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TheCountOfNowhere

Confidence Must Be Back...

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Confidence must be back...just been in the town centre ( Northampton ) and EVERY house that has sat for sale for months has gone SOLD this week.

It's like a sea of SOLD signs again, like last year.

Guess where Carney's £100B is going....

Guess where house prices are going....

A couple of insanely over prices houses near me which haven't shifted for 6 months, now SOLD this week.

Well done Mr Carnage, you're making your masters EVEN richer.

Well done.

Edited by TheCountOfNowhere

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Higher house prices = more sand in the gears of the wider economy. At this rate, Northampton's going to be full of Eastern Europeans renting and propping up the BTL market and London commuter OOs.

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Yeah, here too, I've seen loads of houses that have been hanging around all summer (and some much longer) all showing as SOLD in just this last week, onwards and upwards to the stars and beyond...

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I was going to say the opposite. I'm seeing reductions (yes from kite flying prices) and several fallen-though sales. In prime central bubble city Cambridge.

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I was going to say the opposite. I'm seeing reductions (yes from kite flying prices) and several fallen-though sales. In prime central bubble city Cambridge.

Clearly Cambridge has its own rules, when terraced houses in God forsaken wards like Romsey can sell for 400k. I tried to reconcile why Cambridge prices were double well heeled beautiful parts of the north and compared stats on wages, household savings and unemployment ( Top trump style) and Cambridge was down on two of those three. But when Cambridge plays top trumps with houses it can't lose so far. Somehow it is blasting those northen houses for six with a 1903 Kitty Hawk biplane when up against northern ammo of a supermarine spitfire and mustang. F**k knows how it does it and it needs some lunatic players with more faith than I have.

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I'm monitoring two properties in the SE that I know the history and value of very well indeed. If they sell at the advertised bubbletastic prices, I will let you know and that will confirm the confidence of fools is back.

May-September so far and no sign of THAT :)

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I am seeing reductions in SE2 and this is despite the new Liz line!

I'm not seeing anything like that in Kent. I watch the mid market ie starting from about 400k and nothings selling still.

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Confidence must be back...just been in the town centre ( Northampton ) and EVERY house that has sat for sale for months has gone SOLD this week.

It's like a sea of SOLD signs again, like last year.

Guess where Carney's £100B is going....

Guess where house prices are going....

A couple of insanely over prices houses near me which haven't shifted for 6 months, now SOLD this week.

Well done Mr Carnage, you're making your masters EVEN richer.

Well done.

I thought you must be imagining it, but then did a few searches on Rightmove:- Looking at property on sale between £100,000 and £400,000 with and without the SSTC contract and got this

Northampton 63% of properties on sale have gone to SSTC. For comparison I did the same search on some other areas and got

Blackpool 18%

Cambridge 55%

Croydon 59%

So it looks like you are right, the market in Northampton is very busy now. However I doubt it will last, over the past 6 months Croydon has come down from a high of over 80% property SSTC to today's 59% and is starting to build up a fair rump of properties that are sticking.

On the face of it this For Sale/For Sale + SSTC calculation feels like a good way of gauging a local property market and looking for turning points.

Anyone out there got any thoughts on that. Perhaps someone out there has automated something similar and would like to share the data produced.

PS I have just done a similar search on Kensington (had to x10 the prices to get a good number of properties), only 7% of properties have gone SSTC

Edited by Confusion of VIs

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Northampton is going to take a long long time to recover house prices given its distance from London. I can see people selling up in London for years to come....going as far as Northampton and inflating prices there. Goodness knows what the trains or the M1 must be like in the months and years ahead.

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I was going to say the opposite. I'm seeing reductions (yes from kite flying prices) and several fallen-though sales. In prime central bubble city Cambridge.

I've also been watching the villages around Cambridge, plus Ely and Newmarket. I'm also seeing houses come back on the market, reductions and not as much selling as usual.

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You just have to look at the options for buyers. Luton is a dump and even that has gone up a load. A an average detached in Milton Keynes has gone from gone from £215K in 2010 to 300K today. Its above the 2007 peak. So commuters are going out to Northampton and even places like Corby :o

When will this madness end, I fear when I'm too old to get a house at a realistic sensible price in the UK

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I wonder if this is the ripple in action. I look at a specific postcode round where I live, which is prime London emigrant territory - still on tube line but in leafy part of Essex, 4x4s and ballet classes extremely prevalent, etc etc

The % of sold stc vs available stock has been declining quite rapidly lately. At the high end 800k+ it is less than 20%, which has previously seemed to be an indicator of falling prices. Other brackets are now 30% ish. At times in the last few years this would have been more like 50% plus.

Total stock is increasing too.

All seems to be moving in a good direction round here. Maybe what you are seeing in northampton is just the inevitable push of commuters outwards as closer markets become prohibitive.

Given that the south east housing market is built on London commuting, it can't go on indefinitely. Although I did hear from Kirsty Allsop that the Faroe Islands are quite commutable to London nowadays....

Edited by MississippiJohnHurt

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Surely this is just down to Sept being the 2nd most popular period of the year for sales, in before Xmas and all that. Houses in Reading/Wokingham area still selling but definately reductions all over the place but still sky high.

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Surely this is just down to Sept being the 2nd most popular period of the year for sales, in before Xmas and all that. Houses in Reading/Wokingham area still selling but definately reductions all over the place but still sky high.

Right to point that out, the housing market is centred around two main windows of opportunity for a vendor March-April and September-October. Activity in between falls off, drastically so in December and August.

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Yes I've been counting reductions along the M4 and I agree with fandanman re Wokingham. I also look at Crowthorne which is a village 5 miles from Wokingham and I nearly had a RM bingo for properties put on sale in the past 7 days but there were only 7 properties so not a large enough sample really. :)

It's happening folks and the ripple is rippling outwards obviously hitting Northampton this week. Wait a few weeks and there will be reductions you can be sure :D

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Not seeing asking price rises here at all (outer SW postcodes), and only a dribble of sales. Lots of properties coming onto the market, or back onto the market after being yanked off in June. This is a good thing, not because it indicates confidence -- it does not, but it does indicate something of a rush for the exit. They'll have to compete for very few buyers and take whatever meager offers go out to them. No good having falling prices when huge numbers of properties are being held back.

My own landlord is bailing out. I was given notice to move next month. He has 7-8 high value flats of his own and is part owner of an agency for sales/renting -- he doesn't like the look of the market, his agency hasn't made any money this year, and he's dumping his portfolio in order to cash in.

I noticed one Wimbledon estate agent branch went to the wall last week. Jacksons. It's been emptied.

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Confidence must be back...just been in the town centre ( Northampton ) and EVERY house that has sat for sale for months has gone SOLD this week.

It's like a sea of SOLD signs again, like last year.

Guess where Carney's £100B is going....

Guess where house prices are going....

A couple of insanely over prices houses near me which haven't shifted for 6 months, now SOLD this week.

Well done Mr Carnage, you're making your masters EVEN richer.

Well done.

Ask a couple of estate agents if they can recommend a good mortgage broker.

Maybe one is bending the rules and enabling too much lending. Is that all it might take for a particular area to "boom"?

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I was going to say the opposite. I'm seeing reductions (yes from kite flying prices) and several fallen-though sales. In prime central bubble city Cambridge.

Just noticed this on the surrounding streets where I live (outskirts of south manc towards Stockport), 2 semi/mews type houses, kite flying price (+20% higher than anything has sold for previously, thanks Carnage you tw@t!) - one was ex-rental and had a dormer-roof conversion put in.

both had SSTC signs on the last 2 months, 1 (the dormer conversion) has now come back on the market with a more 'expensive / up-market' estate agent FOR THE SAME KITE-FLYING PRICE AS PREVIOUSLY. So that's a few months of still paying the mortgage. Had a look on rightmove - pictures inside the dormer rooms show loads of clothes in bags lying around/general crap - such an appealing view! Grounds of the house are overgrown and weed-ridden ... JUST RENT IT OUT INNIT

Second house has shown no sign of anyone moving in, noticed a car parked outside the other week and the front door open, presumably this will be coming back on the market at the same previous kite-flying price.

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My own landlord is bailing out. I was given notice to move next month. He has 7-8 high value flats of his own and is part owner of an agency for sales/renting -- he doesn't like the look of the market, his agency hasn't made any money this year, and he's dumping his portfolio in order to cash in.

I noticed one Wimbledon estate agent branch went to the wall last week. Jacksons. It's been emptied.

Bad luck MP. Where are you planning to move to? I've become a very keen observer of the SE1 rental market so if you have a yen to move near Waterloo or London Bridge I might be able to give you some tips on getting a decent deal on rent.

Did you get the sense from your landlord that he's having to cash in because rents are falling short, or is it more that he thinks capital values are at the top? Is he selling all 7-8 flats?

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This property is one conversion in a building of 4. He owns three of them plus the freehold. He just splurged half a million on the freehold a few months ago and bought the third of his three flats eight months ago. Now he's backing out, one at a time (each in turn). He does not have any buyers lined up and is going to go full marketing throttle to find some. Sounds to me like a reversal of fortune rather than a canny capital gain.

It's fine, I've just agreed a lease on a better flat in TW postcode.

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Ask a couple of estate agents if they can recommend a good mortgage broker.

Maybe one is bending the rules and enabling too much lending. Is that all it might take for a particular area to "boom"?

Most of the EAs are owned by money lenders !!!

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Just saw a house near where I used to live in Northampton listed on RM at £470K

These houses couldnt sell for £250K for 6 years that that wasnt even the 2007bubble prtice ( near £320K )

Then along came FLS/HTB.

Sop by my reckoning that 2007 ( bank collapsing prices ) + 50%.

Crazy

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