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Suddenly housing market picks up in West Wales


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After reporting last week's lull, my estate agency contacts say it has gone mental again - this time driven by English tourists, and tourists from South Wales... people are behaving very peculiarly. 

One example... old house... gruesome recent history (in the papers)... in the middle of a pine plantation (no views)... inundated with viewings and offers on day one. I wouldn't touch it with a bargepole (this is the kind of property that would've sat on the market for years, even through the last boom). Doesn't own its access track, either. 

What a peculiar time to be observing. 

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33 minutes ago, gruffydd said:

After reporting last week's lull, my estate agency contacts say it has gone mental again - this time driven by English tourists, and tourists from South Wales... people are behaving very peculiarly. 

One example... old house... gruesome recent history (in the papers)... in the middle of a pine plantation (no views)... inundated with viewings and offers on day one. I wouldn't touch it with a bargepole (this is the kind of property that would've sat on the market for years, even through the last boom). Doesn't own its access track, either. 

What a peculiar time to be observing. 

You're the estate agent gruffydd, come on you can admit it, there has to be an honest one.

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2 minutes ago, TheCountOfNowhere said:

You're the estate agent gruffydd, come on you can admit it, there has to be an honest one.

thankfully I'm not... but there is clearly a peculiar mania afoot... perhaps people are seeking some kind of perceived safety by buying a house they can't really afford, egged on my Sunak and his banker chums. 

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1 minute ago, gruffydd said:

thankfully I'm not... but there is clearly a peculiar mania afoot... perhaps people are seeking some kind of perceived safety by buying a house they can't really afford, egged on my Sunak and his banker chums. 

The mania has been there for some time, hence the HousePriceMania twitter feed warning everyone, but, definitely, this is something new, something even more crazy.

The prices before CV19 were sickening, supported by our taxes and low IRs but now they are loco, crazy, detatched from any kind of reality or affordability, maybe people think they are saving even more money by getting 3% off a higher price :lol: 

There is literally nothing up for sale round us now that's not crazy priced

There was a whole load of top end houses that were unsold for 2 years and prices were steadily coming down. 

We offered sensible money on a couple and I think one of them was just about to bite...then the CV19 house price mania took off.....EVERYTHING and i mean EVERYTHING that had lingered unsold on the markets for 2  years+ all sold in days.

I've witnessed some stuff in my time but this is proper end of the world mania bubble stuff.

 

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1 hour ago, gruffydd said:

After reporting last week's lull, my estate agency contacts say it has gone mental again - this time driven by English tourists, and tourists from South Wales... people are behaving very peculiarly. 

One example... old house... gruesome recent history (in the papers)... in the middle of a pine plantation (no views)... inundated with viewings and offers on day one. I wouldn't touch it with a bargepole (this is the kind of property that would've sat on the market for years, even through the last boom). Doesn't own its access track, either. 

What a peculiar time to be observing. 

Interesting. Can you tell us the house's history without going into specifics? 

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6 minutes ago, MonsieurCopperCrutch said:

Interesting. Can you tell us the house's history without going into specifics? 

Looks like an old labourer's house - 2 bed, bungalow, plantation, remote, old couple died in it - bodies found. 

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26 minutes ago, TheCountOfNowhere said:

The mania has been there for some time, hence the HousePriceMania twitter feed warning everyone, but, definitely, this is something new, something even more crazy.

The prices before CV19 were sickening, supported by our taxes and low IRs but now they are loco, crazy, detatched from any kind of reality or affordability, maybe people think they are saving even more money by getting 3% off a higher price :lol: 

There is literally nothing up for sale round us now that's not crazy priced

There was a whole load of top end houses that were unsold for 2 years and prices were steadily coming down. 

We offered sensible money on a couple and I think one of them was just about to bite...then the CV19 house price mania took off.....EVERYTHING and i mean EVERYTHING that had lingered unsold on the markets for 2  years+ all sold in days.

I've witnessed some stuff in my time but this is proper end of the world mania bubble stuff.

 

It's all very "zog zog land" right now. I can't figure out where the cash is coming from all of a sudden. Then again, I can guess... the mortgage lenders seem to have loosened up - know people getting well above 5.5 times income mortgages (for example). The economy is still flattened. You can see that from the numbers on footfall, etc. 

 

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6 minutes ago, btd1981 said:

Not the sort of place you want to hear a door creaking open by itself in the middle of the night, then?

The added plus of being surrounded by giant fir trees will add to the vibe! Think already hitting offers of 20% above asking... may double, who knows. Yet another bidding frenzy. 

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3 hours ago, TheCountOfNowhere said:

The mania has been there for some time, hence the HousePriceMania twitter feed warning everyone, but, definitely, this is something new, something even more crazy.

The prices before CV19 were sickening, supported by our taxes and low IRs but now they are loco, crazy, detatched from any kind of reality or affordability, maybe people think they are saving even more money by getting 3% off a higher price :lol: 

There is literally nothing up for sale round us now that's not crazy priced

There was a whole load of top end houses that were unsold for 2 years and prices were steadily coming down. 

We offered sensible money on a couple and I think one of them was just about to bite...then the CV19 house price mania took off.....EVERYTHING and i mean EVERYTHING that had lingered unsold on the markets for 2  years+ all sold in days.

I've witnessed some stuff in my time but this is proper end of the world mania bubble stuff.

 

Agree Count, it's crazy! There was always a few on within 1/4mile of my house but now nothing at all. Every board is sold! The only stuff available is crappy newbuild flats being sold (probably the owners are looking to buy something else). 

Place opposite me sold for £900K - much nicer and slightly bigger than mine but that's more than double what I paid. I could probably get mine to that standard with £100K. 

I am starting to think a spot of inflation is coming. 

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South Wales gone all weird too.

Just after I thought the madness was quietening down a few weeks ago, I rang to view a couple of properties  - close to the coast, but cheap, needed work doing, so nothing special, and agent said they had been inundated with offers already.  I doubt some had even had chance to view them. The end of last year, they would have taken ages to sell.

I have even seen a few fall through from last winter, but they have come back to market with an addition to the asking price.

eg. one has the same photos as November 2020 when they "sold" at an asking price of £260k, but they've just put it back on the market at an asking price of  £285 now!

Makes you wonder how long can the magic money tree for housing can keep going?

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  • 2 weeks later...

https://www.mirror.co.uk/news/uk-news/one-local-left-village-stunning-24254136

Quote

'One local left' in village so stunning nearly all houses are millionaires' second homes
Norman Thomas says he is the only Welshman left in beautiful Cwm-yr-Eglwys on the Pembrokeshire coast, which is left eerily quiet as summer ends and 'you can drive up the road with your eyes shut because there’s nobody on the road

 

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Posted (edited)
3 hours ago, Ignorantbliss said:

Definitely getting very tense in some rural areas... protests already and larger protests to come... yet the political class (and that includes Plaid Cymru) have never really responded to housing pressures in rural Wales... Plaid are coming out with the right noises now but heaven knows if anything beyond that. I sense the political system is so corrupted - ie it won't offer solutions because the political system is so tied up with vested interests -  that things really may turn rather unpleasant. 

Edited by gruffydd
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