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TheCountOfNowhere

Are The Shires Crashing ?

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After 18 long months or watching asking price madness in the shires ( Northamptonshire, Leicestershire, Warwickshire, Buckinghamshire etc ) the tide seems to have turned this week.

I'd guesstimate 30% of the listing i see on right move today for NN1 + 40 miles are reductions/fails, certainly at the top end.

Has the dam finally broken ?

It is bound to happen as the London bubble deflates/collapses.

There is just no money in these shires to support the insane asking prices I have seen, moreover, asking prices are 20%+ above 2007 bank destroying bubble pices, but actual land registry sale prices are still well below the 2007 peak.

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Things seem to have picked up in the last week in our part of Shropshire - nothing had moved for months and suddenly 3 properties I had been monitoring have gone under offer in the last week.

It will be interesting to see what the value was when they hit the LR as two of them had hung around for quite a while and seen some significant price reductions.

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Yup maybe you can lie and blag to prop up London but in the other areas of the country there is nothing to support these prices. I don't trust official statistics now I trust the fact that every second or third house in my area is for sale, taking discounts and not moving. It is utterly ******ed, its owners being told by the bbc there shit house is worth hundreds of thousands and they sit staring out the window with sadface wondering why nobody is viewing.

Unless everyone is putting off buying a house because of the election :D

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Things seem to have picked up in the last week in our part of Shropshire - nothing had moved for months and suddenly 3 properties I had been monitoring have gone under offer in the last week.

It will be interesting to see what the value was when they hit the LR as two of them had hung around for quite a while and seen some significant price reductions.

Any links so we can keep an eye on them ?

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Yup maybe you can lie and blag to prop up London but in the other areas of the country there is nothing to support these prices. I don't trust official statistics now I trust the fact that every second or third house in my area is for sale, taking discounts and not moving. It is utterly ******ed, its owners being told by the bbc there shit house is worth hundreds of thousands and they sit staring out the window with sadface wondering why nobody is viewing.

Unless everyone is putting off buying a house because of the election :D

I'm putting off buying a house because of the prices and the state of the country.

I dont see this election changing that.

I dont see any election changing that in Britain.

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I think the count may have spotted something.

Here in Herts HP4 things have definitely slowed since Christmas. We're looking for 4 / 5 bed detached and in this market:

1) Houses which last year would have sold very quickly, for full asking price, sometimes first appearing on RM as already sold, just aren't moving anymore.

2) A few houses have appeared recently with multiple agencies. This has almost never happened here before. Desperation, or an effect of OTM confusing vendors?

3) Some prices drops! WTF.

4) The appetite of local developers for knocking down shite houses and building overlarge trophy "architect- designed" palaces seems to have dried up.

5) Lots of phonecalls from agents (we're cash buyers) and even a mailshot with a stamp!

We've waited two years for the market to rationalise, but it's been inflated by crazy Londoners to whom £1.25m for a grotty Victorian money pit with no on-street parking seems cheap.

Once that money supply dries up things should get interesting.

Or perhaps they won't. No doubt a forest of "Under Offer" boards will appear tomorrow, just to depress me.

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I think the count may have spotted something.

Here in Herts HP4 things have definitely slowed since Christmas. We're looking for 4 / 5 bed detached and in this market:

1) Houses which last year would have sold very quickly, for full asking price, sometimes first appearing on RM as already sold, just aren't moving anymore.

2) A few houses have appeared recently with multiple agencies. This has almost never happened here before. Desperation, or an effect of OTM confusing vendors?

3) Some prices drops! WTF.

4) The appetite of local developers for knocking down shite houses and building overlarge trophy "architect- designed" palaces seems to have dried up.

5) Lots of phonecalls from agents (we're cash buyers) and even a mailshot with a stamp!

We've waited two years for the market to rationalise, but it's been inflated by crazy Londoners to whom £1.25m for a grotty Victorian money pit with no on-street parking seems cheap.

Once that money supply dries up things should get interesting.

Or perhaps they won't. No doubt a forest of "Under Offer" boards will appear tomorrow, just to depress me.

It certainly feels different this year, this time last year sales were collapsing and the agents were raising asking prices....thats long gone....today I am seeing this ( NN1+15miles ) on the first couple of pages of right move:

http://www.rightmove.co.uk/property-for-sale/property-49517786.html?premiumA=true

03/03/2015
Agent changed: Added on 24/01/2015 by Connells
Agents Location changed: Added on 24/01/2015 by Milton Keynes
Price changed: from '£1,200,000' to '£1,100,000'
01/03/2015
Status changed: Out Buildings, null, null Buildings
26/01/2015
Initial entry found.

http://www.rightmove.co.uk/property-for-sale/property-45543490.html

03/03/2015
Agent changed: Robinson & Hall LLP
Agents Location changed: from 'Bedford.' to 'Bedford'
Status changed: from 'null' to 'Available'
27/01/2015
Status changed: from 'Under offer' to 'null'
Price changed: £550,000
Price changed: Guide Price £550,000
25/11/2014
Subtitle changed: 3 bedroom barn conversion
Price changed: £550,000
Price changed: Guide Price £550,000
02/11/2014
Price changed: £550,000
Price changed: Guide Price £550,000
23/10/2014
Status changed: from 'null' to 'Under offer'
21/10/2014
Price changed: Guide Price £550,000
25/07/2014
Initial entry found.
03/03/2015
Price changed: Guide Price £575,000 £535,000
23/02/2015
Status changed: from 'null' to 'Available'
Subtitle changed: 5 bedroom barn conversion character property
23/01/2015
Price changed: £575,000
Price changed: Guide Price £575,000
22/01/2015
Price changed: Guide Price £575,000
Subtitle changed: 5 bedroom character property barn conversion
19/01/2015
Price changed: from '£595,000' to '£575,000'
15/10/2014
Initial entry found.
03/03/2015
Agent changed: Howkins & Harrison LLP
Agents Location changed: from 'Daventry.' to 'Daventry'
Price changed: Guide Price £550,000 £529,500
Status changed: from 'null' to 'Stunning Views'
03/03/2015
Agent changed: Carter Jonas
Agents Location changed: from 'Northampton .' to 'Northampton '
Price changed: Guide Price £535,000 £495,000
Brief Description changed: NEW PRICE - ORIGINALLY PRICED AT £600,000...NOW £132 per sq ft.
THAT ONE REEKS OF DESPERATION

http://www.rightmove.co.uk/property-for-sale/property-33460602.html?premiumA=true

Price changed: from '£500,000' to '£485,000

'

http://www.rightmove.co.uk/property-for-sale/property-48275528.html?premiumA=true

Price changed: from '£450,000' to '£430,000

http://www.rightmove.co.uk/property-for-sale/property-49451513.html?premiumA=true

Price changed: from '£450,000' to '£430,000'

http://www.rightmove.co.uk/property-for-sale/property-33282339.html

Price changed: from '£399,995' to '£389,995'

it goes on...

If I search NN1+40 miles, it's not just northants.

IMHO, the asking prices are ludicrous, the houses unsellable at those prices in any free market based on income

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I think the count may have spotted something.

Here in Herts HP4 things have definitely slowed since Christmas. We're looking for 4 / 5 bed detached and in this market:

1) Houses which last year would have sold very quickly, for full asking price, sometimes first appearing on RM as already sold, just aren't moving anymore.

2) A few houses have appeared recently with multiple agencies. This has almost never happened here before. Desperation, or an effect of OTM confusing vendors?

3) Some prices drops! WTF.

4) The appetite of local developers for knocking down shite houses and building overlarge trophy "architect- designed" palaces seems to have dried up.

5) Lots of phonecalls from agents (we're cash buyers) and even a mailshot with a stamp!

We've waited two years for the market to rationalise, but it's been inflated by crazy Londoners to whom £1.25m for a grotty Victorian money pit with no on-street parking seems cheap.

Once that money supply dries up things should get interesting.

Or perhaps they won't. No doubt a forest of "Under Offer" boards will appear tomorrow, just to depress me.

We're also looking in Herts, Berkhampstead, Harpenden, Hitchin etc, also 4/5 bed and my impression is that many kite flyers asking far too much and selling slowly but few reductions and anything remotely sensibly priced sells in a week. Certainly no signs of a crash?

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We're also looking in Herts, Berkhampstead, Harpenden, Hitchin etc, also 4/5 bed and my impression is that many kite flyers asking far too much and selling slowly but few reductions and anything remotely sensibly priced sells in a week. Certainly no signs of a crash?

Last 7 days,

Harpenden: 5 fails/drops from 26 listings: 19%

Berkhampstead: 8 drops/fails also from 26 listings: 31%

Hitchin: 3/30: 10% :mellow:

Myabe not as bad as you think, these places will still be getting the dribs and drabs from London.

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Last 7 days,

Harpenden: 5 fails/drops from 26 listings: 19%

Berkhampstead: 8 drops/fails also from 26 listings: 31%

Hitchin: 3/30: 10% :mellow:

Myabe not as bad as you think, these places will still be getting the dribs and drabs from London.

To be honest I stopped actively looking 1.5 weeks ago as it was driving me bonkers and found it stressful and bad for my mental state. Maybe it was that fact that turned the market! I saw 3 reductions in Berkhamstead last week but still so far of reality it made me think there would be a long way to go before I would be interested. Hopefully it's slowing down then

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To be honest I stopped actively looking 1.5 weeks ago as it was driving me bonkers and found it stressful and bad for my mental state. Maybe it was that fact that turned the market! I saw 3 reductions in Berkhamstead last week but still so far of reality it made me think there would be a long way to go before I would be interested. Hopefully it's slowing down then

I hear ya dude. Been there, got the t-shirt.

We are a long way for the un-reality of 2012 prices never mind the reality of 2001 prices.

If you and I are sitting shaking our heads then I can assure you many other people are too.

In 2007 I sold my house after months of trying ( around 12 months if memory serves me right ), it was horrible, stressful, depressing, waiting for sanity to re-enter the market is a dawdle in comparison.

When I looked about for something to buy after selling ( and renting ), everything was at insane asking prices, I would view places and think "how can this be", "who is buying this rubbish at these prices" etc.

Then it all collapsed.

It feels like 2007 all over again in many ways, except this time, when it collapses there is no 4% drop in interest rates and I dare say the banks can weather that storm, mostly.

Interesting times, not the time to be buying a house for sure.

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I am looking at the Bath area. Absolutely loads of drops visible via Property Bee. They are still way above 2010 levels but prices are heading in the right direction and the way listings are being changed and reworded suggest an element of panic.

You can certainly spot the forced sellers, especially when the sale falls through and is re-listed very quickly. The same listings go SSTC and are then re-listed within weeks with a price drop. There is definitely pressure in that local market.

Edited by Untoward

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I am looking at the Bath area.

Tight supply and eye watering prices in Bath, do you really NEED to live there?

The volume looks to have recovered a little last year in BA1. It will be interesting to see what happens over the next couple of years.

14ln9ep.png

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Same is happening in Surrey.

I had my eye on this place just before Christmas and its dropped 30 grand in price since then. A lot of people who want to buy are now thinking, why rush, prices are going down

72Fu7zt.png

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Any links so we can keep an eye on them ?

www.rightmove.co.uk/property-for-sale/property-46154110.html

www.rightmove.co.uk/property-for-sale/property-48168889.html

www.rightmove.co.uk/property-for-sale/property-48138239.html?premiumA=true

here you go.......

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Same is happening in Surrey.

I had my eye on this place just before Christmas and its dropped 30 grand in price since then. A lot of people who want to buy are now thinking, why rush, prices are going down

72Fu7zt.png

What would that property (or one like it) cost to rent ?

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Same is happening in Surrey.

I had my eye on this place just before Christmas and its dropped 30 grand in price since then. A lot of people who want to buy are now thinking, why rush, prices are going down

I guess in Farnham, your tied to the London ponzi. It's only an hour each way commute (2 hours a day/10 hours per week / 40 hours per month/ 480 waking house per year!!! + £4k travelling)

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I guess in Farnham, your tied to the London ponzi. It's only an hour each way commute (2 hours a day/10 hours per week / 40 hours per month/ 480 waking house per year!!! + £4k travelling)

An hour on the train, which means getting there at least 5 mins before, with at least 15 mins getting there unless you're very local (station is on outskirts of town). Already looks like 3 hours a day, plus the commute the other end too, for rarely is a London job right by the station. All too often you're talking 4 hours a day. I know this, as I did this for a long time! It's soul destroying. All that to live in a bit of a tulip tip mid terrace too.

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An hour on the train, which means getting there at least 5 mins before, with at least 15 mins getting there unless you're very local (station is on outskirts of town). Already looks like 3 hours a day, plus the commute the other end too, for rarely is a London job right by the station. All too often you're talking 4 hours a day. I know this, as I did this for a long time! It's soul destroying. All that to live in a bit of a tulip tip mid terrace too.

My wife commuted into london for a while, the train young was 1 hour ( or less ) but as you say it was 2 hours door to door.

The train fairs were about 6K a year ( including the tube ) and parting would set you back another 2K a year. That's after tax, so about 15K of her income went on travel.

It wasn't worth it.

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BTW...Crash cancelled. I saw this liusting today:

http://www.rightmove.co.uk/property-for-sale/property-33833208.html

That house is worth £250K if it's worth a penny imho. It backs onto a rough part of Northampton and is right on a main road. Similar near buy have sold for 250K0>200K before osbroene's pre-election boom mega bubble

That sort of asking price is 2007 + 80%

It's Crazy.

Might as well not even look for now.

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