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R K

Spate Of 'under Offer' And 'sstc' This Week Locally

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As title.

In the last week alone there appears to have been an unusual number of props on rightmove that have suddenly gone 'under offer' and a smaller number gone 'sstc'.

Is this happening in your area too? Easter hols? Budget/Homebuy effect? FLS?

or is it just my local agents bluffing (h/t SYNT).

It's not just 1 or 2 it's perhaps around 10% of the entire unsold stock in my area (20+ out of 290) and it's across all price bands right the way up the scale.

Thoughts?

Edited by R K

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No, I have not noticed anything. I have noticed a glut of 1 bed places suddenly appearing in the last few weeks. Probably a BTL or 2 selling up. I would be spooked too with the gov. enabling lots of FTBs who are currently forced to rent being able to buy. There is no saying it will put house prices up, just enable more turnover/voids.

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I am in NR2 near the "recreation road" outstanding primary school.

Prices are up for example a 3 bed terrace near me was under 300 around 2008 now they are going sstc in a week for 345 4 bedroom £375 +

4 bed detached now over 400,00 from 350 a house which is "impressive is 650/700k"

There never was any large number of good jobs in Norwich even during the boom times.

The wife has started to act up again as now at this moment in time moving from our small 3 bed place to a suitable 4 bed is now looking like another 200K for an extra 50m2.

In the school pretty much everyone in the nice houses works in the NHS or council with the odd person working in London.

Outside of this nice area its flat and rural is falling to me FLS has just raised prices for those best placed to buy in the first place.

Edited by Fromage Frais

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Asking prices new to market in Swansea have gone parabolic - EAs taking the proverbial and knowing they can. Loads of stuff gone STC but whether they sell or not. 3 bed semis now coming on for 350 whereas 6 months ago they were 300 and 3 or 4 years ago they would have been 200. It is completely out of control now.

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As title.

In the last week alone there appears to have been an unusual number of props on rightmove that have suddenly gone 'under offer' and a smaller number gone 'sstc'.

Is this happening in your area too? Easter hols? Budget/Homebuy effect? FLS?

or is it just my local agents bluffing (h/t SYNT).

It's not just 1 or 2 it's perhaps around 10% of the entire unsold stock in my area (20+ out of 290) and it's across all price bands right the way up the scale.

Thoughts?

I need to get out more. 10 past midnight every night I check detached in a 40 mile radius around Telford, Walsall and Grantham, and a 5 mile rad around Coventry. Min to 200k price. 3/4 bedrooms. Changes in the last 24 hours. Each search usually about 100 properties, so about 300 in total but there are overlaps so maybe 200 in total. (about 2 for Coventry). Vast majority, on first time at deluded prices, so very competitive market. Deluded prices remaining constant. Those that have been on for a week to a couple of months, price reductions. Usually by 5/10k a time. A handful come on already SSC. This I find hard to understand. Usually half a dozen with SSTC, back to 'null'.

It's also surprising the nice houses in the 140 to 150k bracket. Many are 'no chain'. Not all are repossessions.

Market looks overloaded and dead.

In contrast, i do the occasional analysis of where I think it will be more buoyant, like York. A lot more activity on the sales side there and prices holding up.

I save houses and scout through those once a week. I've had about 20 in the 95 to 120k region. Modern detached and very liveable. They sell at about 4 per month.

Edited by LetsGetReadyToTumble

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Houses are NOT going for asking prices.

silly asking prices are de rigour now because offers are coming in way below asking.

so no...houses up for 350 are not selling for that.

everyone is negotiating....lenders are still tight pursed....FFL has done little.

I know this as I work for an EA.

There is no shortage of people looking to move though....there is a shortage of people able to complete.

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Houses are NOT going for asking prices.

silly asking prices are de rigour now because offers are coming in way below asking.

so no...houses up for 350 are not selling for that.

everyone is negotiating....lenders are still tight pursed....FFL has done little.

I know this as I work for an EA.

There is no shortage of people looking to move though....there is a shortage of people able to complete.

From what a mate of mine a IFA is saying ,I`m now convince FFL was QE in a different dress as he echos your sentiment about lenders not willing to lend on all but the safest customers ,I think it`s a case of i`ll scratch your back if you scratch mine when it comes to FFL (you can £x to lend out but you must have £X pounds to by our bonds)

Edited by long time lurking

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From what a mate of mine a IFA is saying ,I`m now convince FFL was QE in a different dress as he echos your sentiment about lenders not willing to lend on all but the safest customers ,I think it`s a case of i`ll scratch your back if you scratch mine when it comes to FFL (you can £x to lend out but you must have £X pounds to by our bonds)

I'm hoping the lenders will do exactly the same next year when HTB starts for non new builds. All of Gidiot's attempts to get the banks lending have failed thus far...

A pr1ck in my street has had his 2 bedroom semi for sale since Jan 2011 for around 115k with only one minor price drop. I noticed that he'd taken it off about a week ago. So I asked him why. He said he's going to put in back on next year because he'd heard this HTB was going to make prices rocket. I did point out to him that a 3 bed had sold in Dec 2011 for 100k and that even with HTB a potential buyer still needs a 5% deposit which will be around £5-6k at his asking price and where we live (rural area) jobs are getting less and the average wage is only 18k making it rather more difficult to save.

Didn't listen. He'd rather believe the media than the facts.

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I am in NR2 near the "recreation road" outstanding primary school.

Prices are up for example a 3 bed terrace near me was under 300 around 2008 now they are going sstc in a week for 345 4 bedroom £375 +

4 bed detached now over 400,00 from 350 a house which is "impressive is 650/700k"

There never was any large number of good jobs in Norwich even during the boom times.

The wife has started to act up again as now at this moment in time moving from our small 3 bed place to a suitable 4 bed is now looking like another 200K for an extra 50m2.

In the school pretty much everyone in the nice houses works in the NHS or council with the odd person working in London.

Outside of this nice area its flat and rural is falling to me FLS has just raised prices for those best placed to buy in the first place.

4K a square metre ? Sheesh - you can build for 1K....

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Not noticed anything, although the neighbours are packing up after trying to sell the house for 2 years it appears they have decided to give up and rent it.

No idea what they will want for the rent be interesting if they try to get the maximum for it as with the price trouble is they had no takers for buying it so not sure if anyone will want to rent it.

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As title.

In the last week alone there appears to have been an unusual number of props on rightmove that have suddenly gone 'under offer' and a smaller number gone 'sstc'.

Is this happening in your area too? Easter hols? Budget/Homebuy effect? FLS?

or is it just my local agents bluffing (h/t SYNT).

It's not just 1 or 2 it's perhaps around 10% of the entire unsold stock in my area (20+ out of 290) and it's across all price bands right the way up the scale.

Thoughts?

Not noticed anything like that near me. We will have to wait and see number of mortgage approvals actually rising before this or other anecdotes means a thing. Last figures showed a small drop in approvals. Spring bounce is subdued in my view, although a great deal of effort is going into suggesting the property market 'is on the move' by vested interests.

The truth is that prices can only reflect ability to borrow and confidence. If the government allows people to borrow 4 and 5 times their salary then they will borrow that amount - especially at artificially low rates. How that party will end is obvious - in tears.

It will be borrowing against all advice from anyone with any knowledge of the effect, the FSA, many economists - notice how quiet they are about the new FFL scheme and the Gov throwing money at the house market. They should be getting our manufacturing base back, not creating a minI boom for pre-election. The only consequence is that when the wind changes, it will be much colder. IDIOTS

Edited by plummet expert

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Thoughts?

My thoughts are: I want to get my cash into property ASAP as it sure as hell doesn't feel safe in the banks.

Could be that others are thinking like this these days.

Recently Halifax sent me a letter saying that my 2.5% savings account ius about to go to 0.1%. I looked up their website and now the best I can get if I open a new account is 1.5%.

1.5% to be a creditor to them??? :angry: :angry:

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I concur with RK as we watch a similar area. I think it's bluff.

I didn't get a payrise this week, a rich elderly relative didn't peg it and neither did I win the lottery. So my local agents can do what the hell they like I'm not in a position to budge.

how-to-spot-bluff.jpg

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it's across all price bands right the way up the scale

The scale here begins at around £200K for anything very basic, anything half-decent £350K+, upto better stuff at £500K+ - £2m+.

I'm not viewing it as savers panicking into hard-assets meeting high asking prices, but more there are some sellers worn down, and hopefully accepting lower prices, leading to more Sold STCs.

There's an ever diminishing number of buyers in the market for downsizers of homes in the £700K+ region. It's red-alert now for those trying to sell, and all other owners of such houses who have formed a view of what their homes are worth. Those selling at lower prices bring down the value of homes not on the market. Selling at lower prices is beginning to flush out more panicking owners into coming to market imo.

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My thoughts are: I want to get my cash into property ASAP as it sure as hell doesn't feel safe in the banks.

Could be that others are thinking like this these days.

Recently Halifax sent me a letter saying that my 2.5% savings account ius about to go to 0.1%. I looked up their website and now the best I can get if I open a new account is 1.5%.

1.5% to be a creditor to them??? :angry: :angry:

yeah, everyone has 5% worth of money saved up...then they top it up with "free" money from government and get a really cheap 6 times joint mortgage.

Of course, if this were the case, then there neednt be a goverment scheme....there is, therefore they dont.

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I am in NR2 near the "recreation road" outstanding primary school.

Prices are up for example a 3 bed terrace near me was under 300 around 2008 now they are going sstc in a week for 345 4 bedroom £375 +

4 bed detached now over 400,00 from 350 a house which is "impressive is 650/700k"

There never was any large number of good jobs in Norwich even during the boom times.

Hi, FF. :) I'm currently in NR1 but would like to move to NR2 (Dereham Road area) Would be handier for me to get work from there.

At the lower end of the market, houses seem to selling quite eagerly. Ex council houses on the estate I grew up on sell within a week or two, like this one

If I had the finances in place, I would be interested in this 2 bedroomed terraced house, on for £145k . Last sold in Oct 2007 (peak of the market!) for an eye watering £152k, so £145k still seems pricey for what it is.

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Round my way, AL5, there have been a lot of places going SSTC very quickly at prices well in excess of the boom highs.

This house went under offer recently:

http://www.rightmove...y-41022431.html

The next door neighbours house is identical, and was bought for £985k in 2007.

Just crazy!

lets get some facts straight.

You can see the asking price.

You can see someone has made an offer and it has been accepted evidenced by the SSTC the Agent has declared.

You dont know how much the offer was, you dont know what chains are created, and you dont know if it will actually sell.

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Round my way, AL5, there have been a lot of places going SSTC very quickly at prices well in excess of the boom highs.

This house went under offer recently:

http://www.rightmove.co.uk/property-for-sale/property-41022431.html

The next door neighbours house is identical, and was bought for £985k in 2007.

Just crazy!

...anyone can make an offer for any amount...and people buying at that price will more than likely have something to sell, to someone who has something to sell, to someone who has something to sell.

....where are the sellers moving to?....... ;)

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Quite the opposite in my part of Wales, hardly any sales or new listings and quite a few price reductions. The market seems to have stalled.

Edited by Mr. Miyagi

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lets get some facts straight.

You can see the asking price.

You can see someone has made an offer and it has been accepted evidenced by the SSTC the Agent has declared.

You dont know how much the offer was, you dont know what chains are created, and you dont know if it will actually sell.

I know the vendor personally.

She is elderly and moving into a nursing home. The agreed price was £1.2m.

Prices in the local area sadly are well above their 2007 levels,

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I know the vendor personally.

She is elderly and moving into a nursing home. The agreed price was £1.2m.

Prices in the local area sadly are well above their 2007 levels,

so its not under offer then.

And do you know all the others that you claim are selling "well in excess of the boom highs"?

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  • 244 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% +
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      • Even
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      • up 5%



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