What the housing market like in your area?

(84 Posts)
systemsmalfunction Wed 26-Feb-14 23:17:07

It managed to bounce back to 2007 highs last year and I'm told the first time buyers market is particularly strong locally.

expatinscotland Wed 26-Feb-14 23:18:42

No idea.

Tractorandtree Wed 26-Feb-14 23:30:05

London - it's mad grin reckon our house is worth £100k more than it was last year (and we're not in a posh part). No way could we afford to buy in this area now.

PattyMcGinty Wed 26-Feb-14 23:34:21

The ONLY people who are benefiting are those who are downsizing Tractorandtree. If you want to buy a bigger place they will have gone up even more. There really are no winners. I feel quite speechless at what the government have done.

pearlbutter Wed 26-Feb-14 23:39:49

Same as Tractorandtree - we're pretty central in London and price rises are at least £100k. I know quite a few people who have bought their first properties in the past year - possibly with Help to Buy (not discussed finances in much detail but guessed from their salaries). And a few people who have benefited from price rises by moving out from zone 1/2 to zone 3/4, they're able to get houses in those areas when they have sold flats.

madamginger Wed 26-Feb-14 23:40:01

If you own a 2 up 2 down terrace pretty crappy and loads on the market are not shifting.
If you own a 3 bed semi moving fast and getting good prices.
I'm in Manchester.
Its very odd and I think people are stretching themselves because the government have started to create yet another bubble?

Amicus1966 Wed 26-Feb-14 23:55:49

I agree about the two bed houses.... They seem to have stagnated.
The three beds seem to have gone mad though and it's not much difference in price between them and a four bed, for some strange reason.

MrsJamin Thu 27-Feb-14 05:58:48

Anything larger than a 2 bed terrace is sold like lightning. A friend put their 3 bed house on the market and got a phonecall offering asking price without seeing the house. It is turning bonkers again and it is scary. Am in a big town in South east. Just V glad we bought last year.

vickibee Thu 27-Feb-14 06:15:38

semi-rural area 10 miles North of Sheffield. Family houses seem to be shifting, lots of SSTC signs going up. ALso lots of new build sites starting with a lot of off plan sales so things seem to be buoyant here. A fairly cheap area compared to south though, get a 3 bed semi for £150000 ish and a decent detached for £250000

Preciousbane Thu 27-Feb-14 09:24:34

Three bed and above selling quite quickly. A three bed detached that was on six months ago, a doer upper as the old lady had died, was on for 150k didn't sell and was rented out it has just gone back on at 174k. We had a look at it last year and nothing has been done to it.

All the little two bed mill workers terraces and there are lots where I live seem actually cheaper with prices as low as 80k whereas in 2007 there was nothing under 100k.

The new builds are ridiculously expensive for the area, five beds but really small five beds with postage stamp size gardens on for over 300k.

orangepudding Thu 27-Feb-14 09:33:05

In my postcode most houses/flats are sstc within a week or two.

We are quite close to London, 30 mins by train, but are still much cheaper so I'm sure that's pushing sales up.

impty Thu 27-Feb-14 09:47:50

Large 4 and 5 bed detacheds under £1 million go within a few weeks. Smaller houses under £500k within a few months. Anything over £1million can take a while-although they sometimes sell super fast.

Our house is well under the £1 million mark! But in the last 3 years, since we bought it has increased in value by about 100k.

The 2008 crash allowed us to move to the SE. We now realise if we had waited we would have been priced out (again)

scarygreenfairy Thu 27-Feb-14 10:17:57

Where has all the money come from?? Are people earning more? ( I don't think so )

vickibee Thu 27-Feb-14 10:27:17

Banks have relaxed their lending policies and are lending 95 % again. Also right to buy is helping woth deposits. With low rates people can afford the monthly pmts but ccannot affors the deposits

MoreBeta Thu 27-Feb-14 10:33:41

There are two parts to the housing market here.

We live a fair way away from London but we get Londoners coming her to buy retirement homes. For the nicest houses in the centre of town people are trying to sell at prices way over 2007 levels expecting a London buyer to pay silly money.

They do sell eventually but often after a year on the market and several price cuts back to 2007 prices because the Londoners who are bringing London money are often looking to downsize and take equity out of the market. Most of these people were also born and bred here know the town well and are moving back to their home town from London so know not to overpay.

Younger people who are from here who are working in the extremely depressed local economy are really struggling and house prices are stagnant to falling outside the very small exclusive area in the centre of town.

MillionPramMiles Thu 27-Feb-14 11:15:29

The market in South London is terrible (if you're buying) or great (if you're selling). Its sealed bids, gazumping etc. There just aren't many houses on the market which is putting pressure on family buyers.

More and more houses are being converted to flats and most new developments focus heavily on providing flats. Areas are becoming more heavily populated without the increases in infrastructure (transport, health services etc) to support it.

Not good and not sustainable.

systemsmalfunction Thu 27-Feb-14 11:28:49

Sounds bonkers in London!!

MoreBeta Thu 27-Feb-14 11:31:41

People in London are bonkers who are buying houses for huge multiples of salary. I really fear what will happen when this all unwinds.

<making sweeping generalisations is my speciality of course>

SidandAndyssextoy Thu 27-Feb-14 11:32:31

In SE London too and have friends trying to buy. It's crowded open days on the few houses up for sale, and sealed bids above asking price on the following Monday.

Our house was recently valued at double what we bought it for 18 months ago. Double. How is this not going somewhere very bad?

impty Thu 27-Feb-14 11:34:36

We are commutable from London, it makes a massive difference to house prices. Interestingly, one street seems to be very desirable to people moving from London, but the locals know the houses are over priced and its horrible there as there is constant building works.

Thankfully it was always out of our price range.

Viviennemary Thu 27-Feb-14 11:36:10

It will all end in tears for a lot of people. Sorry to be a pessimist but it won't be long before people will be wringing their hands about negative equity. Unless there has been some super upsurge in salaries that I haven't heard about.

fyefoot Thu 27-Feb-14 11:37:06

SE London and it's crazy. A house in our road just sold for £120k more than we paid 3 years ago.

scarygreenfairy Thu 27-Feb-14 11:39:18

A bubble upon a bubble. The government and Carney have a lot to answer for.

HavantGuard Thu 27-Feb-14 11:40:33

There are pleasant, small 1980s 3 bed semis going for 20%+ more than in 2011. Prices have more than recovered. Great for those who bought at a low or are looking to downsize. Shitty for those who aren't on the ladder or are looking to move from a flat to a house.

HavantGuard Thu 27-Feb-14 11:42:26

Part of it is that prices had tanked between 2008 and 2011 and have climbed back to healthier levels. That bit might be sustainable. The mad frenzy on top of that? Who knows.

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