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500dan

Can't sell

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Somebody I know is trying to sell their 3 bed semi in Epsom. Not one viewing in several months.

It's on for £600k - which I would think would be around 10 times a couple's joint salary for a very ordinary fairly small semi. 

Plenty of For Sale signs around the Epsom area. All asking stupid high prices though, so I'm not surprised things aren't selling.

Saying that, I rent a 1 bed flat for £900 a month, and recently realised that even at current prices it would be significantly cheaper for me to buy. With just a 10% deposit, which I have sitting in the bank doing nothing, I could get a 5 year fixed rate which would be significantly less than my monthly rent. So I guess that's why house prices are as high as they are.

Still, when everyone thinks you should buy is exactly the time you shouldn't, so I'll keep sitting it out :)

 

 

 

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6 hours ago, 500dan said:

Not one viewing in several months.

They must be full of positive bias. Added bonus if it's part of a chain and they have their eyes on buying another place, because the other place is probably still available too (after several months having not sold at a ridiculous price either).

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11 hours ago, spyguy said:

The most telling sign in my northern home towns property pull out is the numver of We buy your house ads.

Liquid as frozen tar.

I see this too, seen them advertised in Leeds and Newcastle rags.

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1 hour ago, Si1 said:

I see this too, seen them advertised in Leeds and Newcastle rags.

Yeah. They have the normal poof pieces trying to hype the whole market - as normal.

But the tone is somewhat lowered by a handful of Ads saying 'Buy your house!'

That and when I chat to my Mum:

'Theyre going up!!!!' (in the paper ads). A

And 'They are selling!' (quick look at LR transactions show a handful selling in a ~20 miles radius.

And shows a very noticable price cutoff - over 200k and you're more likely to win the lottery than sell a house).

And te classic 'XyZ could not sell their house so ...'

And most of this predates MMR which will knacker everything by ensuring people have an income to pay the mortgage.

 

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59 minutes ago, spyguy said:

Yeah. They have the normal poof pieces trying to hype the whole market - as normal.

But the tone is somewhat lowered by a handful of Ads saying 'Buy your house!'

That and when I chat to my Mum:

'Theyre going up!!!!' (in the paper ads). A

And 'They are selling!' (quick look at LR transactions show a handful selling in a ~20 miles radius.

And shows a very noticable price cutoff - over 200k and you're more likely to win the lottery than sell a house).

And te classic 'XyZ could not sell their house so ...'

And most of this predates MMR which will knacker everything by ensuring people have an income to pay the mortgage.

 

tangentially related - you know Leeds don't ya? - have you seen the posh new development of houses in the Lower Wortley / Beeston border, at the back of Macro in Wortley?

 

You'll know how rough Beeston is, though not Wortley. I know a couple with kids who've completed on a £350k new build purchase there, 4 beds 4 bathrooms, the works. Happy purchasers, used equity from previous house and bigger mortgage and family help. Massive mortgage. Think property is the only investing game in town (and it's worked for them and their parents so far). So they've doubled down on previous gains. But seriously, Beeston.

Edited by Si1

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14 minutes ago, Si1 said:

tangentially related - you know Leeds don't ya? - have you seen the posh new development of houses in the Lower Wortley / Beeston border, at the back of Macro in Wortley?

 

You'll know how rough Beeston is, though not Wortley. I know a couple with kids who've completed on a £350k new build purchase there, 4 beds 4 bathrooms, the works. Happy purchasers, used equity from previous house and bigger mortgage and family help. Massive mortgage. Think property is the only investing game in town (and it's worked for them and their parents so far). So they've doubled down on previous gains. But seriously, Beeston.

I know old Leeds - pre 2004.

There's been a lot of over priced shiney shiney built in the last 20 years.

Unless there's a death squad going round, shooting all the scummers - and Leeds does have a pretty hard core layer of scummers - then the old leeds will return.

There's a reason why anyone with money moves to Harrogate ASAP.

 

 

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29 minutes ago, spyguy said:

I know old Leeds - pre 2004.

There's been a lot of over priced shiney shiney built in the last 20 years.

Unless there's a death squad going round, shooting all the scummers - and Leeds does have a pretty hard core layer of scummers - then the old leeds will return.

There's a reason why anyone with money moves to Harrogate ASAP.

 

 

oooh goodness 'arrogate's well too posh for me :)

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On 9/3/2017 at 5:01 PM, 500dan said:

Saying that, I rent a 1 bed flat for £900 a month, and recently realised that even at current prices it would be significantly cheaper for me to buy. With just a 10% deposit, which I have sitting in the bank doing nothing, I could get a 5 year fixed rate which would be significantly less than my monthly rent. So I guess that's why house prices are as high as they are.

 

 

 

 

Therein lies the problem. Traditionally it has been more expensive to buy rather than rent, now it is the other way around. The cost of actually buying a house has never been higher in relation to rent, but ultra-low interest rates more than bridge that gap.

Add that to the fact that younger people in areas like Epsom have grown up seeing 20 years of pretty much uninterrupted property price growth and it is a very powerful persuasion to buy at all costs.

Some people are starting to see through it, others just can't afford it any more even with the cheap credit and this is why we are seeing something of a slowdown.

The general sentiment towards housing of everyone I speak to still seems very positive, but that doesn't mean as much if you can't physically get enough money to buy.

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On 5 September 2017 at 10:52 AM, spyguy said:

I know old Leeds - pre 2004.

There's been a lot of over priced shiney shiney built in the last 20 years.

Unless there's a death squad going round, shooting all the scummers - and Leeds does have a pretty hard core layer of scummers - then the old leeds will return.

There's a reason why anyone with money moves to Harrogate ASAP.

 

 

Interestingly over the past 20 years Beeston, Armley, chapel town have gone from £10k to £100k. And headingley and chaple allerton etc are just huge prices....way above Harrogate. Even Otley etc seemed relatively expensive v's Harrogate  

Harrogate can carry a £1.2m 'townhouse' but if you scrape back the glitter a modest 3 bed semi on a nice 'estate' was £170k/£180k and matched many surrounding towns and Leeds.

Interesting place where a period property in the right spot commands whatever it wants (within reason)....those Londoners with £10m just want the best of the best and £1.2m is 'nothing'. But a 1960's semi gets all the Harrogate benefits (schools, gardens, free cups of tea? ) but without the daft status cost. 

Last year or so those semi's have lifted to £230/£240k (not sure about Leeds now) so I think the comparative value has probably gone.....and due a drop. 

Ps don't get me wrong....if a 1960's semi in Harrogate has a chandelier and farrow and ball grey walls then some people would pay £220k rather than £170k for the scruffy one next door. Good old BOMAD....

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On 9/26/2017 at 5:27 PM, worried1 said:

Therein lies the problem. Traditionally it has been more expensive to buy rather than rent, now it is the other way around.

In 2001 I bought a 3 bed flat in London and it was cheaper than renting a 1 bed in the same area and this was after a 50% rise in prices (and interest rates did not make up for that).

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  • 292 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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