Northampton

[TheCountOfNowhere]

http://www.rics.org/site/download_feed.aspx?fileID=10407&fileExtension=PDF [14th Sept 2011]

RICS UK Housing Market Survey August 2011

Martin Pendered FRICS,

Martin Pendered & Co., Wellingborough

June, July and August have all been positive sales months. August, normally a quiet period, has been more active than usual with a good supply of new instructions. Certain sectors remain weak but prospective buyers are quite plentiful for other types of property, mainly mature houses.

- -

A C Farnsworth MRICS,

Berrys, Kettering, Northamptonshire

The housing market has been sluggish over the past three months with the volume of sales decreasing, buyers are caught in the mortgage famine and increases in the cost of living and lower salary levels in real terms. Overall confidence in the residential market is low. The next quarter will be a crucial period for the market this year, and an indication of how we will fair next year. The local media have been talking the market upwards, activity and results show completely the opposite. Transactions are fewer and have confirmed the chronic undersupply which affects this region.

--

Doesn't the Chap in Wellingborough always say things are on the up ?

"fewer and have confirmed the chronic undersupply which affects this region."

The's is no undersupply......there is an over-supply of (EDIT) over-priced s**t for sale.

Edited September 14, 2011 by TheCountOfNowhere

[exiges]

The's is no undersupply......there is an over-supply of (EDIT) over-priced s**t for sale.

Amen to that.

If prices were lower sales would be sky high.

[TheCountOfNowhere]

Amen to that.

If prices were lower sales would be sky high.

"The local media have been talking the market upwards" Where ? How ? Can we complain to Trading standards ? This should be illegal, they are mis-reporting the facts.

[HouseDog]

"The local media have been talking the market upwards" Where ? How ? Can we complain to Trading standards ? This should be illegal, they are mis-reporting the facts.

http://www.northantset.co.uk/lifestyle/property/big_increase_in_price_paid_for_new_homes_1_3005982?commentspage=2 [27 August 2011]

Martin Pendred, of Martin Pendred Estate Agents, Wellingborough, said: “The past three months have been very busy, so as a result we have seen a fall in available properties and what was left has sold a little better.

“We have actually seen some gazumping going on for the first time in a long time. But I don’t think that is indicative of a general uprising in the market, it’s just little spikes.”

- - -

They have been talking the market up .. it just so happens it was Martin Pendred

Edited September 14, 2011 by HouseDog

[TheCountOfNowhere]

I see plenty of comments.

I actually reported that rag to the press complaints commission for their article saying the land registry was showing prices increasing for northants..when in fact it is showing falls.

Still waiting for a retraction/apology.

I'm happy for them to put their articles on the net...gives people a chance to shoot them down in flames.

[Executive Sadman]

Not sure whats with the wellingborough one, either.

Sold for £175k earlier this year...but wasnt on rightmove, plot hasnt been subdivided. now they want just £120k

Well this one is under offer down the road (says only 3 bed, but the living space is pretty much identical), Wanted £195k, offer £160k.

http://www.rightmove.co.uk/property-for-sale/property-19348569.html

Unlike the auction one its in a liveable (though still could do with updating) condition.

Anyone know if 'before exchange of contracts' in a repo is a set period? Can it mean anything?

For some reason i thought it was 5 working days, if isnt settled by then the property goes back on the market? (im not thinking of buying that, just interested)

[HouseDog]

Well this one is under offer down the road (says only 3 bed, but the living space is pretty much identical), Wanted £195k, offer £160k.

http://www.rightmove.co.uk/property-for-sale/property-19348569.html

Unlike the auction one its in a liveable (though still could do with updating) condition.

Anyone know if 'before exchange of contracts' in a repo is a set period? Can it mean anything?

For some reason i thought it was 5 working days, if isnt settled by then the property goes back on the market? (im not thinking of buying that, just interested)

I may be wrong but ...

When an acceptable offer is received the estate agent, (who is legally required to obtain the best possible price), must advertise a 'public notice' of the offer. The public notice is normally advertised for a period of 7 days.

The buyer is subject to a deadline to exchange of contracts - which must take place by a given date, typically 28 days (if buying with a mortgage) or 14 days (if buying cash) from the date that the offer was accepted.

[TheCountOfNowhere]

I may be wrong but ...

When an acceptable offer is received the estate agent, (who is legally required to obtain the best possible price), must advertise a 'public notice' of the offer. The public notice is normally advertised for a period of 7 days.

The buyer is subject to a deadline to exchange of contracts - which must take place by a given date, typically 28 days (if buying with a mortgage) or 14 days (if buying cash) from the date that the offer was accepted.

Thankfully we can see using property bee that E.A.s appear to be up to all sorts of shenanigans when it comes to these "offers"...I have seen offers stay there for a month then the property become available again.

Moral of the story is...DONT BELIEVE ANYTHING AN EA TELLS YOU.

[TheCountOfNowhere]

House of the day....3 beds 1,700 sq feet, in lovely countryside a snip at £475K ( sale just fallen through )

That's 271 quid a square foot....that's peak+ prices !!!! ( My target price per square foot is £150. big propertys can sell for around £100 at auction ).

http://www.rightmove.co.uk/property-for-sale/property-18449859.html

The best bit is...it's only half built.

Edited September 15, 2011 by TheCountOfNowhere

[exiges]

House of the day....3 beds 1,700 sq feet, in lovely countryside a snip at £475K ( sale just fallen through )

That's 271 quid a square foot....that's peak+ prices !!!! ( My target price per square foot is £150. big propertys can sell for around £100 at auction ).

http://www.rightmove.co.uk/property-for-sale/property-18449859.html

The best bit is...it's only half built.

What a find, half a million for a half built 3 bed.. Unbelievable.. I lived in Yardley Gobion for 20yrs.. The main road has some character houses but the rest of the village is all 70s shoebox territory.

[TheCountOfNowhere]

Here's an interesting point.

Ever wondered what people negotiate off asking prices:

Found this sale price on zoopla:

http://www.zoopla.co.uk/house-prices/church-brampton/sandy-lane/?q=sandy%20lane%20church%20brampton

2nd Feb 2011

Beech House, Sandy Lane, Church Brampton, Northampton NN6 8AX

Detached, Freehold, 5 Beds, 4 Baths, -- Receps - Edit

£785,000

Previous sale:

16th May 2008

Beech House, Sandy Lane, Church Brampton, Northampton NN6 8AX

Detached, Freehold, 5 Beds, 4 Baths, -- Receps - Edit

£735,000

Property details | See on map | Bird's eye view | Add to favourites

After a quick google, found this ( what I assume is an old advert at the time of selling ):

http://www.vebra.com/property/1015/21598478

" this fine individual detached house has recently undergone an extensive re-modelling programme starting in 2008".

The original asking price £800K...Someone paid £785K for it. £15K off the asking price, I'd have expected £100K to cover some of my future losses.

Selling price up £50K, 2 years after the biggest financial collapse in history !!!

Still that 50K increase will have easilly be munched up to stamp duty ( £28K ), banks/loss of interest for 2 years ( £100K ) and the EA ( £10K+), and the refurb ( £5 for some twigs ). Probably £100K worse off for 2 years ownership...could have rent something like that for £50K for 2 years,

People really don't understand the market. People buying the top end houses really are in for a massive massive shock.

Exiges are you still keen to buy ?

Edited September 16, 2011 by TheCountOfNowhere

[exiges]

People really don't understand the market. People buying the top end houses really are in for a massive massive shock.

Exiges are you still keen to buy ?

It's utterly depressing.. People are losing their jobs left right and centre, wages are being squeezed, disposable incomes are falling fast. Lending is well below average so why the hell are prices still at an all time high ? Ffs

ZIRP is the obvious answer, thanks Merv you myopic twunt.

[exiges]

I've just done a search for property with land in our budget range in a 20 mile radius of Long Buckby and it returned 110 results.. of those 30 are under offer. (27%).. More than 1 in 4 houses are under offer, madness.

I then searched between £160k and £170k and it returned some 1250 properties of which 120 are under offer (9%)

It definitely seems like bread and butter houses aren't shifting, whereas the top end is more alive than ever.

[HouseDog]

I've just done a search for property with land in our budget range in a 20 mile radius of Long Buckby and it returned 110 results.. of those 30 are under offer. (27%).. More than 1 in 4 houses are under offer, madness.

I then searched between £160k and £170k and it returned some 1250 properties of which 120 are under offer (9%)

It definitely seems like bread and butter houses aren't shifting, whereas the top end is more alive than ever.

Do you think that higher value properties are selling due to people moving into the area - eg: people selling-up in London and moving to the area?

Or is it possible that these are quality properties which are worth their price - when money in the bank is loosing its value?

I'm looking at 3 bed semi's in Northampton £160 to £200K

I'm seeing that most of the nicer properties are selling, however it takes a few weeks longer than it used to. However, many are falling through and are sold, subject to contract for months in some cases before coming back to the market. Estate agents tell me this is because of properties chains falling through and problems with finance.

Whereas, the not so desirable properties/areas are slowly coming down in price - one reduction after another. But there nearly all over priced.

[TheCountOfNowhere]

Do you think that higher value properties are selling due to people moving into the area - eg: people selling-up in London and moving to the area?

Or is it possible that these are quality properties which are worth their price - when money in the bank is loosing its value?

I'm looking at 3 bed semi's in Northampton £160 to £200K

I'm seeing that most of the nicer properties are selling, however it takes a few weeks longer than it used to. However, many are falling through and are sold, subject to contract for months in some cases before coming back to the market. Estate agents tell me this is because of properties chains falling through and problems with finance.

Whereas, the not so desirable properties/areas are slowly coming down in price - one reduction after another. But there nearly all over priced.

It has to be a combination of low IRs and people cashing in their chips in London keeping the top end going. As exiges says it looks like two separate markets.

If IRs shoot up then prices will plummet and a lot of people will be left hold the baby. if London collapses, same result.

The whole thing is totally frustrating but nothing could posses me right now to over-pay for a house, the asking prices are just silly.

[exiges]

Do you think that higher value properties are selling due to people moving into the area - eg: people selling-up in London and moving to the area?

I think it's that but also those that bought in the mid-90s who didn't MEW found their £150k house balloon to over £500k .. Banks are more than happy to lend to people with half a million in equity.. and those people on need to borrow (if at all) a relatively modest amount.

Anyone trying to get on the ladder is out of luck.

[TheCountOfNowhere]

I think it's that but also those that bought in the mid-90s who didn't MEW found their £150k house balloon to over £500k .. Banks are more than happy to lend to people with half a million in equity.. and those people on need to borrow (if at all) a relatively modest amount.

Anyone trying to get on the ladder is out of luck.

Anyone trying to get on the ladder is out of in luck......I think it's lucky that people can;t get onto the ladder right now...the ones that were out of luck were the ones in 2007 that stretched themselves to buy a slave box thinking they would make money.

You make a good point that someone with a 150K now worth 500K, might well have cleared their mortgage and have substantial savings....where else would you put it but in a house, it's already made you 350K so no reason to think you will loose out now....you can kind of see their reasoning. It's only when you are sitting on the side and you'd have to part with £600K of real money to buy the same house that has maybe only cost them £250K cash + 100K in interest over the years. They might loose £250K of their equity...you might loose £250 Of cash ( + interest ) !!!! That;s a scary thought for them waiting to buy, not such a big worry for them in the house, they wont see that.

[HouseDog]

Anyone trying to get on the ladder is out of in luck......I think it's lucky that people can;t get onto the ladder right now...the ones that were out of luck were the ones in 2007 that stretched themselves to buy a slave box thinking they would make money.

You make a good point that someone with a 150K now worth 500K, might well have cleared their mortgage and have substantial savings....where else would you put it but in a house, it's already made you 350K so no reason to think you will loose out now....you can kind of see their reasoning. It's only when you are sitting on the side and you'd have to part with £600K of real money to buy the same house that has maybe only cost them £250K cash + 100K in interest over the years. They might loose £250K of their equity...you might loose £250 Of cash ( + interest ) !!!! That;s a scary thought for them waiting to buy, not such a big worry for them in the house, they wont see that.

I think thats a good analysis.

[TheCountOfNowhere]

I think thats a good analysis.

It doesn't resolve anything though. We'd still like to buy a house but houses are ridiculously priced, prohibitively so. There are very few sales. EAs must be living off top end high percentage sales. Unless all the fools have bought or we have another crisis ( which is probable ) then nothing is going to change for a while.

I can only see one possible solution...Leave. live somewhere else. In a republic preferably.

[exiges]

The trouble I'm facing is that I had to attend an evening at our son's pre-school, telling us that we have until January 15th to say what primary school we want him to attend.. But while we're in rented and have a search radius larger than all of Northamptonshire we are under increasing pressure just to put our roots down and fast.. I'm of a mind to find the cheapest smallest crappiest house near a good school and wait for the Market to drop in its own time.. My expectation of 3yrs was sadly far too short.

[TheCountOfNowhere]

The trouble I'm facing is that I had to attend an evening at our son's pre-school, telling us that we have until January 15th to say what primary school we want him to attend.. But while we're in rented and have a search radius larger than all of Northamptonshire we are under increasing pressure just to put our roots down and fast.. I'm of a mind to find the cheapest smallest crappiest house near a good school and wait for the Market to drop in its own time.. My expectation of 3yrs was sadly far too short.

I think that's the best thing yuo can do. Minimise your losses.

[exiges]

Here's an example of the annoying crap on the market today

http://www.rightmove.co.uk/property-for-sale/property-31532239.html/svr/2707

I understand "crap" is a relative term, but if you're handing over the best part of three quarters of a MILLION pounds you want things to be right don't you ?

They've edited the brochure this week and removed the offending item, namely the plot layout. The house is advertised as having nearly 4 acres.. That'd be lovely right ?

Here's the photo of the house from the air:

http://maps.google.co.uk/maps?q=NN6+7UQ&ll=52.309233,-1.133453&spn=0.002447,0.005944&oe=utf-8&client=firefox-a&gl=uk&t=h&z=18&vpsrc=6

Your house is the block on the left.. there's another house connected to it... and your 4 acres is on the other side of your neighbours house towards the road... You may as well call it a postage stamp garden and be renting a field from someone.

So if you had a pony etc, you couldn't even see it from your property, with your neighbours house smack in the middle.

Oh, and can you see that lovely railway line less than 50 yards away ? I work about the same distance from that railway line and the entire office shakes when an intercity thunders through.

So, £800k for an semi detached, with a garden that's somewhere else, next to a railway line. Where do I sign ?

In any sane world, that'd be an £400k house. Tops.

Edited September 21, 2011 by exiges

[TheCountOfNowhere]

Here's an example of the annoying crap on the market today

http://www.rightmove.co.uk/property-for-sale/property-31532239.html/svr/2707

I understand "crap" is a relative term, but if you're handing over the best part of three quarters of a MILLION pounds you want things to be right don't you ?

They've edited the brochure this week and removed the offending item, namely the plot layout. The house is advertised as having nearly 4 acres.. That'd be lovely right ?

Here's the photo of the house from the air:

http://maps.google.co.uk/maps?q=NN6+7UQ&ll=52.309233,-1.133453&spn=0.002447,0.005944&oe=utf-8&client=firefox-a&gl=uk&t=h&z=18&vpsrc=6

Your house is the block on the left.. there's another house connected to it... and your 4 acres is on the other side of your neighbours house towards the road... You may as well call it a postage stamp garden and be renting a field from someone.

So if you had a pony etc, you couldn't even see it from your property, with your neighbours house smack in the middle.

Oh, and can you see that lovely railway line less than 50 yards away ? I work about the same distance from that railway line and the entire office shakes when an intercity thunders through.

So, £800k for an semi detached, with a garden that's somewhere else, next to a railway line. Where do I sign ?

In any sane world, that'd be an £400k house. Tops.

I hear what you are saying.

4 acres of land..£20-£30K. 4 bed country house with small garden in the north of ther county...400K.

Where does the £800K asking price come from ? No doubt it will go SSTC tomorrow

I started a thread in the main forum, asking at what point does E.A. pricing become fraudulent ( i'm not saying this particular example is like thisw as I don't know the square footage etc ), but at what point does knowingly trying to sell an something to an ill informed punter for twice as much as , backed by bank lending, become illegal ?

Edited September 21, 2011 by TheCountOfNowhere

[exiges]

Oh.. and I forgot to add, for that £800k, the "master bedroom" is on the top floor and anyone over 5ft better wear a turban, because you're going to be tw4tting your head on the super low beams.

[Democorruptcy]

It's utterly depressing.. People are losing their jobs left right and centre, wages are being squeezed, disposable incomes are falling fast. Lending is well below average so why the hell are prices still at an all time high ? Ffs

ZIRP is the obvious answer, thanks Merv you myopic twunt.

London ripple factor?