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Either Side Of Me - Both For Sale

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We live in a reasonable new quiet new build cul de sac in a popular commuting district of Manchester. Either side of us have been for sale now for quite some time and this is why..

Case 1. On one side is a 4 bed detached that has been on the market approx 6 mths for £285k. Looking at past sales through land registry reveals that the the greatest sale value ever achieved on the road was £245k in Sep 03 and £237.5k in Mar 04. Why does the agent believe that they will get £285k for the client? It is exactly the same house as those that hold the record and they were sold during periods of high activity. No, to sell now they would have to be content with around £220k and so they should be .. they bought it 4 years ago for £145K.

Case 2. On the other side is a 3 bed detached that has been up for nearly 18mths @ £230k (was £240k a year ago). It is empty, in a very good position at the head of the cul de sac but again past data suggests a historical max of £200k. To achieve a sale currently I believe they would need to be content with £185K.

The point of this thread is to highlight the fact the agents must be knowingly putting valuations on properties where they are still testing the market but whereas that was fine during a bull run, now they should be advising their clients accordingly. They will never achieve the volumes they need to stay in business unless they try to bring some realism into the market and price to sell. My analysis of the locality suggests asking prices are 20% above realistic selling levels.

I can see that both the above properties will remain on the market unsold for some time to come as the owners appear to have taken stubborn entrenched positions. They guy with the vacant 3 bed says to us, "I can't believe how unlucky I'm being not selling this."

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We live in a reasonable new quiet new build cul de sac in a popular commuting district of Manchester. Either side of us have been for sale now for quite some time and this is why..

Case 1. On one side is a 4 bed detached that has been on the market approx 6 mths for £285k. Looking at past sales through land registry reveals that the the greatest sale value ever achieved on the road was £245k in Sep 03 and £237.5k in Mar 04. Why does the agent believe that they will get £285k for the client? It is exactly the same house as those that hold the record and they were sold during periods of high activity. No, to sell now they would have to be content with around £220k and so they should be .. they bought it 4 years ago for £145K.

Case 2. On the other side is a 3 bed detached that has been up for nearly 18mths @ £230k (was £240k a year ago). It is empty, in a very good position at the head of the cul de sac but again past data suggests a historical max of £200k. To achieve a sale currently I believe they would need to be content with £185K.

The point of this thread is to highlight the fact the agents must be knowingly putting valuations on properties where they are still testing the market but whereas that was fine during a bull run, now they should be advising their clients accordingly. They will never achieve the volumes they need to stay in business unless they try to bring some realism into the market and price to sell. My analysis of the locality suggests asking prices are 20% above realistic selling levels.

I can see that both the above properties will remain on the market unsold for some time to come as the owners appear to have taken stubborn entrenched positions. They guy with the vacant 3 bed says to us, "I can't believe how unlucky I'm being not selling this."

Did you point the facts out to the guy?

I live in Greater Manchester too and see exactly the same thing. Houses priced £30/40K over the highest priced ever achieved on the road and when prices have been falling slightly in the last year.

This is the part of the whole thing that annoys me. I accept that house prices go up and that houses are vulnerable to bubbles from time to time. But what really frustrates me is the attitude taken by your neighbours.

Those houses will not sell at that price but they would rather let the house sit empty for a year than cut the asking price.

I am fed up seeing empty houses in my area - 'no chain' etc. Houses just stood empty for month after month.

Housing shortage?....please!!!!

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The industry puts out Spin that prices will rise by up to 6% in 2006, so gullible vendors stick out for unattainable prices. It's the classic case of VI's falling on their own swords :D

Sure it's a waiting game, so don't try and live this market day by day or hour by hour. I'm finding renting is way way cheaper than buying so that's what I'm doing. When the situation changes I will become a buyer, it's as simple as that.

Edited by Catch22

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Did you point the facts out to the guy?

I live in Greater Manchester too and see exactly the same thing. Houses priced £30/40K over the highest priced ever achieved on the road and when prices have been falling slightly in the last year.

The bloke is a really sad figure, divorce (wife off with the kids with a younger man!). 2 years ago at a Xmas party all he did was cry on the hosts shoulder for latter part of the evening about how his life was over balh, blah, blah..

I didn't have the heart to confront him with the cold hard facts, just humoured him with "Never mind I'm sure you'll find a buyer soon" when really I was thinking, "You greedy, selfish **** - you have no chance of finding a sucker big enough to pay for your new hedonistic lifestyle (that he was hinting at to my wife - (lifes good on your own you know - Carribean adult only hotels etc..)) - yeh yeh I believe you".

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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