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electrogear

January surge?

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Having seen things go a bit daft this time last year before the BTL rush, I was expecting things to be quieter this year, but all of the lunatics are coming out of the woodwork again and offering over asking price. We're looking to buy and the two properties we've offered on (our offers were rejected) are apparently getting lots of viewings now. Usually I take what the estate agents say with a pinch of salt but my dad's just sold the property they've had on the market for 6 months at full asking price and there were 4 others lined up for viewings still, so I think it's true.

:-( That'll be more HPI on the way then, not a good start to the year!

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Please do keep us updated on your experience: I'm more than a little interested in the state of the market over the next few months, since, although I have never owned, I may be moving to a new part of the country this summer. That means, for the first time in more years than I'll admit to, I may consider buying at long last.

May I ask what part of the country you're seeing this?

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36 minutes ago, TheCountOfNowhere said:

There's an anecdotal forum for made up stuff.

 

But please present us all with your facts from the land registry when they are available.

1) This is the anecdotal forum.

2) Why would I make this up? Since I've been willing a crash for years!

3) No you're OK thanks.

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East Herts - yesterday made asking price offer on a 4 bed semi. 6 others also offered the same. Now going for last and final offer on wednesday. House needs 50k spent on it and is priced low for the area. There were 30 viewings at the open day.

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This happened to me a lot.

So far, I put down offers on 3 properties around here (London), asking price, ranging from 290 to 420. I've been "outbid" every single time. On one occasion, someone bid 30k over the asking price (they later pulled out, as the agent called me to ask if I was still interested)

Just yesterday I booked a viewing for a house I was going to buy (not in London). By that I mean that if I went there and everything looked as in the pictures, I would've paid the "reservation fee" on the spot. The viewing was for the weekend. At 10 PM yesterday I got an email stating that the viewing had been canceled, as the property had been sold (STC). Just to put this into perspective, it was at 185k. I called today just to ask the agency "dude, wtf, you could've at least called me, how do you know I wasn't going to offer 200k for example?" He told me the offer they received WAS OVER 200k. 

....and, in spite of my efforts, it doesn't look like I'm ever going to be able to buy :)

Edited by flb

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7 minutes ago, flb said:

This happened to me a lot.

So far, I put down offers on 3 properties around here (London), asking price, ranging from 290 to 420. I've been "outbid" every single time. On one occasion, someone bid 30k over the asking price (they later pulled out, as the agent called me to ask if I was still interested)

Just yesterday I booked a viewing for a house I was going to buy (not in London). By that I mean that if I went there and everything looked as in the pictures, I would've paid the "reservation fee" on the spot. The viewing was for the weekend. At 10 PM yesterday I got an email stating that the viewing had been canceled, as the property had been sold (STC). Just to put this into perspective, it was at 185k. I called today just to ask the agency "dude, wtf, you could've at least called me, how do you know I wasn't going to offer 200k for example?" He told me the offer they received WAS OVER 200k. 

....and, in spite of my efforts, it doesn't look like I'm ever going to be able to buy :)

Where was this?

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22 hours ago, A third of everything said:

Not seeing that in the area I was looking in... took a couple of weeks off viewing as it's getting tiresome now and have had numerous agents chasing me daily despite not returning their calls

I had an agent chasing me today too. Not sure how to read into that, whether she just knows I'm an active buyer in a good position or she's got nothing better to do I don't know. That particular agent sells properties at the middle-upper end of the market so perhaps business is slow for them.

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I listened to my voice mail today for the first time this year, 13 from different agents as well as the calls I've just not answered and the emails daily too. They are definitely having to work for their money now compared to last summer when we started looking and barely got a call returned!

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On 31/01/2017 at 4:18 AM, GloomMonger said:

East Herts - yesterday made asking price offer on a 4 bed semi. 6 others also offered the same. Now going for last and final offer on wednesday. House needs 50k spent on it and is priced low for the area. There were 30 viewings at the open day.

Update: house was advertised at 325. 2 buyers offered over 340. I guess some parts of the country are stagnant others are still manic.

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The different segment of the UK housing market all vary in stage of the property cycle.. Prime Central London leads the market, and it ripples out. At least, that's the theory anyway. 

so it will be helpful for people specify where they are looking.. for example, if in London, where..  

e.g.

1. Prime Central London (Chelsea, Knightsbridge).. price raise fastest early on, from 2012, already down 15-20% from end of 2014

2. Greater London (Acton, Croydon, Stratford), price increased 2-3 years after Prime Central London, has almost stopped growing now..

3. South East (Cambridge/Oxford/Bridgton).. similar to Greater London

4. Other cities e.g. Manchester, latest to increase in price.. still growing slowly.. . 

5. Other areas like parts of scotland, never really recovered after the crash..

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Got accepted in principle for a mortgage via a broker in October 2014 but sale fell through and mortgage offer expired. Never heard anything from the broker since that.

Today received brightly-toned marketing email reminding me they are still there if I am still buying anywhere. Of course EAs must be hurting with the low volumes but I never really considered that brokers are not seeing business either.

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We're looking in NW Herts and it's just as mad as ever.

Pretty much anything is selling and selling quickly.  The one property we really liked was massively overpriced (avg is about £450/sq ft, this was £650) so we put in a cheeky offer. 

It sold at very close to guide. 

Anything non-new build that either has a decent plot of needs work is getting snapped up. Absolutely no sign of a let up around here.

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Just to add, EAs are still telling everyone to 'buy now, it'll be loads more next year....' and at present, I don't think they have reason to believe otherwise.

we're chain free and of little interest to property starved EAs.

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I had an agent call me unsolicited for first time ever a few days ago. I registered with agents in 2009 and again 2013, so they'd have my details from then. They've never before called out of the blue.

Agent: Are you still looking for a property?

Me: No. 

Agent: Have you found one?

Me: No. It's just I grew up in the worst area of town. Excuse my language, it's the #### estate and it's a sh#thole. I think we can agree on that?

Agent: It has some nice areas.

Me: It really doesn't, it's a sh#thole. And a sh#thole with prices starting at £250k I'm less embarrassed to live at home than I would be to pay that. I mean would you pay that? I'm living at home, I'm honestly better off, with no plans of buying in this town. Prices are insane. I'm earning £xx,xxx and I can barely afford the worst area. If prices rise further I'll emigrate.

Agent: I'll take you off the list.

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@Bhoy

Can I ask what age you are? would make a clearer picture if you stated roughly what you earn too! If I fill it the blanks with £70000, £250000 doesn't seem so insane! :P (I'm in London so £250000 to me, depending on what it was for, i.e. not a bedsit!, doesn't seems that high any more!).

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2 hours ago, renting til I die said:

@Bhoy

Can I ask what age you are? would make a clearer picture if you stated roughly what you earn too! If I fill it the blanks with £70000, £250000 doesn't seem so insane! :P (I'm in London so £250000 to me, depending on what it was for, i.e. not a bedsit!, doesn't seems that high any more!).

£30,000 is what I earn a year. We're talking of an estate that houses quiet a few drug users and dealers and has the occasional violent murder. It's a small market town in Oxfordshire. I remember in disbelief in 2006 when houses on the worst estate were £160,000. Now we're talking £250,000 plus.

Nothing to do, a few pubs, probably 3 worth visiting on a night out. Locals are w#nkers, people that have been here generations are inbreeds, people that have moved here since the '60s are the result of slum clearances but state that they're the Birmingham/London overspill. The local populous are f#cking idiots basically - I'm one too, because I've stayed here thinking they'll be a housing crash.

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I don't regard myself as a proficient buyer but I managed to negotiate the purchase of a property at 25% under asking price in Nov. Owner was desperate to sell and hadn't had even a nibble. I am very pleased with the purchase.

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Two friends currently in the process of trying to climb the ladder in London. First one put her two bed basement flat (in nice condition apart from a slight smell of damp in the hallway) on late last year for £775K. It's on the borders of Islington and Haringay. Just learnt it's been sold and she's moving into a six bed farmhouse in OXFORDSHIRE in March. Farmhouse asking price was £850K. Didn't want to ask whether she received full asking price for her flat. Another friend has a nicely refurbished two bed in Brixton. Hoping to sell for £550K in order to upgrade to a period 3 bed terrace in Brockley. Only one viewing so far in two weeks. But lesson of first friend seems to be hold out for the buyer willing to give you what you want.

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On ‎08‎/‎02‎/‎2017 at 1:14 PM, Bhoy said:

£30,000 is what I earn a year. We're talking of an estate that houses quiet a few drug users and dealers and has the occasional violent murder. It's a small market town in Oxfordshire. I remember in disbelief in 2006 when houses on the worst estate were £160,000. Now we're talking £250,000 plus.

Nothing to do, a few pubs, probably 3 worth visiting on a night out. Locals are w#nkers, people that have been here generations are inbreeds, people that have moved here since the '60s are the result of slum clearances but state that they're the Birmingham/London overspill. The local populous are f#cking idiots basically - I'm one too, because I've stayed here thinking they'll be a housing crash.

Is it Blackbird Leys?

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