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Stu007

January New Houses Prices & Volumes

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What are people seeing in there local area in terms of volume and pricing of houses coming to market?

In my area BS37 December '14 according to rightmove market trends data was the lowest month for new instructions within the 2 years they show. 41 properties came to market compared with 55 in December '13.

This week has seen a pickup now we are well into January with 4/5 new properties a day in my 3+ bedroom search.

Price wise, house are coming on at 10-25% above equivalents that sold between 2012 & early 2014.

Is this what everyone is seeing? Or are you seeing houses starting to come on at lower than previous sold prices?

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Asking prices have suddenly gone mental. Not got the deflation memo I see.

you looking at london?

N17+3 miles and E7+1 mile rightmove search seem to be dropping

i'm only looking at houses, though

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Few new listings, lots of overpriced crap. In other words, few genuine or forced sellers.

Quite a few new properties which 'look' good value at first glance (if you don;t mind having no garden) coming in at £240k for a 4br detached or £180k for a new 3br semi. So your basically looking at £80k for the land, which is about 50% overpriced, should be about £40k cheaper so £200k/£140k respectively.

I often look back at house prices in Ireland, Somerset is starting to look like a bargain compared to some of the old dross coming onto the market there.

Edited by Wurzel Of Highbridge

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North/South divide ...

PROPERTY PRICES in Yorkshire have slipped for the sixth consecutive month with growth at its lowest level for more than a year, surveyors have found.

The pace of house price growth fell to the weakest levels since 
August 2013 at the end of last 
year, according to the Royal Institution of Chartered Surveyors (Rics). Figures revealed today show huge variations across the country, with Northern Ireland, Scotland and the North West of England seeing the strongest growth in property values. London was the only region where more surveyors reported prices falling than rising.

Meanwhile, Rics number of new house hunters entering the market has been falling for six months in a row. In Yorkshire, the figure increased by 13 per cent last December, reflecting a national the broader weaker trend in new buyer demand taking hold across the UK. John Haigh, of Lister Haigh’s Land and Estate Agents in North Yorkshire, said: “The market is still little affected by new market housing for sale as building of new homes is still patchy.”

December also saw mortgage approvals fall to their lowest in 18 months in the region. A shortage of affordable housing has been blamed for offering little choice to those looking to get on to the property ladder. Rics said it seems “implausible” that property prices are set to show much of a dip, but if demand from potential buyers starts to pick up from its current sluggish levels, the increased competition for the few properties on the market that this causes could rapidly result in an upswing in property prices.

Stamp duty reforms are also expected to boost house sales and prices by two to five per cent over the next 12 months, but experts warn that first-time buyers are still facing a huge struggle. Simon Rubinsohn, Rics’ chief economist, said: “There remain significant challenges, particularly for first-time buyers.”

http://www.yorkshirepost.co.uk/news/main-topics/general-news/house-prices-in-yorkshire-feature-lowest-growth-levels-for-more-than-a-year-1-7051221

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Luton seems busy , lot of London based people relocating it seems.Asking prices are horrific though.Also noticed seemed the lower end of market 2 bed flats etc seems flat but 2-4 bed houses going SSTC very quickly.Have seen few sales falling through but again lower end of market.

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Yorkshire is in the shit at least my bit, just locally to my house another bungalow for sale in my street, three others still not sold and getting big reductions and three new build estates in progress en route to work with lots of "offers" to try and entice FTB in hideous redbrick aspiration shite. Big oversupply as old people craok it but young people can only get a shit job so nobody to buy the old 200k house. I see the occassioanl one thats been for sale for ages now going to auction.

It also looks like a couple that were for sale have just been abandoned. Parts of yorkshire maybe going detroit! if anyone tells me the uk has a overpopulation problem come to my area and we will do a tour of abandoned empty houses.

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This is a typical example of my area at the moment. http://www.rightmove.co.uk/property-for-sale/property-49935887.html?premiumA=true

Previously unsold in July 13 so now back on 18 months later for £30k (11%) more. http://www.zoopla.co.uk/property-history/9-virginia-close/chipping-sodbury/bristol/bs37-6hn/29790005

Looking on google maps its in a cramped 1970's cul-de-sac offering a single garage but no off street park to speak of, so little use to a modern multi-car family (Who would be the target audience for a 4 bed house)

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i have just put in offer for house 10% below asking price in my own town. The estate agents have tried to get more money out of me by 'another customer having second viewing and come and see mortgage advisor 'etc. but still sticking by what happen which is 2k less than 2005 price

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Supply on the up which is a good thing ,but prices are flat al la kite flying ,think the EA`s will be working for our side this year as las yeart must have been disastrous for them as next to nothing sold at these prices ,but one EA has seemed to have made the connection mid last year and is pricing significantly lower than the rest but this is reflected in the volume of instructions they have (must be working for them as they seem to be achieving more in the way of sales than all the others )

Also seeing a few repossessions , more than normal for this time of the year ,they mainly look like ex BTL

Getting that 2008`ish feeling again

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In Leeds;

New to the market houses with high asking prices. (in fact some crazy prices- looked around one which was 50k up on a year and a half ago).

Houses on longer are seeing reductions.

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Prices here are 100K more than 07/08 for a 3 bed semi :rolleyes: Staines

lol

100% more near me :lol: , any northerner moaning about house prices need to move down south to feel the real pain :rolleyes:

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Can I have a pay rise of the same % house prices have risen ? Got to be 12-15%

INFLATION DOES NOT WORK THAT WAY

;)

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Sold in a week - asking price is higher than what has sold on this road recently :(

http://www.rightmove.co.uk/property-for-sale/property-33284796.html?premiumA=true

Some other properties seem to stick on the market though (but not more than a few months). When I looked at prices around here a year ago they were 10's of k cheaper. Seems to be some sort of mini-bubble going on in Sheffield. When things are selling this fast you have no chance to think things through properly on a property purchase. Not much fun given I am looking for somewhere.

Edited by Saver

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http://www.rightmove.co.uk/property-for-sale/property-50024168.html

Asking 180

Last 3 sold in road in past 12 months where 145k price ...

Mate brought a 3 bed house in Feb for 180 said prices for 3 beds now he wouldn't be able to afford.To be Luton in context IBC are doing a big recruitment drive for production ops pay is 8.95 phr.12 Years ago the same friend worked there as a forklift driver on 9 pr hour.Little industry left in Luton but compared to other commuter towns nearby Hitchin ,Stevenage , st albans the housing is cheaper but in last 12-18 months prices both for sale and rent have gone up.

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started looking in a shabby bit of outer North London just before Christmas. Family is growing exponentially quickly, so having to take the plunge <_<

Very little of quality on around Christmas, only the autumn dregs that hadn't sold. This week has seen new stock start to come on in numbers, but priced optimistically by and large. Plenty of sales seem to be falling through, stuff coming back to the market, and sellers reacting to a lack of interest by going multi-agent and sometimes sticking their prices up... I'm beginning to think that we might need to wait a little while before some of them cotton on to what's going on.

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Sold in a week - asking price is higher than what has sold on this road recently :(

http://www.rightmove.co.uk/property-for-sale/property-33284796.html?premiumA=true

Some other properties seem to stick on the market though (but not more than a few months). When I looked at prices around here a year ago they were 10's of k cheaper. Seems to be some sort of mini-bubble going on in Sheffield. When things are selling this fast you have no chance to think things through properly on a property purchase. Not much fun given I am looking for somewhere.

Thanks for posting that. I bought my first house in the early 1980's in Sheffield, it was a very similar house to the one you've linked to. As far as I can remember I was earning £5,750 and the house cost £10,500. I might be a bit out on those figures, but not much. Let's say the house was twice my income. I believe that the kind of job I was doing then currently pays about £35,000. So the property you linked to would be about four or five times comparable income. However in terms of actual mortgage payments relative to income, it's probably similar given the huge reduction in interest rates. But there are some other marked differences between then and now,

- Anyone buying that property today couldn't look forward to a downward trend in interest rates, so the prospects for capital gain today are much lower, and the risk of capital loss are greater

-I worked in the private sector, but in terms of job security and pension benefits it was more like the public sector today

-I had no student debt

-Two years later I moved to London, and bought something similar to this property for exactly the same money that I got from the Sheffield property,

http://www.rightmove.co.uk/property-for-sale/property-49012820.html

Faced with the same situation in Sheffield today I'd probably rent rather buy, keep my options open and save up a bigger deposit

Anyhow, good luck!

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Liverpool. Most of the EA signs are for rentals. tbf, it's mainly large houses converted to flats in the south end. Not that many signs though. When I visit friends in the north end, it's for sale signs but very very few of them.

Seeing a skip where a property is getting renovated is now a rarity.

A family member does self employed joinery/house bashing work. Mostly now it's assembling flat packs for the elderly and student rentiers. Other work is on the lines of sorting out annoyances like sticking doors and windows. He hasn't done a full kitchen refit for over a year.

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Thanks for posting that. I bought my first house in the early 1980's in Sheffield, it was a very similar house to the one you've linked to. As far as I can remember I was earning £5,750 and the house cost £10,500. I might be a bit out on those figures, but not much. Let's say the house was twice my income. I believe that the kind of job I was doing then currently pays about £35,000. So the property you linked to would be about four or five times comparable income. However in terms of actual mortgage payments relative to income, it's probably similar given the huge reduction in interest rates. But there are some other marked differences between then and now,

- Anyone buying that property today couldn't look forward to a downward trend in interest rates, so the prospects for capital gain today are much lower, and the risk of capital loss are greater

-I worked in the private sector, but in terms of job security and pension benefits it was more like the public sector today

-I had no student debt

-Two years later I moved to London, and bought something similar to this property for exactly the same money that I got from the Sheffield property,

http://www.rightmove.co.uk/property-for-sale/property-49012820.html

Faced with the same situation in Sheffield today I'd probably rent rather buy, keep my options open and save up a bigger deposit

Anyhow, good luck!

Well I've already done the saving for 10 years to get a (large) deposit thing, and am unlikely to move away from Sheffield. I'm not too bothered about gain/loss on the price, its more I just want to have somewhere to live of my own. Its just frustrating competition is so fierce for houses, prices have become crazy. I guess I can at least count my blessing I don't work in London, then I really would be screwed...

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