spyguy Posted July 30, 2021 Share Posted July 30, 2021 19 hours ago, PeanutButter said: How is market nearby you now? http://www.mumsnet.com/Talk/property/4308469-How-is-market-nearby-you-now Lots of 'selling'; few solds, got the cash. Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 30, 2021 Share Posted July 30, 2021 Ridiculously busy. North Cornwall. Most stuff isn't even getting onto Rightmove and most of it is sold in a couple of days. Banks are not really lending. They know whats coming, post furlough EAs should not be allowing idiots with no cash to put in an offer. 'Cash'* buyers * when I sell my house and get a small mortgage .... Quote Link to comment Share on other sites More sharing options...
Pop321 Posted July 30, 2021 Share Posted July 30, 2021 29 minutes ago, spyguy said: Ridiculously busy. North Cornwall. Most stuff isn't even getting onto Rightmove and most of it is sold in a couple of days. Banks are not really lending. They know whats coming, post furlough EAs should not be allowing idiots with no cash to put in an offer. 'Cash'* buyers * when I sell my house and get a small mortgage .... Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻♂️ Quote Link to comment Share on other sites More sharing options...
12345 Posted July 30, 2021 Share Posted July 30, 2021 18 hours ago, sammersmith said: I do remember pre-covid work colleagues being ever so particular about where they could accept buying. Their rightmove search area was exceptionally detailed down to individual street level, with many seemingly ok streets not making the cut. This level of pickiness is bound to increase competition for those tiny acceptable areas. Post-covid yes i imagine is far worse. A work colleague has just bought a very basic 30's semi in Alty for .5 mil. I viewed an almost identical house in 2017 in south London for the same price. Manc is catching up to London levels of crazy. Fair enough. I don't actually like Wythenshawe either, but i find it odd that this horrible area is surrounded by good areas yet still manages to remain horrible. If it was in London people would have settled for here and it would have become 'gentrified' by now - for better or worse. I can only imagine this is a matter of time, what with the Manchester Airport Transformation and HS2 on the way and both 5-10 minutes away... Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 30, 2021 Share Posted July 30, 2021 44 minutes ago, Pop321 said: Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻♂️ Yeah. maybe they need to ask for cleared funds buyer. Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted July 30, 2021 Share Posted July 30, 2021 (edited) It has been much quieter over the last week, with stock building back up - in the areas I am familiar with. I know lots of people in the property game and they are telling me the same - the frenzy has gone... Shocking to think the frenzy was caused by the stamp duty holiday alone... I suspected it was a mix of factors - clearly not! Manchester's clearly an outlier right now - the new "boom city"... lots of dubious flows of cash from what I recall... and no doubt plenty of Londoners moving up for something different. Odd times. I suspect Cornwall/North Wales - the boom staycation locations have some life left too... until the froth blows away and people are left wondering what the hell they have done... we're moving into the buyer regret phase, while the banks take cover - they know what comes next (IR rises). Edited July 30, 2021 by gruffydd Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted July 30, 2021 Share Posted July 30, 2021 15 hours ago, Pop321 said: Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻♂️ Well my 'cash' came from diversifying 10% of my Bitcoin to purchase a new seperate property. Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 3, 2021 Author Share Posted August 3, 2021 Several houses I've eyeballed on Rightmove in the sub 200k family home bracket have gone within a week, this week, or in fact a few days It could be a bit quieter but it's still manic Quote Link to comment Share on other sites More sharing options...
petetong Posted August 3, 2021 Share Posted August 3, 2021 Yep up near me, a northern city, still seems frenzied with bidding wars for anything decent but EA was saying to me today it has calmed down a lot. I really can't get me head around the frenzy being caused by stamp duty holiday, as the increase in prices massively dwarfs that, so totally nuts. I suppose it's the fear of missing out and the covid effect too, the for need a garden and working from home which is probably ending for a fair percentage of people, and the old reality is starting to come back. Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted August 3, 2021 Share Posted August 3, 2021 Mumsnet confrimation that it's still frenzied buying with most being 'snapped up' in days. https://www.mumsnet.com/Talk/property/4308469-How-is-market-nearby-you-now Quote Link to comment Share on other sites More sharing options...
Debt Slaves Posted August 3, 2021 Share Posted August 3, 2021 2 hours ago, petetong said: Yep up near me, a northern city, still seems frenzied with bidding wars for anything decent but EA was saying to me today it has calmed down a lot. I really can't get me head around the frenzy being caused by stamp duty holiday, as the increase in prices massively dwarfs that, so totally nuts. I suppose it's the fear of missing out and the covid effect too, the for need a garden and working from home which is probably ending for a fair percentage of people, and the old reality is starting to come back. Stamp duty holiday is Still on until the end of September for houses up to 250000 alot more of those up in the North than the South. Hopefully they don't extend it again, I also wonder what's the next prop they have in store for HPI. Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 3, 2021 Author Share Posted August 3, 2021 4 minutes ago, Debt Slaves said: Stamp duty holiday is Still on until the end of September for houses up to 250000 alot more of those up in the North than the South. True. That gives 8 weeks until the SD holiday ends, which is tight but not impossible for people to get house completions over the line. Give it another month and hopefully it's end will bite some more. 4 minutes ago, Debt Slaves said: Hopefully they don't extend it again, I also wonder what's the next prop they have in store for HPI. Quote Link to comment Share on other sites More sharing options...
MancTom Posted August 3, 2021 Share Posted August 3, 2021 On 30/07/2021 at 08:07, Pop321 said: Everyone is a cash buyer….the question is where are they getting the cash from. Lots of people get the ‘cash’ from a mortgage🤦🏻♂️ I think traditionally "cash buyer" meant you have cash sitting and ready. The problem is lots of people think they are cash buyers and end up misleading sellers, who then get infuriated later on. Quote Link to comment Share on other sites More sharing options...
househunter123 Posted August 3, 2021 Share Posted August 3, 2021 3 hours ago, Si1 said: Several houses I've eyeballed on Rightmove in the sub 200k family home bracket have gone within a week, this week, or in fact a few days It could be a bit quieter but it's still manic Exactly the same here in the East Midlands. Booked a few viewings and they are sold before my viewing. All around the 200-220k mark. Quote Link to comment Share on other sites More sharing options...
sammersmith Posted August 3, 2021 Share Posted August 3, 2021 46 minutes ago, MancTom said: I think traditionally "cash buyer" meant you have cash sitting and ready. The problem is lots of people think they are cash buyers and end up misleading sellers, who then get infuriated later on. This is something i've noticed recently. These 'cash buyers' are actually 'the cash is released when we sell our house/btl/fhl'. They're still technically in a chain and if we extend the definition of cash buyer to these buyers then it probably covers almost everyone. I've seen people refer to their position as a 'true cash buyer', which i assume means they've got instant access to their funds. Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted August 3, 2021 Share Posted August 3, 2021 "It's not mad anymore"... straight from a South Wales EA this afternoon - confirms what I'm seeing... activity has died down a great deal. Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 29, 2021 Author Share Posted October 29, 2021 Bounce. What do you see? Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted October 30, 2021 Share Posted October 30, 2021 South Wales - stupidity from WFH has died, like sales. Reality returning (only potential space cadet land with no relationship to wages). Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted October 30, 2021 Share Posted October 30, 2021 (edited) Just so little for sale. Lots SSTC still and taking an age to complete. From rightmove the average sold price look 400K+ but house prices .io showing 300s and 200s in the main. 5 years ago NR2/NR4 would be same or dearer than the meh (non riverside/avenues NR12) and the rents for example are still much higher there 1600 as opposed to 1200/1300for a decent family home as logically father from work/connections. It is clear that if you have a detached house in a non estate position with a decent garden (say 800m2+ plot) it will go right away unless stupidly priced. For example i assumed this place was silly priced and sold at the time of the stamp duty cut after being for sale for ages and drifting down in price. https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=81520234&sale=11886214&country=england But that was v big over 300m2 inside. Then this one huge about for ages and with the front visage of a bog standard bungalow looked even more overpriced as it was much smaller than the once above that sold for £620,000 (100m2 smaller) https://www.rightmove.co.uk/properties/113048228#/?channel=RES_BUY That is currently SSTC So its very very patchy as usual round here so little for sale and a steady stream of fools with easy cash. Nice folks they often come to my work before they move down here and without fail they are older couples with ordinary jobs selling the home down south. You could be twice as well paid as they are but you could not compete with that sweet equity. If you where on 120K here (unlikely) you would also feel intimidated taking a hulking loan on a house where one job loss and you would have to move potentially miles away. Swapping a 800k house for a 600k Norfolk one... not so much easy come easy go. The actions during lockdown played into this near retirement equity rich retire to space/buy a holiday home market to perfection. Prices up 30% for the right property, all builders buying up any crappy bungalows with land so you cannot get them either for actual building work. Its all boosted to optimum here and like before if that estate house in Brentwood does not go for 750K then its a long way down to that local doctor/solicitor/business owner with children for those empty guest rooms around here. Edited October 30, 2021 by Fromage Frais Quote Link to comment Share on other sites More sharing options...
MattW Posted October 30, 2021 Share Posted October 30, 2021 25 minutes ago, Fromage Frais said: Just so little for sale. I'm seeing the same at the bottom end of the market in roughly the same areas. I am now in a position to buy but nothing floats my boat. Well...nothing in my budget anyway. Pre-coronavirus there was a decent inventory but hardly anyone wants to sell. Hence the statospheric asking prices. Quote Link to comment Share on other sites More sharing options...
winkie Posted October 30, 2021 Share Posted October 30, 2021 Could be people that want to eventually sell to buy are reluctant to sell to buy another is because there is so much uncertainty out there, both in job security, inflation and interest rate prediction......not cheap to move can cost thousands, agents, solicitors and taxes plus furnishing and decorating, plus the cost of any extra borrowing.......sit it out and pay it down whilst rates are still low...... tomorrow is another day. Quote Link to comment Share on other sites More sharing options...
Dweller Posted October 30, 2021 Share Posted October 30, 2021 4 hours ago, winkie said: Could be people that want to eventually sell to buy are reluctant to sell to buy another is because there is so much uncertainty out there, both in job security, inflation and interest rate prediction......not cheap to move can cost thousands, agents, solicitors and taxes plus furnishing and decorating, plus the cost of any extra borrowing.......sit it out and pay it down whilst rates are still low...... tomorrow is another day. How does it work if someone is selling with a mortgage do they get to carry their mortgage over at the same fix or do they have to start all over again? Covid has to be a factor re low inventory of properties plus people being put off due to the madness of 19 people (or more) after any decent house. I said a few weeks ago that my sister was telling me about people selling and multiple offers over the asking and people then being asked to write a letter to the vendor to say why they felt they should have the property! When does this madness END! Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 30, 2021 Author Share Posted October 30, 2021 @Pop321 - what've you seen? Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 30, 2021 Share Posted October 30, 2021 29 minutes ago, Si1 said: @Pop321 - what've you seen? Still very mixed. Terrace just fallen through near me, bought for £200k in 2016 and was previously listed for £200k but now relisted for £185k. The contra is still seeing really nice ‘standard’ 3 bed semis with decent gardens selling strongly. Oddly there are a couple that have stuck for a month now and the EA has no idea why. I viewed a very rough flat last week (best area in town) but a 1970’s block of 4, ie purpose built block, rather than the nice Victorian ones that command the money. Interestingly it was cheap for the road but not great value but got lots of viewing and offers. Little early to tell. If I knew anyone who needed to buy right now I think if they were careful they could get something that wasn’t too ‘covid overpriced’. However there are still some over priced things still selling due to really low stock levels. Rentals around me seem to have really gone up. Anything at an older price let’s in days….stuff that is over priced takes longer. I think rates next week will be interesting. Less about the impact of cost….more about the direction of travel. Quote Link to comment Share on other sites More sharing options...
Dweller Posted October 30, 2021 Share Posted October 30, 2021 Properties in all areas (North Wales down to Cornwall and all points in between) leapt £30,000 in August as agents sought to limit the number of people wanting to view and bidding. As EAs value property based on what other properties are on for it is going to take a while to shed the £30,000 LEAP but even with the £30,000 shed this would still only bring property down to the 2020 + £30,000 value which is where property was before the August LEAP! So £220,000 (late 2020 early 2021) up to £250,000 by June then in August the LEAP to £280,000 +. Trouble is if anyone is selling and buying they need the crazy price to buy another property thus properties that have sat around for ages (which normally go down and down ) have been going up and up because otherwise how does the seller buy another property ? Quote Link to comment Share on other sites More sharing options...
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