Cambridge & Villages

[fairygirl]

Prices in Cambridge and the nicer surrounding villages are going mad again!

Many properties which didn't sell all last year are back on the market again, but now at 10% or so higher price! It doesn't make sense to me, given they didn't sell all year at the lower price! Some have now already been reduced, as have quite a few new properties that have come on at very ambitious prices (although the good stuff is shifting at ridiculous prices), yet vendors still seem to want the asking price though, even though their properties are sticking!

Wonder how long they'll keep that up? Or maybe people will decide to pay asking prices? Not sure how anyone can afford these prices now. I've looked on Rightmove and most parts of London are now cheaper than Cambridge, yet not everyone in Cambridge earns a London salary!

What's anyone else's take on the Cambridge & surrounding villages market?

[Realistbear]

Prices in Cambridge and the nicer surrounding villages are going mad again!

Many properties which didn't sell all last year are back on the market again, but now at 10% or so higher price! It doesn't make sense to me, given they didn't sell all year at the lower price! Some have now already been reduced, as have quite a few new properties that have come on at very ambitious prices (although the good stuff is shifting at ridiculous prices), yet vendors still seem to want the asking price though, even though their properties are sticking!

Wonder how long they'll keep that up? Or maybe people will decide to pay asking prices? Not sure how anyone can afford these prices now. I've looked on Rightmove and most parts of London are now cheaper than Cambridge, yet not everyone in Cambridge earns a London salary!

What's anyone else's take on the Cambridge & surrounding villages market?

I think it may be the result of the VIs telling everyone prices are surging again. The picture is very different here in the W Midlands (see my recent post). EAs have to ramp the market to counter FT article that says prices outside London are still flat:

http://news.ft.com/cms/s/b2145c60-c69d-11d...20abe49a01.html

Some regions, however, are still experiencing extremely slow housing markets.

Over the past three months, house prices grew by only 1.0 per cent in the north of England and they fell by 1 per cent in the East Midlands

[fairygirl]

I think it may be the result of the VIs telling everyone prices are surging again. The picture is very different here in the W Midlands (see my recent post). EAs have to ramp the market to counter FT article that says prices outside London are still flat:

http://news.ft.com/cms/s/b2145c60-c69d-11d...20abe49a01.html

Some regions, however, are still experiencing extremely slow housing markets.

Over the past three months, house prices grew by only 1.0 per cent in the north of England and they fell by 1 per cent in the East Midlands

I think that's definitely true to a degree. I've had several EAs tell me how hot the market is and how prices are zooming up - and say that they will continue to zoom up! - despite me noticing that they are not selling a lot of their stock because it's over-priced!

I know they all overvalue to get the business but the problem is vendors don't seem to believe that and still expect to sell at the hugely inflated asking prices. Nevertheless there have been many reduced/new prices here recently, which is proof that buyers aren't all complete idiots. I do wonder though what goes through people's minds when they decide to pay the asking price, or thereabouts, as apparently many are doing around here. Can they really afford it? Do they really think prices will continue to go up? Do they just want a home and so will pay whatever it takes?

I'd love to be a fly on the wall at the EAs when they have to ask the vendor to reduce their asking price! After all it was they that overvalued it just a few weeks earlier! Presumably they will blame it on a colleague who's mysteriously now left the company??