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Timak

Anyone Buying Or Selling At The Moment?

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We had an estate agent around last week to value our house.

The lady who valued it seemed nice enough (although fed my some lines I know to be complete BS about a new company headquarters in our city causing a bidding frenzy for family homes - they haven't even started on the 2-3 year site build let alone moved staff in), said the market was booming, literally every house on their books sold in no time at all and they hadn't sold a single property beneath asking price all year. She said open day viewings were resulting in 40-50 couples with a minimum of 5 bidders on each house.

Valued our house at exactly double the 2003 purchase price - the Fergus model wins again.

She sort of agreed with me that this meant it was a bad time to be moving up the "ladder" as the larger house we want would be subject to the same sort of bidding war presumably involving us. However she also said it was now or never as there is a "lot of money around" - I questioned where it was coming from and she said local wages were really high. Again true compared to some places but not enough to justify £600k bungalows in poor locations.

In an ideal world I'd be brave and say I'm calling the top of the market - which I am - and sell without buying. But that isn't going to happen. In short I have no idea what to do, all that I understood about markets, supply and demand, interest rates, inflation, economic rues etc has proven to be no match to governments trying to buy votes and the elite protecting their own.

This is in Cambridge.

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You will need to wait a bit. Even London zone 5/6 are still hot. Only Central London prices are falling. Install the Property Bee in Firefox browser and check for the price reductions. Mainly these areas and around:

Clapham

Streatham

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Still hot in South Woodford (zone 4). Long queue of people to view the flat I went to see on Saturday. Anything decent and less than £750k sells quickly, anywhere crap or over £1m takes a good while longer to sell

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I think cambridge has ever so slightly started to cool down (well, with the new builds in great kneighton anyway, 25-40K reductions).

3 months ago every property I went to see had around 20-30 viewers per day over the weekend, and even putting offers 20K-30K over the asking

price didn't secure me a home.

Last property I went to see on Saturday was on the market for 265K:

http://www.zoopla.co.uk/for-sale/details/33887915

It needed a lot of updating, but is very close to the Science park and the new train station they are building at Chesterton. EA said they had an offer of 300K for the property on that day!

good news is over the last month or so there have been a few reductions:

http://ow.ly/zrYO6

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Oh and I don't know if you've seen this:

http://www.theguardian.com/money/2014/jul/17/cambridge-fastest-selling-location-property-london

I think, selling in Cambridge is very easy at the moment, but unless you are going to be buying property over 450-500K, you'll find a lot of competition.

Also the new Global centre by Astrazeneca will be drawing nearly 2000 more people into Cambridge

http://www.astrazeneca.co.uk/astrazeneca-in-uk/our-uk-sites/cambridge

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Everything i have heard outside the southeast is the opposite. My fathers house (probate) has been on the market for 6 months, one viewing (yorkshire). As to buying a colleague just bought in Lancashire, had a hell of a job getting a mortgage (earns £60k+ very secure job). Once he had mortgage went to the estate of houses he was interested in (no sales there for 4 years) and knocked £40k of the price (20%) of a house immediately.

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I live in tower hamlets which has seen mental prices in the year. However a neighbour is selling their flat (2 beds great location right opposite victoria park so not rough and fairly quiet). It's been on for 2 months now and he said viewings have dried up and he hasn't even had 1 offer. If he put it on a few months early it would have been snapped up and probably gone to a bidding war!

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(although fed my some lines I know to be complete BS about a new company headquarters in our city causing a bidding frenzy for family homes - they haven't even started on the 2-3 year site build let alone moved staff in),

This is in Cambridge.

Staff haven't moved into the new site yet, but there are over 600 people already moved down south, partly working in university departments partly working at the MRC centre and Addenbrokes. The remainder of the staff will begin to relocate once the new site is ready...

I am not sure how true this is, but I have heard from a few workers at the university that astra zeneca staff moving south from macclesfield? have been told that the company will pay the difference in house price as part of their relocation package, so if you sold your 3 bed house up north, and wanted to buy a 3 bed house in cambridge, astrazeneca will pay the difference....

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I've just put in an offer at 10% above asking.... don't want to get messed around, so hopefully they'll accept it so I don't miss the boat. The house is smaller than we need, and in a horrible area, but at least we'll be on the first rung of the ladder. Thankfully we took out an interest only mortgage, and used the HTB scheme to get a 20% discount. Without those we'd never be able to manage it!

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Friend put his small mid terrace in SE London on for £645, double what he paid 3 years ago. Very little interest so dropped to £625 and quickly sold for asking price. He put offer on larger house close by which was accepted. Early days but market is still insane.

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I've just put in an offer at 10% above asking.... don't want to get messed around, so hopefully they'll accept it so I don't miss the boat. The house is smaller than we need, and in a horrible area, but at least we'll be on the first rung of the ladder. Thankfully we took out an interest only mortgage, and used the HTB scheme to get a 20% discount. Without those we'd never be able to manage it!

:P Yeah right!

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Clapham - RM changes in last 24h

Total - 25 properties

---------------------------------------------

New on market - 15 property

Back to market - 0 property

Reduced price - 10 properties (40%)

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I've just put in an offer at 10% above asking.... don't want to get messed around, so hopefully they'll accept it so I don't miss the boat. The house is smaller than we need, and in a horrible area, but at least we'll be on the first rung of the ladder. Thankfully we took out an interest only mortgage, and used the HTB scheme to get a 20% discount. Without those we'd never be able to manage it!

As satirical as this is, it could have been lifted straight from mumsnet or money saving expert.

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As satirical as this is, it could have been lifted straight from mumsnet or money saving expert.

:)

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I'm thinking of buying soon. I'll have a £100k deposit by the end of the year and looking for £350k mortgage. Mortgage broker claims I can get far more mortgage than I'm looking for. Just need 6 months of money to keep me going if I lose my job. I'm not buying at asking price though - hoping to spend under £450k for a 3-bed terraced. I'm looking to buy in N/E/NE London, zone 3 or 4.

I'm desperate to start a family now, and if that's going to cost me £100k+ during the impending HPC, so be it.

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Still hot in South Woodford (zone 4). Long queue of people to view the flat I went to see on Saturday. Anything decent and less than £750k sells quickly, anywhere crap or over £1m takes a good while longer to sell

Insane.

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I've just put in an offer at 10% above asking.... don't want to get messed around, so hopefully they'll accept it so I don't miss the boat. The house is smaller than we need, and in a horrible area, but at least we'll be on the first rung of the ladder. Thankfully we took out an interest only mortgage, and used the HTB scheme to get a 20% discount. Without those we'd never be able to manage it!

I'm sorry to admit that I actually got half way through that before I twigged B)

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I'm thinking of buying soon. I'll have a £100k deposit by the end of the year and looking for £350k mortgage. Mortgage broker claims I can get far more mortgage than I'm looking for. Just need 6 months of money to keep me going if I lose my job. I'm not buying at asking price though - hoping to spend under £450k for a 3-bed terraced. I'm looking to buy in N/E/NE London, zone 3 or 4.

I'm desperate to start a family now, and if that's going to cost me £100k+ during the impending HPC, so be it.

I wouldnt worry about the 100k possible opportunity cost, it will seem like small potatoes in 10 years time when the missus kicks you out into a bedsit and takes the home + family for herself.

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I'm thinking of buying soon. I'll have a £100k deposit by the end of the year and looking for £350k mortgage. Mortgage broker claims I can get far more mortgage than I'm looking for. Just need 6 months of money to keep me going if I lose my job. I'm not buying at asking price though - hoping to spend under £450k for a 3-bed terraced. I'm looking to buy in N/E/NE London, zone 3 or 4.

I'm desperate to start a family now, and if that's going to cost me £100k+ during the impending HPC, so be it.

We make own decisions.

Fairly common among banking specialists to earn over £500 per day. I'm on £600 per day at the moment. PMs often get over £600 per day.

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That is fantastic. He has doubled his money and now he is trading up to a bigger property that will also have doubled, so instead of say an extra 200k for the upgrade he will pay 400k .... and say another 400k of interest payments. The banks must be very happy with all the extra interest they will make.

The new house is the same price and they are increasing their 280k mortgage to 300k to refurbish. So fairly sensible. I'm pretty jealous as I thought they were crazy to buy 3 years ago. What bothers me now is even if there is a 50% crash, prices will still be insane.

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The new house is the same price and they are increasing their 280k mortgage to 300k to refurbish. So fairly sensible. I'm pretty jealous as I thought they were crazy to buy 3 years ago. What bothers me now is even if there is a 50% crash, prices will still be insane.

I know someone who had a 400k mortgage. His life unravelled in a matter of weeks when he lost his job and his creditors came a calling.

Debt is bad....say it...go on..say it.

ANY debt...especially one secured against an asset, that mat be as much as 50% over valued, is not sensible.

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STR with the inlaws and keep it in the family.

;)

I can't see many AstraZeneca people getting such housing package, outlined on this thread, to relocate from Macclesfield/Alderley Edge to Cambridge.

I know someone who had a 400k mortgage. His life unravelled in a matter of weeks when he lost his job and his creditors came a calling.

Debt is bad....say it...go on..say it.

ANY debt...especially one secured against an asset, that mat be as much as 50% over valued, is not sensible.

It's not bad when other people are doubling down into a peak, having either not learned anything from 2007-09, it didn't affect them too much because at the time they hadn't upsized (with better areas now more expensive than those peaks). Or now a distant memory and back to forever hpi.

Manageable debt is ok. There's been loads of upsizers pushing themselves to the max, for what they deserve. Homedebtorship beats renting, so they think, with the bonus of all the other VI rallying around with excuses if prices should ever slide, and even when they're powering up 30% and more.

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