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The last six weeks have been a bit of an eye opener. My search are is Sale/Timperley/Altrincham, Urmston/Flixton.

About 4 weeks ago, most half-decent houses in Sale/Timperley that were going up for sale around £220k or less were selling in 3-7 days, regardless of condition/value, above that figure they seem slower to move or not selling. Did a few viewings and they were all block booked (usually without the courtesy of being informed about it) you could sense the panic. I didn't think Urmston was as mad, then a few 200k houses that we had dismissed sold in less than a week.

I don't know if it was a rush to get on before MMR kicked in, but it does seem of calmed down now, possibly less coming to market, but also have the desperate 'headless chicken' buyers dried up? A few agents now are ringing me constantly trying to get me to view houses, they can't be that busy now if they have the time to call people up? A 2 bed house in Sale, £280k! ("but you can extend it to a 3 bed Sir, and the owner has rendered it, it looks lovely", the agent says)

Spoke to a Mortgage Advisor in an Altrincham Estate Agents , EA staff were typical young lads being slightly aggressive covering up their inexperience, but mortgage advisor was actually a decent bloke. He told me that there were a lot of sales falling through in Altrincham at the moment, due to surveyors being 'cautious', under-valuing houses (valuing them at less than the agreed price I mean) as they couldn't find any comparable sales within a mile radius. Instead of re-negotiating the price the sellers typically put them back on the market.

Our view now is to sit tight, let any last dregs of panic buyers snap up the overpriced rubbish that's about, and hold out for something of value, however long that takes.

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I don't know if it was a rush to get on before MMR kicked in, but it does seem of calmed down now, possibly less coming to market, but also have the desperate 'headless chicken' buyers dried up? A few agents now are ringing me constantly trying to get me to view houses, they can't be that busy now if they have the time to call people up? A 2 bed house in Sale, £280k! ("but you can extend it to a 3 bed Sir, and the owner has rendered it, it looks lovely", the agent says)

Been looking forward to MMR, although read that lenders were adjusting their procedures to MMR for some weeks/months in the run up. If so, it's not exactly dampened high-to-higher transaction prices.

Only know that the announcement about a end-date for the part of Miras, all that time ago, sparked a maniac race to buy from 'victim' buyers, at ever higher prices, causing a surge in HPI, leading to a soft-HPC (soft in these parts anyway).

Buyer can extend... at more big money expense and hassle and risks on top of the £280,000 asking price. Just lovely to please the EA and seller.

Not going to get my hopes up but would be good if MMR really does lead to something like more supply to market and a sudden cooling and more buyers unable to get the debt they want. Hope you get more EA phone calls. I'm waiting until the deals come to me.

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Maybe there has been some pre-MMR effects. Can't blame me for finding it difficult to see in the market, against a blistering year of new mortgage lending, and tight supply, and buyers falling over one another to pay higher prices at the low-to-mid end.

With the Mortgage Market Review due to come into effect on 26 April and mortgage lenders scrabbling to implement the new framework, borrowers are feeling a marked effect – with approvals for home purchase lending grinding to a near-halt over the past three months.
After 11 consecutive months of increases, the number of mortgage approvals for home purchase decreased by 8.5% between January and February 2014, according to the latest data from the Bank of England. The year-on-year increase in approvals also slowed, from 42.2% in January to 33.9% in February.
Separate data from the Council of Mortgage Lenders (CML) indicates that gross mortgage lending fell by 10.0% between the fourth quarter of 2013 and the first quarter of 2014 – from £51.4 billion to £46.3 billion.

https://www.turnkeymortgages.co.uk/news/mortgages/mortgage-approvals-slow/

and whilst I'm not overly convinced: http://www.bbc.co.uk/news/business-26555839

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  • 3 weeks later...

Been looking forward to MMR, although read that lenders were adjusting their procedures to MMR for some weeks/months in the run up. If so, it's not exactly dampened high-to-higher transaction prices.

Only know that the announcement about a end-date for the part of Miras, all that time ago, sparked a maniac race to buy from 'victim' buyers, at ever higher prices, causing a surge in HPI, leading to a soft-HPC (soft in these parts anyway).

Buyer can extend... at more big money expense and hassle and risks on top of the £280,000 asking price. Just lovely to please the EA and seller.

Not going to get my hopes up but would be good if MMR really does lead to something like more supply to market and a sudden cooling and more buyers unable to get the debt they want. Hope you get more EA phone calls. I'm waiting until the deals come to me.

One EA (Thornley Groves) is now sending me emails when new properties go up for sale, they are sounding pretty desperate (or they are bored) in the wording used to describe these places... quite funny.. here's a few examples -

‘Breathtaking’ Bradfield road, Stretford.

Behold bargain hunters, This brilliant 3 bedroom detached family home is beaming and so will you be upon viewing, it’s truly breathtaking. Be bold and call now to book your viewing.

(Beaming ……. It sounds like a technical term for a wet rot in the joists? :rolleyes: )

'Delightful' Dartford Road, Urmston. A dazzling gem of a property..

And this one.. they gave up trying to find a descriptive word that starts with the same letter as the street name, and simply repeated it :

‘Celestial’ Celestial Road, Flixton. This Charming semi detached period property is a brand new creation as it has been completely renovated throughout. Call now to book your viewing do not leave this one on a cliff-hanger.

I don't think i'll unsubscribe to these emails, it's quite entertaining :lol:

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One EA (Thornley Groves) is now sending me emails when new properties go up for sale, they are sounding pretty desperate (or they are bored) in the wording used to describe these places... quite funny.. here's a few examples -

period property is a brand new creation

I don't think i'll unsubscribe to these emails, it's quite entertaining :lol:

:lol:

I don't know how quite a few EAs get away with this approach. Being so corny.

Or is that many potential house-buyers sometimes secretly like EAs to be so cheesy? It doesn't do anything for me, not even subconsciously.

I've got a few particulars for house sales from mid 1980s, passed onto me from relatives which I've kept, as the sales pitch is intelligent and appealing.

Was only reading a US/California housing blog the other night, were author was also having a laugh over the pitch given in a listing. So some of typical bluster is common with Realtors from UK and US.

"Property needs a little TLC but has strong and solid bones.”
Solid calcium enriched bones baby! This home can also squat 600lbs on any given weekend.
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  • 1 month later...

I've barely seen a single house go STC for weeks on end in Sale/West Timperley/Urmston/Didsbury/Chorlton area's, anyone else noticing this? price range 200-300k.

I was convinced my search settings were wrong (excluding STC) but I checked and 'STC' was ticked on both Wrongmove & Zoopla saved searches. I think I saw far more STC'ing in 2010.

Seems to be far more semi's coming on at near £300k prices though, where these would of been at 250 or less a few months back.

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  • 2 weeks later...
  • 7 months later...

A couple of price reductions in my search area.

This one, was up for £275k initially, late last year. A week or two ago they dropped it to £250k.

Thursday night it was dropped to £235k (was quite surprised at this) a day later it was down to £225k!? now it's been removed - what are they up to?

http://www.rightmove.co.uk/property-for-sale/property-39750416.html

This one, bought march 2014, a drop in value of £42.5k since it was last sold in 2012! quite gobsmacked by this, as it's on a very nice quiet road in a sought after leafy part (Victorian & 1930's) where there's usually no shortage of willing buyers.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=34581283&sale=939385&country=england

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  • 1 month later...

Hi,

Does anyone live in Urmston? I've just started looking there for a 2-3 bed period terrace (up to £175k) as my search in Prestwich has proven fruitless but have been told the smell from the Davyhulme water treatment plant is unbearable in the summer months and the train service to Manchester is unreliable. I would really appreciate your views. Thanks.

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Hi,

Does anyone live in Urmston? I've just started looking there for a 2-3 bed period terrace (up to £175k) as my search in Prestwich has proven fruitless but have been told the smell from the Davyhulme water treatment plant is unbearable in the summer months and the train service to Manchester is unreliable. I would really appreciate your views. Thanks.

Yes, moved back there in August. I've not noticed any smells since then but we are in the south part of Urmston, Davyhulme area is much closer to the plant than Urmston..I lived in Davyhulme (Canterbury road area) in the 1990s and there was never an issue back then, unless the plant has become worse in recent years. Of course you will smell it when driving over Barton Bridge on a warm day but i don't know how far it travels - you might have to ask people who live in the street/area your interested in.

I can't comment much on the train service as I rarely use it - but I know its a main line (Liverpool to Manc) maybe there is some data available on train reliability of that line?

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  • 1 month later...

"Wythenshawe is 'the new Didsbury': House prices soar by nearly 60 per cent in four months"

http://www.manchestereveningnews.co.uk/news/greater-manchester-news/wythenshawe-the-new-didsbury-house-9419435

More rightmove spin and VI pumping, but relevant to property prices in South Manc.

Is nice to see a young family like that moving in to the area, and hopefully there will be some improvement round there.

But I fear this article will proven to be (rather than just looking) ridiculous a few years down the line.

Edited by sisyphal
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"Wythenshawe is 'the new Didsbury': House prices soar by nearly 60 per cent in four months"

http://www.manchestereveningnews.co.uk/news/greater-manchester-news/wythenshawe-the-new-didsbury-house-9419435

More rightmove spin and VI pumping, but relevant to property prices in South Manc.

Is nice to see a young family like that moving in to the area, and hopefully there will be some improvement round there.

But I fear this article will proven to be (rather than just looking) ridiculous a few years down the line.

Agree. good luck to them.

Private uplift from public infrastructure investment is of course well documented. What theyve described here as the "metrolink effect".

If you have £100-£150k and want a family home in Mcr there is plenty of choice. I imagine their joint wages will be c £45-£50k? So mortgage probably well under 3x earnings for a well-built family home.

Pity really they werent able to buy a couple of years ago when there was little interest & even better value. hey ho, most people feel more comfortable buying in an already rising market.

Edited by R K
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"Wythenshawe is 'the new Didsbury': House prices soar by nearly 60 per cent in four months"

http://www.manchestereveningnews.co.uk/news/greater-manchester-news/wythenshawe-the-new-didsbury-house-9419435

More rightmove spin and VI pumping, but relevant to property prices in South Manc.

Is nice to see a young family like that moving in to the area, and hopefully there will be some improvement round there.

But I fear this article will proven to be (rather than just looking) ridiculous a few years down the line.

The other month it was 'Newton Heath(Metro) is the new Didsbury', before that, 'Levenshulme the new Chorlton'.

Even Zoopla's 'Zed index' only gives M22 a value of £142k, an increase of 2.2% in a year, or 8% over last 2/3 years, with average asking price of £175k, so an increase of 60% is pure fantasy.

I hope the area does improve for these families, along with decent schools etc.

Sounds like this couple bought in 2013, and have already had the EA around to tell them how much money they have made.

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When the sitting-pretty Hale VI Bentleys-From-Birth saw the breadth of their domain, they wept for there were no more towns to gentrify, maintaining ponzi values in Hale.

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  • 5 months later...

In my search areas of M21,M32,M33,M41 there seems to be an ever widening gap between sale prices of smaller 2 bed houses or flats (around £100 mark), and 3-4 bed semis/detached (£200-300k plus)

The 2 beds and flats are selling for around 2004 prices, with plenty of real losses recorded. 3-4 bed family homes however, are well up on peak prices (15%-30%), and it seems the higher the price bracket, the bigger the percentage gain.

A lot of simple 3-bed houses bought in 2010-12 for what seems like a relative bargain have been extended a bit and tarted up a bit into a 4-bed and are now selling for 100k-150k more. It is feeling a bit bubbly though.

Total madness, even if you managed to scrape on to the ladder 10 years ago in a small house or flat, you are ever further away from buying something that resembles a family size home.

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  • 6 months later...

Went over to have a look-see at this house (RM link below).

**SEALED BIDS INVITED BY CLOSE OF BUSINESS 20TH JUNE**

More because it was close to where we were passing, and because of my theory that there may be fewer upsizers at some future point - and thus sellers/inheritors more amenable to more realistic offers. Didn't get any vibe about that though. Possibly loads of buyers still pushing and falling over themselves to offer very high/higher prices.

I don't have any personal interest in such larger family homes (although other members of my family do.. if HPC value ever comes around... skip the small starter house at £250K-£300K, and get nice family house - in HPC - to make a forever home with all their kids.).

Offers over £550,000
http://www.rightmove.co.uk/property-for-sale/property-42211689.html

My hpc soft-headed very optimistic guess is it will sell for £500,000. (Not offers over.) Although anything HPI+++++ is possible in this market.


pSBHaDiU.jpg



Next door, to the left, no.17.... sold for £575,000 in 2012.... seemingly all done up.

With 2011 selling price being way above 2006 so-called peaky prices, that buyers were being awarded innocence/victimhood about.

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=40412372&sale=48665291&country=england

Sale Date 	Property 	          Price Paid 	13 Dec 2012 	Semi-Detached, Freehold    £575,000 	13 Oct 2011 	Semi-Detached, Freehold    £569,200 	24 Mar 2006 	Semi-Detached, Freehold    £460,000 	09 Jan 2006 	Semi-Detached, Freehold    £440,000 	
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  • 3 years later...

Too revive this badboy.. 

 

Specifically in Sale.. has the market finally reached it's limit? There doesn't seem to be much coming on, and those that do seem to be so stupidly priced they're sitting for a while. I for one with the price of childcare am now totally priced out of even a 3 bed anywhere remotely walkable to any of the trams. 

 

Just not sure where the money is coming from to support the prices, walking around its not that nice.. and a ropey 3 bed for £350-£400k just seems nuts. 

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  • 2 weeks later...

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