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Are we nearly there yet? Is it cheeky offer time?


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Only one way this housing market is going now..

In London some of the properties are marked down 50%  from the original asking prices. Which admittedly may well have been ridiculous amount but no doubt achievable at the peak. Not any more, buyers dried up.

Now just watch it ripple out into winter while the interest rate rises. 

Enjoy! 

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18 minutes ago, 2rocketman said:

The oxford house is clear kite flying though ... check out the jump from 2015 sold price to First listed:

image.png.440965246e78b72c87017ef818a90552.png

I wouldn't even waste my time talking to them until asking bears some relationship to Last sold.

That said: I am not in Oxfordshire trying to find somewhere to live (though I was).

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On 02/08/2018 at 20:57, Fromage Frais said:

Recently I looked at a nice (but 100k overpriced family home) where the old dear on her own was adamant her home was in pristine condition.  It was....pristine 1978 condition and could have been a film set I was pretty impressed tbh.

 

 

There's 'tasteful' dated, and the other kind of dated,,.

A daughter's house was the other sort - things that made you wonder (regardless of changing fashions) who on earth could ever have thought that was nice. 

However it was perfectly liveable, clean, cared for and had so obviously been a well loved family home.  Added to that, the relative  handling the probate sale had priced it very competitively. 

I think daughter has even grown rather fond of the swirly carpets etc. - at any rate, apart from some electrical updating,  she's been in no hurry at all to do it up. 

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10 minutes ago, Aidan Ap Word said:

The oxford house is clear kite flying though ... check out the jump from 2015 sold price to First listed:

image.png.440965246e78b72c87017ef818a90552.png

I wouldn't even waste my time talking to them until asking bears some relationship to Last sold.

That said: I am not in Oxfordshire trying to find somewhere to live (though I was).

Agreed, but look at the new builds in London, loads all marked down 40% plus.

Such was the pace of the booming market they thought they’d sell. Let’s hope it rewinds at the same speed.

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On 04/08/2018 at 20:51, hurlerontheditch said:

I can’t understand why people are so afraid to low ball an offer

One of my Nepalese colleagues put in an offer 10% under, bu then blinked immediately when the estate agent did the usual "oh there's already an offer at asking" song and dance. 

He's from a culture of haggling (literally grew up in a mountain village without indoor plumbing), yet still got pressured by their nonsense.

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I follow all the areas below, the prices have been dropping and continue to do so..I don’t think i’ve ever even looked at prices up North, probably best I don’t it will just depress me. 

Sandbanks 

New Forest

Southampton - (parts)

Winchester

Twickenham

Richmond 

Battersea 

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On 04/08/2018 at 20:51, hurlerontheditch said:

As someone who has bought and sold property I can’t understand why people are so afraid to low ball an offer. It’s your money / leaverage and risk. Biggest financial commitment of your life and afraid to go in with a low offer. Yet people spend ages searching for saving a few quid on random items on eBay.  The mind boggles.  As I said before , if you’re not embarrassed with your first offer it’s not low enough. In my area in south west London nothing is selling and the penny is dropping with agents and they need sales 

Because by the time you've found one that ...

Is not too far away from work or the tube and that the wife likes the kitchen and that has a garden big enough for the dog and the kids but is not overlooked and that has good schools for the kids and has a driveway that isn't shared and has no insane parking on the streets and does not have next door neighbours that look they have come out from the hammer house of horror and does not have a giant tree undermining the foundations and does not have a railway line running across the back of the garden ...

...you're probably just willing to pay asking to get the whole damn thing over with.

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I like this one because of the agents description, which is actually true now as it was then, BUT... that was five months ago now, five months and the market hasn't gone up in that time has it! 

They will (I expect) have to reduce again soon, and by quite a bit to actually get someone to buy because my word there is a lot of two bedroom "luxury" apartments coming to the market in Battersea.

https://www.rightmove.co.uk/property-for-sale/property-55190841.html

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Battersea is one of my favourite to keep an eye on. I think they are going to crash big around there.

I went and view some flats in Lombard Wharf a brand new development in Battersea just a little down the river from there when they first come to the market. The builder was Barratt Homes, the building is quite a nice design not for everyone but I liked it. However a 1 bed apartment was small and cost 721k. The sales lady said they are going so fast if you see something you like I would not walk away and deposit today. I left after being shown around with some other potential buyers and everyone had the same thought, you must be joking? Anyway long storey short they had no hope of selling at that price. They ended up offering, iPads, interior design & furnings, stamp duty contributions etc etc. Think they sold them eventually but it took a very long time and at what price is anyones guess.

The best deal I was offered was 541k with help to buy (if I wanted it) and stamp duty contribution. That was when things were a lot better than now.

I feel really sorry for anyone who paid 721k as they had there pants pulled down bigtime and the worst is yet to come.

 

P.s the ground rent and service charges were obscene and they did not have a swimming pool etc. Like those ones have.

 

 

 

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6 hours ago, 2rocketman said:

I follow all the areas below, the prices have been dropping and continue to do so..I don’t think i’ve ever even looked at prices up North, probably best I don’t it will just depress me. 

Sandbanks 

New Forest

Southampton - (parts)

Winchester

Twickenham

Richmond 

Battersea 

All nice areas.

I guess we have to wait for the places with actual well paid jobs to fall so they have less money to come here and buy up.

The EDP frothing over a national newspaper  referring to Norwich being "cheap" hmmm 

http://www.edp24.co.uk/news/norwich-best-cities-to-live-in-sunday-times-1-5639480

https://www.bbc.co.uk/news/business-43729508

National Average: £539 per week (average prices from rightmove sold)
 

Stoke: £455 pw 

Overall average price of £133,715 (5/5.5x)

Barnsley: £453 pw

Overall average price of £137,383 

Middlesbrough: £477 pw

Overall average price of £138,406 

Norwich £450

Overall average price of £234,858 (10x)

Edited by Fromage Frais
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22 hours ago, Peter Hun said:

Of course, market price is determined by comparable, say 3 recent sales comparing £/metre and condition.  A in-depth valuation will give this, but you can do it yourself. Cost per area is the starting point.

It's hard to find 3 sales in a comparable area in last year. Volumes are so low. But I agree in theory.

Asking prices near me now matching those from 2016.

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19 hours ago, Gigantic Purple Slug said:

Because by the time you've found one that ...

Is not too far away from work or the tube and that the wife likes the kitchen and that has a garden big enough for the dog and the kids but is not overlooked and that has good schools for the kids and has a driveway that isn't shared and has no insane parking on the streets and does not have next door neighbours that look they have come out from the hammer house of horror and does not have a giant tree undermining the foundations and does not have a railway line running across the back of the garden ...

...you're probably just willing to pay asking to get the whole damn thing over with.

100% this.
 

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21 hours ago, 2rocketman said:

Think they sold them eventually but it took a very long time and at what price is anyones guess.

Battersea power station sold two hundred flats in two days, probably to an investor at a big discount. Normally they sell nothing.

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i'm seeing a massive influx of property onto the market, that tiny interest rate rise has caused droves of people to think now is the time.

And whats incredible is that its not dross, beautiful 1930's build massive houses at much less than newer dross. Its like the market has suddenly been unlocked. 

The flood of property onto my local market has caused the selling level to become clear (195k being the max for the average local). As soon as you pass that level houses get exponentially nicer, as the whole market is compressed to the 200k range. 

Not a great time to be a BTL seller! 

For the last 18 months there has only be barely a page of results of properties for sale in my criteria, and within a week its turned into 4 pages. 

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