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aussieboy

Sheffield Anecdotal

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For reasons too dull to relate, I've been looking for a house in a quite nice part of Sheffield (cue comments questioning whether there are any nice bits of Sheffield). Perhaps this should be in the "...prices in your area" sub-forum, but here we go.

I looked at four houses just below the stamp duty threshold, made a verbal offer on one at a lower price (had already been reduced... imagine the frustrating discussion with the EA regarding price and value ("You're already getting x% off" Yes: x% of a random number, you ****). Offer was rejected as was my request for a counter-offer: "That's not how we do it in Sheffield". Oh really? So, me and my 50 guineas headed back home.

Anyway, point is that four months later all four houses are still on the market. All are pleasant enough and would do the trick... if they were cheaper. A similar one to the one I offered on sold in 4 weeks... but was priced at 20% lower.

So it's stalemate in the People's Republic at the moment.

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IMupNorth

The market price is the price that houses are selling at, not where they are not selling at. 4 Weeks is plenty long enough to suggest a market price and not a swinging cut to keep the repo men happy.

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Yep,

No forced sellers = no house price crash.

Simple isn't it ?

:D

I think you missed the point being made. The houses haven't sold yet. A potential buyer offered a lower amiunt and it was turned down. The seller has every right to do this of course. But the net result is that the seller will spend money on another property from a vendor who is prepared to reduce the price to an acceptable level.

No panic buyers = no-one propping up from underneath.

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Yep,

No forced sellers = no house price crash.

Simple isn't it ?

:D

If it's your house and you can't sell then you can't move for job etc.

If it's a BTL then you'll be paying the mortgage, council tax, utility bill etc while it's vacant.

Eventually people cave in.

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I looked at four houses just below the stamp duty threshold, made a verbal offer on one at a lower price (had already been reduced... imagine the frustrating discussion with the EA regarding price and value ("You're already getting x% off" Yes: x% of a random number, you ****). Offer was rejected as was my request for a counter-offer: "That's not how we do it in Sheffield". Oh really? So, me and my 50 guineas headed back home.

so the vendor hadn't reduced their actual expectations then - seen this several times - prepared to take 95% of asking price then drop the asking price but will only accept a full offer

no rush

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I've been hearing this for the past 18 months - why the market can't be supported any longer - but none of them have turned out to be true, the market is still edging up, because insufficent people are reducing their prices and too many people are happy to pay the full asking price.

There's plenty of buyers propping up the market - about 1 million of them in the last 12 months ! - so clearly thats a statement from Portent thats just another straw clutching exercise thats not based on fact.

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I've been hearing this for the past 18 months - why the market can't be supported any longer - but none of them have turned out to be true, the market is still edging up, because insufficent people are reducing their prices and too many people are happy to pay the full asking price.

There's plenty of buyers propping up the market - about 1 million of them in the last 12 months ! - so clearly thats a statement from Portent thats just another straw clutching exercise thats not based on fact.

Fair point. I've said in another post that this market is not where I expected it to be at this stage of the cycle. Perhaps I'm wrong. Perhaps I'm not. It will certainly be an interesting year. I'm not clutching at straws at all. In fact my position is, has always been, and will always be, that I am still prepared to buy a house as a home when I find the right one at the right price. That could be tomorrow or it could be next year. The difference between 2004 and now is that I am increasingly picky about the home I buy.

Perhaps I, and many others on this site, are different to the rest of the population. Until recently I would have bought almost anything. Now I am happy to turn property down and feel no urgency to buy unless the right thing comes along.

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You know... I nearly bit the bullet last year, and was seriously considering

buying a detached house in the centre of town.

It had a sold sign up for months, then came back on the market.

I didn’t bother second time round, just kept an eye on it!!!!

It went to auction and didn’t sell???

It’s now £40k less than when I was going to buy it for!!!!!!

Vive la - crash ! ;)

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You know... I nearly bit the bullet last year, and was seriously considering

buying a detached house in the centre of town.

It had a sold sign up for months, then came back on the market.

I didn’t bother second time round, just kept an eye on it!!!!

It went to auction and didn’t sell???

It’s now £40k less than when I was going to buy it for!!!!!!

Vive la - crash ! ;)

Once you have added interest that will have saved you north of £80k already.

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Yep,

No forced sellers = no house price crash.

Simple isn't it ?

:D

... although it means hardly anybody is actually getting any money from selling at the high asking price either doesn't it? So although it might not be possible to buy low, it's not possible to sell high either (in general terms)?

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so the vendor hadn't reduced their actual expectations then - seen this several times - prepared to take 95% of asking price then drop the asking price but will only accept a full offer

no rush

No rush indeed. I may send the owner a letter to say that I'm still interested but only at a lower price. Bizarre: these people have put their retirement to another part of the country on hold for a year now... and still counting. Given that from an actuarial PoV these guys have ~12 years left in them, that's an awful lot of your retirement to put on hold for a small amount of cash.

More anecdotes on the other properties.

One of the other sellers had had his offer on another place accepted when I looked round (or so he told me)... I'm glad I'm not in that chain. The third property (which was "lifting" as they say up North) was empty (and has been for > 1 year) due to a marriage driven consolidation of properties, so that person has an opportunity cost issue (they reduced the price after I provided feedback... by 1%). With the final house, which had the owner's knickers on the floor when I looked around (nice), the vendor was wanting to move down south.

Hope that adds a bit of colour. No forced sellers, just a group of people who don't appreciate either (i) that the arrival of the Grim Reaper is imminent, or (ii) that if he reduces his asking price, he can reduce the price he is paying for a smaller house, or (iii) that if you're a distracted professional in no hurry to tidy your house, you will never sell.

a-b

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That numpty 'I'mOopNorf' keeps beating 'No forced sellers = no crash".

So in this recession, guess what? No one will die, no one will get divorced, no one will fall sick and no one will lose their jobs.

You really are thick as a brick, northerner, aren't you? You give the maccams and geordies a bad name you are so dumb. And your reading skills aint up to much either cos if you'd bothered to read a bit further, you'd have seen:-

. A similar one to the one I offered on sold in 4 weeks... but was priced at 20% lower.

You don't think 20% off is a crash??? What the fexk ARE you looking for before you will admit its crashing? 90%? 100% I dunno. brickshitthick. I'm glad you dont stack shelves round my way.

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That numpty 'I'mOopNorf' keeps beating 'No forced sellers = no crash".

So in this recession, guess what? No one will die, no one will get divorced, no one will fall sick and no one will lose their jobs.

You really are thick as a brick, northerner, aren't you? You give the maccams and geordies a bad name you are so dumb. And your reading skills aint up to much either cos if you'd bothered to read a bit further, you'd have seen:-

You don't think 20% off is a crash??? What the fexk ARE you looking for before you will admit its crashing? 90%? 100% I dunno. brickshitthick. I'm glad you dont stack shelves round my way.

Keep hold of your water and read the post again: it was a different but quite similar house that sold for 20% less (worse layout, tiny vs enormous garden... probably accounted for 10% of the difference).

Moderator: perhaps CIUW could be assisted in the continence of his posting.

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  • 301 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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