Are prices shooting up where you are?

[Focusanddetermination]

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.

@ChocoTrio Hey. I moved in a couple of months ago. I too faced issues with delays etc.

Why has is taken you guys so long, weren't you moving into a new build? Did you get your tiles/flooring sorted?

@Smallgoon

Trust me, new build house does not mean that it's ready to move into unless you get everything extra installed by the builder (who mark up their prices on extras for more profit). Our neighbours have all been in the same boat getting their own tradespeople in tbh.

Covid delays meant loads of tradesmen's diaries were chockablock and/or clashing. So, lots of waiting.

Had a snagging report done, so wanted those snags sorted before moving in. Builders were good about that tbf.

We had a nightmare situation with the flooring by our tradespeople but almost there now. First the supplies were delayed so we had to look at an alternative. Then lounge flooring installation was going well until the flooring company accidentally threw away our skirting boards by mistake (the driver thought it was rubbish and sent it to the skip)... They've ordered a replacement but still waiting on that to come through. Annoying but it meant we chose something different as skirting which I think may actually frame the fancy lounge floor better and look more like a nice feature of the room.

Had to wait 8 weeks for our shutters to arrive. They are lovely and worth the wait though.

For a feature wall we had some rooms painted colours of our choice and extras tiles done in the kitchen for the backsplash.

Then had CCTV and alarm installation.

Garden landscaping was another thing. Couldn't get quotes until after we got keys. It was really expensive because everyone on the estate wants garden landscaping. It is quieter in this autumn season, so we managed to get something eventually.

It was longer than if builders had put it all in but we also saved ££thousands by using local independent tradespeople (and supported the local economy that way too). Neighbours around the estate did the same because of how extortionate the builders prices are. Plus, the builders aren't great laying the turf and patio (that's what people complain about the most) so we're pleased that professional experts in landscaping are doing that.

How are you finding your new place? Have you settled in?

Friends and family are envious of our new build home atm! It's fresh and new. I like it now that we are finally settling into routines here. Neighbours are really lovely; we're all new and in the same boat so that's nice.

I'm not sure what's going on with prices. I live in west London. I noticed houses at 500k are moving. In June / July over 500k were being snapped up too. October I've noticed prices going down - I'm getting lots of alerts for price reductions. Some houses that were priced at £800k and above have had corrections. Not sure if they came on too late for the boom in summer and that's what's causing the correction.

Definitely stagnating in our area, not many new houses coming on in any price bracket and unless competitively priced are not shifting at all. I guess people don’t potentially want to love around xmas, and also with delays I’m guessing some think they’ve missed the stamp duty cut too possibly 🤷🏼‍♀️ Will be interesting to see what happens over the next few months. I predict more stagnation now (in this area for sure)

Moving very slowly, some houses have been sold (STC) in previous month, came back to market again.

Some price drop, but not massively, only drop to the same level as pre-lockdown or the last year.

Not many new properties added to rightmove, market seems a bit cool down compared with July/August/September. Wait to see what will happen in November/December/January? Currently government announced new job support scheme yesterday, people will get 73% of their wages from 01/11/2020, which is actually a big pay cut. Combined with the effect of rising numbers of redundancy, we should see a property value correction in next 6 months.

When comes to the end of January/Feb, less people can catch the deadline of stamp duty holiday 31/03/2020. Market should return to normal like April/May this year (Or highly probably government will extend the STC holiday for another 6 months, then market will get crazy again)

Market cooling where I’m looking too - NW London suburbs/commuter ville, am getting price drop notifications but also think most of the good stuff gone...

I don’t know about prices but lots of building work on our street.

The market seems to have cooled here too, less houses coming on, taking longer to by SSTC and a lot more reductions.

South Manchester. Properties are still flying here, including ours. Speaking to our solicitor today and he thinks the stamp duty 500k threshold will be extended.

@Barrychuckle2

I agree there has been a surge in many places and it surprises me, however I think the phrase 'false dawn' really sums things up. I hate to be negative, but the rise has been fueled by the stamp duty cut, pent up demand and people just wanting a distraction from the challenging times we're in. The mortgage holiday ends this month, Furlough in October & I think we're heading for a winter of increased cases and more lockdowns. I really want to be wrong, but this will lead to an even bigger house correction next year, a 20% drop wouldn't be unrealistic. The drop is already starting in Central London... Appreciate some people have to move, but if you have any discretion I'd stay put for another year at least or even consider renting.

People on these threads were saying similar in March then there was a massive boom once downtown finished.

No way round here will prices drop 20%. There is still a massive supply:demand deficit. The most we’ve ever seen (with bankers crash then austerity) was a plateau for a year or so. My house has since almost trebled in value.

@notangelinajolie

Sorry, I think that’s wishful thinking on the part of your solicitor. I’ll be very surprised if the stamp duty threshold went over £500k. Stamp duty is a massive income for the government. The stamp duty holiday is an incentive, so it’s those homes over £500k that will be making the government money. Those purchasing homes over the threshold are still saving a significant chunk of their stamp duty; there’s no need to increase the threshold.

The property market where we are is very buoyant. We're about to exchange on our sale and got about 40k more than it was valued at a year ago.

Where we are looking to buy (Scotland) prices have gone crazy. Anything rural or semi rural is either sold in days or is going to a closing date with multiple buyers bidding. Prices are up to 20% over home report. Several estate agents have said this won't last and that prices will drop back. I'd tend to agree with that, we're not going to buy until things have settled. It would be very easy to buy in a panic, the wrong house, the wrong area or overpriced.

Yes. Rural north Wales but still commuting distance to Chester. I hope to take advantage of it, sell up and downsize. I want to move to Chester. Rural life is not idyllic during a lockdown.

I am in outer London and my son is looking to buy so I am looking at one place at end of a tube line (possible houses, bottom end of the market of those) (and also inner London - flat) and it is interesting comparing the two. The former is properties flying off like hot cakes and agents very busy. Inner London is different - the centre of the donut in a sense has been hollowed out by so many of those who work in London now working from home and those agents are even calling me out of the blue so keen are they to sell.

It does not really matter to my son that there is a stamp duty holiday as he is a first time buyer anyway so after March just about unaffected so if he has to wait it is not an issue. We shall see.

My other son's house where when he considered selling it in Autumn 2019 the agents said it was worth £20k less than he had paid for it now zoopla thinks it is worth £20k more than he paid for it.

My bookmarked search criteria on Rightmove is for a 5 mile radius from where I am looking, popular South West Town and literally every newly listed property at the moment is a reduced one, prices of 3 beds are definitely coming down and there seems to be loads just sitting there for weeks not selling, think it maybe sellers being greedy by incorporating the stamp duty holiday savings into the asking price, some asking for 25% more than they paid a few years back and done nothing apart from lived in the house.

Reductions around Bucks commuter belt, with properties sitting for a while... not sure if it’s just normal going into winter slowdown though

ZOMBIE THREAD!

I guess that Quanto character didn't have a crystal ball after all...

The probability of house prices falling next 12 months is guaranteed. Anyone who tells you otherwise is clearly delusional. We're entering the greatest recession this country has seen in 300 years. It is easily an order of magnitude more severe than the last one that caused the average house price to fall by 15%.

I wouldn't say prices have shot up in my part of London but sold prices last year were still 8% above the previous year's so not quite the crash the HTC folk have been praying for!

Tbh, house prices will never crash to the point a single, standard, normal person can afford one. Even in 2008 when they ‘crashed’ it made no difference as the banks stopped lending so even then standard working folk still couldn’t afford a house (down here in the SE anyway) you have to be paired up basically, no chance of buying property here on your own unless you’re stinking rich already