To thing some homeowners are taking the mick

[headlic]

A house on our road was sold for £600k in Dec 2021 & has been put on the market for £735k. The house is exactly the same inside and out aside from a lick of paint and new furniture. Are housing in the south east increasing as such a rate? I thought house prices were going to stagnate for a few years.

I am really disappointed. Our children are looking to buy a house and increases like this make it seem completely impossible. I thought they would be able to get something decent, I didn't account for a 20% increase for house prices.

The previous owners of the house were a dinner lady and a bus driver. The current owners are a dentist and an accountant in their early 30s. Lovely couple but just an example that home ownership is going to be impossible for so many people.

think*

If it's not worth it. It won't sell. Just before lockdown we put an offer in on an ex council house for £350k. We had to withdraw as both lost our jobs a month later. Now the cheapest place is £485k so yes prices are increasing like that where we are ( Brighton suburbs)

Wow! 38% increase ---- how are people funding this? I am genuinly worried where this will all end up.

Your disappointment is misplaced. Homeowners don’t drive the market.

There are always deluded sellers, one of my road is down to 900k from 1.2m & still overpriced.

Why are they taking the piss?

You ask the price, doesn't mean you get it.

Over here, a most recent house is up for sale for 900K, last sale around here was 860K, bought for cash.
Your children will obviously have to buy elsewhere, this is not even London (about 25 mi North).

im in the south east and the prices are just crazy. Both for buying and rentals. I have no chance of getting on the property ladder.
I have no idea how people are affording them, I’m hanging on by the skin of my teeth where I currently am but with increasing bills I dont know how much longer I can go on. Have already moved areas twice in the last few years. I worry for my child’s future and how they will afford to live somewhere. Worrying times.

Some buyers are similarly cheeky, and will go around making ridiculously low offers, so maybe they're allowing for that with their 'DFS' asking prices?!

Ultimately, it will be what an EA has advised them to try asking - and nobody is going to deliberately ask much less than a professional advises that there's an outside chance of them getting, at least at first.

Plus, if they're moving elsewhere, the price of the house they're buying will have shot up too. Crazy house prices help nobody really - even after you die, as your children will inherit more but then also have to pay more to buy their own houses.

London prices have definitely slowed due to affordability but you will see prices in cheaper areas increase.

Crazy house prices help nobody really - even after you die, as your children will inherit more but then also have to pay more to buy their own houses.

Yep, but many don't seem to understand this.

Prices have changed since 2021 but some are over pricing. Mil has had her house for sale for 18 months but it’s 50k over what others are going for with an old kitchen and bathroom. She doesn’t understand why it isn’t selling but wants to buy a house that’s bigger, with a bigger garden and parking for the same amount she can make on her smaller house with no parking. The logic is mad but we just let her get on with it.

Absolutely this, homeowners will market their property at what their advised the going rate is by an estate agent, it’ll sell if someone is willing to pay it and their mortgage company agrees it’s worth it (unless a cash sale obviously).

It does seem to be the case where we are, and every time I see a house go up I think “that’ll never sell for that”, and yet they always seem to be sold shortly after and I’m shocked every time! One of our neighbours moved in just over 2 years ago, hasn’t done anything at all to the house structurally, they have re-done the bathroom & painted but that’s all in terms of interior changes, just sold the house for 75k more than they paid in Jan 2023. Crazy.

Absolutely this, homeowners will market their property at what their advised the going rate is by an estate agent,

Err, some definitely ignore the EAs advice 😆

We live on a new build estate (that's still being built).

There are a few of the same house still type available from the developer £460k plus £30k towards flooring/upgrades.

Exactly the same house built and sold last year is on for £550k!!! Who on earth would spend £90k more! The house is literally on the same street!

The homeowners won't have arrived at that price themselves, it will be the estate agents.
Do you really think they should have said 'No, despite this being your profession and your area of expertise we are going to price it a hundred grand lower so complete strangers we don't even know can get a bargain, even if it means we can't afford to move to the house we want, the price of which has also increased?'

Given they often operate by percentages the estate agents might have even refused to market it if they didn't follow their recommendation. Not to mention possible issues with the mortgage company if their valuation is way out.

If someone wants it they will pay for it. If not the price will need to come down. I have seen worse in our patch of North London. I always think to price appropriately is key.

I'm currently selling my mums house and there is an identical house up the road whose owner decided it was worth £150k more than mine .. he actually came to have a go at me !

Anyways I've just agreed a price and he is wrong as it won't sell for what he has decided it will..
people try their luck , I wouldn't worry about it tbh . I doubt they will get it

Oldest trick in the EA book isn't it? Go crazy high on valuation, sellers eyes light up and the EA wins the business. Ok, it takes a year and several reductions to sell but most won't switch EA so they usually get their commission eventually.

Supply and demand will essentially determine house prices, if a location is popular and there aren’t lots of similar houses already on the market then it will usually be possible to sell for a high price. If a location isn’t very desirable or if there are already lots of similar houses available then it won’t be as easy to get a high price. Sellers can’t sell for more than a buyer is willing to pay. If you think house prices are too high don’t blame homeowners, blame past governments for not building enough affordable housing or for creating a climate where landlords can buy multiple cheap houses, do them up to a minimal standard and then charge extortionate rent to tenants.

Would they still be "taking the piss" if they sold for less than they bought it for because the market had crashed?

People would accuse the buyer of taking the piss because many find it incomprehensible that prices don't always go up.

If its overpriced it wont sell and they'll be stuck there. So you're ire is probably best directed at "homebuyers" who might pay for this? The owner needs to get the comparable market price to fund their next move.

So if you were selling your house and the estate agent said it could sell for £600k you’d tell them that you’ll sell it for £500k as that’s the decent thing to do?

A house is 'worth' what people are willing to pay for it. Obviously, nobody's going to sell their house for thousands less than they could get for it; I'm sure you wouldn't either. It's not a case of 'taking the piss'. I agree, it can seem unfair and greedy, but that's how things are.