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Is the market going nuts where you are?


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I’m seeing everything decent round here (West Sussex) selling very quickly now, and I think prices are going up. Nothing under half a million worth looking at. I don’t see this ending any time soon unless there is a serious Black Swan. We have an offer on a house since November, but I’m nervous we may get gazumped as it is starting to look like a bargain.

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10 minutes ago, HovelinHove said:

We have an offer on a house since November,

You've answered your own question on speed of buying. I'm not seeing any movement along the Sussex / Surrey border. 

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My various Bucks and Beds searches are not showing many houses selling.

3 I saw going under offer before Xmas have become available again.

In one small area there are more 3 BR houses on the market than I have ever seen before.

Another area is stagnant with little coming on and little selling. 

The exception(s) would be houses close to rail stations which still seem to be going to people leaving London and detached homes with garages in some areas. 

The hotspots aren't here - at least in my price range. 

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8 hours ago, Flopsy said:

My various Bucks and Beds searches are not showing many houses selling.

3 I saw going under offer before Xmas have become available again.

In one small area there are more 3 BR houses on the market than I have ever seen before.

Another area is stagnant with little coming on and little selling. 

The exception(s) would be houses close to rail stations which still seem to be going to people leaving London and detached homes with garages in some areas. 

The hotspots aren't here - at least in my price range. 

Under offer.

If you look again in a few months time youll find the sales have fallen thru.

Dont look at asking prices, looking at the number of mortgages being sold.

UK housing is hot when 90k/month mortgages are sold.

Average 70k/month.

I think thers about 40k/m

 

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No money, not enough money = no sale......as already stated, how the market reacts is all down to the availability of money or easy debt........those that could buy don't want or need to buy, they have enough bedrooms to clean as it is......got better things to do with it......others do not want to load themselves up with more debt just at a time when they might soon become debt free.....just to get a better kitchen or another spare bedroom.?

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56 minutes ago, spyguy said:

Under offer.

If you look again in a few months time youll find the sales have fallen thru.

Dont look at asking prices, looking at the number of mortgages being sold.

UK housing is hot when 90k/month mortgages are sold.

Average 70k/month.

I think thers about 40k/m

 

I think that's happening in Leeds basically. And then price reduced a month or so later.

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Glad to hear not everyone is seeing what I think I’m seeing. I’m wondering if it just the “pent up demand” thing, but once that has gone through the system the reality of a potential hard Brexit, no deal with the US and a worsening global outlook will calm things down again...remind me why I’m buying now?

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3 minutes ago, rantnrave said:

On the surface, things seem busier my way. Put in the context of a very stagnant Q4 due to political uncertainty, then at the moment there's little more than kiteflying sellers' wild optimism...

These kiteflyers only think the HPI is what it has been, will always do what it has done.....they workout what improvements they have done if any and add it to 2% per month increase to the price they paid for however long they have lived there......that is their new price.?

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I'm also buying, just over a month in. Simply because I want [to live in] the place I'm buying.

I believe what we're seeing now is a post-election/end-of-Brexit-act1 bounce and will be over by May. Constant media shit about how terrible the Brexit-act2-negotiations are going after we've had this sunny interval period will drive all markets down after that for a while. Green shoots of a new pickup in early summer 2021 [assuming Boris keeps his word and we're properly out and able to rebuild in December].

Of course Brexit-haters will hate that rosy picture of the future.

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11 hours ago, HovelinHove said:

I’m seeing everything decent round here (West Sussex) selling very quickly now, and I think prices are going up. Nothing under half a million worth looking at. I don’t see this ending any time soon unless there is a serious Black Swan. We have an offer on a house since November, but I’m nervous we may get gazumped as it is starting to look like a bargain.

Maybe the big falls in asking prices have convinced the last remaining idiots to jump in. 

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10 hours ago, HovelinHove said:

I’m seeing everything decent round here (West Sussex) selling very quickly now, and I think prices are going up. Nothing under half a million worth looking at. I don’t see this ending any time soon unless there is a serious Black Swan. We have an offer on a house since November, but I’m nervous we may get gazumped as it is starting to look like a bargain.

We're looking in West Sussex.  Of 10 houses and bungalows we've looked at seriously over 18 months, ONE has exchanged, the rest are still for sale, some having enjoyed their first anniversary (we're thinking of putting cards through the letterbox).
These are places around £300k that were over £200k 10 years ago.  Prices are too high, but much lower than elevated sections of the coast and easing very slowly.
This is the area with the projected effect of a 3m rise in sea level.  Large parts of it are prone to temporary flooding and a lot of it will be permanently flooded at some point in the next 100 years or so.
image.png.62aa61e53fd905fb424b84551b7c9e0c.png

We've priced the risk into our offers, but so far the vendors are not playing ball.  If you want value and can wait you need to start looking at parts of West Sussex with a flooding risk.

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I just checked the areas I monitor/save counts of houses on RM that are marked available [not sstc].

Very very low stock/supply.

My guess is time of year / the pent up supply has not yet arrived. Some of the pent up demand whose need is inevitably more urgent has taken up stock that was there.

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South Manchester - Sale specifically. Low amounts of stock, houses are on for absolutely stupid money - obviously aren't shifting.

Anything that comes on reflecting a 'realistic' price is snapped up instantly..but very few do

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Mid-Essex - in the fairly low-end section of the market I'm following I'm not seeing much selling - in fact a couple of properties I was tracking reduced their prices this month. There was an open house on one I viewed at the weekend and I was told only one other person was booked in to view it. Might be different at the higher end of the market - I have seen a lot of nicer family homes going SSTC but down in the dregs I can afford things seem stagnant.

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  • 417 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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