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Ellie

Going Fast In Bristol

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My friend put his two bed house on the market for £145,500 Monday morning - three viewings Monday afternoon, sold Tuesday morning for the asking price(two offers). Went back to house he had viewed to buy Monday evening - sold. The EA told him that he wants a place he can't afford to think about it or it will be gone......House price crash?? not yet it seems....how long can this madness continue - although it seems to me that the EA windows seem sparse of late..

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My friend put his two bed house on the market for £145,500 Monday morning - three viewings Monday afternoon, sold Tuesday morning for the asking price(two offers). Went back to house he had viewed to buy Monday evening - sold. The EA told him that he wants a place he can't afford to think about it or it will be gone......House price crash?? not yet it seems....how long can this madness continue - although it seems to me that the EA windows seem sparse of late..

I think half of the problem in Bristol is that there isn't much coming on the market at the moment. I've been getting email updates from rightmove for varoius areas around north Bristol and they usually only have 1 or 2 properties on there, normally there would be many more than this.

Also, I havent seen many for sale signes lately on my drive to work, ther would normally be at least 5 or 6.

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A BTL colleague is selling up in Bristol. He has a two bed flat which he has been letting out for 3 years. He is selling up primarily because the revenue (after managing agent's fee) does not cover the mortgage. He was extremely bullish but has now accepted not only that prices have not risen at all since he bought it but that they have declined slightly. I confirmed his view by checking on Upmystreet. For the doubting thomas' out there his post code is BS1 5EH - see for yourself.

How does that square with the VI bullsh*t? ;)

Edited by othello

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Reading this post has brought on a deja vu for me.

I bought a house in Greville Road, Southville, Bristol in the Spring of 1986. I had a similar experience when house hunting and 'missed' buying a place by thinking about it overnight. When I viewed first time at the house I bought, I took the opportunity to say to the owners who showed me around that I was impressed enough to make an offer, and offered the asking price within a few hours of viewing. Later the vendor got greedy and asked for £500 more, which I stumped up ! Sure signs of an overheated market. As a working single parent I had a limited number of renting options and my investigations into housing co-ops came to nought, I had to find a home and pay the price, which was £30K and stretched me to painful financial limits.

In 1988 the chancellor of the day announced that double helping mortgage interest relief would be abolished next budget and people piled in like lemmings to get their hands on a property before the deadline. The prices that I had thought steep went stratospheric.

Then what happened . . . . . uh - huh !

I think Bristol will always command a premium. Employment prospects are healthy there and a huge student population rents. In the 80's few lenders would have offered mortgages for buy-to-lets against the collateral of the homeowner's equity, but in the last decade, and mostly since 2000, they've been the mainstay of HPI imho. But Bristol is not immune to correction. It took a couple of years to peak in 1988, this time it will take longer, but the result will be the same.

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It wasn't that widely publicised in the press but the MOD (a major employer in the area) will be moving approximatly 2000 jobs from various locations around the country to Bristol. Of course, not all people will decide to move with their job but there will still be a lot of people/families looking for houses around Bristol many of them with relocation allowances to spend. This will all happen between now and 2008 and I expect it will provide support to the housing market around Bristol during that timeframe.

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And Lloyds TSB have sacked hundreds - problems at Orange, etc. No, the Bristol economy is far from booming and is definitely a low-wage economy - take a look at Bristol salaries - v poor on the whole.

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When I viewed first time at the house I bought, I took the opportunity to say to the owners who showed me around that I was impressed enough to make an offer, and offered the asking price within a few hours of viewing. Later the vendor got greedy and asked for £500 more, which I stumped up ! Sure signs of an overheated market.

£500? when i tried to buy a flat 2 years ago the vendor asked for £6k only 2 weeks before completion! told him to sod off!

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It wasn't that widely publicised in the press but the MOD (a major employer in the area) will be moving approximatly 2000 jobs from various locations around the country to Bristol. Of course, not all people will decide to move with their job but there will still be a lot of people/families looking for houses around Bristol many of them with relocation allowances to spend. This will all happen between now and 2008 and I expect it will provide support to the housing market around Bristol during that timeframe.

The MoD don't allocate a relocation budget unless it is Permanent in the Public Interest (PPI) which these relocation posts do not fall under. There are also a lot of redundancies in the MoD at the moment also and a ban on recruitment.

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The MoD don't allocate a relocation budget unless it is Permanent in the Public Interest (PPI) which these relocation posts do not fall under. There are also a lot of redundancies in the MoD at the moment also and a ban on recruitment.

I dont know if the jobs will be PPI or not but I would be very surprised if none of the jobs are PPI (I expect most would be given the types of jobs that are moving). Also a lot of the job cuts at the MOD have been achived through natural wasteage and early retirements, not really the sorts of people looking to buy their first house.

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I dont know if the jobs will be PPI or not but I would be very surprised if none of the jobs are PPI (I expect most would be given the types of jobs that are moving). Also a lot of the job cuts at the MOD have been achived through natural wasteage and early retirements, not really the sorts of people looking to buy their first house.

Well according to people in my office a few of them will be PPI. Then a lot of grades are mobile so they could have it forced on them. They might leave. Unions are kicking up about it. Interesting times. CDL said to me 'If we were a private company we would allocate a budget for it and it would all be over in 6 months. As we use taxpayers money we have to do the same thing, probably at greater cost, but over a longer timescale whilst appearing to save money'. This is the way government works. You have to pamper to public perception regardless of whether it is correct or not.

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SNIP

I think Bristol will always command a premium. Employment prospects are healthy there and a huge student population rents. SNIP

Good point, exacerbated by the kind of student that typically goes to Bristol.

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My friend put his two bed house on the market for £145,500 Monday morning - three viewings Monday afternoon, sold Tuesday morning for the asking price(two offers). Went back to house he had viewed to buy Monday evening - sold. The EA told him that he wants a place he can't afford to think about it or it will be gone......House price crash?? not yet it seems....how long can this madness continue - although it seems to me that the EA windows seem sparse of late..

After a busy spring there is lack of new housing coming on to the market in Bristol and some areas of the city are selling at close to asking price because of this. It's worth adding that an extremely high number of sales are falling through too.

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  • 302 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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