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worried1

Anyone else seeing an upturn in 'extreme kite-flying'?

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Over the past few days I have seen a couple of examples of prices that just bear no resemblance to all of the other madness that is going on. I posted this one on the local thread:

http://www.rightmove.co.uk/property-for-sale/property-44634942.html

I won't speculate on what it is really worth, but even with the bubble-on-bubble pricing that we are suffering at the moment, I can't see how this could ever be more than £850k.

it is plain to see on the Rightmove advert that it sold for £565k two years ago, so surely any potential buyers would have to be more than a little bitter at handing over an extra £600k just because the house has been refurbished?!

Foxtons strategy is perhaps to make that one look reasonably priced by asking the same amount for a house on a nearby council estate:

http://www.rightmove.co.uk/property-for-sale/property-44634936.html

At least that one is very big for buyers with a large family.

The last example is stolen from the 'Overpriced S**thole' thread which I can't seem to reply to:

http://www.rightmove.co.uk/property-for-sale/property-55734001.html?utm_medium=shorturl&utm_campaign=smspropertydetails&utm_source=url

This one really defies belief. The last sale of a similar house on this road was 5 months ago for £515k, so how could this one suddenly be worth double that? The only house that has sold for more than £515k was extended and refurbished.

I think that this must be a p*sstake advert, given that it states that the £1m asking price is 'realistic'!

Has anyone else seen examples of prices 30-40% above a market which is already way out of touch with reality?

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35 minutes ago, worried1 said:

The last example is stolen from the 'Overpriced S**thole' thread which I can't seem to reply to:

http://www.rightmove.co.uk/property-for-sale/property-55734001.html?utm_medium=shorturl&utm_campaign=smspropertydetails&utm_source=url

This one really defies belief. The last sale of a similar house on this road was 5 months ago for £515k, so how could this one suddenly be worth double that? The only house that has sold for more than £515k was extended and refurbished.

I think that this must be a p*sstake advert, given that it states that the £1m asking price is 'realistic'!

Oh yes I posted a sarky comment about it being 'realistically priced'. Really, £1m for a bog standard 1930s/40s semi? :rolleyes: Jesus wept.

In my area I am seeing reductions of some leasehold flats which is good.

Now that the 'Help To Buy  Debt' props are now drying up some sense will return to the housing market over the next 6 months.

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On 01/10/2016 at 4:11 PM, worried1 said:

The last example is stolen from the 'Overpriced S**thole' thread which I can't seem to reply to:

http://www.rightmove.co.uk/property-for-sale/property-55734001.html?utm_medium=shorturl&utm_campaign=smspropertydetails&utm_source=url

 

If you stare at the top right window, then peripheral vision makes the blue sheet to the left of the car look like a chav in a blue shell suit kneeling down trying to nick it.

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On 01/10/2016 at 4:11 PM, worried1 said:

a house on a nearby council estate:

http://www.rightmove.co.uk/property-for-sale/property-44634936.html

At least that one is very big for buyers with a large family.

 

There's a lot of double measuring in that floorplan; look at the kitchen diner area, measured into all extremes, then other rooms also measured that overlap. Misleading. Full EPC report will show a more honest measurement, but all to often "not available', just the bar chart bit.

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" Early viewing is highly recommended due to the property being realistically priced". So what does that make the rest of their listings!?!? :)

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Down London-way, I've been seeing quite a few kite-flying listings appear in the last few weeks.

Is a bit surprising as July/August saw London Zone 2 or 3 places being reduced and selling well under asking.  My guesstimate was that it had taken a 10% hit.

Think it is one of two things - September is prime selling time for agents (where August is dead) and the economy is not tanking as expected post-Brexit. (outside of sterling)

Whether this is justified is anyone's guess - there is still alot of places having to drop in price or simply not selling, so looks like transactions are still low, but some places I had my eye have sold, so think some agents are trying it on in September to see if the market has or is recovering.

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I would say this was 30% overpriced when it was sold 6 months ago;
 http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=56536145&sale=75154116&country=england

now it is back on at only 20% more than it sold for in February:
  http://www.rightmove.co.uk/property-for-sale/property-62243690.html

 

 

 

***********
predicting the crash since 2004

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Seeing this myself in Luton but like the last post there is this weird situation where people who brought recently are ones asking for insane jumps in price 

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This one has been on the market for 6 months near us. The going rate for them is ~£400,000 but they want twice as much. There are a lot of similar houses nearby which are not selling quickly even when sensibly priced. This one is worse than most being on a busy road which can be a nightmare to get on or off the drive.

http://www.rightmove.co.uk/property-for-sale/property-58562999.html

 

 

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For comparison in Germany, with current EU price converted to £:

£146k   http://www.rightmove.co.uk/overseas-property/property-61870616.html

£152k   http://www.rightmove.co.uk/overseas-property/property-37984797.html Interesting views (particularly shot 25)

There was another place I noticed for £180k that would be "worth" a million in the UK, but that sold.

762195e1666497074ede151e0cbeb39738a411d967572cbbe24b90cf8db6011f.jpg

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I'd have to say in my areas of interest I'm NOT seeing kite flying... the market is just completely and utterly dead with no new instructions coming on at all for months now, just the same few properties that keep getting churned, withdrawn and re listed.

It seems like people just aren't interested in selling at ANY price at the moment. I think I'd almost welcome seeing a few kiteflyers coming on to my local market just to give me some hope that people do at least want to consider seling their houses!

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In Cambridge and West Sussex I'm seeing "investment" properties being marketed with asking prices around 30% greater than the prices paid two to three years ago.  With these asking prices the gross yield on these investments would be less than 5%.  I think these are BTLers selling because of the impending tax changes.

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On 10/8/2016 at 9:54 PM, Arpeggio said:

For comparison in Germany, with current EU price converted to £:

£152k   http://www.rightmove.co.uk/overseas-property/property-37984797.html Interesting views (particularly shot 25)

 

I wish I didn't see that view!!! It makes me so angry that we don't get value for money in the UK, its so beautiful compared to what I can get here for the same amount.

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2 hours ago, Bonkers2016 said:

I wish I didn't see that view!!! It makes me so angry that we don't get value for money in the UK, its so beautiful compared to what I can get here for the same amount.

Too True. It puts it into perspective though and makes you realize it is best avoided, DON'T BOTHER. There was another epic place I saw in Germany for £170k, better than the one I linked but it sold and is offline now. Similar in the US I think. From what I've seen of the series "My Dream Home" you can get a lot more for your money there.

Edited by Arpeggio

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http://www.rightmove.co.uk/property-for-sale/property-56365129.html

Went to view this last year. Although we thought it was pricey for the area we went to see it as the garden and rooms look massive in the photos (turned out to be a nice bit of extreme wide angle photography & photo editing). The garage was converted into a through-office which led to a toilet and utility, but the office wasn't big enough for a desk and chair whilst allowing access through, (terrible design) and the garage conversion was half baked, leaving the garage door on the outside!

The property was removed from the market in Feb/March and we thought some idiot had bought it, but apparently not as it went back on the market again in October 9much to our delight). 2 months in and it hasn't shifted yet. By my reckoning (and similar asking prices) it's priced 25-30K above comparable properties that aren't selling either. My guess would be actual (pre-crash) value of 230K, but given that the last sale of 170K was during the ramping prices of 2006, it's got a long way to fall!

 

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Little anecdote here.

Over he last few months the market locally has been pretty dead. Somne extreme kite flying, nothing shifting.

Recently though a couple of fixers came on (family homes) with EAs. Decent places needed a renovation but no major issues (ie small garden\plot etc. These have sold within days with multiple offers with best and final offers with both requested from EAs. I've bid on both, one at asking, one below, both have gone at 'well above asking' according to Eas. To me they weren't cheap, according to LR similar sold at a similar prices 12-24 months ago.

This says there are still lots and lots of buyers out there, but they cannot afford the EKF prices of most instructions. However thery asre still prepared to pay the price paid 12 months ago, even if it needs 25k of repairs...

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