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nordiclad

The 250k To 320k Stamp Duty Void

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Mid ’05 in my hunt for a property (still holding back), I noted that there was a large empty void between 250 and 320K, no property what so ever, and asked if others had seen this as well. Most replying that it was the stamp duty problem.

Well, I have seen a big turn around in the Mid Devon area. Out of the blue there is shed loads of property filling up the 260 –289K “hole”, is this EA’s and sellers becoming realistic ??

Anyone else seeing this….could it mean that the stamp duty problem has gone away, or is it a sign of something else ?? :unsure:

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Mid ’05 in my hunt for a property (still holding back), I noted that there was a large empty void between 250 and 320K, no property what so ever, and asked if others had seen this as well. Most replying that it was the stamp duty problem.

Well, I have seen a big turn around in the Mid Devon area. Out of the blue there is shed loads of property filling up the 260 –289K “hole”, is this EA’s and sellers becoming realistic ??

Anyone else seeing this….could it mean that the stamp duty problem has gone away, or is it a sign of something else ?? :unsure:

I personnally don't think it was nessesarrily a stamp duty problem, between 250K and 260K maybe, but not all the way to 320K. I think this is as a result of the steps on the housing ladder moving farther apart. This is what I see where I live.

The filling of the hole could be a response from EA's to buyers saying their budget is between 260K and 289K. The question is, what kind of price were these properties on for 6 months ago, were they more or less than they are now?

Where I live the houses are for sale that have been on the market for over a year, I would say the a 1/3 or even possibily 1/2 have been on and off the market for more than 12 months, yet only a handful have dropped the asking price. Some have been on the market for 18 months with no asking price change, I'm suprised the agent can afford to advertise these properties.

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I personnally don't think it was nessesarrily a stamp duty problem, between 250K and 260K maybe, but not all the way to 320K. I think this is as a result of the steps on the housing ladder moving farther apart. This is what I see where I live.

I've come to the same conclusion: 4 bed detached houses round here are worthless. Literally, unsaleable.

Simply put, if your three bed semi is worth about 150k and the 4 bed detached is 250k, nobody can move. It isn't just FTBs that are priced out.

The rungs of the so-called ladder are so far apart that one of two things happens:

1. The 3 bed semi owner decides not to bother and stays put

2. The 3 bed semi owner gets a valuation of, say, 145k and tells the agent they "need" 185k. So it goes on at 185k and joins the ever growing list of unsaleable property with no viewings.

A year on the market is unusual round here. I say that because two years is far more normal. A number of properties are into third third year on the market now, with or without price reductions.

Before a price reduction what normally happens is that the EA FOR SALE board is joined by a second. Sometimes a third. Only when the frontage of the house is a sea of signs does it then get reduced.

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I've noticed simular in the St Albans and Harpenden area;

1) Nothing worth s**t between 280K and 400K, seriously you can't get a decent 3/4 bed home that will accomodate a car for less than 400K.

2) The homes that have dropped their asking price have only done so after first going with 2 or 3 agents, just as Mark stated in his post.

3) This house was on the market for at least 6 months (probably nearer a year) for 380K, it was taken off the market for a few months and has now return with a price hike. A lot of supposed 'new instructions' are infact the vendors having another go at selling, not sure raising the price is the right way to go about it.

4) There are some properties that have had such ridiculous prices and have been on the market so long that they have 'featured' on this site. Below are just a few examples of where the EA has probably wasted thousands on advertising, have a look and see if you can recognise any of them.

http://www.rightmove.co.uk/viewdetails-102...pa_n=2&tr_t=buy

After well over 18 months on the market this one has finally gone to 2 agents, no price drop yet.

http://www.rightmove.co.uk/viewdetails-431...pa_n=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-475...pa_n=1&tr_t=buy

Now for the flats;

http://www.rightmove.co.uk/viewdetails-564...a_n=10&tr_t=buy

This beauty has been on the market for over 12 months.

http://www.rightmove.co.uk/viewdetails-636...a_n=10&tr_t=buy

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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% +
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