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Hi all,

My situation - renting in South Nofolk rural EA, been watching house prices in UK (esp. EA) for about 3 years....cannot afford to buy...

EA prices have gone through the roof in the last years (like everywhere else) but recently all seems pretty quiet...

A friend of mine came into some money, sold her 1 bed place for 95k and got a 2 bed place for 123k in May 2005.

She looked into selling this house a few weeks ago (bubs on the way) and wanted a 3 bed place...she had put in central heating, lovely kitchen (v. expensvie) redecorated the whole house (looked a bit shabby before) new carpets - the works...spent about 11k on it...

Had it valued...one said 135k and aim for 130k

One said 130k and aim to get 125k cos of stamp duty

The other said dont count on getting more than 125k cos of stamp duty

She can not afford to move...

A house 2 doors away from myself was put on the market 19 months ago...didnt sell...now back on the market at only 5k more (160k) ...still hasnt sold...lovely 3 bed house, great location...

A friend of ours bought a 2 bed place November 2004 (North Suffolk), did minimal work to it...18 months later has just sold it for exactly what he paid...

Anyone else noticing anything like this in EA?

Be interesting to hear what is going on rather that what we are fed by the press etc...

x x x

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Good post - I'm Mid Norfolk and I see not much happening, the market seems pretty dead.

A friend who works as a property developer tells his parents who wish to downsize that the price needs to be reduced from £215K to £190K which is a start. And a friend who lost £20K on the value of a house initially has just sold it - for a good profit 10 years later as he was scared that the same may happen to him again. Another chap I met in the supermarket bought his for £95 - was advertised for £115 in early 2005.

The EDP property mag has increased by a third from this time last year and so people appear to be at the 'I'm not dropping my price' stage.

It seems that there is a lot of debt creating illusiory wealth about. Everyone seems to know someone with huge CC debt or massive and barely affordable mortgages. If the economy gets hit (if :lol: ) we'll be seeing a lot of fall out. Cripes have you seen 'Trisha'. If I said it's shot in Norwich you'd understand.

It's not a healthy mentality at all.

Edited by music man

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The only houseing that is selling in Felixstowe at the min is 2beds,anything over 125.000 is hanging around. Also i have seen a lot of price drops eg was

http://www.banhamdark.co.uk/index.cfm?page=550&id=828

now

http://www.rightmove.co.uk/viewdetails-462...pa_n=2&tr_t=buy

this is the second redution was up for £184.000

my house as ben on the market for 18 weeks,13 views no offers :o:o

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I really though a rate rise was a dead cert for this year which would begin to push prices down, but because of recent falls in the stock market wiping out all the gains since the beginning of the year it now looks like it rates could stay on hold for another 9 months to a year. Bad news for us bearish FTBs as without the financial and psychological effect this would have on the housing market means we could have another year of stagnation or only slight falls - very frustrating to say the least!

I'm not so sure. I know the stock market falls might reduce the chances of an interest rate rise.

But, think of all those people who might have used their investments in shares to fund their deposit or their leap up the property ladder. I know my STR fund has taken a bit of a knocking (luckily only a very small fraction is in equities). It does mean there's less money around for spending on the property market.

As a Cantabrigian, thanks for all the EA (East Anglia) posts and look out for the next Cambridge pub meet (announcement soon).

GL

Redwing

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Playing devils advocate here since I am bearish on property... a falling stock market will mean some investors will go to property instead and potentially prop the market?

I own a house and have been stung badly by my first foray into Stock/Share ISAs. I am going to put any money now into paying off my mortgage until the situation is clearer.

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I wanted to comment about the situation in Norwich/Norfolk. I'm convinced that the local press (EDP) is contributing to the hype by supporting the local Estate Agents who obviously contribute a very significant part of their revenue. They must be offering them some great advertising deals to the agents right now.

In the Norwich area there is a definite shortage of property - and certainly a shortage of realistically-priced property. Contrary to what some say on this forum, I feel that the EAs are advertising pretty much ALL the properties on their books, and this explains the apparent swelling of the local EDP property supplement. You see most properties advertised every week these days.

There are much fewer properties on the market right now - just think about how many more agents' boards you saw on the streets 3 or 4 years ago. There are fewer people wanting to move, and that's because people don't want to face up to the true market values.

I unfortunately could not hold out any longer and had to buy just recently, but only after exploiting the fact that I was not in a chain (was renting) and found a buyer that was desperate to sell. I'm sure the situation for buyers will become more and more favourable over the next 12 months.

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Hello – I am renting in Norfolk – little west of Norwich – close to Holt

Although there is not much selling here – the big towns where there is work seem to be doing well.

Rightmove confirms that prices are going up 10% YOY at the moment

I looked at a house 3 miles from Cambridge – it was up for £315000 it had 21 viewers in the first 2 weeks and sold above asking price – there seems to be a huge shortage of properties around Cambridge –so I expect prices to continue upwards and spread outwards from the towns

My opinion only

Reetham is my preferred area in Norwich

Looking forward to going on one of these meets

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Hi EA People,

I'm a EA commuter, living in Cambridge and working in Norwich. The thing that baffles me with Norwich and Norfolk is the huge increase in house prices are just totally out of sync with wage increases and job opportunities. The new develpoments near the river are so expensive for a city that has little industry that provides the wages needed to buy these homes. In the last few years of commuting, Norwich house price purchasing has been appealing for its reatively cheap prices compared to Cambridge. The problem is that is now not the case. I went to a mortgage advisor in Norwich who had just bought a 4bed house for the price that i was considering paying for a 1bed flat in Cambridge and even she said it was a strange situation in Norwich, because while lots of people are 'making money' this is only the case if younger buys can afford to borrow the money to buy their houses.

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hi, I rent in central norwich and have been looking at houses for about a year. I would say it has been mostly static, with some rises in golden triangle and maybe some falls in flats. Golden triangle is terrible value imo, I lived in the area for years and it isnt really that good. Two flats on upper st giles were on the market for 125k and 120k, but saw they were sold for 90k and 91k. They were unusual properties, but reassuring to see. I agree with previous poster about the mystery of norwich house price rises given the lack of jobs, university is a big factor but also norwich union. Our flat is in a block that is only half occupied, rest are owned as second homes I think, town pads for rich north norfolkians maybe. I'd like to hear any more anecdotes or info esp on town flats, which there seems to be a glut of.

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  • 333 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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