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Seeing houses suddenly go sstc


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Admittedly it's the more sensibly priced ones. But whilst the market, qualitatively, seemed to have slowed since summer, suddenly seeing some sstc. Just saying what I'm seeing.

My experience of this (and I do have some experience) is that properties that are REALLY nice go SSTC quickly but there are others that just sit and sit and sit. Trouble is as so much is overpriced (at the level we are looking - £20,000 + from  6 months ago) to buy a nice property now requires paying the price as only the shit ones linger long enough to maybe come down or accept an offer. 

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Near me, ones that are really nice and also keenly priced are going. Others are hanging around. Load of new ones coming on at lower prices.

I'm seeing a falling market, I think. But it has resistance levels on the way down. People are still demanding nice houses, reasonably.

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Seen this around my area too (and the house we're selling also SSTC, and the buyer found a new buyer in about 2 weeks after their original buyer fell through).

I think it's vaccine euphoria. There was a pick-up in viewings here when the vaccine was announced (it was dead for about a month before this). Plus also the stamp duty holiday end looming has focused the mind of buyers, I think.

I'm a sample set of one, however, so not sure it's repeated elsewhere.

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Seen this around my area too (and the house we're selling also SSTC, and the buyer found a new buyer in about 2 weeks after their original buyer fell through).

I think it's vaccine euphoria. There was a pick-up in viewings here when the vaccine was announced (it was dead for about a month before this). Plus also the stamp duty holiday end looming has focused the mind of buyers, I think.

I'm a sample set of one, however, so not sure it's repeated elsewhere.

Plus some new FTB mortgages come out with lower deposit requirements

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Good, priced to sell homes in certain places will always sell and fast......always have, always be plenty with the money that would want to buy them.......it is the harder to sell property and/or in the wrong location that will show a wider range of price levels, less demand for them.......when those kinds of homes are knocked back to the lower level of the price range, then everything else falls into place behind it.;)

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Surprisingly, perhaps amazingly, the BTL- fodder 2 bed Victorian terraces and larger HMOs here in Manc/Salford are all selling super quick. This isn’t EA BS, I am seeing it first hand and 1 place I bought a desk from the resident slumlord as he was having a house clearance sale. 

Who’s buying them? Knowing these places it can only be other slumlords. No OO with any money would chose these houses and areas.

At the other end of the market, every single person in my workplace is in the process of either buying or selling. My guess/hope is that the stamp duty rush has brought forward enough purchases so that the market is dead post April. 

Edited by sammersmith
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Surprisingly, perhaps amazingly, the BTL- fodder 2 bed Victorian terraces and larger HMOs here in Manc/Salford are all selling super quick. This isn’t EA BS, I am seeing it first hand and 1 place I bought a desk from the resident slumlord as he was having a house clearance sale. 

Who’s buying them? Knowing these places it can only be other slumlords. No OO with any money would chose these houses and areas.

At every other end of the market, every single person in my workplace is in the process of either buying or selling. My guess/hope is that the stamp duty rush has brought forward enough purchases so that the market is dead post April. 

I can think of many reasons why someone would buy a two bed Victorian terrace, well built property on proper roads not estates, usually with a small garden, first freehold, often set close to towns and transport......single people like them so do downsizers.......some places they cost more to buy than a modern three bed new build........you can't build any more 100 year old houses.

The HMOs all depending can be converted into two nice self contained homes or knocked down to use the land for flats......more of a project/investment.......if have the skills or know reliable, skilled in demand trades people why not......everyone needs a job to do, has a goal to achieve something.;)

Edited by winkie
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I can think of many reasons why someone would buy a two bed Victorian terrace, well built property on proper roads not estates, usually with a small garden, first freehold, often set close to towns and transport......single people like them so do downsizers.......some places they cost more to buy than a modern three bed new build........you can't build any more 100 year old houses.

The HMOs all depending can be converted into two nice self contained homes or knocked down to use the land for flats......more of a project/investment.......if have the skills or know reliable, skilled in demand trades people why not......everyone needs a job to do, has a goal to achieve something.;)

I did used to think in that way but i've come to realise that this is a very London - biased view of housing potential.  

These are not the well build Victorian terraces in Hackney, Brixton, Shepherd's Bush, etc. that people bought in the 80's for nothing and the area gentrified around them. These are not nice houses and were not built very well or intended to last this long. The streets are rough and will always be rough. Proximity to town doesn't matter as anyone with any money moves out to Didsbury/Altrincham/Sale. I believe it's a similar pattern for Birmingham - >  Sutton Coldfield. 

I wonder if the BTLers look on these terraces in the hope the area will gentrify around them as it did in London. 

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Im seeing  lots of things - bar much of an uptick in actual sales.

More the opposite - sales have slumped even lower than the bottom theyve bumping along for the last ~15 years.

If I can be ar5ed, I tend to have look at the new listings in last 14 days on home.co.uk.

The weeks showed a large number(20+) of 'chain free/empty' places all come on in a few days.

The prices, although too high, were not stupidly priced, almost in the ball park - if anyone under ~40 could get a mortgage mind.

 

 

 

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I did used to think in that way but i've come to realise that this is a very London - biased view of housing potential.  

These are not the well build Victorian terraces in Hackney, Brixton, Shepherd's Bush, etc. that people bought in the 80's for nothing and the area gentrified around them. These are not nice houses and were not built very well or intended to last this long. The streets are rough and will always be rough. Proximity to town doesn't matter as anyone with any money moves out to Didsbury/Altrincham/Sale. I believe it's a similar pattern for Birmingham - >  Sutton Coldfield. 

I wonder if the BTLers look on these terraces in the hope the area will gentrify around them as it did in London. 

I see what you are saying and would agree to a point in the case of London......so it is not so much the house as who lives in the house, who your neighbours are or could be......so the value is based on  that?.... not how clean the air is, not what countryside is round and about, or if on a noisy main road.......imo gentrification is not something to wish for it doesn't enhance an area, it drives people out, would prefer to live in a diverse area with a mix of real people, salt of the earth.......having distinct areas to fear and be weary of, places people avoid living in makes for a greater divide between people with different backgrounds and upbringing and often with fewer opportunities to reach their potential.......we can all learn from each other, help pull each other up not stamp them further into the ground labeling them..... everyone is vulnerable.;)

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I see what you are saying and would agree to a point in the case of London......so it is not so much the house as who lives in the house, who your neighbours are or could be......so the value is based on  that?.... not how clean the air is, not what countryside is round and about, or if on a noisy main road.......imo gentrification is not something to wish for it doesn't enhance an area, it drives people out, would prefer to live in a diverse area with a mix of real people, salt of the earth.......having distinct areas to fear and be weary of, places people avoid living in makes for a greater divide between people with different backgrounds and upbringing and often with fewer opportunities to reach their potential.......we can all learn from each other, help pull each other up not stamp them further into the ground labeling them..... everyone is vulnerable.;)

It’s a problem for sure, people getting driven out of up and coming areas.  I watched a program about this in London.  It painted a picture of elder posh English curtain twitching at every white van turning up to work on the neighbors houses.  Living in fear that the Russian at the bottom of the garden would extend the house and they would be overlooked.  Not sure what the answer is but they could try building more houses, building up etc.  Personally I find it a bit weird that people move into an area hoping the locals will soon F off.  

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No much new in my area every meh > decent sized house SSTC quickly and only the utter (100k+ over) piss takers sitting there, of which there are quite a few as we are v greedy folk here whom would rather not sell then give away.

But as posted before the sold signs are still there from stamp duty cut week in the main and Xmas decorations have gone up (so obv no moving before).

https://www.rightmove.co.uk/house-prices/nr12.html?propertyType=DETACHED&tenure=FREEHOLD&soldIn=1&page=1

 



 

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I'm not sure any of the houses that have gone SSTC in my area have actually completed yet, boards been up for months and no sign of buyers moving in. A couple have actually gone back up for sale. 

My neighbours have finally exchanged (sold quickly on June, one buyer fell away, sold quickly again with lots of offers) but the process was slow and frustrating. They thought the quantity of sales is causing problems with the EAs/solicitors?

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