Overhearing a conversation - Houses flying off the shelves somewhere - up North

[wsn03]

Pair of 50 somethings are chatting in an office I'm using, both with North Western accents - people come from all over for this project, and the main talker has definitely travelled from somewhere.

Heard her talking about houses literally flying off the shelves in her estate, 3 bed semis for about £255,000 (she can't believe how much they've gone up). For some people that would be paltry, but other areas that would still be unheard of. Houses she said are being sold within a week of being advertised. One chap apparently upped his offer over the asking price on a neighbours house without even being asked to.

I'm guessing this must be the BTL brigade. I know from a finance broker who tried to get me interested that they're now chasing Northern properties for wecord yields! It sounds from overhearing this like very hasty panic buying, only the BTLs would be that desperate I'm guessing.

Anyone from up North finding this madness near them? I live in the West Midlands, I've been looking for a new house for my Mother-in-law; everything is too expensive and NOTHING is selling.

 

[Si1]

I've seen a Spring bounce in interest in Leeds, so that's consistent.

[nome]

Yep the idiots in Manchester are certainly buying into the ''Norther Powerhouse'' shite, someone I know has just sold there's for 40% more than they paid for it only 3 years ago.

 

Also spotted this one being ''drooled over'' on MSE.... 2-3 times what other comparable nearby properties have recently sold for.

 

http://www.rightmove.co.uk/property-for-sale/property-64302557.html

 

http://forums.moneysavingexpert.com/showthread.php?t=5629688

 

Insane.

 

 

 

 

 

[Arpeggio]

I've got a pencil, it's worth a million pounds. If you want it you need to swap it for your pencil or give me a million pounds.

[Si1]

I believe southern property speculators may have turned their attention up north away from falling high priced London.

[GreenDevil]

4 hours ago, nome said:

Yep the idiots in Manchester are certainly buying into the ''Norther Powerhouse'' shite, someone I know has just sold there's for 40% more than they paid for it only 3 years ago.

 

Also spotted this one being ''drooled over'' on MSE.... 2-3 times what other comparable nearby properties have recently sold for.

 

http://www.rightmove.co.uk/property-for-sale/property-64302557.html

 

http://forums.moneysavingexpert.com/showthread.php?t=5629688

 

Insane.

 

 

 

 

 

TBF that is a nice house for what is considered peanuts for anyone used to southern prices, no wonder it was snapped up.

[Si1]

4 hours ago, nome said:

Yep the idiots in Manchester are certainly buying into the ''Norther Powerhouse'' shite, someone I know has just sold there's for 40% more than they paid for it only 3 years ago.

 

Also spotted this one being ''drooled over'' on MSE.... 2-3 times what other comparable nearby properties have recently sold for.

 

http://www.rightmove.co.uk/property-for-sale/property-64302557.html

 

http://forums.moneysavingexpert.com/showthread.php?t=5629688

 

Insane.

 

 

 

 

 

It looks in very nice nick. More then just a coat of paint. But how much is that worth as a premium????

[nome]

Yes it does look like it's done up to a high standard, but you're making a few fundamental mistakes in your praise and justification for it....

 

This isn't London, it isn't the south-east, it isn't even Manchester (despite what the advert says)... it's Failsworth and even Oldham doesn't want to lay claim to Failsworth!

The average local wage is well below UK national average and even further below London wages.

 

Other recent sales of comparable nearby properties on Oldham Rd...

 

503 Oldham rd, end terrace, not a mid terrace like this one, in very nice modernised condition, admittedly not quite up to the standard of this one, sold for £112.5k in 2012

501 Oldham rd, again end terrace in modernised condition sold for £90k in 2015

481 Oldham rd sold for £117k in 2015

595 Oldham rd sold for £100k in 2015

289 Oldham rd sold for £60k in 2016

664 Oldham rd sold for £72.5k 2016

 

 

 

 

 

 

 

Edited April 8, 2017 by nome

[GreenDevil]

I agree on street view the area doesn't look too brilliant. Looks like an estate over the main road?

[Bunfight]

We went to view a house a couple of months ago on the estate were we live (NE), I posted about this in the anecdotals.

It was up for 240k.  Needed loads of work and modernising.  Amazingly it's now went sstc.  Another 2 have since come up in the last fortnight at 210k and 260k, both have gone sstc too.  Previously to these 3 only one house has sold for more than 220k under my postcode...

I just don't get it, I know this is all underpinned by comedy IR's and ever greater fools but its disheartening...

At the same time there are more developments starting up and the old ones haven't sold.  I walk past a big estate on my way to work, most of the properties appear empty.  Next door to this they are building more...

 

[Si1]

3 hours ago, nome said:

Yes it does look like it's done up to a high standard, but you're making a few fundamental mistakes in your praise and justification for it....

 

This isn't London, it isn't the south-east, it isn't even Manchester (despite what the advert says)... it's Failsworth and even Oldham doesn't want to lay claim to Failsworth!

The average local wage is well below UK national average and even further below London wages.

 

Other recent sales of comparable nearby properties on Oldham Rd...

 

503 Oldham rd, end terrace, not a mid terrace like this one, in very nice modernised condition, admittedly not quite up to the standard of this one, sold for £112.5k in 2012

501 Oldham rd, again end terrace in modernised condition sold for £90k in 2015

481 Oldham rd sold for £117k in 2015

595 Oldham rd sold for £100k in 2015

289 Oldham rd sold for £60k in 2016

664 Oldham rd sold for £72.5k 2016

 

 

 

 

 

 

 

Indeed. So some eejit from outside the area has bought it, presumably

[Si1]

This thread diverts at a tangent to this subject too:

 

 

[janch]

6 hours ago, Bunfight said:

We went to view a house a couple of months ago on the estate were we live (NE), I posted about this in the anecdotals.

It was up for 240k.  Needed loads of work and modernising.  Amazingly it's now went sstc.  Another 2 have since come up in the last fortnight at 210k and 260k, both have gone sstc too.  Previously to these 3 only one house has sold for more than 220k under my postcode...

I just don't get it, I know this is all underpinned by comedy IR's and ever greater fools but its disheartening...

At the same time there are more developments starting up and the old ones haven't sold.  I walk past a big estate on my way to work, most of the properties appear empty.  Next door to this they are building more...

 

Maybe it's people who moved down south for work and are now cashing in their chips ie sold their London/SE house and retiring back home.  Northern property would appear cheap to them.

[Si1]

4 hours ago, janch said:

Maybe it's people who moved down south for work and are now cashing in their chips ie sold their London/SE house and retiring back home.  Northern property would appear cheap to them.

I'm wondering that myself too. If they feel that London has peaked then they may feel now is the time to do it.

[nome]

http://www.dailymail.co.uk/news/article-4389608/Only-two-flats-occupied-Brits-massive-development.html