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andybee33

Sellers Starting To Doubt Their Own Denial (Cumbria)

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Hey folks,

I'm currently looking for a family home in Cumbria (after 5 years lurking and 2 years seeing my savings get trashed - apart from the PMs!!) as basically we just want somewhere to live where I can paint the kid's bedrooms whatever colour I (or they) want.

The 'nicer' bits east of Carlisle are my hunting ground - not that this is very relevant other than that it's chock full of retired boomers and people who were born on the houses that they live in. Hardly any of them could afford to buy their own houses - which is typical of many rural communities, I think.

Anyway, we've been on a veritable spree of viewings this weekend and the following couple were interesting:

1 - Run down detached 4 bed (poky) in nice rural area. Bought by current owners LAST YEAR for £282,500. Totally unimproved. On market for £335,000 because (wait for it) 'that's how much we need to move to the area we need to be in'. At the end of the viewing - us not being very interested at all - the seller's wife had a minor outpouring along the lines of 'yes, we know we are asking too much but we need the money but we know that to sell it we'll need to consider ANY offers very seriously and.... and... and...'. Pitiful it was.

2 - Nicely improved 4 bed cottage but in less good area (Schools etc). Owned by current owners for a long time. Seller had a 'Tempt Me' on Zoopla in 2008 for £395k. Put on market shortly after. I first saw it last year at £350k, now £315k. Zero viewings this year 'til ours. No further cuts though. Seller tells us that she's starting to thing that they 'might really have to think about taking an offer if they want to sell'.

Not much to go on, I know. But the overwhelming vibe from ALL of the sellers we saw was that they secretly know it's a busted flush - they are just waiting to see who blinks first.

Just my two-pennorth.

Edited by andybee33

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Great anecdotal. :)

1 - Run down detached 4 bed (poky) in nice rural area. Bought by current owners LAST YEAR for £282,500. Totally unimproved. On market for £335,000 because (wait for it) 'that's how much we need to move to the area we need to be in'. At the end of the viewing - us not being very interested at all - the seller's wife had a minor outpouring along the lines of 'yes, we know we are asking too much but we need the money but we know that to sell it we'll need to consider ANY offers very seriously and.... and... and...'. Pitiful it was.

I could have come up with a similar argument myself last year when I sold my flat* but I realised that the housing market isn't remotely interested on the vendor's personal circumstances. If the vendors were willing to sell for say £280k and rent for 6 to 12 months then maybe their money might stretch to a house in the area they want.

In my area (Norwich) a lot of vendors seem loathe to market their average condition 1 bedroomed flats at anything less than £65k or £70k and in the case of average condition terraced/ex-LA houses the threshold is £100k and £105k. A very few like that are on for less than £95k but even these are still on the market after many weeks.

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Where I'm looking there are currently 16 houses on the market, eight taken off the market having not sold and a mere four sales logged on the Land Registry (plus one repo that wasn't). This is all in calendar year 2011. A sell-through rate of just 15% - much lower than Rightmove's "half the houses advertised don't sell" schtick.

Recently I've seen one four-bed house up for £275k reduce to £230k - the 2004 purchase price... and it's still not selling. Other houses simply not dropping in price, so are just sitting there. I made an 85% offer on one place which was turned down and the house went off the market a bit later - bloke just didn't believe how much his house was really worth so decided to stay.

House prices aren't crashing simply because interest rates are so low they are allowing people to stay where they are. Low volume = no movement in prices. The trick seems to be in finding someone who really wants to sell - and actually wanting the house they have on the market!

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  • 337 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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