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Just sold for full asking and have been looking around. Every EA says there is a shortage of properties on the market but tons of buyers. Prices are gonna be driven up from this.

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Just sold for full asking and have been looking around. Every EA says there is a shortage of properties on the market but tons of buyers. Prices are gonna be driven up from this.

Ever heard the saying "Don't ask a barber if you need a haircut" ?

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Just sold for full asking and have been looking around. Every EA says there is a shortage of properties on the market but tons of buyers. Prices are gonna be driven up from this.

My dad's girlfriend recently sold her house and it was valued, and achieved, above what it was worth 6 months ago. It was in Acton (west London) and EAs said similar things to her about the seemingly high demand in the area. Some houses she looked at were sold within a week of going on the market!

I am bearish for London prices over the next two years, but this news gave ammunition to my dad that house prices won't go down. I can only wait to be proved right and hope that I am (I am a STR).

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I know this is the London Property forum but heck: Brighton and Hove might as well be! I agree, there seems to be no end of HPI in sight in the South East generally. The local EA's in B&H are arranging group viewings (5 or 6 viewers at a time) clearly there is still no end of demand.

Oh well another lottery ticket seems my only hope of getting my own home (to live in!).

Edited by MrBenn

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I have to disagree. Things were frantic up until six weeks ago, but have calmed down considerably. EAs are telling me it's very buoyant, but prices have levelled out - and this is the same message I get from my own research.

IMO I haven' t seen prices rises in Kingston on Thames and surrounds in the last six weeks. OK, they did go up about 10% from Jan-June. If something is well priced, I agree it will sell very fast, but if it's over priced it's just not selling.

With the rapid increase in prices through to June/July this year, EAs were putting some houses on at silly money expecting the prices to go up and up. Example is a house went on for stupid money in June at 750k (the EAs had said, try it on at 780k) in a desirable area. After two reductions it's now on at 690k and starting to generate some interest. However, it's only had 3 vieiwings in the last two weeks. I don't believe anyone who tells me of block viewings in August, because you only have to walk up and down the High Street, and the EAs are empty, as everyone's on holiday.

I agree things are buoyant, but the silly market of Jan-Jun IMO has gone (or has at least taking a pause, as no one knows what'll happen in the future).

Don't forget that in London 2/3rds houses are sold in the sping/early summer market, so demand in the autumn market is usually a lot less. The only fly in the ointment I see in the city bonuses, but these won't kick into the housing market until early 2007.

This year pressure came from both sides as FTBs and BTLs came out in force at the bottom of the market, and bonuses put pressure at the top end. But with FTBs now virtually extinct, BTLs providing no return on investment and IRs on the up, I don't think even the bonus money in 2007, will cause what we've seen in the first half of 2006. This is because the housing market predominantly works from the bottom up, not the other way around.

Caveat empore! And also make sure you do your own in depth research.

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Fair points. I'm sticking to my guns on this one though in B&H.

Have a friend who, with his partner has just sold (yes in August) 2 bed flat for some £2500 over the asking price.

No it wasn't undervalued (well I don't think so) £200,2500 for a 2 bed FF flat in hove.

I'm not trying to be bullish, just telling it at I see it, I have been watching the market closely for several years and there seems to be no end for demand here.

I wish I could say that things appeared differently, but I can't, this is my experience. :(

Edited by MrBenn

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According to home, median flat prices in hove

Asking Price : £249,950

Selling Price : £158,000

http://www.home.co.uk/guides/house_prices.htm?location=hove

http://www.home.co.uk/guides/house_prices_...=hove&all=1

There is a 100k gap between asking prices and what things are actually selling for!?!?! I guess you get the odd idiot who offers above the asking price when a flat is on the market that looks cheaper than the rest....

As for demand, there are 710 flats up for sale in hove atm, last month only 192 sold. Looks like many flats never sell. It will take three and a half months with no property added to the market to sell all the flats on the market in hove

Edited by moosetea

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My dad's girlfriend recently sold her house and it was valued, and achieved, above what it was worth 6 months ago. It was in Acton (west London) and EAs said similar things to her about the seemingly high demand in the area. Some houses she looked at were sold within a week of going on the market!

I am bearish for London prices over the next two years, but this news gave ammunition to my dad that house prices won't go down. I can only wait to be proved right and hope that I am (I am a STR).

I have just exchanged in selling my house in West London(Ealing). It went for Above the asking price as we had a bidding war. EA's all said that there isn't enough 3 bed family properties on the market. We sold within 48 hours of going on the market.

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Guest Cletus VanDamme

There's huge optimism in London at the moment. The Olympics, transport is improving (slowly), plans to pedestrianise Oxford St, lots of investment and new development, lots of jobs. High London prices are here to stay I think. I'm just glad I didn't take people's advice on this forum in 2004 when we sold and bought again (was seriously considering STR).

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I have just exchanged in selling my house in West London(Ealing). It went for Above the asking price as we had a bidding war. EA's all said that there isn't enough 3 bed family properties on the market. We sold within 48 hours of going on the market.

If you've just exchaned contracts then the bidding war probably 6-12 weeks ago. A lot has happened in the last 2-3 months and prices and demand have levelled off - your info is now out of date

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Guest Cletus VanDamme

If you've just exchaned contracts then the bidding war probably 6-12 weeks ago. A lot has happened in the last 2-3 months and prices and demand have levelled off - your info is now out of date

Depends on the area of London. Central London is still booming and flats in EC1, EC2 for example are being snapped up within days - hours in some cases, particularly in The Barbican and Golden Lane estate.

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If you've just exchaned contracts then the bidding war probably 6-12 weeks ago. A lot has happened in the last 2-3 months and prices and demand have levelled off - your info is now out of date

Sure, you clutch at those straws. Two doors down sold in 5 hours at asking LAST WEEK. Hows that for up to date info. It also went for 10K more than ours(bought by one of the people who missed out on our bidding war)

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Sure, you clutch at those straws. Two doors down sold in 5 hours at asking LAST WEEK. Hows that for up to date info. It also went for 10K more than ours(bought by one of the people who missed out on our bidding war)

London prices above a million will go up as the demand is there and there really is a shortage. As for the rest its going up. Best to start buying the problem is that there is a shortage of properties , but most people havent got enough money so its foreigners.

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According to home, median flat prices in hove

Asking Price : £249,950

Selling Price : £158,000

http://www.home.co.uk/guides/house_prices.htm?location=hove

http://www.home.co.uk/guides/house_prices_...=hove&all=1

There is a 100k gap between asking prices and what things are actually selling for!?!?! I guess you get the odd idiot who offers above the asking price when a flat is on the market that looks cheaper than the rest....

As for demand, there are 710 flats up for sale in hove atm, last month only 192 sold. Looks like many flats never sell. It will take three and a half months with no property added to the market to sell all the flats on the market in hove

I'm still not convinced. I guess people will always see what they want to see. Median flat price probably includes 1,2 and 3 bed flats. Without wishing to be rude, clearly you've not been to hove lately. If you are seriously expecting me to believe that there is a 100k difference between asking prices and selling prices in Brighton and Hove - well you've lost it!! That is the most preposterous thing I have read on this forum all year. :lol::lol::lol:

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Sure, you clutch at those straws. Two doors down sold in 5 hours at asking LAST WEEK. Hows that for up to date info. It also went for 10K more than ours(bought by one of the people who missed out on our bidding war)

I've been keeping 6-7 desirable edwardian houses under surveillance in SW18/19, all of which were put on just after the height of the market (late June/early July) and hence for top money (they are in the 500-600k range). Only one has sold, and I know the agents there on with do regularly update their websites. The vendors are obviously in no rush to sell. You don't want to deal with these type of vendors.

However, a couple of similar properties have come on 30k cheaper (and similar spec) and they have sold very quickly. My research says that the market is not being bid up at the moment, but a house at a good market price will sell quickly.

I don't know where you are selling, but there will always be differences, based on desirability of the area and house. In London £10k is naff all. If someone is desperate for a house in a particular road, they'll pay a bit extra. The mentality of someone whose lost out in a bidding war, means they'll do anything to secure the next house through panic. £10k extra does not tell be things are still wild and booming.

Don't forget house prices were going up £10k fortnight in March through June.

I don't know what's happening in Central London, because that's a different type of market, but a bit further out IMO it has levelled off.

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Guest Cletus VanDamme

I don't know what's happening in Central London, because that's a different type of market, but a bit further out IMO it has levelled off.

In EA speak, the central London market has been 'absolutely mental' recently. People are waking up to the benefits of living centrally, walking to work, and walking home after a night out in the West End. You can easily pay over £400K for a 1-bed flat. Just put in EC2 or EC1 into rightmove and findaproperty and you'll see what I mean.

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Why travel when you can live right close to your work?

Have more time for you and the family.

You save loads of travel time and if you play your cards right recoup most of the increased mortage or rental costs by saving loads not travelling on the smelly underground or broken trains. Commuting is horrendous, dont do it.

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According to home, median flat prices in hove

Asking Price : £249,950

Selling Price : £158,000

http://www.home.co.uk/guides/house_prices.htm?location=hove

http://www.home.co.uk/guides/house_prices_...=hove&all=1

I'm not sure but it loooks like the average sold price is the average since April 2000 whereas the average asking price is over the last 14 days only, which would explain the disparity.

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There's huge optimism in London at the moment. The Olympics, transport is improving (slowly), plans to pedestrianise Oxford St, lots of investment and new development, lots of jobs. High London prices are here to stay I think. I'm just glad I didn't take people's advice on this forum in 2004 when we sold and bought again (was seriously considering STR).

:lol::lol::lol:

Er, wasn't there a retraction of last year's ridiculous IR cut (with which Merv was apoplectic) and doesn't the City price in another rise by November?

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It really is like banging your head against a wall...............

Personally, the ongoing state of the London market makes me want to cry. friends over the road (SE26) just sold their two bed garden flat for 279,000- bought it for 222,000 in 2004. They're also finding it very hard to buy a 3 bed in Forest Hill (budget 300k) as things go as soon as they come onto the market. I am going to sink into a very, very deep depression - we need a 3 bed, but if people cannot find something for 9 times our income, the outlook for my family is very, very bleak.

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the average sold price is for last month, according to land registry data, to sqew the results ALOT of property must be flogged for ALOT less... Using houseprices.co.uk you can get actual figures , there were some cheap sales from last month......

http://www.houseprices.co.uk/e.php?q=hove&n=100

2 20/07/2006 £147,500 Flat L No Map 10 14 Kenya Court, Flat 21, Windlesham Gardens, Brighton, Brighton And Hove, BN1 3AU

6 17/07/2006 £140,500 Flat L No Map 31, Flat 5, First Avenue, Hove, Brighton And Hove, BN3 2FH

14 14/07/2006 £120,000 Flat L No Map St Saviours Court, Flat 15, Ditchling Road, Brighton, Brighton And Hove, BN1 4SU

16 14/07/2006 £124,000 Flat L No Map 2, Flat 8, Florence Road, Brighton, Brighton And Hove, BN1 6DJ

24 14/07/2006 £128,000 Flat L No Map 71a, Shaftesbury Road, Brighton, Brighton And Hove, BN1 4NG

30 12/07/2006 £169,500 Flat L No Map 32b, Bristol Gardens, Brighton, Brighton And Hove, BN2 5JR

37 10/07/2006 £152,000 Ter. F No Map 39, Juniper Close, Portslade, Brighton, Brighton And Hove, BN41 2GS

45 10/07/2006 £127,000 Ter. L No Map 203, Thorndean Road, Brighton, Brighton And Hove, BN2 4HF

3 07/07/2006 £164,000 Flat L No Map Chatsworth Court, 2, Chatsworth Road, Brighton, Brighton And Hove, BN1 5DU

63 07/07/2006 £164,000 Flat L No Map Chatsworth Court, 2, Chatsworth Road, Brighton, Brighton And Hove, BN1 5DU

69 07/07/2006 £142,500 Flat L No Map Kingswood Flats, 40, Kingswood Street, Brighton, Brighton And Hove, BN2 9QH

70 07/07/2006 £127,000 Flat L No Map 98, First Floor Flat, Ladysmith Road, Brighton, Brighton And Hove, BN2 4EG

72 07/07/2006 £125,000 Flat L No Map 55, Flat 1, Egremont Place, Brighton, Brighton And Hove, BN2 0GB

A large percentage of property appears to sell well below the average selling price and well below the average asking price. If somone is buying property well below the asking why arent you? (I am buying a property 20% below the asking price in the midlands, and well below the peak price two years ago, i am paying the same price as a sale on an identical property in 2002). The seller has already moved out into rented, i have cash in the bank and can complete quickly...

I have loaded all junes data into excel i can tell you 195 flats sold in june and on average they sold for 183k, the cheapest flat sold for 63k and the most expensive 495k...

Edited by moosetea

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Personally, the ongoing state of the London market makes me want to cry. I am going to sink into a very, very deep depression - we need a 3 bed, but if people cannot find something for 9 times our income, the outlook for my family is very, very bleak.

When the London property market turned down in Autumn 2004, after several BoE hikes, it raised a lot of hope among FTBuyers all over tje globe (UK, France, US...). Now this market is booming again, which puts HPC theory in question.

Real estate market is slowing down in US and Europe will come soon... so we have our second chance that HPC will work... :huh:

But if FED and ECB cut their rates and if this reignite property markets... I will also lose faith and sink in a very deep depression. :(

Fingers crossed :rolleyes:

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When the London property market turned down in Autumn 2004, after several BoE hikes, it raised a lot of hope among FTBuyers all over tje globe (UK, France, US...). Now this market is booming again, which puts HPC theory in question.

Real estate market is slowing down in US and Europe will come soon... so we have our second chance that HPC will work... :huh:

But if FED and ECB cut their rates and if this reignite property markets... I will also lose faith and sink in a very deep depression. :(

Fingers crossed :rolleyes:

At the risk of alarming you, try checking out the subject of 'peak oil'. Basically, energy prices go up and cause a global recession. People will lose their jobs and repossessions would rise - all powerfull catalysts for a HPC. We also haven't had a recession for nearly 15 years. Nothing lasts for ever.

Only a theory, but a strong one I unfortunately believe. Even London may not escape!!!!!!!

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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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