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HousePriceLottery

I'm Flabbergasted: 3 Bed Detached, They Want £250k

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I normally don't post these sort of things but I am simply speechless at this.

3 bed detached, ok area of Edinburgh, nothing special, outrageous price £249K!

http://www.espc.com/EspcPublic/UniversalPa...aspx?rid=214257

They literally bought it last year for £176K and now they want an extra £73K for it!!!

http://www.nethouseprices.com/index.php?co...code=EH10&year=

Unsurprisingly it's not sold yet... let's hope it stays that way.

Edited by HousePriceLottery

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seriously, if you thought you could sell your house for £250k why would you put it on the market for less?

In Scotland we do a offers over system so you generally always put it on for less and then let the auction bid it up. In the case of this place it went on at offers over £249K then got no offers.

My point is what makes someone think that an already overpriced house is worth 40% more in one year! Especially when 4 bedroomed ones nearby have been selling for less than that.

Edited by HousePriceLottery

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Love the description!

That has to be a new definition of the word 'Villa'.

What are Villa's called now I wonder?!

I think we're in a 'house price description' bubble.

.

Edited by Landagan

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In Scotland we do a offers over system so you generally always put it on for less and then let the auction bid it up. In the case of this place it went on at offers over £249K then got no offers.

My point is what makes someone think that an already overpriced house is worth 40% more in one year! Especially when 4 bedroomed ones nearby have been selling for less than that.

they may well be deluded but how much time and money does it cost them to start higher and lower their price later?

I agree with you but I've often seen people pay the "wrong" price for a house. There is no logic to prices when there is a bubble but you can't blame them for trying it on.

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Love the description!

That has to be a new definition of the word 'Villa'.

What are Villa's called now I wonder?!

I think we're in a 'house price description' bubble.

.

I was thinking the same! The reason it's gone up so much in value is, it's changed from being a house into a Villa!

I've just thought of a great money making scheme. I'm going to buy up a load of flats then flip them at a 30% increase by calling them "apartments" Easy! :lol:

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Check again - it's SOLD already....

(and a "TO LET" sign is already outside)

Edited by dnd

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Yes I can...

Ok so I'm being irrational but they drove me to it!

Not an attack, but I think your frustration is part of the problem, it leads a lot of people into panic buying. It would be nice to own my own house but at these prices I just say no thanks find another mug.

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Not an attack, but I think your frustration is part of the problem, it leads a lot of people into panic buying. It would be nice to own my own house but at these prices I just say no thanks find another mug.

Who doesn't feel frustrated with it?

Such a glaring injustice being spectacularly exploited sometimes knowingly sometimes unwittingly by so many.

Just put the TV on, some home auction program on Beeb 1. Walk down the street that house and another one bought last year (!) sitting there oozing greed. Get to the shops, there's the estate agent's (window newly repaired from being smashed, presumably disgruntled customers) with a window full of absurdity - a 2 bedroomed flat a snip at £200K.

I wouldn't have a problem with renting but 3 bed houses to rent are impossible to come by here, it's not like down south.

How can you not be frustrated!

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We saw a house sell for £275 last January only to be put straight back on at £398k.! Of course, only the outside photos are showing while I suppose the new owner does a bit of TLC inside.!

Its all madness.

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I normally don't post these sort of things but I am simply staggered at the greed of this.

3 bed detached, ok area of Edinburgh, nothing special, outrageous price £249K!

http://www.espc.com/EspcPublic/UniversalPa...aspx?rid=214257

They literally bought it last year for £176K and now they want an extra £73K for it!!!

http://www.nethouseprices.com/index.php?co...code=EH10&year=

Unsurprisingly it's not sold yet... let's hope it stays that way.

I reckon they might well get 230 for it. I don't believe people would over egg the pudding by 75K. What would be the point? Sounds like that's the state of the market. I don't have any local knowledege though.

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I reckon they might well get 230 for it. I don't believe people would over egg the pudding by 75K. What would be the point? Sounds like that's the state of the market. I don't have any local knowledege though.

This is Scotland, we don't earn so much. This is a £180K house at best, they would be doing well to get £190K for it.

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This is Scotland, we don't earn so much. This is a £180K house at best, they would be doing well to get £190K for it.

But is also in Edinburgh which is its own little world as far as house prices go - I wont be surprised if they get their £250,000 for it because as everyone at my work says, Scotland isnt like England you know prices have never gone down here (and by inference never will)

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But is also in Edinburgh which is its own little world as far as house prices go - I wont be surprised if they get their £250,000 for it because as everyone at my work says, Scotland isnt like England you know prices have never gone down here (and by inference never will)

Minor flaw in their plan, prices have never gone up like they have in England, until now that is.

I'll eat my hat if they get £250K for this place. There were two others which had been upgraded with extensions on at that price recently and both have been withdrawn from sale.

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I wouldn't have a problem with renting but 3 bed houses to rent are impossible to come by here, it's not like down south.

How can you not be frustrated!

17 3 bed properties to let on Rightmove in EH10 for £900 or less. Shouldn't be that difficult. Landlords are willing to negotiate too. Bide your time.

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17 3 bed properties to let on Rightmove in EH10 for £900 or less. Shouldn't be that difficult. Landlords are willing to negotiate too. Bide your time.

Try narrowing that down to houses instead of flats and you'll see what I mean. Then try getting unfurnished ones...

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Try narrowing that down to houses instead of flats and you'll see what I mean. Then try getting unfurnished ones...

The beauty of renting is that you don't have to live there forever if something better turns up.

My landlords offered to move the furniture out when I moved in. We negotiated the price and the terms. As it is I got rid of some of my own furniture. Not a big issue. Certainly less of an issue than 30% negative equity a few years down the road.

Again, I don't want this to sound like an attack but it seems it's not a question of shortage of housing so much as shortage of something that fits your exact aspirations.

Living in a flat is not such a big issue even with kids.

Sounds more like you're afraid you'll be priced out forever which is a different discussion.

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Again, I don't want this to sound like an attack but it seems it's not a question of shortage of housing so much as shortage of something that fits your exact aspirations.

Living in a flat is not such a big issue even with kids.

And I wouldn't like you to think this was an attack on the fact you don't seem to know much about the in's and out's of raising a family but you've obviously never tried to lug a bairn, shopping and a pram up 4 flights of stairs.

The simple fact of it is that there is a shortage of family friendly rentable accomodation here. When you do find it more often than not you it's someone renting out their own home for a short period of time and you have to move on every year or so.

You have to consider keeping the kids in an area where they can go to the same school and stay in touch with their friends.

And you've obviously never had the depressing feeling that you can't even decorate your own childs nursery.

Renting may be easy enough when you don't have wee ones but once they come along it's a problem.

As for being worried about being priced out, I wouldn't give two hoots if I was priced out for ever if I could have somewhere rented to live here which came close to what you could have if you could afford to buy.

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My home, if I were to wish to sell it, I'd stick on at £80k more for it than I paid fot it 4 months ago...

£35k spent, £15k added value above money spent, £20k price rises in intervening period and £10k for hope / negotiation.

I don't know these people's situation but prices can go up as well as down.

EDIT: Survey for remortgage purposes indicates that this is reasonable.

Edited by Father Fred

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seriously, if you thought you could sell your house for £250k why would you put it on the market for less?

And why not put it on for 400K if some muppet will offer you 300? This is typical of the bubble, where arbitary prices are stuck onto properties which then sell due to the sentiment of "if I don't buy now, it'll be dearer next month!". Add to this cheap credit and you have the ingredients for a prolonged bull market and bubble.

It'll be interesting when sentiment changes, though, as it will; every digit of an asking price will be scrutinised and bartered over, as it was when I first bought during the last trough, in 1996. A thousand pounds was a lot of dosh back then and still is. It's just that with the rampant HPI we've suffered, people have become de-sensitized to the sheer amount of money they've dealing with in the belief that they'll make it back in a market that can only go up, thereby increasing their equity and 'paying off' their debt.

"Stick another 50 grand on the mortgage, it'll be fine..."

It'll end in tears...

:blink:

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And why not put it on for 400K if some muppet will offer you 300? This is typical of the bubble, where arbitary prices are stuck onto properties which then sell due to the sentiment of "if I don't buy now, it'll be dearer next month!". Add to this cheap credit and you have the ingredients for a prolonged bull market and bubble.

It'll be interesting when sentiment changes, though, as it will; every digit of an asking price will be scrutinised and bartered over, as it was when I first bought during the last trough, in 1996. A thousand pounds was a lot of dosh back then and still is. It's just that with the rampant HPI we've suffered, people have become de-sensitized to the sheer amount of money they've dealing with in the belief that they'll make it back in a market that can only go up, thereby increasing their equity and 'paying off' their debt.

"Stick another 50 grand on the mortgage, it'll be fine..."

It'll end in tears...

:blink:

I don't know what the problem is. You have faith in markets long term reversion to trend - just be patient.

The person adding the unjustified money ontot he asking price might be more of a bear than you, just slightly more bullish about how stupid people are at the minute.

The alternative is having a civil servant telling you how much to put your house on the market for, or even setting the price, and we don't wanna go there!!

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The alternative is having a civil servant telling you how much to put your house on the market for, or even setting the price, and we don't wanna go there!!

Isn't that exactly what they do with land prices...

hence the problem.

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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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