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Smell the Fear

Asking Prices Going Bananas

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Where I live in SW London, asking prices seem to have jumped significantly recently.

In one development, a two bed house is on for £289k. I looked at a 3 bed in the same place last year for £265k (the agent informed me that £250k would be sufficient).

On another street, a property is for sale at 35% more than any property has achieved, ever. They are all identical properties, although the one in question is recently modernised.

Are the vendors and EAs trying to push on regardless of reality? I am slightly flabbergasted. Is this just a few people trying to get out at the top, not realising that they have missed it?

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Guest prudence

Where I live in SW London, asking prices seem to have jumped significantly recently.

In one development, a two bed house is on for £289k. I looked at a 3 bed in the same place last year for £265k (the agent informed me that £250k would be sufficient).

On another street, a property is for sale at 35% more than any property has achieved, ever. They are all identical properties, although the one in question is recently modernised.

Are the vendors and EAs trying to push on regardless of reality? I am slightly flabbergasted. Is this just a few people trying to get out at the top, not realising that they have missed it?

yes and yes. Although there are still a few idiots around who think that by knocking 10 percent off the asking price they are getting a good deal. Let them buy, the smart money knows it has to be very patient but eventually the pyramid will fall. Average London house price now more than £300k, average London salary £36k....

Edited by prudence

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It's happening up north too. Properties which didnt sell in 2004 going back on the market 10% higher. The sellers hope that if they need to reduce by 15% for a sale they will get what they originally wanted last year. But you would have to be a total numpty to fall for that!

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Some sellers just don't have a clue. For example:

http://www.rightmove.co.uk/viewdetails-836...pa_n=1&tr_t=buy - private sale, 1 parking space, no garage.

But you can get them cheaper from Annington direct, even if you take the most expensive (£124k) it's overpriced:

http://www.annington.co.uk/search_home/sch...pg=searchdetail

No one can value a property at the moment!

Edited by Jason

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  • 301 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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