The Bounce Is Here!

[OZZIE]

Unfortunately ( ), my observations around the Eats Midlands and Cornwall are that houses are selling like hotcakes and I mean selling fast!

My mother in law has been on the markey 2 years- sold for asking price yesterday.

Friends council house sold over inflted obsurd price in 2 days.

The madness is back and im afraid that, IMO, the only thing to stop this monster is a rise in rates.

I STR in June 2004 and this felt right during the slowdown, however, our nextdoor neighbours sold their identical house at the end of march 2006 for 20000 more.

I cannot wait any longer and am now buying after managing to grab a 10 year at 4.67% and a 20% reduction of the askign price. (Cant deal with the insecurity of renting anymore- had to move twice already in 2 years. not good for the family).

I can add however, that after goign home recently to cornwall and seeing many friends i am still amazed by thier disregard of any risks. They are obssessed with houses. The IO was talked of on many occassions.

Iv'e learn't now just smile and agree its the only way. there are still wannabe btletters out there and i just pray that those rates rise and bring some normality back, but God Help some of my freinds when they do.

Although buying I remain a bear.

[red]

Unfortunately ( ), my observations around the Eats Midlands and Cornwall are that houses are selling like hotcakes and I mean selling fast!

My mother in law has been on the markey 2 years- sold for asking price yesterday.

Friends council house sold over inflted obsurd price in 2 days.

The madness is back and im afraid that, IMO, the only thing to stop this monster is a rise in rates.

I STR in June 2004 and this felt right during the slowdown, however, our nextdoor neighbours sold their identical house at the end of march 2006 for 20000 more.

I cannot wait any longer and am now buying after managing to grab a 10 year at 4.67% and a 20% reduction of the askign price. (Cant deal with the insecurity of renting anymore- had to move twice already in 2 years. not good for the family).

I can add however, that after goign home recently to cornwall and seeing many friends i am still amazed by thier disregard of any risks. They are obssessed with houses. The IO was talked of on many occassions.

Iv'e learn't now just smile and agree its the only way. there are still wannabe btletters out there and i just pray that those rates rise and bring some normality back, but God Help some of my freinds when they do.

Although buying I remain a bear.

You have stated yourself why this madness is unsustainable yet you are still think of buying?

It's a sucker's rally plain and simple.

20% off is a good deal though, so I wish you well...

[Spring In The Air]

Unfortunately ( ), my observations around the Eats Midlands and Cornwall are that houses are selling like hotcakes and I mean selling fast!

My mother in law has been on the markey 2 years- sold for asking price yesterday.

Friends council house sold over inflted obsurd price in 2 days.

The madness is back and im afraid that, IMO, the only thing to stop this monster is a rise in rates.

I STR in June 2004 and this felt right during the slowdown, however, our nextdoor neighbours sold their identical house at the end of march 2006 for 20000 more.

I cannot wait any longer and am now buying after managing to grab a 10 year at 4.67% and a 20% reduction of the askign price. (Cant deal with the insecurity of renting anymore- had to move twice already in 2 years. not good for the family).

I can add however, that after goign home recently to cornwall and seeing many friends i am still amazed by thier disregard of any risks. They are obssessed with houses. The IO was talked of on many occassions.

Iv'e learn't now just smile and agree its the only way. there are still wannabe btletters out there and i just pray that those rates rise and bring some normality back, but God Help some of my freinds when they do.

Although buying I remain a bear.

How refreshing. Every now and then someone posts something that is both factual and indicates a level of common-sense lacking in many other posters.

[Irkuiem]

I believe that the cause has been these 4.69% deals appearing over the last year.

I looked into getting a mortgage in 2004 and was offered about 5.39% for a fixed repayment over 2 years. This month I have been offered 4.59%. Interest rates were about the same then as rthey are now. Also the amount we can borrow has shot up from 120000 (requiring underwriters to verify) to about 190000 now (over 4x joint wage) - not an underwriter in sight. Believe me my wage has not risen that much in the last two years. I would be crazy to take the highest loan, but I am very tempted to hedge my bets and buy with a loan somewhere in the middle. It seems that even if the BOE raise the rates (and most here say that will not be by much) then the lenders will lower there rates anyway and lend you more in the bargain.

I would recommend most people on here to find out how much they COULD borrow and I think it will go some way towards explaining the market still moving.

[Guest Winners and Losers]

How refreshing. Every now and then someone posts something that is both factual and indicates a level of common-sense lacking in many other posters.

Yeah well you would say that wouldnt you - VI. Yawn.

[Ethel]

How refreshing. Every now and then someone posts something that is both factual and indicates a level of common-sense lacking in many other posters.

That's gotta be irony, surely!??

[Spring In The Air]

Yeah well you would say that wouldnt you - VI. Yawn.

That the best you got? Why not address what the poster said?

[munimula]

Unfortunately ( ), my observations around the Eats Midlands and Cornwall are that houses are selling like hotcakes and I mean selling fast!

You are talking rubbish.

Parents just put their house on the market in Cornwall, in Padstow area where there is supposed to be massive demand. Not a dicky bird yet, not even anyone coming to look around. If they were going 'like hot cakes' you would expect people to be queueing up at estate agents ready to pounce on property coming to market.

Looking through Rightmove with mum yesterday at other properties in the area and all she kept saying was 'that's been on the market a while' etc etc

[BillyShears]

That the best you got? Why not address what the poster said?

I'm in the East Midlands. Some of the houses around me have sold, but a lot more have been sticking for months. And one house priced at well below the market price for the type of house and street has just turned up in an auction with a guide price that if achieved, would be a massive discount from previous selling prices. I've seen asking prices around here fall, and they were already below peak selling prices. The house I currently consider my "favourite" and the one I would most likely buy if I bought today has just changed agents and dropped in asking price by yet another 2K, and the price has reduced before.

So, if houses are flying off the shelves in the East Midlands, I can't see it.

I can believe a small spring bounce, but if you're an EA don't prices tend to wax and wane through the year? What's going to happen in the East Midlands during the long cold winter? Outside London, is the spring bounce as bouncy as it should be?

Billy Shears

[munimula]

I can add however, that after goign home recently to cornwall and seeing many friends i am still amazed by thier disregard of any risks. They are obssessed with houses. The IO was talked of on many occassions.

And you think buying is now a good idea!!??

You should have stayed stronger.

[Catch22]

Unfortunately ( ), my observations around the Eats Midlands and Cornwall are that houses are selling like hotcakes and I mean selling fast!

My mother in law has been on the markey 2 years- sold for asking price yesterday.

Friends council house sold over inflted obsurd price in 2 days.

That said, you get 20% of asking....it's either great negotiating skills on your part or asperational pricing on their part.

Your mum and your friend while having offers of intent to buy, have not actualy sold anything.

[BearishBull]

That the best you got? Why not address what the poster said?

Can I address it? There's two things that bother me about these "facts":

1) A 10-year fix at 4.67% is actually 20bps lower than mortgage lenders can fund at in today's market (before even taking credit risk into account);

2) More importantly, if the market is so hot then how comes sellers are willing to accept 20% below asking?

I'm calling shenanigans!

[Rain'ard]

That the best you got? Why not address what the poster said?

Yeah, couldn’t you offer him your deepest sympathy.

[munimula]

How refreshing. Every now and then someone posts something that is both factual and indicates a level of common-sense lacking in many other posters.

What is factual about what he said? There is nothing factual about stating properties are selling like hotcakes.

I have competely contradicting view from real evidence of someone trying to sell.

EA prat

[Guest Winners and Losers]

That the best you got? Why not address what the poster said?

Umm, because you did.

That the best you got?

I am here for my beauty (see Shakerbaby's avatar), not my brains. You got me, clever, clever EA.

I'm in the East Midlands. Some of the houses around me have sold, but a lot more have been sticking for months. And one house priced at well below the market price for the type of house and street has just turned up in an auction with a guide price that if achieved, would be a massive discount from previous selling prices. I've seen asking prices around here fall, and they were already below peak selling prices. The house I currently consider my "favourite" and the one I would most likely buy if I bought today has just changed agents and dropped in asking price by yet another 2K, and the price has reduced before.

So, if houses are flying off the shelves in the East Midlands, I can't see it.

I can believe a small spring bounce, but if you're an EA don't prices tend to wax and wane through the year? What's going to happen in the East Midlands during the long cold winter? Outside London, is the spring bounce as bouncy as it should be?

Billy Shears

I have been living near Leeds for 3 months now. Everything that was for sale when I moved here is still for sale. One house in particular (someone at work tells me - cos we can see it from work at fag break time ) has been on the market for 18 mths. The 'For Sale' sign came down the other weekend. It has been taken off the market - not sold.

But I'm sure if I go out at lunch time all these properties will have 'SOLD' signs up because of the spring bounce. Surely?

[Firangi]

How refreshing. Every now and then someone posts something that is both factual and indicates a level of common-sense lacking in many other posters.

Sorry who's lacking common sense?????

[OZZIE]

THANKYOU FOR THE REPLYS.

I can only offer my anecdotal evidence.

Nothing was selling around my area for at least 18 months- I thought the end was nigh. It still may be ( although the CPI isn't promising is it!!).

I stand by what I see and that is there are plenty more houses selling. We have been looking at houses for a while and put in very low offers most refused. These houses never budged on price and now some are selling.

Yes there are still a lot that aren't. I never stated that all property was sold, but the thread reads spring bounce and IMO we are seeing a strong jump this year. After all it has been a long time since that rate change in either direction.

And yes I did get 4.67%, they were available very recently, and if we are being pedantic I got a 18.76% reduction.

I was and remainn a firm believer in HPC, however, there is still some time and monet to be spent yet. Unless the BOE do the smart thing and raise us a couple of points.

[shermanator]

Can I address it? There's two things that bother me about these "facts":

1) A 10-year fix at 4.67% is actually 20bps lower than mortgage lenders can fund at in today's market (before even taking credit risk into account);

2) More importantly, if the market is so hot then how comes sellers are willing to accept 20% below asking?

I'm calling shenanigans!

Yeah, point 2 is a very good question. It just doesn't add up.

[OZZIE]

Yeah, point 2 is a very good question. It just doesn't add up.

I got LUCKY.

Devorce and one sale fell through!

[Catch22]

THANKYOU FOR THE REPLYS.

I if we are being pedantic I got a 18.76% reduction.

You say pedantic, I say factual

[OZZIE]

You say pedantic, I say factual

English and vocabulary were never my strong point!

[Seamaster]

Although buying I remain a bear.

If there's one trend HPC should be mapping, it's the number of instances of these Damascene conversions.

If I had a quid for every time I've read "yadda yadda yadda, but I'm still a bear!!!" in the last two weeks, I could help you all with your deposits.

[Levy process]

How refreshing. Every now and then someone posts something that is both factual and indicates a level of common-sense lacking in many other posters.

That post isn't "factual". It's a load of anecdotals, with some highly dubious interpretation mixed in. It's only "factual" in the terms of an EA, or similar field of activity in which rigorous logic and regard for actual fact is lacking.

You'll have to do better than that. A lot better.

[Pete95]

Houses seem to be shifting again in the North Somerset area.

Locally another bunglow has been knocked down, and 8 "exective" houses are currently being built. Already 5 have sold, and despite having 6 bedrooms (over 3 floors) they look tiny and crammed in (rooms must be very small). And at 500k each you'd think nobody would touch them, but its not been the case

Loads of stuff around here is either under-off or sold - a pokey 2bed bunglow which sold about a year ago for £175k has had the usual paint job and b&q kitchen, and I laughed recently when it came back on at £300k - but it was sold within a week

Another pokey 3bed house was on for ages for £235k, and recently came on at £315k with the ususal treatment, and that appears to have sold as well???!! sign has come down anyway.

I think a tax on 2nd homes/BTL's might be the only way back to sanity.

[OZZIE]

That post isn't "factual". It's a load of anecdotals, with some highly dubious interpretation mixed in. It's only "factual" in the terms of an EA, or similar field of activity in which rigorous logic and regard for actual fact is lacking.

You'll have to do better than that. A lot better.

AND THE DUBIOUS INTEPRETATION IS?

What is this site if it is not to offer and discuss anecdotals from indivduals around the uk and the world.