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electrogear

Hull Market Slow?

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We've been looking to buy in the villages to the West of Hull and been monitoring the market for about a year. Prices went a bit daft in Feb/March and houses at the lower end of the market were flying off the shelves, presumably as BTL demand peaked before the April tax deadline. Since then the market has slowed and asking prices seem to be falling back to what they were at the end of 2015.

Houses in our 275K-325K band seem to be hardly shifting at all and there's very little coming to market, maybe 3-5 per week compared with 10-15 per week a few months ago and anything of quality is usually Sold STC within a week so it's not as if there isn't any demand. It seems to me like a lot of vendors are reluctant to adjust their price to suit the market conditions or perhaps they're thinking things will pick up after the referendum?

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This must be true for many areas. It is here in Wilts too. Prices went mad now it's fallen back and there's nothing much coming on and activity is very slow. People are staying put unless they have to move. Even at tthe lower end it's approx £5K to move house when you include agents'/solicitors' fees and stamp duty.

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Goole went completely silly in 1988-9 with prices doubling in a few months so I sat on my hands. Towards the end of the year desperate sellers were calling me asking if I was still in the market and offering at the price they started the year at. A house I was interested in came on at 19k, when we viewed it they wanted 25k and it reached 34k. They offered me it at 19k in the autumn and I turned them down. You get big waves in a shallow pond when you heave in a rock. Goole definitely a very shallow pond.

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Goole went completely silly in 1988-9 with prices doubling in a few months so I sat on my hands. Towards the end of the year desperate sellers were calling me asking if I was still in the market and offering at the price they started the year at. A house I was interested in came on at 19k, when we viewed it they wanted 25k and it reached 34k. They offered me it at 19k in the autumn and I turned them down. You get big waves in a shallow pond when you heave in a rock. Goole definitely a very shallow pond.

Wow, yeah that was silly. When I said "prices went daft" I meant there was a sudden increase by 5-10% in the asking prices (not double!) and they were all selling, but when April hit, those prices which were put on with the same asking prices still haven't sold and have been reduced. We actually offered 280K on a house in Feb that had been reduced from 325K to "offers over 310K" (sat on the market 3 months). They rejected it, and we moved on with our life, sold our house and went into rented. The EA rang back, clearly desperate as the vendor was switching to another agent, and asked us to formally put forward of 280K because she thought they would accept. Sorry, too late love! It's still on the market 4 months later, reduced again. I'm reluctant to buy at the moment as the market is up and down from one minute to the next, it seems so volatile.

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