NoHPCinTheUK Posted May 3 Share Posted May 3 Quote Link to comment Share on other sites More sharing options...
NoHPCinTheUK Posted May 3 Author Share Posted May 3 (edited) Reading the comments it looks like some EA valued the property 450k back in July last year. including StampDuty half a million pound for a house that looks like a GP clinic from the outside. Edited May 3 by NoHPCinTheUK Quote Link to comment Share on other sites More sharing options...
gerkin Posted May 3 Share Posted May 3 Actually if you browse that sub reddit nearly every post is now about house being on market for 6 months and zero viewers and people wondering why nobody is offering half a million pounds for a shoebox. The penny is starting to drop and it would be nice to see a full blown crash hammer the idiots who mortgaged up to their eye balls and caused the entire bubble. Quote Link to comment Share on other sites More sharing options...
dpg50000 Posted May 3 Share Posted May 3 That house is the very definition of bang average. In a sane world, it would be half the asking price. Quote Link to comment Share on other sites More sharing options...
DownwardSlopingPlateau Posted May 3 Share Posted May 3 2 hours ago, NoHPCinTheUK said: I'm sure I know the answer to this one.. It's.. It's.. Nope. Gone. Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted May 3 Share Posted May 3 (edited) 3 hours ago, NoHPCinTheUK said: Because it's way over valued and in the middle of nowhere. Devon & Cornwall went parabolic during Covid insanity. No services where they live. No decent restaurants. No supermarkets nearby and you probably have to travel 15 miles to give your car an oil change. You will also need to wait an hour for the bus when you drop the car off at the garage or hang around the town for a few hours whilst any work gets done. And you will have to commute 20 miles plus to get work in Exeter unless you want to work in an ice cream van for tourists. I know all this from living in Cornwall for 10 years. It's also a hideous new build that lacks any soul or creativity. Bland looking monstrosity. Now the cheap credit has dried up the days of flipping properties in scenic areas are long gone. There is a lot more pain to come. Still not even halfway through the first innings. Edited May 3 by The Angry Capitalist Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted May 3 Share Posted May 3 1 hour ago, dpg50000 said: That house is the very definition of bang average. In a sane world, it would be half the asking price. A 1300sq ft. seaside detached a short commute from the centre of Exeter is well above average relative to the UK housing stock as a whole. This is more about the market seizing up than kite flying. Its overpriced, but not by much. Or if it is now highly overpriced the UK housing market is in big trouble. Quote Link to comment Share on other sites More sharing options...
dpg50000 Posted May 3 Share Posted May 3 1 minute ago, hotblack42 said: A 1300sq ft. seaside detached a short commute from the centre of Exeter is well above average relative to the UK housing stock as a whole. This is more about the market seizing up than kite flying. Its overpriced, but not by much. Or if it is now highly overpriced the UK housing market is in big trouble. Ok, maybe the location does mean it's worth a bit more. But bloody hell, the house itself is so, so stunningly average, I fail to see anything close to the £425K original asking price in terms of value. Nothing wrong with a stunningly average house (mine is similar), just so long as the price reflects that. IMO, this one doesn't. Just my opinion. Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted May 3 Share Posted May 3 8 minutes ago, The Angry Capitalist said: you probably have to travel 15 miles to give your car an oil change. And you will have to commute 20 miles plus to get work in Exeter unless you want to work in an ice cream van for tourists. I don't disagree with your views on this house overall, but its a bit mean to call this a monstrosity when millions are living in damp terraces and poky flats. Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted May 3 Share Posted May 3 1 minute ago, hotblack42 said: I don't disagree with your views on this house overall, but its a bit mean to call this a monstrosity when millions are living in damp terraces and poky flats. It is a monstrosity when you consider these are selling or priced well over £300,000 and then some. Quote Link to comment Share on other sites More sharing options...
winkie Posted May 3 Share Posted May 3 12 minutes ago, hotblack42 said: I don't disagree with your views on this house overall, but its a bit mean to call this a monstrosity when millions are living in damp terraces and poky flats. There is a train to Exeter st David.....15 min £6.30. Quote Link to comment Share on other sites More sharing options...
Timm Posted May 3 Share Posted May 3 24 minutes ago, The Angry Capitalist said: Because it's way over valued and in the middle of nowhere. Devon & Cornwall went parabolic during Covid insanity. No services where they live. No decent restaurants. No supermarkets nearby and you probably have to travel 15 miles to give your car an oil change. You will also need to wait an hour for the bus when you drop the car off at the garage or hang around the town for a few hours whilst any work gets done. And you will have to commute 20 miles plus to get work in Exeter unless you want to work in an ice cream van for tourists. I know all this from living in Cornwall for 10 years. It's also a hideous new build that lacks any soul or creativity. Bland looking monstrosity. Now the cheap credit has dried up the days of flipping properties in scenic areas are long gone. There is a lot more pain to come. Still not even halfway through the first innings. Yes. It will probably end up selling for what it would have sold for before Covid: Within 5% of £325k. Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted May 3 Share Posted May 3 12 minutes ago, Timm said: Yes. It will probably end up selling for what it would have sold for before Covid: Within 5% of £325k. Maybe not even that. Search for jobs within a 10 mile range of that area. Average wage is probably around £18,000 per year if that locally. Quote Link to comment Share on other sites More sharing options...
Si1 Posted May 3 Share Posted May 3 2 hours ago, DownwardSlopingPlateau said: I'm sure I know the answer to this one.. It's.. It's.. Nope. Gone. It's clearly the wrong shade of beige Quote Link to comment Share on other sites More sharing options...
mynamehere Posted May 3 Share Posted May 3 7 minutes ago, The Angry Capitalist said: Maybe not even that. Search for jobs within a 10 mile range of that area. Average wage is probably around £18,000 per year if that locally. Truly interesting how after all we've seen, anyone still thinks local wages is even a minor factor Quote Link to comment Share on other sites More sharing options...
Timm Posted May 3 Share Posted May 3 3 minutes ago, The Angry Capitalist said: Maybe not even that. Search for jobs within a 10 mile range of that area. Average wage is probably around £18,000 per year if that locally. OK. However 4 bed detached houses don't sell to people earning way less than the full time minimum wage. But I'll knock another 5% off for a combination of nationwide nominal falls and local employment woes. So my revised prediction is: Within 5% of 309k. Quote Link to comment Share on other sites More sharing options...
Frankie Teardrop Posted May 3 Share Posted May 3 300k and its easily selling to working class retirees from the South-East. Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted May 3 Share Posted May 3 9 minutes ago, mynamehere said: Truly interesting how after all we've seen, anyone still thinks local wages is even a minor factor It is when interest rates are set by the free market. But I get your point. 15 years of QE and HTB will make local wage irrelevant. Quote Link to comment Share on other sites More sharing options...
The Angry Capitalist Posted May 3 Share Posted May 3 5 minutes ago, Frankie Teardrop said: 300k and its easily selling to working class retirees from the South-East. Perhaps. Let's keep an eye on it and see. Quote Link to comment Share on other sites More sharing options...
Timm Posted May 3 Share Posted May 3 20 minutes ago, The Angry Capitalist said: It is when interest rates are set by the free market. But I get your point. 15 years of QE and HTB will make local wage irrelevant. Until now... Perhaps. Let's keep an eye on it and see. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted May 3 Share Posted May 3 1 hour ago, hotblack42 said: A 1300sq ft. seaside detached a short commute from the centre of Exeter is well above average relative to the UK housing stock as a whole. This is more about the market seizing up than kite flying. Its overpriced, but not by much. Or if it is now highly overpriced the UK housing market is in big trouble. People trying to sell this kind of rubbish are in big trouble, the housing market will be much healthier after a good sized price correction. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted May 3 Share Posted May 3 1 hour ago, Timm said: Yes. It will probably end up selling for what it would have sold for before Covid: Within 5% of £325k. Unlikely, interest rates were zero back then. Quote Link to comment Share on other sites More sharing options...
Timm Posted May 3 Share Posted May 3 54 minutes ago, dances with sheeple said: Unlikely, interest rates were zero back then. Please feel free to bookmark this page and refer back to it. If that house ever sells. Quote Link to comment Share on other sites More sharing options...
TheResponsibleHouseBuyer Posted May 4 Share Posted May 4 8 hours ago, The Angry Capitalist said: Because it's way over valued and in the middle of nowhere. Devon & Cornwall went parabolic during Covid insanity. No services where they live. No decent restaurants. No supermarkets nearby and you probably have to travel 15 miles to give your car an oil change. You will also need to wait an hour for the bus when you drop the car off at the garage or hang around the town for a few hours whilst any work gets done. And you will have to commute 20 miles plus to get work in Exeter unless you want to work in an ice cream van for tourists. I know all this from living in Cornwall for 10 years. It's also a hideous new build that lacks any soul or creativity. Bland looking monstrosity. Now the cheap credit has dried up the days of flipping properties in scenic areas are long gone. There is a lot more pain to come. Still not even halfway through the first innings. what about AIRBNB's and 2nd homes? I thought that still had traction. Quote Link to comment Share on other sites More sharing options...
TheResponsibleHouseBuyer Posted May 4 Share Posted May 4 7 hours ago, The Angry Capitalist said: Maybe not even that. Search for jobs within a 10 mile range of that area. Average wage is probably around £18,000 per year if that locally. keep forgettin how poor devon is.... right next to rich cornwall crazy! Quote Link to comment Share on other sites More sharing options...
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