Jump to content
House Price Crash Forum
wsn03

Anyone noticed changes in houses coming on the market?

Recommended Posts

I've been looking for a new house for my Mother in law in Warwick, 4 bed below 360,000, within 3 miles of her address. Last 12 months, usually there were one or two, only one house ever came up even remotely acceptable, the rest well outside her price range or really really cr@p.. Decided to wait until things get sticky before looking again, or even give up altogether. Quick browse today, there are some 20 odd properties within her band / in my usual online search. What has happened? They all appear cheaper or better than the crap that was on offer before.

Things were so bad that in March I gave up (see my Anecdotal posts. Now there is actually almost too much choice.

Don't get me wrong, its still about 40% out of kilter / too high with wages being what they are (if not more), but what has happened, why the sudden change, I was expecting this madness to go on a lot longer? She has a 3 bed ex council house to sell, so for her its all about the gap. Unusually the gap might go against her in a crash because there won't be enough people able to get a mortgage for starter homes, hence I might start looking properly soon. Is this West Midlands? Southern distress moving north? Or nationwide? Or is it just Warwick? Spring blip? Everyone's up to their necks in debt? Or too many people deciding downsize now before the market goes pear shaped?

Anyone noticed any change in this mid tier of housing?

Share this post


Link to post
Share on other sites

Loads of big 4 and 5 beds near me for sale.  Just too expensive.  Family member in the last year has reduced from £340k to £260k and still no bites.  Champagne houses and beer wages and no more tick - down we go...

Share this post


Link to post
Share on other sites
33 minutes ago, wsn03 said:

I've been looking for a new house for my Mother in law in Warwick, 4 bed below 360,000, within 3 miles of her address. Last 12 months, usually there were one or two, only one house ever came up even remotely acceptable, the rest well outside her price range or really really cr@p.. Decided to wait until things get sticky before looking again, or even give up altogether. Quick browse today, there are some 20 odd properties within her band / in my usual online search. What has happened? They all appear cheaper or better than the crap that was on offer before.

Things were so bad that in March I gave up (see my Anecdotal posts. Now there is actually almost too much choice.

Don't get me wrong, its still about 40% out of kilter / too high with wages being what they are (if not more), but what has happened, why the sudden change, I was expecting this madness to go on a lot longer? She has a 3 bed ex council house to sell, so for her its all about the gap. Unusually the gap might go against her in a crash because there won't be enough people able to get a mortgage for starter homes, hence I might start looking properly soon. Is this West Midlands? Southern distress moving north? Or nationwide? Or is it just Warwick? Spring blip? Everyone's up to their necks in debt? Or too many people deciding downsize now before the market goes pear shaped?

Anyone noticed any change in this mid tier of housing?

Has she considered selling and renting for a while. I would have thought much less stress than trying to do both simultaneously. 

Maybe even renting one that she would consider buying if it was for sale - which it might be very soon?

Share this post


Link to post
Share on other sites
10 minutes ago, CunningPlan said:

Has she considered selling and renting for a while. I would have thought much less stress than trying to do both simultaneously. 

Maybe even renting one that she would consider buying if it was for sale - which it might be very soon?

She'd never do it. She regrets not moving up the chain years ago, and there's still very much a thing about "staying in the market" - she still thinks the market only goes up so getting her to wait was a big enough thing. She did agree to it though, and also agreed at least that unless it comes down there is no point in playing the stupid Ponzi game any longer.

 

 

Share this post


Link to post
Share on other sites
20 minutes ago, Bunfight said:

Loads of big 4 and 5 beds near me for sale.  Just too expensive.  Family member in the last year has reduced from £340k to £260k and still no bites.  Champagne houses and beer wages and no more tick - down we go...

Interesting, that looks like what might have happened here (sort of). Which part of the country are you talking about?

Share this post


Link to post
Share on other sites
1 minute ago, wsn03 said:

Interesting, that looks like what might have happened here (sort of). Which part of the country are you talking about?

North East.  Kite flying central.   Nothing much sells but prices just keep going up :mellow:

Share this post


Link to post
Share on other sites
Just now, Bunfight said:

North East.  Kite flying central.   Nothing much sells but prices just keep going up :mellow:

Well I can't imagine wages to house price ratios being that much different. Warwick may be posh, but its hardly in the epicentre of industrial wealth, and there are far too many houses to claim a shortage, The average person there hangs on to the fact that its posh, but I don't really see how. Nice castle, few nice restaurants but it has plenty of dross too. Not really ideal for reach of anywhere for big earners (like say Solihull is to Birmingham / trains to London).

It is just kite flying in my opinion. I think I'll sit this one out, though maybe not for too long. There will come a time when no one will buy her ex council house, there will be far too many properties on the market for people to choose from.

Share this post


Link to post
Share on other sites
1 minute ago, Bunfight said:

North East.  Kite flying central.   Nothing much sells but prices just keep going up :mellow:

ThE NE section was very active up til 2005ish - all those new build being thrown up for eager BTlers.

Ground to halt in 2007, Nr and all that.

And thats where its stayed.

 

Painful reading, for both prices + turnover.

https://houseprices.io/?q=ne1&p=2

Share this post


Link to post
Share on other sites

What I'm noticing more and more is the use of purple bricks etc where prices really are 'bonkers on steroids' because they don't have an EA to instill at least some kind of reality.

Share this post


Link to post
Share on other sites
8 minutes ago, Bunfight said:

What I'm noticing more and more is the use of purple bricks etc where prices really are 'bonkers on steroids' because they don't have an EA to instill at least some kind of reality.

In the office some guy has been moaning like crazy about the fact that he got no viewings with Purple bricks, changed to an EA (lots of viewings) but still had to pay Purple Bricks a fee. I see lots of overpriced holes on Purple Bricks, like you say no sense of reality being instilled on vendors with that process.

Share this post


Link to post
Share on other sites
12 minutes ago, spyguy said:

Property of the week/focus:

http://www.whitbygazette.co.uk/lifestyle/property-highfield-road-whitby-279-950-1-8538548

280K.

Local median wage ~18K.

I like Whitby but there is huge poverty there.  I went there loads in the 80's as a nipper and loved it - I wouldn't want to live there now, outside of the harbour its rough as arseholes.

Share this post


Link to post
Share on other sites

Was the price the same?

 and if EA put it on cheaper is he really believing the bs that PB was the problem?

and has it actually sold or has EA just invited a few mates - encouraged a few fussy ingrained tyre kickers to make EA look effective and now waiting to collect a few K when the price drops and it sells?

Commissery is an excellent concept and I would hope folk here support-promote it.

Share this post


Link to post
Share on other sites
7 minutes ago, Bunfight said:

I like Whitby but there is huge poverty there.  I went there loads in the 80's as a nipper and loved it - I wouldn't want to live there now, outside of the harbour its rough as arseholes.

Blackpool is exactly the same as I'm sure are other coastal towns. I must admit Morcambe is fairing better than it did, it appears places have to hit absolutely rock bottom beofre they show any signs of improvemenrt.

Share this post


Link to post
Share on other sites
5 minutes ago, ChewingGrass said:

Blackpool is exactly the same as I'm sure are other coastal towns. I must admit Morcambe is fairing better than it did, it appears places have to hit absolutely rock bottom beofre they show any signs of improvemenrt.

No its not!!!!

Neither Scabby.

Both have shithole areas but they are easily avoided/driven around.

The problem with Whitby is access to paying - never mind 'well paying' - jobs.

Share this post


Link to post
Share on other sites
7 minutes ago, spyguy said:

No its not!!!!

Neither Scabby.

Both have shithole areas but they are easily avoided/driven around.

The problem with Whitby is access to paying - never mind 'well paying' - jobs.

Perhaps I went the wrong way into Morecambe as it definately looked quite a bit better than it did 10-15 years ago.

Share this post


Link to post
Share on other sites
14 minutes ago, ChewingGrass said:

Blackpool is exactly the same as I'm sure are other coastal towns. I must admit Morcambe is fairing better than it did, it appears places have to hit absolutely rock bottom beofre they show any signs of improvemenrt.

I hadn't been to Blackpool in 20+ years and went there 5 years ago.  Paid for a days parking and only used 2 hours.  It was horrific, my childhood memories were set on fire that day.  

Share this post


Link to post
Share on other sites
1 hour ago, ChewingGrass said:

Perhaps I went the wrong way into Morecambe as it definately looked quite a bit better than it did 10-15 years ago.

Im talking about Whiyby/Scabby.

 

I went to Bpool. It was horrendous.

 

Share this post


Link to post
Share on other sites

I look in two places. One SE (not London). That area still seems to be on an upwards trajectory, little evidence of reductions and some silly kite flying. New build is well above 2007 peak prices, including flats.

The other is the midlands. Here a different story. New build prices are some way below the 2007 peak. Most stuff coming on to the market is ending up relisting at reduced prices. 3/4 bed detached properties on decent plots are holding up the average prices atm, if they start to go down then they will take the rest with them.

As ever, what dominates the media narrative is what is happening in the SE, but my guess is there is a very different story across the country.

Share this post


Link to post
Share on other sites

Lots coming on in Brighton some still at silly prices but drops are happening now within a fortnight rather than a flat on at 325k last October waiting until now to knock of 15k. Lots of 350 to 325 to 300k happening but in reality would need another 50k off to be even worth viewing. Nothing selling though at all even really nice family homes in good areas for schools are just stuck. I would say about 70-80% no chain 

Share this post


Link to post
Share on other sites

Houses are coming onto the market with inflated prices, which then drop to make it feel like a consumer is getting a discount. Supply is increasing, but prices are not affordable for the buyers to show interest. Next phase is to attract buyers by reducing prices so demand picks up. 

Share this post


Link to post
Share on other sites

Nottingham. Last couple of weeks there have been a noticeable increase in volumes newly listed all of a sudden, it is suddenly a tap was turned on compared to the drought of the previous ~ 12 months. Prices are a bit meh, some kite flying, but occasionally something comes on that is reasonably priced. Quite a few reductions but as part of that a reduction to "offers over" nonsense so not really a reduction.

Share this post


Link to post
Share on other sites
4 hours ago, wsn03 said:

Anyone noticed any change in this mid tier of housing?

I'm seeing similar to an extent (Stockport SK2).  There are more than the usual number of 'executive' 4/5/6 bedroom houses, a number have come on recently.  They hang around for ages not really doing much, the odd one sells after a period.

3 bedrooms are a different story.  A glut just went STC all at 2007 peak +20% prices, one after the other over a few days.  Now there's another round of kite flying, with one agent in particular who seems to have got a load of instructions with high valuations.

No sign of a crash here, think the interest rates and term funding have pumped the bubble even more.  Volumes appear to be on the floor (lots of agents fighting over very little stock) so that may be deceptive though.
 

Edited by sisyphal
typo

Share this post


Link to post
Share on other sites
1 hour ago, smiley1 said:

Nottingham. Last couple of weeks there have been a noticeable increase in volumes newly listed all of a sudden, it is suddenly a tap was turned on compared to the drought of the previous ~ 12 months. Prices are a bit meh, some kite flying, but occasionally something comes on that is reasonably priced. Quite a few reductions but as part of that a reduction to "offers over" nonsense so not really a reduction.

Seeing the same in South Cambs/Essex lots of vacant possession no chain properties ;) Silly prices but at least a couple of years volume.

Share this post


Link to post
Share on other sites
4 hours ago, ebull said:

Was the price the same?

 and if EA put it on cheaper is he really believing the bs that PB was the problem?

and has it actually sold or has EA just invited a few mates - encouraged a few fussy ingrained tyre kickers to make EA look effective and now waiting to collect a few K when the price drops and it sells?

Commissery is an excellent concept and I would hope folk here support-promote it.

Viewers were ready from day 1. I'll find out if he actually managed to sell it...Northampton isnt exactly booming!!

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   69 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.