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Second Mouse Gets The Cheese?

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I`m starting to see some good value return to my area, a few properties for a little over 200K. typically 4 bed semis, now for our area that`s good. Interesting conversation with agent re. one property that has dropped from 275 to offers around 225. "I suppose it`s under offer with plenty of interest?" "No not at all, no viewings, no interest so far, been on the market for 4 months the owner really needs to sell"

The honesty struck me as odd, to be fair on this agent we bought of them 8 years ago and they were excellent, went at our pace, no hassle and they have maintained the same practices apparently.

The other thought I had, particularly after my dealings with the BMV specialist last week, is just where are all the flippers etc?

If that was my thing and if you believe what they say on the Pig etc., I`d be buying this place up for 210 and looking for a profit come Spring. So where are all these guys that ambulance chase and hussle in divorce courts for deals at BMV?

Seems to me they don`t exist in the numbers some would have you believe. Which leads to the conclusion that if the BTL market has dried up and too many have their profit in diminishing assets perhaps they can obtain no more credit to simply switch their attention to buying at BMV to make a quick profit....

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I`m starting to see some good value return to my area, a few properties for a little over 200K. typically 4 bed semis.

good value as in they are double what they were 24 months ago ?

go to nethouseprices.net and check them. you will wonder what you meant by good value.

unless your wages have tripled or something.

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good value as in they are double what they were 24 months ago ?

go to nethouseprices.net and check them. you will wonder what you meant by good value.

unless your wages have tripled or something.

Point is Fred most 4 bed semis in our area were approaching and exceeding the 300K mark late 2004, now they`re sinking back to closer the 200K price. 25-30% drop from the peak of summer 2004. If you`ve seen them push 300 and now some are closer to 200 it`s bound to make you believe prices are becoming more realistic surely?

I`m deffo seeing the shoots of realism emerge, that for me is good news. make of it what you will <_<

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I`m starting to see some good value return to my area, a few properties for a little over 200K. typically 4 bed semis, now for our area that`s good.

Do you mind me asking what part of the country these properties are in? If they were going for nearly 300k and are now early 200's that's quite a change.

I agree with you about the BTL market - in my opinion the number of purchases made by BTL investors represents quite a small percentage of the market right now. The BMV buyers are not as active as i think they realise that the best case for them is stagnation and they cannot rely on HPI to make their profit. The clever ones will have taken a long term view but the short-term speculator does not seem to be up to much at the moment.

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Do you mind me asking what part of the country these properties are in? If they were going for nearly 300k and are now early 200's that's quite a change.

I agree with you about the BTL market - in my opinion the number of purchases made by BTL investors represents quite a small percentage of the market right now. The BMV buyers are not as active as i think they realise that the best case for them is stagnation and they cannot rely on HPI to make their profit. The clever ones will have taken a long term view but the short-term speculator does not seem to be up to much at the moment.

Not at all, here`s a link demonstrating as well as I can properties that I reckon would have been, and were in some cases, closer to 300k (or over) last year than the 200k this year.

http://www.sequencehome.co.uk/properties.a...Go.x=20&Go.y=10

Also a link to a property that was 275 now 225 and I`ll bet they`d take 210.

http://www.sequencehome.co.uk/detail.asp?t...=3&id=HOY100602

I`m sure last time I looked volumes were down by 40% YoY on the land registry search on the Wirral

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Not at all, here`s a link demonstrating as well as I can properties that I reckon would have been, and were in some cases, closer to 300k (or over) last year than the 200k this year.

http://www.sequencehome.co.uk/properties.a...Go.x=20&Go.y=10

Also a link to a property that was 275 now 225 and I`ll bet they`d take 210.

http://www.sequencehome.co.uk/detail.asp?t...=3&id=HOY100602

I`m sure last time I looked volumes were down by 40% YoY on the land registry search on the Wirral

Just had a look on myhouseprice.com and 225 still seems quite expensive for one that needs work. There only appears to be a few homes that have gone over 200k and these sound like detached ones. 108 Frankby sold for 232k last sept and this was a semi though. It seems like asking prices may have been up around 300k but does not seem much evidence that they were selling for this, or have i missed something?

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Just had a look on myhouseprice.com and 225 still seems quite expensive for one that needs work. There only appears to be a few homes that have gone over 200k and these sound like detached ones. 108 Frankby sold for 232k last sept and this was a semi though. It seems like asking prices may have been up around 300k but does not seem much evidence that they were selling for this, or have i missed something?

No don`t think your missing anything, I`m noticing, particularly in our freebie local paper, that a lot of the 4 bed semis are closer in asking prices to 200 than 300..er that`s it. As to whether the quality was better last year I`m not that sure. I do take on board Fred`s comment, 10 years ago these would have been 70-80K, seems like a life time ago :(

As I stated in the original post the attitude of the agents locally appear less arrogant, the competition from all angles to buy a property, be that: flippers/BTL/builders and us poor souls wanting a bit more space, does not appear to be as severe. The market is a very different animal than last year, that can only be good news IMHO

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I think it's a case of when the market was rising each seller was expecting a premium on top of the figure achieved for the most recent comparable sale. When prices reached a level that buyers were longer interested in paying unsurprisingly seller's take a while to catch on and prices, or rather asking prices, appear to keep on rising without any evidence of sales being achieved at that level. The seller's who are motivated will be forced to reduce their asking figure to attract interest and the market, in theory, should find its natural level.

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I think it's a case of when the market was rising each seller was expecting a premium on top of the figure achieved for the most recent comparable sale. When prices reached a level that buyers were longer interested in paying unsurprisingly seller's take a while to catch on and prices, or rather asking prices, appear to keep on rising without any evidence of sales being achieved at that level. The seller's who are motivated will be forced to reduce their asking figure to attract interest and the market, in theory, should find its natural level.

D`ya know that`s the most difficult reply/post I`ve ever read on here, it`s like listening to an estate agent! :rolleyes: I think I get what you`re saying.

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D`ya know that`s the most difficult reply/post I`ve ever read on here, it`s like listening to an estate agent! :rolleyes: I think I get what you`re saying.

Sorry, just re-read it and possibly not the best piece of prose i've ever constructed! :) But you get the idea, asking prices can be very misleading!

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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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