Swansea - 'appears' A Lot Is Selling?

[The Masked Tulip]

This is purely anecdotal but I am surprised at how fast properties appear to be selling here in Swansea currently. EA 'For Sale' signs are everywhere and I am somewhat surprised, nay shocked, often to see within a week or two the 'For Sale' sign being replaced by a 'Sold' sign - not a 'Subject To Contract' one.

I am finding this hard to rationalise though as, having visited several EAs this week, all of them had only a handful of properties for sale. Something is going on. Something, IMPO, does not feel quite right about what I am seeing but... the 'Sold' signs seem to be going up pretty rapidly.

This, bearing in mind, seems doubly odd when two of the EAs I visited have photos of houses which I know sold 12 - 24 months ago still in their offices, displayed promiently, with things like 'Subject To Contract' or 'Sale Agreed' stamped across them. These give the impression that they have just been sold but, to someone who has been following the market, it is clear that these are 'old hat'.

Something very odd is going on in Swansea. Well, odder than usual!

Edited April 14, 2006 by The Masked Tulip

[homeless]

well easter weekend is traditionaly the busiest house selling time of the year.

If there is a spring bounce its this weekend or never

[sleeper]

Yeah noticed the same. Anythink half decent around the town centre seems to sell like hot cakes at the mo although mostly by BTL. Swansea seems to be student property crazy. EA told me the weekend that even the two beds (which i am currently looking at for myself) are being sold to parents of sons/daughters studying in Swansea.

Two bedroom houses which were being sold for 120k less than 12 months aga now appear to sell at around 140k! Even 1 bed maisonettes are on the market for around 100k. All this in an area where the average wage is apparently 11k. Can only presume that people from outside area area buying properties unless Swansea is over run with drug dealers of course.

[The Masked Tulip]

I was in Mumbles at the weekend and could not believe how many South East of England 'really' posh plum in the mouth accents I was hearing in the shops. Talking to locals that night in a pub I was told that many of them now resent big time all the South Eastern English who are buying up properties in the area.

Can only presume that people from outside area area buying properties unless Swansea is over run with drug dealers of course.

A friend went to a party last night and told me that she was offered, by different people, Ecstasy and Cocaine from very 'insistent' strangers - locals. Goodness knows what is going on in that regard but you do hear about big drug busts from time to time where some local boy has gone from white van man to driving around in ferraris and having tens of millions after getting involved in drugs. I suspect it is more widespread than any of us know.

[Lars Bussholm]

Anybody remember the 'Go home to a real fire' ad from the 70's. Some wag added 'Buy a holiday cottage in Wales' when the locals were burning them down.

Perhaps history is about to repeat itself.

LB

[Guest_James Toney_*]

Same thing is happening in the north west, house selling straight away and getting their asking prices...

[FRUSTRATED]

This is purely anecdotal but I am surprised at how fast properties appear to be selling here in Swansea currently. EA 'For Sale' signs are everywhere and I am somewhat surprised, nay shocked, often to see within a week or two the 'For Sale' sign being replaced by a 'Sold' sign - not a 'Subject To Contract' one.

I am finding this hard to rationalise though as, having visited several EAs this week, all of them had only a handful of properties for sale. Something is going on. Something, IMPO, does not feel quite right about what I am seeing but... the 'Sold' signs seem to be going up pretty rapidly.

This, bearing in mind, seems doubly odd when two of the EAs I visited have photos of houses which I know sold 12 - 24 months ago still in their offices, displayed promiently, with things like 'Subject To Contract' or 'Sale Agreed' stamped across them. These give the impression that they have just been sold but, to someone who has been following the market, it is clear that these are 'old hat'.

Something very odd is going on in Swansea. Well, odder than usual!

We've been looking for a house in Cardiff since last April, moved from Cheshire-nice house nice area, we have no mortgage. We cannot believe that the houses we have seen represent good value for money and at our time of life and at this stage in the house price cycle we are reluctant to convert our cash asset into property. We have made several offers and spent money on surveyors and solicitors but sales have fallen through mainly because the houses have been poorly maintained and required huge amounts of remedials. We are renting and have made a decision to rent longer term but are having difficulty finding a family house. The truth is probably that we are afraid of buying at this time but we want our own place and our "stuff" out of storage. We are viewing today to rent and to buy--indecision or what?

[Bearfacts]

Same thing not happening in Windsor and Maidenhead ! For Sale boards staying put month after month ( N.Wide -5% Y.O.Y ) Perhaps thats because it is/was the mosty expensive borough outside of London. The higher they rise the faster they fall or something like that ?

[Zzzzzzzzzzzzzzzzzzzzzzzzzz]

Same thing NOT happening in Pembrokeshire - seems the market has slowed recently.

Having said that, an incredible number of chavvy types from S England seem to have moved here recently - not plummy posh - more 'nouveau riche' or 'nouveau maxed on on their credit card' chavvy types with strong 'twangs'. Doesn't feel much like Wales anymore. As I've STRd, I'm seriously thinking of moving away - the end of a thousand years (only documented that far) of Gruffydds.

Edited April 14, 2006 by gruffydd

[Fancypants]

Having said that, an incredible number of chavvy types from S England seem to have moved here recently - not plummy posh - more 'nouveau riche' or 'nouveau maxed on on their credit card' chavvy types with strong 'twangs'. Doesn't feel much like Wales anymore. As I've STRd, I'm seriously thinking of moving away - the end of a thousand years (only documented that far) of Gruffydds.

sadly, you'll struggle to find a corner of the world that is unpolluted by such people. Apart from inner London

[bazzzzzzz]

Of the 27 for Sale Signs I counted on the way to walk yesterday, ( Shrewsbury) 24 were Sale Agreed or STC.

[Guest Charlie The Tramp]

I am finding this hard to rationalise though as, having visited several EAs this week, all of them had only a handful of properties for sale. Something is going on. Something, IMPO, does not feel quite right about what I am seeing but... the 'Sold' signs seem to be going up pretty rapidly.

My experience in the HM has always been one of buyer nuisance at the time of great activity in the market.

In 1975 had 3 buyers pull out for financial reasons, finally sold to 4th buyer in 1976.

In 1983 had 4 buyers pull out same as above finally selling to the 5th buyer n 1984.

In 2000 my cottage in Norfolk had 6 buyers there again financial problems finally selling in 2002.

On all occassions when the property went back onto the market it was sold within 3 weeks.

Could we say the lenders responsible lending policy at those times saved many of those potential buyers from financial suicide.

Today we now have a very lax lending policy, people will act irrationally until very soon their irrational behaviour will cause them very serious financial problems.

[Realistbear]

Same thing NOT happening here either. This week's local paper had many EAs listing 20% of all properties as "no upward chain" and many with "new prices" which indicates, to me at least, that the market is still going down and a healthy portion are trying to get out completely. A few signs with Sold-stc" but you just don't see any removal vans anywhere.

There is a BIG PUSH going on with EAs promoting the Spring Bounce by releasing old data showing the market is up 250% in some areas in 10 year. Why not say its up 3047% in 50 years? Meaningless stats to entice the suckers.

"With a worsening employment picture and higher IR removing the underpinning of the housing market we expect further sharp falls in the months ahead as the HPC continues." (Me )

[Guest Charlie The Tramp]

but you just don't see any removal vans anywhere.

Now if the Association of Removers published graphs of business trends you can forget the rest.

[New Bear]

This thread contains a very interesting discussion of the relationship between mortgage approvals and HPI. Although I don't personally like its conclusion, it does suggest that there is more HPI in the pipeline. Will looming credit tightening choke this off? I hope so but I'm resigned to this taking until late 2006-early 2007 to have any significant effect. In any case it seems that mortgage approvals are a key statistic to watch.

http://www.housepricecrash.co.uk/forum/ind...opic=26933&st=0

Edited April 14, 2006 by New Bear

[Michael]

I'm afraid ,Masked Tulip this has been happening everywhere since New Year....not just Swansea.

[Bearfacts]

I'm afraid ,Masked Tulip this has been happening everywhere since New Year....not just Swansea.

I presume you mean everywhere in Wales ? I repeat this is not happening where I live (Berkshire) nor where I have been looking to move - Kent coast , infact the opposite is happening in both places. Nor do the stats bear you out - look at the NW quarterly report - outside of London, Northern Irreland and the Outer Hebrides - very little is going on.

Please don't generalise. Incidentallly where are you RB ?

[bazzzzzzz]

I hope so but I'm resigned to this taking until late 2006-early 2007 to have any significant effect. In any case it seems that mortgage approvals are a key statistic to watch.

http://www.housepricecrash.co.uk/forum/ind...opic=26933&st=0

That's a very optimistic prediction. Hope you're right.

I'm hoping the whole country is yoy negative 2008. I can't see it any sooner. And even then prices will be way above long term averages.

[Big_Head]

Abergavenny area has seen a lot sold (at the 150K mark, 3 bed semi's) in the past 2 weeks, at near to asking prices, before that it was quiet. I must admit it is unexpected.

Friends in Blackwood are saying lots of highly priced newbuids selling too.

Seems Gwent, Wales is experiencing a bounce even with increased unemployment.

[The Masked Tulip]

Maybe the Swansea 'thing' is in relation to that report out today that says Welsh houses have increased most in value in the past 10 years but still have some way to go to catch up with the SE. A nonsense figure I agree bearing in mind local wages but I doubt that will stop speculators?

[Bearfacts]

Well, as I keep saying, I live in E Berkshire and as I pointed out back in Feb, there's definitely another boom taking place.

Thankfully, it all seems to be fizzling out of late and a number of sellers have either pulled out of the market having not recieved the offers that they were hoping for or are having to endure never ending chains as borne out by their permanent 'Sale Agreed' signs.

I am in East Berkshire too ! Nr Maidenhead ... where are you more precisely if you dont mind me asking ?

Anyway check out NWide figures for W&M down 5% Y.O.Y.

I know one couple trying to sell their house at the moment ... been on for 6 weeks and had one viewing with no offers.

[HomeAlone]

Mixed signals in my area (Kent). Lots more For Fale signs with a fair amount quickly changing to Sold. Even the posh five bedroom house down the road has a Sold sign after two years on the market.

However on the way home this week (I get the bus home once a week) I noticed several of those Sold signs have gone back to For sale and two houses that have had Sold stc for the past four months have also gone back on the market.

[Michael]

i have friends all over the uk and they're all saying thaT AFTER A QUIET 2005 it's suddenly gone busy...

(Cheshire, Yorks, Herts, Kent, East Sussex, Leics)

Edited April 14, 2006 by Michael

[Badlad1967]

Abergavenny area has seen a lot sold (at the 150K mark, 3 bed semi's) in the past 2 weeks, at near to asking prices, before that it was quiet. I must admit it is unexpected.

Friends in Blackwood are saying lots of highly priced newbuids selling too.

Seems Gwent, Wales is experiencing a bounce even with increased unemployment.

Geniune question - how do you know that these properties have been sold at near asking prices?

2nd genuine question - the house is not sold until the sale is complete. Are these completed sales you're referring to, or just "subject to contract" and therefore "subject to someone else selling their house as well..."?

Charlie gave some interesting examples of what "sold" really means in EA speak...

i have friends all over the uk and they're all saying thaT AFTER A QUIET 2005 it's suddenly gone busy...

(Cheshire, Yorks, Herts, Kent, East Sussex, Leics)

Why would your friends be interested in the property market if, as we are told by the media, that everything is A-OK in property land?

Seems a bit of a strange thing to say....

I live in Kent just outside of Canterbury and a mate of mine is an EA (actually a good bloke!). He says that they are getting extremely worried in Canterbury as there is a bunch of new builds going up - and the buyers just seem to have dried up. He remembers last time. And no, he doesn't think it's gong to be much different in the end. But this time, we have a govt that is determined to prop house prices up for as long as they can....

Seeing as they haven't delivered on much else, they will only slightly delay the inevitable...

[SarahBell]

Whens the next update of the houseprices sites? Need to check what some more have sold for before I can say conclusively that the boom is continuing round here.