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Asking Prices Are Up!

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Just been surfing Rightmove for my local area (Basingstoke) and asking prices are definately up....and up substantially.

Dare I say it, after nearly 2 years of a sticking market and marginal falls, they are back up to at least July '04 and by the looks of it a few % above that.

I can only assume the locals have got wind of the news from London and somehow think they are entitled to a piece of the city action.

Now before you lot slate me I am refering to asking prices in my own micro area, my focus has been in the £300K to £500K bracket, and I haven't a clue as to how these are shifting.

Personally I can't believe they will shift at these prices as the towns average salaries are not that great and it's a slog of a commute to the big smoke.

It's maddness, absolute maddness I tell you.

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I have a friend who bought last year for £330k.The place needs some work. He now believes the estate agent who says his place could be worth £450k this year.

Of course he's ignoring the 2 brand new houses just up the road, similar sizes, same number of bedrooms, in top condition, not requiring any work.

They've been on the market at £370 for a year, no takers.

Yet he's sure his place has gone up £100 odd grand in a year :blink::blink:

Edited by BandWagon

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Asking prices do go up at the wrost possible time. I saw a house, been on the market since last Autumn at £425,000. Two weeks ago the prces went up (same EA) to £475,000! Uh? Anyway, now dropped down to £450,000. The vendor thinks the market is going up again and believes his house is also worth more. Completely ignores the fact that it didn't sell at £425k so it sure aint gonna sell at £475k!

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They are only asking prices and the EA's think everyone is so stupid they have hiked prices for the spring bounce (not) knowing full well that buyers are going to be putting in low offers. Don't be fooled.

The other thing I am noticing is that some properties are ludicrously overpriced and then another vendor with a similar property on the same road comes along and spoils the party by putting on their property on about 30k less, and then sells. Many overpriced properties are just languishing. This process will depress prices.

Edited by Buffer Bear

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They are only asking prices and the EA's think everyone is so stupid they have hiked prices for the spring bounce (not) knowing full well that buyers are going to be putting in low offers. Don't be fooled.

Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

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I know three people moving in Bromley, Chislehurst and Orpington (South London) all houses have asking prices below 2005 prices (looked up on Ourproperty) and all offers have been accepted 3-5% below them.

I'm sure some areas in the south east may see rises, but not that I can see in my part of South London.

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In Ashford, Kent I'm finding nice houses at good prices in nice areas are selling very fast - 24 hours to 2 weeks. Other houses are seeing price reductions or change of agent as the seller won't take a price cut. Folkestone looks similar. Lot of 'For sale' boards up on the way into Canterbury and have been for weeks, with only one 'Sold': another Sold board has since been taken down. The latter property had boards from 4 agents up outside. A house over the road in Ashford has had Sold up for literally months. Quality does seem to be replacing quantity...

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

Prices may be booming but offers are not. Volumes are up buyers are down. I am talking about South London and the properties that I track are defo. falling. We are in a position to buy now but I know what I am seeing so we shan't be flushing our deposit down the toilet but simply adding to it. :) It certainly is cheaper for us to rent than buy. :)

Like Kam I cross reference properties, using houseprices.co.uk to confirm my suspicions. What I can tell you, for the same money you can get 4 bedrooms instead of 3 compared to 18 mths ago.

Edited by Buffer Bear

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Asking prices do go up at the wrost possible time. I saw a house, been on the market since last Autumn at £425,000. Two weeks ago the prces went up (same EA) to £475,000! Uh? Anyway, now dropped down to £450,000. The vendor thinks the market is going up again and believes his house is also worth more. Completely ignores the fact that it didn't sell at £425k so it sure aint gonna sell at £475k!

Denial reinforcement. You cannot accept reality so you compound the denial by reinforcing your action. E.g. house prices slip 10%. Seller cannot believe this so puts his price up 20% to reinforce his denial. THis kind of denial seems to come out when a negative trend has become entrenched causing fear and a sense of surrealism that you are the exception to the rule and will get "lucky."

:lol:

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

Pull the other one.

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Denial reinforcement. You cannot accept reality so you compound the denial by reinforcing your action. E.g. house prices slip 10%. Seller cannot believe this so puts his price up 20% to reinforce his denial. THis kind of denial seems to come out when a negative trend has become entrenched causing fear and a sense of surrealism that you are the exception to the rule and will get "lucky."

Intuitive comment RB.

A kind of 'perverse logic' seems to apply in falling markets; people see prices dropping which provokes the irrational response of asking more as if this will somehow defy the affects of gravity.

Boy, this does remind me so much of the last crash.

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

not round here mate!

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

Exactly what part of the south east? We've been looking in the south east and houses are sticking, prices are sliding and EAs are resorting to ingenious tactics such as offering to drive two miles to pick me up and drive me half a mile from my house to the one I wanted to view for God's sake! Utterly desperate! We've just flicked through the property weekly too and as well as a warning to would-be buy-to-letters that there isn't any money to be had in the market now on the front page, there is also an average of five properties per page listed as being 'price reduced'. The house that my sister sold last May for £220,000 is now on the market again for £189,995. Prices booming? I'd love to know where!

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

You are talking utter dross.

I am in the South East and the market has now stalled once again. Plenty of new instructions, but only a few bits and pieces are going SSTC, certainly LESS than is coming onto the market, so we have supply starting to outstrip demand once again.

Now there is also talk of interest rate rises, actual interest rates for mortgages have been rising, petrol is nearly at £1.00 a litre, unemplyoment is up for the 11th month, etc, etc.

Coffee??

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Anyone from around T.Wells on here? Would love to know views on local area?

I am

Quality housing is moving, but not exactly "flying off the shelves" Sevenoaks market still looks good.Think the market here will stall in the next couple of months. Everythings vastly overpriced and few (if any) FTB's

Edited by cupidstunt

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Anyone from around T.Wells on here? Would love to know views on local area?

There's a recent thread on the local forum.

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I'm a bit pi$$ed off with prices at the moment. I thought I was renting a 250K property for 750 quid PCM when it turns out the one upstairs has been reduced to 210K. Honest, this neighborhood is going right downhill. Time to move :lol:

Anyway, tonight I thought I'd have a look at Nethouseprices to see what the morons are paying for flats in my block. It's ages since I had a look and I'm glad I did.

The identical flat next door to the one available at 210K was bought in July '04 for ...........wait for it..............280K :o

Maybe that one had a gold plated bog? :lol:

70K!!! That's about seven and a half years' rent (conveniently ignoring all the mortgage interest you would have to pay on that 70K).

Remember kids, renting is dead money. ROFLMAO, PMSL etc etc....

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

not where i am living

i know of houses on the market for most of last year, they fell last year, volumes are down and we have a LOT of new builds in the area, massive slowdow plus loads of new supply growing incolvencies, growing bankruptsies, growing bad debt in the banks, increasing nature of contract employment, short term contracts and jobs lost overseas...

everything points one way

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I'm a bit pi$$ed off with prices at the moment. I thought I was renting a 250K property for 750 quid PCM when it turns out the one upstairs has been reduced to 210K. Honest, this neighborhood is going right downhill. Time to move

Me too.

The house I am renting was worth £450K in 2004 and now identical houses are going for £375K. This means the landlord's yield has gone up from 2.6% to 2.8% which is an outrageous return (that's before maintenance costs, insurance, legals, voids etc.)

Who do landlords think they are? Time to move up the (rental) property ladder I think.

Edited by Red Baron

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Be fooled. Be very fooled. I am in the South East and prices are booming. I know it's not what you want to hear but we are getting offers over asking again on properties with more than one interested buyer.

dont know where you are in the south east but here in berkshire they being reduced thers one i have been watching £295 k aug 05 today £249 K

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SiTA,

Where abouts are you?

I would think you would be Greenwich or Southwark, they are the only two South East London boroughs I know that have seen increases lately,

certainly not Bromley nor the South edge of Lewisham

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In Ashford, Kent I'm finding nice houses at good prices in nice areas are selling very fast - 24 hours to 2 weeks. Other houses are seeing price reductions or change of agent as the seller won't take a price cut. Folkestone looks similar. Lot of 'For sale' boards up on the way into Canterbury and have been for weeks, with only one 'Sold': another Sold board has since been taken down. The latter property had boards from 4 agents up outside. A house over the road in Ashford has had Sold up for literally months. Quality does seem to be replacing quantity...

Agreed.

I live in Ashford too and have been looking for the girlfriend for a two bed property.

ALL two bed properties seem to sell within a week, I looked at one for £115k which needed a lot of work, windows, flooring, kitchen, damp in two rooms , in short a full refit.

They were taking sealing bids, there was so much interest they did two sets of bulk viewings and the last time I heard it was at 122k and upwards.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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