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2rocketman

Properties selling for 10-15% below the asking price.

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Hi all,

I’m a reader not a poster but I just wanted to hear others thoughts and opinions. 

I’m interested to know if many of you on here have actively been viewing properties on the market, making offers etc. I’ve been making an effort to view some lately and I’m definitely noticing a different vibe. Estate agents letting me know how much the one over the road actually sold for and how much below asking price it went for etc. 

When we started looking 3-4 yes ago we could not afford anything that we would of been happy in. It was an obvious choice for us to rent the cheapest clean place we could in a safe area. Then keep our heads down and continue to work and save as hard as possible. 

For us that is starting to change a little now, having seen prices declining and more choices becoming available (for us anyway) we now find ourselves in quite a strong position and can afford something above our original expectations.

We have made a few cheeky offers and although they have all been  refused, with the exception of one all the sellers have returned with a counter offer which has been extremely close.

sellers do seem to be getting worn down now and 10-15% off an already reduced price is not getting you laughed out the door anymore. 

The problem we have now is we are so negative on house prices we don’t have the balls to buy. I still know many who think the prices have not dropped at all and that they never will. Until everybody is aware and it’s given prices are crashing I don’t think we are anywhere near being able to call the bottom. Although a policy change in stamp duty or some other factor could reverse the trend which may stop us getting there at all. I personally think that is unlikely.

What’s to say with interest rate rises etc we won’t be another 10-15% down from here in 12 months time? But I’m 40 next year and we want to get settled,  so at some point we will have to go for it. Not yet but it’s getting more tempting!!!!

We are looking in the south, I’m just intrigued to hear other experiences of viewings and making offers and how long you plan to wait..

Kind Regards,

2R

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It really depends where you live... In Edinburgh nice looking 2bed flats in a region of £300k are disappearing faster than I can arrange a viewing...!

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I’m viewing in Dorset & Hampshire areas mainly now. I really like Winchester. There was a time when we were quite keen on Twickenham, Hampton court, Surrey and surrounding areas as we fancied a change. Relocation & work is not problem for us. Our main priority above everything is to live in a nice safe area. A 2 bed terrace would be ok. Not interested in flats though due to lack of control over service charges and ground rents.

Flats in the south are stagnant. Especially London.

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7 minutes ago, 2rocketman said:

I’m viewing in Dorset & Hampshire areas mainly now. I really like Winchester. There was a time when we were quite keen on Twickenham, Hampton court, Surrey and surrounding areas as we fancied a change. Relocation & work is not problem for us. Our main priority above everything is to live in a nice safe area. A 2 bed terrace would be ok. Not interested in flats though due to lack of control over service charges and ground rents.

Flats in the south are stagnant. Especially London.

500k plus there probably nearer 600k  for a 2 bed terrace. 

utter madness.  15% is nothing 

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58 minutes ago, 2rocketman said:

sellers do seem to be getting worn down now and 10-15% off an already reduced price is not getting you laughed out the door anymore. 

Don't tell that to @happyguy

On a seperate note I took a walk into town today at lunch and 3 properties had fresh sold signs up. 2 had been listed for approximately a year and another less than a month. The last being listed for more than a new build so Ill be intrigued to see what they all sold for. Seems like the sun brought out a few buyers.
 

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Friends just bought in Hampshire (Farnborough) for quite a lot below asking. Although I still think with hindsight they will say they paid too much. Like 2rocketman though felt they couldn't put it off any longer.

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They were asking 600k plus in these areas when I first started looking for a 2 bed terrace and the odd ones still are but most are down to around 500-550k but knock 10-15% off them prices and the price starts with a 4. When I was first looking they were selling for the full asking price so a big difference. 

 

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Just now, Funn3r said:

Friends just bought in Hampshire (Farnborough) for quite a lot below asking. Although I still think with hindsight they will say they paid too much. Like 2rocketman though felt they couldn't put it off any longer.

I think anyone buying in the surronding area will feel even with a 30% discount they've paid too much. We gave up looking in Farnborough. With it's fast rail connection into Waterloo (which my partner requires) it really sent prices to the moon. Good to hear though that sellers are starting to reduce!

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2 minutes ago, 2rocketman said:

They were asking 600k plus in these areas when I first started looking for a 2 bed terrace and the odd ones still are but most are down to around 500-550k but knock 10-15% off them prices and the price starts with a 4. When I was first looking they were selling for the full asking price so a big difference. 

 

Winchester prices are mental. No idea why, there really isn't much going for it. Have you considered Andover? Your money would defientely go a lot futher there.

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Farnborough is a nice area. 

I know of a high end new build block of flats, only 50% sold at best. They only have 1 or 2 advertised on rightmove because they don’t want to be seen to keep reducing the prices. 25% reduction from the original asking price 18 months or so ago is possible, htb, stamp duty contribution as well with a bit of bargaining. 

Landscape has changed. 

 

 

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Andover & Winchester are nothing alike in my opinion. 

Winchester is an historic town, with great pubs, restaurants, low crime rate, beautiful surrounding areas like Stockbridge etc plus good retail,  great connection by road or rail to London and a lovely community feel. New forest with free roaming animals is 25 mins drive away if you want to walk the dog or cycle on a Sunday. 

 

Andover has a milatry base, McDonalds and a load of huge transport depots for Home Bargains, wisemans, Co-Operative and more on the way which brings nothing but 44 tonne truck in and out the area 24 hrs 7 days a week. Nothing to do there and nearly all the properties are horrible looking new builds that won’t last. It’s no my cup of tea. You do get a big house for your money there though I agree but that is not my priority. 

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I've lived in the Winchester/Andover area over several periods of my life. They're two peas from the same pod. Have similar transport connections and issues. Have you tried winnall roundabout/a34 at rush hour 😂? Scratch the pretty vaneer off Winchester and it's not as beautiful as it seems. It has a drug problem, always has as long as I can remember. One can see the evidence of that today in the city centre. If one wanted trouble on a nightout you were just a likely to get your head smashed in either town. Winchester has a miltary base too, well a training centre for fresh recruits. Andover's is further out in Tidworth unless you count the MOD place or Middle Wallop. Didn't get much trouble from there though.

Ill give you that Winchester has a better selection of shops and resturants. Although the way its going there won't be much left in the high street. When I was there the other week Next had just shut down and a few others too. Did get a very good meal in the Black Rat though. Stockbridge is equal distance between them both. The surrounding areas of both Andover and Winchester are great for country pubs and places to eat. Afterall they are only a few miles apart. Personally I wouldn't buy in either. Was just mentioning Andover as money goes further and they're really not all that different, in my humble opinion. Now the surrounding villages though, they are superb, however, they come with quite the premium.

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No all good points you make CAWP. Yes similar surrounding areas and if you go out past stonehenge it feels very nice. The UK has a drug problem in general, I’ve personally not seen any evidence of it in Winchester nor Andover but I do not doubt it exists in both. Someone said the same to me about Fordingbridge the other day but again I have seen nothing like that there and always thought it was a pleasant little village. I’m forever using A31,A34, M27 and M3 but do try and avoid rush hours. Surrounding areas are superb agreed but I want to be able to walk in to town without driving. I know the black rat. I like the wykeham arms myself. Not sure if you know it? but that is the area in Winchester I’m keen on. 

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A friend scored 10% off a new build in Herts last year.

Deciding if/when to buy in this enduring bubble market is all about a relative balancing act of time, savings, rent, and lifestyle pressures.

The closer to the middle of London you go, the higher the stakes are as the more ridiculous the prices and rents.

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Yeah I know the Wykeam Arms, had some very good meals in there over the years. My mum really likes the Vine but Im less of a fan. The food wasn't great when I last ate there. That whole area though around the Catherdal and College is very quaint. Great to go walk around especially when the sun is out. I try to avoid when the christmas market is on though. Sadly the drugs seem to be a sign of the times like you say and it's part of every town now. One wouldn't think it in some of these smaller hampshire towns either. For the most part it's out of sight out of mind until you go to somewhere like Aldershot. Then it's almost like the Walking Dead.

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Quote

 

Bank's rate rise came too soon

PAUL, the perennially chirpy estate agent who sold our old flat, is gloomy. The property market was on its knees after the Brexit vote, he says, but November's interest rate hike killed it stone dead. Sellers are dropping asking prices by 10% to 15% and still struggling to find buyers.

That November's move ftom the Bank of England was wrong is now abundantly clear. ES - PressReader

 

November's interest rate rise was too soon 😀

Edited by rollover

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Winchester like previous poster has mentioned was known for having drug problems, probably linked to students and wealthy side of a lot of ex Londoners that come to the city to live hence the high property prices. I’ve lived in Hampshire all my life, personally I would stay away from Winchester as it’s overcrowded, overrated and overpriced, however I can see how it appeals to anyone from London as it does offer a decent ish nightlife with a few bars. Problem is like you say Andover is not great, unless in the villages, basingstoke, Southampton are similar and there isn’t much else to chose unless your prepared to go to villages or towns. Places like Romsey would be cheaper and even nearer to the forest, however maybe not as much of a nightlife.

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16 hours ago, 2rocketman said:

They were asking 600k plus in these areas when I first started looking for a 2 bed terrace and the odd ones still are but most are down to around 500-550k but knock 10-15% off them prices and the price starts with a 4. When I was first looking they were selling for the full asking price so a big difference. 

 

In a road of mainly 2 bed Edwardian maisonettes I'm very familiar with (SW17) they were routinely being priced near the £600k mark a year or so ago.  One that was priced at just under that mark sold for £525k after many months.  Still daft, of course, but it's quite a change from a couple of years ago. 

Another originally priced at £600k is now £485k well over a year later, but that one was even more ludicrously overpriced than the others, since it's in dire need of renovation.  

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2 hours ago, TonyJ said:

I suppose it also depends on whether you see something you really like. I'm almost scared of finding something I really like too early in a downturn. In fact, I've seen something I like on screen, but I don't want to view it in the physical world yet because it is new to the market and in an area where prices are supposedly still going up (so the seller will no doubt still have high expectations).

I would prefer to be viewing and making offers when falling house prices are plastered all over the news, and EVERYONE and their mothers know about them.

Yes that’s a good idea. The one we viewed was priced to sell for current market conditions. I never expected it to look and feel as nice  as it did in the pictures. Even so I went in with an offer 12% below asking price, I actually put it like this when making the offer because I knew it was quite unrealistic. The seller came back with 10%. much to my surprise and and even more so the estate agents. Now even though it is still way more than anyone would want to pay it’s a very nice house in the most desirable street in a great area. In all honesty if I owned it I would probably not sell it for what they are willing to let it go for because more is probably achievable right now. I’m still not sure whether I’m making a mistake not buying it because for me to now gain by waiting another year, I need the market to drop significantly enough to cover the 10% it is already below the other asking prices plus the 10% they knocked off, then to make the gain worthwhile I need at least another 10% then cover my 12k rent for the next year. On top of this this house would have to require no work whatsoever which most I’ve viewed previously would. This one was ready to go. This one has really wobbled me. I basically need a crash in the next year as I have semi set myself a deadline. I would of been roughly waiting/saving 5 years in 12 months time and I will also be 40. Life to short and I would of give sitting on the sidelines a good go. If it’s meant to be it will happen if not it is what it is. I don’t want to fall in the trap of waiting forever and life passing me by. I rather lose out financially. 

2R

 

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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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