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Hechnical Titch

Bubbly Noises From Stevenage

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Anecdote heard the other day from a couple of 20-somethings looking to buy in Stevenage (If you haven't been to Stevenage it was a 'new' town in the 60's/70's. In the 2010s this translates to: somewhat unloved concrete mess.)

Anyway, I heard 3rd hand from this couple that they're finding it difficult to buy in Stevenage because the places that they're looking are being snapped up. Apparently in some cases people are putting in offers on houses before they've been to see them?!

I checked a couple of times with the 3rd party person telling me this but that they were adament that was what had happened. Presumably some desperate BTL brigaders are muscling in.

Anyway, combined with the guy from Question Time on 10th April who said he'd bought his Stevenage house at circa 285k (Dec 13) and an identical one was on at 335k (March 13) this is proof to me that the HPC is on its way. None of this behaviour is sustainable. I don't think the housing stock in Stevenage is good enough to support bankster commuters. People in Stevenage don't earn mega-city bucks to support daft behaviour like offers before viewings.

For me this is the equivalent of the shoe-shine boy who got into stocks and shares just before the first Wall Street crash.

Is this behaviour evident elsewhere?

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Anyway, combined with the guy from Question Time on 10th April who said he'd bought his Stevenage house at circa 285k (Dec 13) and an identical one was on at 335k (March 13) this is proof to me that the HPC is on its way. None of this behaviour is sustainable.

Look how quickly one of Tomandlu's 'victims' accepts the house he's just bought must be worth lot more, going from what near identical one has gone on the market.

And yes, it is happening elsewhere; certainly here in South Manchester.... which is the North that some people claim has had its crash. Mental.

What makes you think it's unsustainable? I thought that when prices were 50-70%+ lower than they're selling for today. More foreign buyers, more QE at the ready, more HTB or other schemes.

I'll wait, but buyers make their own decisions - for better or worse. They choose, and sick of being told to worry about such buyers as their fate will 'be so bad' at some indeterminate point in the future, seeing as they're choosing to outbid me.

Houses are for idiots. The buyers paying such prices, and idiot owners not coming to market and selling... with stock on market scraping the bottom of inventory, and much of what is on market seeing buyer frenzy at high and higher prices. If there is a softening, and it only requires buyers to dry up and a few sellers agreeing to sell at lower prices, I hope it brings out a big glut of supply onto market.

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House in my local area sold for 105k in November 2010

Same house for sale now 200k.

If It was 150ish I would buy it as its perfect house for me and I could afford it with screw up margin

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Been going on the last few years now...

http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=26570448&sale=688246&country=england

100% increase for a lick of paint, new kitchen and Bathroom. It was perfectly liveable before, if you dont mind 70s decor.

2013: Post - refurb http://www.zoopla.co.uk/property-history/373-norwich-road/ipswich/ip1-4ha/28603450

2012: Pre - refurb http://www.zoopla.co.uk/property-history/373-norwich-road/ipswich/ip1-4ha/3667846

Id feel a right mug if I paid £230k for it. On the main artery out of town, local boy racers all night. Train track 30 yards away.

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What makes you think it's unsustainable? I thought that when prices were 50-70%+ lower than they're selling for today. More foreign buyers, more QE at the ready, more HTB or other schemes.

Well a combination of the usual HPC wishful thinking of a rational world where:

  • interest rates are increased to levels which encourage people to save for their futures;

  • mortgage review (MMR) restricts unaffordable lending to keep a cap on mortgages which are overly susceptible to interest rate changes;

  • increased public awarenesss of the housing 'bubble' its consequences and an expectation it will pop properly this time;

  • rise in UKIP popularity causing an anti-immigrant / foreign buyer agenda to strengthen in UK politics;

  • increased regulation of amateur BTL landlords who offer little added-value, long-term commitment or security to their 'customers';

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Well a combination of the usual HPC wishful thinking of a rational world where:

  • interest rates are increased to levels which encourage people to save for their futures;

  • mortgage review (MMR) restricts unaffordable lending to keep a cap on mortgages which are overly susceptible to interest rate changes;

  • increased public awarenesss of the housing 'bubble' its consequences and an expectation it will pop properly this time;

  • rise in UKIP popularity causing an anti-immigrant / foreign buyer agenda to strengthen in UK politics;

  • increased regulation of amateur BTL landlords who offer little added-value, long-term commitment or security to their 'customers';

:lol: We have found an optimist!

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Looked at this place in 2013, on the market for £135k.

http://www.your-move.co.uk/property-for-sale/house-for-sale-peartree-way-stevenage-sg2-9-sale-id-528287447

Now on sale for £180k and just sold.

Not many signs of a crash around here.

Now 'Sale Agreed'. Quite a few houses on Rightmove seem to go STC but then reappear (presumably mortgage problems).

Also quite a few reductions, and multiple agent listings, for overpriced tat in North Herts & Beds.

Edited by Hechnical Titch

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Now 'Sale Agreed'. Quite a few houses on Rightmove seem to go STC but then reappear (presumably mortgage problems).

Also quite a few reductions, and multiple agent listings, for overpriced tat in North Herts & Beds.

Still 'Sale Agreed' - any news from Stevenage - are prices stalling?

There seem to be a reasonable number of reductions these days (purely anecdotal no numbers to back this up though).

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Ahh Stevenage

Full of gobby people

terrible town centre

rampant drug use in all areas of the town

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Ahh Stevenage

Full of gobby people

terrible town centre

rampant drug use in all areas of the town

You can change the name Stevenage and replace it with most towns in England ... even the so called posher places are full of 2 bit gangsters who bought their entire attire from SportsDirect and middle class steroid freaks on the look out for a little bloke to see if they could actually win a fight since being bullied at school.

What a nation we have become.

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You can change the name Stevenage and replace it with most towns in England ... even the so called posher places are full of 2 bit gangsters who bought their entire attire from SportsDirect and middle class steroid freaks on the look out for a little bloke to see if they could actually win a fight since being bullied at school.

What a nation we have become.

It's always been that way though!

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Prices here still unbelievable - and in many cases look unsellable.

Many of the drossy houses on Rightmove seem to reappear at the top of searches three-six months after first listing, Listing with multiple agents also seems to be much more of a 'thing' too.

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Anyone got a feel for what's happening n Stevenage these days?

I heard there's some newbuild flats appearing near the station? Is that for the London crowd? If so I guess we'll be witnessing the gentrification of the New Town?

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