house price - they're having a laugh, aren't they?!

[teejwood]

ok so a few streets away, three new houses were built over the summer - and actually are still being finished off. one is actually being lived in by a real family, the other two were obviously snapped up by an investor - who has immediately put them back on the market for £30k+ more than the original purchase price.

yes i'll admit it, i am jealous as i would like to move to a bigger house but can't afford it ever at this rate atm.

but surely this seller is having a laugh in the current climate?!

Depends where you are. In some bits of London that wouldn't be unrealistic.

There's a house near me being offered for £230k more than it sold for about a year and a half ago . Nothing has been done to it in the time in between.

A house is 'worth' what someone will pay for it, when it comes down to it! And there will always be gullible people out there! It was these who got us into this house price mess- people who thought it was a good idea to go 10 x multiples of their salary/ies to buy a house, assuming that the gold standard was that there were banks out there willing to lend such stupid sums!

A small vacant shop near me went to auction for #40k in the summer, sold for #110k and has now been put on the market with absolutely no work done to it or planning consents gained for #200k...

mini yes 'tis in London but not in one of the most desireable areas! but 230k more in one year?! is it in relatively affluent area?

and lala that is madness or maybe I'm just jealous we don't have the funds/knowledge to do the same!

and erebus yes, but it is just incredible that people are still chasing property at any price - given the state of the economy that is just bonkers. we assumed we were buying at the top of the market 11 years ago so are probably in a better position than many (ie not in negative equity etc) - but we need a bigger house due to expanded family and still can't afford to move

mmm, London seems to be an exception to the general picture re property. There is such a shortage and very little on the market (at least near us) which means that prices are still going up despite all the economic woes. I'm not sure whether reality has yet to hit, or whether perhaps it never will!

Re the 230k increase, yes that's on a pretty expensive house, but it still seems mad! Mind you it hasn't sold and has been on for a while, so I guess there are limits

i know what you mean re shortage of properties. people definately seem to be improving rather than moving atm round se london...

and now i think about it - a house near us was bought, gutted a bit, then put back on the market for a 200k mark up without actually being renovated. needless to say, that never moved either.

really wish i had managed to persuade DP to move to a bigger property about 6-7 years ago when i first really wanted to...

Is at least positive that now the price history for properties is more easily available so is more transparent when blatant profiteering going on.
Relies on everyone doing their homework though!! Or just keeps pushing up the market for the rest of us!