Rush To Buy

[rollover]

House prices have shot up to record highs after the Conservative election victory triggered a rush to buy in an overcrowded market. Average asking prices increased by 3pc between May and June as buyers and sellers reacted to the previous month’s vote, with properties going on the market at an average £294,351 according to Rightmove.

For first-time buyers, the cost of getting on the property ladder has risen by 6.2pc in a year, with the average asking price now £175,628. http://www.telegraph.co.uk/finance/property/house-prices/11674108/Rush-to-buy-after-Conservative-victory-pushes-house-prices-to-record.html

Let's see if buyers can much the asking price.

[shindigger]

Absolute ******ing cobblers.

I see the TOTAL opposite in north Dorset.

Lots of instructions.

Lots of reductions.

[TheCountOfNowhere]

Let's see if buyers can much the asking price.

Errr....that's the rush to sell.

The rightmove index should be banned until the publish current asking prices.

[65243]

Nothing at all is shifting in London. The asking prices and the indexes are works of fiction, nothing more, nothing less.

[roneik]

Yeah but, no but lol the mumsnetters will calculating all that imaginary wealth. The will be dribbling and drooling so

much threy might start wearing hoodies. Propagande the plates aint gonna spin much longer

[Confusion of VIs]

I am no

Nothing at all is shifting in London. The asking prices and the indexes are works of fiction, nothing more, nothing less.

Not sure about this. Some friends put their Dagenham & Barking 3 bed property on the market last week, recieved 2 offers within days of it hitting the market, and 2 more by lunchtime on Saturday (at the open morning). Have now accepted £12k above what they thought was already an optimisitc asking price from a cash buyer.

[rollover]

If you missed Titanic it's gone. And it's gone forever.

[TheCountOfNowhere]

I am no

Not sure about this. Some friends put their Dagenham & Barking 3 bed property on the market last week, recieved 2 offers within days of it hitting the market, and 2 more by lunchtime on Saturday (at the open morning). Have now accepted £12k above what they thought was already an optimisitc asking price from a cash buyer.

My mate just sold a warm dog s**t to a Chinese tourist.

True story.

Got a good price for it as well.

[rollover]

I am no

Not sure about this. Some friends put their Dagenham & Barking 3 bed property on the market last week, recieved 2 offers within days of it hitting the market, and 2 more by lunchtime on Saturday (at the open morning). Have now accepted £12k above what they thought was already an optimisitc asking price from a cash buyer.

You have a point there. There are lot of people who want to buy.

[Pablo]

I am no

Not sure about this. Some friends put their Dagenham & Barking 3 bed property on the market last week, recieved 2 offers within days of it hitting the market, and 2 more by lunchtime on Saturday (at the open morning). Have now accepted £12k above what they thought was already an optimisitc asking price from a cash buyer.

Agreed, there are areas that do seem to still be moving quickly, particularly the east.

Lots of properties remaining unsold in the west however, with the few odd sales for property that is immaculate or priced lower than competition.

I am getting the feeling that FTB'ers are getting near the point of not stomaching it anymore (myself included), and the tail off in volumes are part of the evidence to this.

TCofN is knowledgeable about all things housing, but does get a bit excited when it comes to anyone stating that they know of a property being sold in London!.

[Bloo Loo]

You have a point there. There are lot of people who want to buy.

just about everyone would buy if they could...the issue is that many now do not even have buying as an option.

[zugzwang]

My mate just sold a warm dog s**t to a Chinese tourist.

True story.

Got a good price for it as well.

The same could be said of Fergus Wilson, except for the price.

[bubbleturbo]

I have been looking in SE London for the last few weeks - Bromley, Bexley, Chislehurst.

The election result has definitely made the market busier, there are a fair few fools out again and a fair few vendors trying to attain what are very optimistic prices - 10 - 20% up on where it should be by my calculations.

Depressing.

[SillyBilly]

I agree most people would buy if they could but many are buying. I am seeing sales increasing across the board. Prices are certainly a lot higher than 12 months back. I expect even more increases over the next few years. Not sure about where you all live but things are picking up big time. Thank god Milliband and the numpty team didn't get in, they would of took us back to the 70s

They do say a crash is coming up when idiots start saying prices will never stop rising. If this was the stock market, we'd be at or near the highest P/E ratio in history and you still think there is room to pick up "big time"?

[SillyBilly]

I have been looking in SE London for the last few weeks - Bromley, Bexley, Chislehurst.

The election result has definitely made the market busier, there are a fair few fools out again and a fair few vendors trying to attain what are very optimistic prices - 10 - 20% up on where it should be by my calculations.

Depressing.

Yeah, I was looking at some new builds, prices gone up by about £10K I think. I tend to see the South East as a property racket now, not a market so what goes off here is no way representative of elsewhere. Prices are stagnant in Derby where I am originally from.

[bubbleturbo]

It

Yeah, I was looking at some new builds, prices gone up by about £10K I think. I tend to see the South East as a property racket now, not a market so what goes off here is no way representative of elsewhere. Prices are stagnant in Derby where I am originally from.

Its just stupid now.

There were a fair few chancers banging stuff on at 10-20% over what anyone with a brain and of sane mind could optimistically estimate the potential "value" to be around.

It was not selling and these vendors were simply kite flying. In the last few weeks, since Gidiot Oz-bugle has got back in a few of these properties have started to go under offer.

Some of the estate agents are starting to "give it the biggun" again with "Open Days" which you need to apply for first and a general approach of trying to whip up a mania and hysteria.

Hopefully it calms down again in the next few weeks / months but at the moment it is getting near to mania again from what I can see. Feels very end 2006-ish when the market had slowed and the **** suckers at the BOE cut rates and the market took off again.

Edited June 15, 2015 by bubbleturbo

[bubbleturbo]

Gidiot Os-Bugle:

https://www.youtube.com/watch?v=wBtXxYrp7mo

[mewParadigm]

Not the most insightful article. The only evidence I can see remotely related to the "rush to buy" headline is that "Rightmove said visits to its website had risen by 22pc in the last year". But was last year's figure historically high or low? And won't as many of the new visitors be sellers checking out the market as buyers? (And many people are both.)

I would've been shocked if asking prices had done anything different from this after the election. And some people will buy out of fear-of-missing-out, who can say if they will be the greatest fools or the smart ones catching the next surge at the beginning?

As usual there is some huge volatility in the London borough figures, but not only in the "special" prime ones where there are supposedly too few sales for good samples. This month Merton is up 15.8% and Tower Hamlets down 7.4% - both MoM figures. Does anyone believe either?

[streamingfreedom]

It

Its just stupid now.

There were a fair few chancers banging stuff on at 10-20% over what anyone with a brain and of sane mind could optimistically estimate the potential "value" to be around.

It was not selling and these vendors were simply kite flying. In the last few weeks, since Gidiot Oz-bugle has got back in a few of these properties have started to go under offer.

Some of the estate agents are starting to "give it the biggun" again with "Open Days" which you need to apply for first and a general approach of trying to whip up a mania and hysteria.

Hopefully it calms down again in the next few weeks / months but at the moment it is getting near to mania again from what I can see. Feels very end 2006-ish when the market had slowed and the **** suckers at the BOE cut rates and the market took off again.

It is very odd, Reading area still climbing, extra 5% on since Jan and selling as well as ever. We pulled out of a flat purchase at 210k in march it sold a couple weeks layer for 217. similar stuff is about 225 minimum now. Got to be end game stuff surely. Although, I have a sickening feeling that it isn't...

[MattW]

At the lower end of the market there are a few reductions of around £5k on asking prices in Norwich since the election.

Hopefully the party is now finally over and some common sense will prevail. So long as Osborne doesn't propose any more props to the housing market next month - HTB 4 anyone?