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Original poster

Are prices shooting up where you are?

618 replies

Focusanddetermination · 13/07/2020 21:47

Just that really. I'm in a small Midlands town, have a high amount of activity and prices shooting up in the past few weeks even.

I thought people would be more hesitant with a looming recession, but it's almost the opposite.

OP posts:
Barrychuckle2 · 06/08/2020 16:11

I have it first hand from a number of agents, that whilst there is currently a flurry of activity, caused by pent up demand for people who have needed to move for months and also people who've had a lot of time on their hands and have been playing on Rightmove too much!
I'm told that some sellers are getting greedy and wanting unrealistic prices for their homes and others are simply getting cold feet. There are a lot of SSTC homes going back on the market after a few weeks.
The agent gave me some sage advice, if you price your home realistically it will sell and the market will find it's own level. I know it's obvious, it doesn't matter one bit one someone thinks their house is worth it's what people are prepared to pay for it. Estate Agents are awash with properties that have been on the market for 2-3 years for this very reason...
I've said all along, apart from the London property market which I feel is about to seriously fall, there is simply going to be a correction the rest of the UK.

FrontToBackTree · 06/08/2020 20:44

Our flat has been on since March. If you look in my area of London, of the 92 flats without gardens currently on rightmove, only five have sold.

I'm devastated and have no idea what we will do.

Jennygentle · 06/08/2020 20:51

I had my house evaluated today and the chap said the market was very active and our house should sell swiftly. That’s certainly borne out by what I’ve seen locally.

FrontToBackTree · 06/08/2020 21:08

Yes, I was told the same thing back in March.

Mildura · 06/08/2020 21:16

@Jennygentle

I had my house evaluated today and the chap said the market was very active and our house should sell swiftly. That’s certainly borne out by what I’ve seen locally.
Estate agents will generally tell you hat they think you want to hear.

Nobody instructs a pessimistic estate agent.

Source: am estate agent

HexyAndIKnowIt · 06/08/2020 23:14

The house across the road from DS went on the market last week for £15k more than he bought his for back in October. It needs a new kitchen and bathroom and modernising throughout.

I’ll be absolutely stunned if it sells for that.

Prices here are up though, just not by that much.

Barrychuckle2 · 07/08/2020 07:58

@FrontToBackTree

Our flat has been on since March. If you look in my area of London, of the 92 flats without gardens currently on rightmove, only five have sold.

I'm devastated and have no idea what we will do.

Which part of London are you in, I'm hearing Central London seems to be coming of worse? Have you dropped your price yet as March was only the start of Lockdown so a drop will definitely create more interest? I appreciate it's not nice to drop your price, but most other flats in London will have to follow suit eventually and if you can steal a march on them that may sell it.
FrontToBackTree · 07/08/2020 08:03

We are in SE London - one of the affordable bits. Price has already dropped as low as we can afford to drop it. If you look on rightmove no flats without gardens are selling no matter what price they are.

FrontToBackTree · 07/08/2020 08:04

It has been dropped twice since March. It was on at 375, dropped to 365 and then to 350 which is what we bought it for.

375 was the lowest valuation we received at the time.

whenwillthemadnessend · 07/08/2020 08:06

Just about to put mil house on market

We sold out in Oct. now house in sane road 60k mire ShockConfused

Barrychuckle2 · 07/08/2020 08:18

@FrontToBackTree

It has been dropped twice since March. It was on at 375, dropped to 365 and then to 350 which is what we bought it for.

375 was the lowest valuation we received at the time.

You're doing everything you can to sell at least, are you getting many views or offers? I suppose on positive is if you're looking to move up the chain to a more expensive property in the same are that will have dropped by the same percentage.
FrontToBackTree · 07/08/2020 08:49

Nope. We get maybe one viewing a week on average.

We may decide to rent it out.

Original poster
Focusanddetermination · 07/08/2020 11:06

I used to live in London and have sympathy for people my age who will have spent years getting to a financial position where they could afford a small London flat, only to see this happen.

OP posts:
FrontToBackTree · 07/08/2020 13:22

Thats us focus. I do have hope it will improve.

Littlemissdaredevil · 08/08/2020 05:10

I’m in Devon. Before the stamp duty holiday we were experiencing a mini housing boom. I’m June a house on my road sold for a top price then another came on the market and sold after 6 days. This just doesn’t normally happen in Devon.

Barrychuckle2 · 08/08/2020 16:57

There's definitely hot spots in country areas as people are wanting land and gardens often moving from inner cities.
Read an interesting article on the BBC website the other day about a rich trader who's moved from a executive flat in Battersea she once loved as she said she feels like she lived in a glass box after Covid.

EwwSprouts · 08/08/2020 22:59

Don't think prices are shooting up but two high value for round here (both 5 beds & large gardens) have both just got sold signs up after being on market since before xmas.

MayFayre · 08/08/2020 23:28

Prices aren’t going up, but houses are selling as soon as they come on the market. I get the impression people are marketing at slightly lower prices (significantly below what they would have been pre-lockdown) to be sure of that quick sale.

MrsSneeze · 09/08/2020 06:18

We are cash buyers and first time buyers. We would stay there at least 10 years. We are currently renting with young kids and our current house is too small, and we want to move area, and our rent is 20k/year in London.

We want to move to a leafy area of a Northern city which has excellent schools and is popular with families, we were planning to spend up to 350k. We've been surprised to see houses going for offers above asking price and coming off the market quickly. It just feels silly to be competing for properties with so many job losses and a recession looming.

However we don't want to stay here another year, rent is so expensive and we have really outgrown our house and are ready to move on.

I'm expecting house prices to fall in many areas, but not sure how much our chosen area would fall. For example if it fell 10% we could save 35k, but spend another 20k on rent, and I'd happily pay 15k to get out of this rented house a year earlier!

However we are looking now and few houses available (normal for this area) and it feels madness to be making offers above asking

Smallgoon · 09/08/2020 12:09

@FrontToBackTree I take it, it's a 2 bed flat you're selling? I purchased in Forest Hill (pre-corona) but didn't pay asking price. I saw lots of 1 bed flats marketed at £350-375k which I thought were overpriced for what they were. Not saying that the area/flat can't command that, but some were shoe-box sized.

Barrychuckle2 · 09/08/2020 12:46

[quote Smallgoon]@FrontToBackTree I take it, it's a 2 bed flat you're selling? I purchased in Forest Hill (pre-corona) but didn't pay asking price. I saw lots of 1 bed flats marketed at £350-375k which I thought were overpriced for what they were. Not saying that the area/flat can't command that, but some were shoe-box sized.[/quote]
If you thought they were boxed sized pre-Covid the would be positive claustrophobic now!
Hopefully one positive is property developers will have to invest in decent outside garden spaces if they want to sell their properties.

Smallgoon · 09/08/2020 13:40

@Barrychuckle2 Yup. There are lots of 2 bedroom flats in London which have little more than 50sqm floor-space... I paid closer to the 300k mark for a 1 bed which has almost 600sqm space. I don't see the point of a second box room, I'd rather have a larger bedroom/Living room. I guess for those with a baby, a second room does work.

jolokoy · 09/08/2020 14:01

I really wanted to buy a modest house local to me that's just gone on the market. It's gone on for a 54% increase since last sale (3 years ago.)

I think that is crazily overpriced. I guess I am priced out of housing now. Am considering hoofing it abroad. I work remotely anyway now.

Barrychuckle2 · 09/08/2020 15:02

@jolokoy

I really wanted to buy a modest house local to me that's just gone on the market. It's gone on for a 54% increase since last sale (3 years ago.)

I think that is crazily overpriced. I guess I am priced out of housing now. Am considering hoofing it abroad. I work remotely anyway now.

When you check the sold prices on sites like Zoopla & Rightmove, you'll often see houses selling for 10% plus less than asking prices. I'd give it time, after the stamp duty relief finishes in April, sellers will be desperate to discount prices.
jolokoy · 09/08/2020 15:46

Eh, today I feel like... if a software developer cannot afford an unrefurbished, damp two bedroom terrace with no garden in an ailing market town in the north of England then... this country is just not a place I can make it. It's just too hard to have basic simple things in this country.

There are other places that want programmers.