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Cyberman

Can't Seem To Get My Head Around This One.........

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General comment first. I think the site is very informative and the majority of the discussion useful. Have been visiting the forum now for several months and have plucked up the courage at last to post.

Presently we are in rented accomodation and have been for about 18months having sold our house and relocated due to change of job. We have been looking around Stokesley area in N Yorks / Cleveland border but houses proces here seem to be very high.

Thought I would share this one with you all and see what your thoughts were.

Two houses came on market this month a few doors from each other. Both 3 storey town houses, one 4 bed the other 3 bed (having knocked two of the bedrooms together). Both house were new when first bought.

House 1 (slight bigger floor space) bought for £250,000 in Nov 04 ---- asking price Jan 06 = £325,000

therefore 30% increase in 14 months !!

House 2 bought for £289,000 in Apr 05 ----- asking price Jan 06 = £350,000

therefore 21% increase in 9 months !!

For a housing market that supposed to have been stagnant for the last year these prices seem pretty high.

Hard to rationalise this one.

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There are people out there who try and price their home based on what the most expensive one in a 1000 yard radius went for in 2004 plus about 15% for annual HPI, plus a bit more for fitting a new bathroom cabinet.

They won't sell them.

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General comment first. I think the site is very informative and the majority of the discussion useful. Have been visiting the forum now for several months and have plucked up the courage at last to post.

Presently we are in rented accomodation and have been for about 18months having sold our house and relocated due to change of job. We have been looking around Stokesley area in N Yorks / Cleveland border but houses proces here seem to be very high.

Thought I would share this one with you all and see what your thoughts were.

Two houses came on market this month a few doors from each other. Both 3 storey town houses, one 4 bed the other 3 bed (having knocked two of the bedrooms together). Both house were new when first bought.

House 1 (slight bigger floor space) bought for £250,000 in Nov 04 ---- asking price Jan 06 = £325,000

therefore 30% increase in 14 months !!

House 2 bought for £289,000 in Apr 05 ----- asking price Jan 06 = £350,000

therefore 21% increase in 9 months !!

For a housing market that supposed to have been stagnant for the last year these prices seem pretty high.

Hard to rationalise this one.

Unfortunately, your post does not suprise me - I think most of the people living in North Yorkshire have similar experiences, however even I'm suprised about house 2 going up so much. The EA will be trying it on thats all, on the basis its worth trying at least to begin with anyway.

The only way to rationalise it, is to recognise we ain't got no house price crash in this part of the world.

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1 - Asking prices are not selling prices. If they asked for £600k would that be a 100% increase?

No. It would be a highly exaggerated asking price, nothing more. Which is what youre looking at now.

2 - The estate agent or homeowner does not determine the value of a property - the market or buyer (i.e you) does. They can ask what they want. Once you understand this fundamental tenant of economics you'll begin to see things differently.

Best of luck with whatever decision you make!

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Unfortunately, your post does not suprise me - I think most of the people living in North Yorkshire have similar experiences, however even I'm suprised about house 2 going up so much. The EA will be trying it on thats all, on the basis its worth trying at least to begin with anyway.

The only way to rationalise it, is to recognise we ain't got no house price crash in this part of the world.

You may well be right there IUN but if the crash has started in some areas it will work its way over the whole of the UK. Its just a matter of time. Even North Yorkshire will not be immune.

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My mother once said to me "What you want and what you get are two seperate things".

They may want £350k but that doesn't mean that's what they'll get and is by no means what the house is worth.

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My mother once said to me "What you want and what you get are two seperate things".

They may want £350k but that doesn't mean that's what they'll get and is by no means what the house is worth.

An EA once said to me (the most greadiest in Portchester) 'A house is only worth what someone is willing to pay' Similar to what your mother once said.

However yes the EA and your mother are correct, with the exception of the way the EA phrased it he should have said 'A house is sold for what someone is willing to pay' because they sure aint worth their current price levels. So what I can't get my head round is the stupidity (this word may be too strong) of buyers willing to pay well over the odds; I think too many think they have to pay asking prices or near too. So this looks like EA's way of pushing the market up even further, as after all they are (and should not be) on commission. Damn bloody EA's dirty tactics, most of public not wise to these tricks.

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Guest prudence

People can put whatever price they want on their property. Maybe one of the vendors is just testing the waters. If they find someone stupid enough to pay their price they'll sell, if not they won't..

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Unfortunately, your post does not suprise me - I think most of the people living in North Yorkshire have similar experiences, however even I'm suprised about house 2 going up so much. The EA will be trying it on thats all, on the basis its worth trying at least to begin with anyway.

The only way to rationalise it, is to recognise we ain't got no house price crash in this part of the world.

I wouldn't call it a crash but if you check the asking prices of houses in Harrogate against comparative ones recently sold you will see they have fallen.

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Two houses came on market this month a few doors from each other. Both 3 storey town houses, one 4 bed the other 3 bed (having knocked two of the bedrooms together). Both house were new when first bought.

House 1 (slight bigger floor space) bought for £250,000 in Nov 04 ---- asking price Jan 06 = £325,000

therefore 30% increase in 14 months !!

House 2 bought for £289,000 in Apr 05 ----- asking price Jan 06 = £350,000

therefore 21% increase in 9 months !!

But have they sold? You could slap a sign saying "For Sale - £1,000,000" on a rusty old car, can it really be considered to be "on the market"?

They're trying to plug into a market that doesn't exist, if anything new builds tend to slightly fall in value soon after they're constructed, and that's before you onto the absense of incentives.

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Guest Charlie The Tramp

4 Garden Close,

Stokesley,

Middlesbrough,

North Yorkshire,

TS9 5FB £289,150

Semi-Detached

Freehold

Build status not stated 15-Apr-2005

Map (TS9 5FB)

5 Garden Close,

Stokesley,

Middlesbrough,

North Yorkshire,

TS9 5FB £285,000

Terraced

Freehold

Build status not stated 29-Nov-2004

Map (TS9 5FB)

3 Garden Close,

Stokesley,

Middlesbrough,

North Yorkshire,

TS9 5FB £250,000

Semi-Detached

Freehold

Build status not stated 04-Nov-2004

Map (TS9 5FB)

6 Garden Close,

Stokesley,

Middlesbrough,

North Yorkshire,

TS9 5FB £350,000

Detached

Freehold

Build status not stated 16-Sep-2004

Map (TS9 5FB)

2 Garden Close,

Stokesley,

Middlesbrough,

North Yorkshire,

TS9 5FB £305,500

Semi-Detached

Freehold

Build status not stated 27-Jul-2004

Map (TS9 5FB)

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6 Garden Close,

Stokesley,

Middlesbrough,

North Yorkshire,

TS9 5FB £350,000

Detached

Freehold

Build status not stated 16-Sep-2004

Map (TS9 5FB)

Seems to me that the vendors themselves (or the EAs) have gone to the land registry and used the highest sale price they found on the street as the asking price. Trouble is, number 6 was sold in September 04 at pretty much the exact top of the market (as HPC.co.uk would see it at least) whereas the 3 properties on the street which sold after this date had an achieved price which was considerably lower. So, it would appear they are cheeky chancers.

frugalista

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General comment first. I think the site is very informative and the majority of the discussion useful. Have been visiting the forum now for several months and have plucked up the courage at last to post.

Presently we are in rented accomodation and have been for about 18months having sold our house and relocated due to change of job. We have been looking around Stokesley area in N Yorks / Cleveland border but houses proces here seem to be very high.

Thought I would share this one with you all and see what your thoughts were.

Two houses came on market this month a few doors from each other. Both 3 storey town houses, one 4 bed the other 3 bed (having knocked two of the bedrooms together). Both house were new when first bought.

House 1 (slight bigger floor space) bought for £250,000 in Nov 04 ---- asking price Jan 06 = £325,000

therefore 30% increase in 14 months !!

House 2 bought for £289,000 in Apr 05 ----- asking price Jan 06 = £350,000

therefore 21% increase in 9 months !!

For a housing market that supposed to have been stagnant for the last year these prices seem pretty high.

Hard to rationalise this one.

This is a market that depends on perception and affordability..

that will drive prices down..

but on the individual level you can still find your buyers,,

But as a seller armes with what you know..

You have the opportunity.. there are big savings to be made already..

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General comment first. I think the site is very informative and the majority of the discussion useful. Have been visiting the forum now for several months and have plucked up the courage at last to post.

Presently we are in rented accomodation and have been for about 18months having sold our house and relocated due to change of job. We have been looking around Stokesley area in N Yorks / Cleveland border but houses proces here seem to be very high.

Thought I would share this one with you all and see what your thoughts were.

Two houses came on market this month a few doors from each other. Both 3 storey town houses, one 4 bed the other 3 bed (having knocked two of the bedrooms together). Both house were new when first bought.

House 1 (slight bigger floor space) bought for £250,000 in Nov 04 ---- asking price Jan 06 = £325,000

therefore 30% increase in 14 months !!

House 2 bought for £289,000 in Apr 05 ----- asking price Jan 06 = £350,000

therefore 21% increase in 9 months !!

For a housing market that supposed to have been stagnant for the last year these prices seem pretty high.

Hard to rationalise this one.

GIRLY SHRIEK! :o

I grew up in Stokesley! My folks bought a 4bed detached (in what was then the second newest estate - now about the tenth newest I imagine) for 32k in 1982.

just for perspective, like.

The only way to rationalise it, is to recognise we ain't got no house price crash in this part of the world.

true, but neither do they have clean running water, electricity or Channel 5. And they still eat their own children during harsh winters.

Edited by Fancypants

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Seems to me that the vendors themselves (or the EAs) have gone to the land registry and used the highest sale price they found on the street as the asking price. Trouble is, number 6 was sold in September 04 at pretty much the exact top of the market (as HPC.co.uk would see it at least) whereas the 3 properties on the street which sold after this date had an achieved price which was considerably lower. So, it would appear they are cheeky chancers.

frugalista

No 6 is the only Detached among that lot

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All of the properties I have bookmarked are chasing the market down.

(I bookmark them with the price as the name (e.g. 250k) and a 2 word note, that way I can instantly see the price drop.

June 05, £250k

http://www.rightmove.co.uk/viewdetails-7382399.rsp

Nov '05 - £240k

Jan '06 - £230k

http://www.rightmove.co.uk/viewdetails-4671496.rsp

Still not sold.

I'm betting if they went in at £230k in June '05 they'd have probably sold the place. Wonder how far they have to chase it down before it twigs.

Sept '05 - £240k

http://www.findaproperty.co.uk/agent.aspx?...=335303&photo=1

Jan '06 - £200k. Still not sold.

Buyers dictate the market, my money is staying in my pocket until a property I like appears at a price I like.

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Seems to me that the vendors themselves (or the EAs) have gone to the land registry and used the highest sale price they found on the street as the asking price. Trouble is, number 6 was sold in September 04 at pretty much the exact top of the market (as HPC.co.uk would see it at least) whereas the 3 properties on the street which sold after this date had an achieved price which was considerably lower. So, it would appear they are cheeky chancers.

frugalista

SPOT ON MATE!

Why do sellers and EA's think that every property HAS to beat the ceiling price.

After looking at these properies - my honest opinion is they are UGLY! Certainly from the outside!!!

It does not mention any maintenance charge either? Is there one?

As a home it may tick the right boxes, as a financial prospect I think these types of properties are going to go out of fashion and will be 10 a penny in 10 years time. I think they may struggle to sell and will not gain in price that well (only my opinion).

TB

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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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