted March 2, 2011 Same think happening round my way with the middle to top of the market ,but the bottom end is dropping quite quickly with what looks like the BTL brigade bailing out ,there have got to be a knock on effect sooner or later In Sheffield people I know with FTB type homes cannot sell them, but I also know someone trying to buy a family semi house and he says every time they bid they are outbid and lose the house (even when bidding 15k over the asking price). So there seems to be two markets - FTB one where noone can buy and family homes which apparently has a long queue of people with silly money readily available to pay whatever is asked. Quote Link to comment Share on other sites More sharing options...
aussieboy Posted March 2, 2011 Share Posted March 2, 2011 My offer on a property was accepted today. £325k last July--drop drop drop--offer at £201,250 accepted. They are tumblinhg darn sarf. Transactions down 50% YoY, job losses brewing--gloom everywghere--don't belive the EA hype this market is crashing. Crikey - is this goodbye? Quote Link to comment Share on other sites More sharing options...
PopGun Posted March 2, 2011 Share Posted March 2, 2011 In Sheffield people I know with FTB type homes cannot sell them, but I also know someone trying to buy a family semi house and he says every time they bid they are outbid and lose the house (even when bidding 15k over the asking price). So there seems to be two markets - FTB one where noone can buy and family homes which apparently has a long queue of people with silly money readily available to pay whatever is asked. How are people able to trade up if they can't sell their FTB property? Quote Link to comment Share on other sites More sharing options...
Saver Posted March 2, 2011 Share Posted March 2, 2011 How are people able to trade up if they can't sell their FTB property? The people I know trying to buy family home don't have a property to sell. So no trading up involved. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted March 2, 2011 Share Posted March 2, 2011 Crikey - is this goodbye? Will keep looking in as the addiction to HPC.co.uk slwly wears off! The transaction will apprently take about 10 weeks to go through according to the EA. Never heard of this befiore--was thinking a month tops. Anyone know about the costs associated with a move. Solicitor has quoted £550 anyne know if that is about right? Survey around £400. The only ant in the paste now is the £ which seems to have been moving steadily upward due to the euphoric news recently (record breaking manufacturing, construction , unemployment, negative balance of trade and overall deficits). http://www.telegraph.co.uk/finance/economics/8355198/Factories-power-UK-recovery-forward.html Factories power UK recovery forward Manufacturing continues to drive Britain's recovery after a record start to the year that threatens to fuel inflation, according to the much-watched Chartered Institute of Purchasing and Supply's (CIPS) activity index. Enough to make the most bearish bear a bit bullish? Quote Link to comment Share on other sites More sharing options...
exiges Posted March 2, 2011 Share Posted March 2, 2011 Edit: this "crash" is taking forever and I am losing patience (even though losing patience does not mean giving in in my case but just feeling very irritable and angry about the society we live in and the stupidity of a few of its participants...) The trouble is, even with house prices static, they're actually going down in real terms compared to earnings. I get the feeling that most/all the drops are going to be real term rather than nominal, particularly with ZIRP, anyone who has a mortgage is on a very good deal.. those who are in trouble have been saved, those not in trouble are coining it in. Quote Link to comment Share on other sites More sharing options...
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