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Totally Ridiculous Property Prices (post examples)


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How about this beauty next to the railway tracks on a minimal plot with similar sized neighbouring bungalows suggesting little chance of building bigger. Apparently you don't need to market with plumbing or complete walls nowadays, just good luck finding a mortgage towards the £825k price.

4 bedroom bungalow for sale in Cranmer Close, Weybridge, Surrey, KT13 (rightmove.co.uk)

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  • 3 weeks later...

Totally depressing, where/when does this end... 

Bought in February this year  for £230,000

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=74219286&sale=12253003&country=england

Done nothing to it and on the market for £260,000! 
So who  is buying these totally crap massively overpriced properties  because they keep on selling . 

https://www.rightmove.co.uk/properties/111588518#/?channel=RES_BUY
 

This one sold within a week  assume for asking or more as there was the usual multiple viewing/bidding war on it:

https://www.rightmove.co.uk/properties/90378838#/?channel=RES_BUY

It would have been what in 2019? £230,000 tops it's also down for flooding on the flood maps.

This one was sold in August 2020 for £210,000  and again all they have done is painted the walls now on and sold in bidding war starting at £250,000. Yet property in Stoke-Sub-Hamdon historically to just sits there and take ages to sell , not sure why presume parking ! In 2019 -2020 these would have sold for £210,000 if you were lucky 

https://www.rightmove.co.uk/properties/111007289#/?channel=RES_BUY

So how does this madness end? 
I assume it will take quite a while for £60,000 worth of froth to be blown off this market.  Yet we were told by an EA in 2019 that properties over £230,000 were difficult shift! Are mortgage companies lending on properties that have been marked up £40,000 in a year ? 

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3 minutes ago, Dweller said:

Totally depressing, where/when does this end... 

Bought in February this year  for £230,000

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=74219286&sale=12253003&country=england

Done nothing to it and on the market for £260,000! 
So who  is buying these totally crap massively overpriced properties  because they keep on selling . 

https://www.rightmove.co.uk/properties/111588518#/?channel=RES_BUY
 

This one sold within a week  assume for asking or more as there was the usual multiple viewing/bidding war on it:

https://www.rightmove.co.uk/properties/90378838#/?channel=RES_BUY

It would have been what in 2019? £230,000 tops it's also down for flooding on the flood maps.

This one was sold in August 2020 for £210,000  and again all they have done is painted the walls now on and sold in bidding war starting at £250,000. Yet property in Stoke-Sub-Hamdon historically to just sits there and take ages to sell , not sure why presume parking ! In 2019 -2020 these would have sold for £210,000 if you were lucky 

https://www.rightmove.co.uk/properties/111007289#/?channel=RES_BUY

So how does this madness end? 
I assume it will take quite a while for £60,000 worth of froth to be blown off this market.  Yet we were told by an EA in 2019 that properties over £230,000 were difficult shift! Are mortgage companies lending on properties that have been marked up £40,000 in a year ? 

I think it comes down to very substantial deposits saved up over lockdown

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5 minutes ago, Si1 said:

I think it comes down to very substantial deposits saved up over lockdown

So the headset is they would have chucked that money away last year in any case on holidays/days out/eating out/ the pub so they may as well secure a hugely overpriced property now before property prices start to fall? Or are we saying property will continue to rise £40,000 + a year from now on? Total madness.

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Just now, Dweller said:

So the headset is they would have chucked that money away last year in any case on holidays/days out/eating out/ the pub so they may as well secure a hugely overpriced property now before property prices start to fall? Or are we saying property will continue to rise £40,000 + a year from now on? Total madness.

I actually am not sure either way.

I don't think it can go up much more, except if there's a multiplier effect with a roaring 20s post covid economy. A sort of sentiment bounce back in the economy as a whole.

Leading to a crisis/crash after some years admittedly. But you'd need irresponsible and egomaniacal political leaders to allow it to happen for short term political gain....

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11 minutes ago, Si1 said:

I actually am not sure either way.

I don't think it can go up much more, except if there's a multiplier effect with a roaring 20s post covid economy. A sort of sentiment bounce back in the economy as a whole.

Leading to a crisis/crash after some years admittedly. But you'd need irresponsible and egomaniacal political leaders to allow it to happen for short term political gain....

Unfortunately that’s our current political system 😉😆

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22 minutes ago, Dweller said:

A Q I keep asking but never getting any replies, is what would happen if there is a vaccine resistant mutation and/or antibody dependent enhancement and the whole thing starts all over again, where would the money come from given that last year Britain Nearly Went Bust In March 2020

The Bank of England would print the budget shortfall. Same as before.

But that scenario is highly implausible.

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11 minutes ago, zugzwang said:

The Bank of England would print the budget shortfall. Same as before.

But that scenario is highly implausible.

Implausible as in the bank printing more money or that there could be a vaccine resistant mutant? 
It happens with flu every year and there's enough infection around for the virus to find its way round the vaccine. 

Hopefully it wont happen but there is the possibility that it could given the levels of infection . 

I do struggle with all this stuff but could the BOE print any more than  it is already committed to printing  this year? Is there a point where the bank just loses all credibility in the face of more economic uncertainty if things take a turn for the worse? 

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1 minute ago, Dweller said:

Implausible as in the bank printing more money or that there could be a vaccine resistant mutant? 
It happens with flu every year and there's enough infection around for the virus to find its way round the vaccine. 

Hopefully it wont happen but there is the possibility that it could given the levels of infection . 

I do struggle with all this stuff but could the BOE print any more than  it is already committed to printing  this year? Is there a point where the bank just loses all credibility in the face of more economic uncertainty if things take a turn for the worse? 

 

A completely vaccine resistant mutant is implausible. SARS_CoV_2 isn't the flu.

The UK govt has already lost a great deal of credibility. Our sovereign credit rating used to be AAA, now it's AA-.

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I remember when this one was on in 2019 . Sold for £230,000. Thought at the time it was quite nice inside but looked awful from the outside and no parking.
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=71286652&sale=56281802&country=england

 Buyers have done nothing with it. Still looks awful from the outside,now on for £289,000. 
https://www.rightmove.co.uk/properties/110708057#/floorplan?activePlan=1&channel=RES_BUY

So that's 26% increase since 2019 . 

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4 minutes ago, Dweller said:

I remember when this one was on in 2019 . Sold for £230,000. Thought at the time it was quite nice inside but looked awful from the outside and no parking.
https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=71286652&sale=56281802&country=england

 Buyers have done nothing with it. Still looks awful from the outside,now on for £289,000. 
https://www.rightmove.co.uk/properties/110708057#/floorplan?activePlan=1&channel=RES_BUY

So that's 26% increase since 2019 . 

Meant to ask/add, what happens to these  HUGELY INFLATED values if/when things return to normal? Will crappy houses with 26% mark ups continue to sell at those prices (just as they ARE currently selling) ? But then what, do they continue to go up and up from there? Trouble is EA's value houses from the price the last one sold for so it's hard to see how these properties are going to do anything other than go up and up and up in the current market isn't it. 

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It's only going to get worse at the moment because of a huge shortgae of housing and multiple bids for anything half decent and little available to rent if you decide to sell yourself.  I am looking to downsize but nothing around to rent or buy and house still rising in value so will stay put for the moment, waiting for potential redundancy from furlough in september in the meantime will enjoy the weather and the beach in bournemouth and not worry about it until it happens.

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2 hours ago, Dweller said:

Meant to ask/add, what happens to these  HUGELY INFLATED values if/when things return to normal? Will crappy houses with 26% mark ups continue to sell at those prices (just as they ARE currently selling) ? But then what, do they continue to go up and up from there? Trouble is EA's value houses from the price the last one sold for so it's hard to see how these properties are going to do anything other than go up and up and up in the current market isn't it. 

No. Have seen this before.

Those who have bought ‘fairly well’ in this mad market might lose 10% in a moderate crash. And it will make them a bit sad for a day or so if next door comes on cheaper.  

Those who bought badly will be the ones in the media harping on about 40% falls and being in negative equity. Buying badly sets people back 15 years. 

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2 hours ago, Dweller said:

Meant to ask/add, what happens to these  HUGELY INFLATED values if/when things return to normal? Will crappy houses with 26% mark ups continue to sell at those prices (just as they ARE currently selling) ? But then what, do they continue to go up and up from there? Trouble is EA's value houses from the price the last one sold for so it's hard to see how these properties are going to do anything other than go up and up and up in the current market isn't it. 

The govt and BoE will do everything they can to sustain this too.

They can't believe their luck right now.

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2 hours ago, Dweller said:

Meant to ask/add, what happens to these  HUGELY INFLATED values if/when things return to normal? Will crappy houses with 26% mark ups continue to sell at those prices (just as they ARE currently selling) ? But then what, do they continue to go up and up from there? Trouble is EA's value houses from the price the last one sold for so it's hard to see how these properties are going to do anything other than go up and up and up in the current market isn't it. 

They do this only as long as the market remains strong. When the demand falls a bit, houses will remain listed for longer and some will start to reduce asking prices. Then buyers will realise the market has turned and will adjust their expectations accordingly. 

How can prices remain high? Is anyone waiting to buy, aside from people who expect prices to fall? The buyers who expect prices to fall will presumably wait for prices to fall! Why wouldn't the buyers who expect prices to continue to rise have bought already? What were they waiting for over the last 18 months? What are they waiting for now?

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59 minutes ago, coypondboy said:

It's only going to get worse at the moment because of a huge shortgae of housing and multiple bids for anything half decent and little available to rent if you decide to sell yourself.  I am looking to downsize but nothing around to rent or buy and house still rising in value so will stay put for the moment, waiting for potential redundancy from furlough in september in the meantime will enjoy the weather and the beach in bournemouth and not worry about it until it happens.

What are your thoughts on the rental market? I'm assuming that a higher than normal proportion of tenants are in significant rental arrears. Once these tenants leave, shouldn't rental demand fall? (I realise this may take a long time)

Or if this isn't a problem, shouldn't there be more investors buying flats whilst they are out of favour? (Prices have fallen slightly, but rents are not, and interest rates are lower as well, so flats ought to be more attractive to investors now)

Perhaps the reasons to avoid flats or to buy them are roughly cancelling out at the moment.

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19 minutes ago, Kosmin said:

They do this only as long as the market remains strong. When the demand falls a bit, houses will remain listed for longer and some will start to reduce asking prices. Then buyers will realise the market has turned and will adjust their expectations accordingly. 

Then the govt will come in with a prop. Oh they already have....

19 minutes ago, Kosmin said:

How can prices remain high? Is anyone waiting to buy, aside from people who expect prices to fall? The buyers who expect prices to fall will presumably wait for prices to fall! Why wouldn't the buyers who expect prices to continue to rise have bought already? What were they waiting for over the last 18 months? What are they waiting for now?

 

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17 minutes ago, Kosmin said:

They do this only as long as the market remains strong. When the demand falls a bit, houses will remain listed for longer and some will start to reduce asking prices. Then buyers will realise the market has turned and will adjust their expectations accordingly. 

How can prices remain high? Is anyone waiting to buy, aside from people who expect prices to fall? The buyers who expect prices to fall will presumably wait for prices to fall! Why wouldn't the buyers who expect prices to continue to rise have bought already? What were they waiting for over the last 18 months? What are they waiting for now?

Thing is EAs don't say "let's see what other people are asking for for their properties then price yours £50,000 below" ! They DO say "let's see what other people are asking for for their properties and try more given that we will get 20 +  phone calls for each property and a bidding war"!  Thus properties in Radstock etc have gone from £210,000 and sitting there to £280,000 yet still  being sold within a week !  With so few properties on and so much demand  this madness isn't going to end any time soon is it ?

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