Page 3 | House prices , ridiculous at the moment or no?

user8783 · 20/05/2021 22:18

@stuckinaditch I wasn't saying that to directly address a point you made, just expanding on my opinion of the stamp duty. One of the reasons I think the stamp duty affect is overstated is the new build estate I'm in, houses selling now are due to be completed way past the deadline but are still flying off the shelves at the pace they were last year (none will be eligible for HTB now either due to the new cap, I'm surprised how well they're continuing to sell). Appreciate that's one small area though!

But yes I don't disagree with you, I don't think the stamp duty holiday was needed, I think this boom was coming which only reiterates my point that it's had an impact but is not the cause (IMO). We were very lucky, we were moving either way as we'd got sick of our house in lockdown (it does mean we sold our house for less than what we would have got a few months later though I'm sure, so I'm sure it evened out slightly!) but it's sickening when you think how much tax payers money has been spent on this relief.

dappymonster · 20/05/2021 22:27

Scotland here. Properties in my area a year ago would generally go for asking price or a little in excess like 10K was good. Now it's 20K/30K/40K even 50K over sometimes. Not kidding.

stuckinaditch · 21/05/2021 10:27

@user8783- perhaps we only disagree about the extent to which the stamp duty holiday has affected prices. I think there is now a lot of FOMO going on as prices have rocketed in so many areas. We'll have to see what happens in another 6 months or so.

24GinDrinkingOnceTheKidsInBed · 21/05/2021 18:19

On the other end of the spectrum I hope it stick out like this for a little bit longer.

We’re off to view a show home tomorrow in view to buying a new build.
However we need to sell out house first- a two bedroom house we brought for £140k 3 years ago- that were now about to put on the market for £190k. We’ve barely done anything to it except put a driveway in and paint the rooms. Pretty happy with the profit and dying to get our hand on a new build in the area we want.

All fingers crossed for me.. then after we’ve sold I hope the market calms down for you all!

Bluntness100 · 21/05/2021 19:09

I still don't understand this statement. It seems contradictory to say that there was huge pent up demand causing the market to get busy and also that the stamp duty kept the market ticking over. It hasn't been ticking over, prices have gone up hugely and there has been a buying frenzy

It was ticking over through lock down. However that ticking over did not cover all the pent up demand. As soon as lock down started easing, the pent up demand was released and its resulted in the situation we have now, with everyone and their dog trying to buy and sell.

JellyBabiesFan · 23/05/2021 15:51

They are ridiculous but what can you do? The government are intent on keeping them high

This

Wanderergirl · 10/07/2021 19:57

Everyone still think that prices going up? Because all I see now is reduced listings after stamp duty holiday ended. And I think it’s not the end of it all.

Househunting21 · 10/07/2021 22:43

I'm not seeing reduced prices, but I am seeing a completely dead market - 1 or 2 new four bed homes a week if you're lucky, in a three mile radius of an outer London borough. Can only see that sending prices higher

PicsInRed · 10/07/2021 22:50

@Wanderergirl

Everyone still think that prices going up? Because all I see now is reduced listings after stamp duty holiday ended. And I think it’s not the end of it all.

It went quiet here for about a week or two, with a few reduced listings, but new listings are on this week and listing prices higher still.

Previously listed houses are mostly sold - even the ordinarily unsaleable, utter crap. I'm so relieved not to be a FTB, bless them, the horror. SW.

HP79 · 14/07/2021 15:25

Is anyone sensing a slow down in the market yet? Three or four weeks ago I was having trouble getting viewings (I would sometimes be offered one time slot and if I couldn't do it, then tough), agents wouldn't call back, they were sometimes quite rude, houses were being sold before I had a chance to view... but this week the agents are more accommodating, more flexible on viewing days/times and are actually calling me back. Just feels like there's been a shift and I'm wondering if the market has reached the peak and is starting to cool. I hope so, as everything has been ridiculously overpriced compared to sale prices from 6 months ago, yet most properties have been going to 'best and final' and achieving well over asking price. This is in the West Mids, by the way.

I still have about 20 properties saved in RightMove that I'm hoping will come back to the market, but none of them have so far.

Evenstar · 14/07/2021 15:29

I am watching the market in an area we hope to move to next year, I am only seeing reduced properties coming through, new listings are new builds on large estates which are being discounted too. I think things are definitely cooling in some areas.

DogsSausages · 14/07/2021 15:48

Houses in Dorset are reaching ridiculous prices, we want Wimborne but its madness atm. OP are you staying in the same area or could you move out a bit. Houses that need a bit of work can be a bit cheaper.

surreygirl1987 · 14/07/2021 16:21

Reduction after reduction coming up in my area. One was only on for a week then reduced! I think the market is cooling. More properties coming on but not loads. Mostly new-ish builds. Nothing on for us yet but checking constantly and hoping one of the ones we like (out of budget but would have been comfortably affordable 8 months ago!) get reduced (again!) soon as they've been hanging on for months...

Wanderergirl · 15/07/2021 17:01

Yeah, I was surprised that someone said they don’t see reductions. Literally every day reduced after reduced listing. Some coming back on the market with lower prices, probably sales fell through.

readytosell · 15/07/2021 17:25

I'm keeping an eye on where I'm moving, and there are the odd reductions but these tend to be on houses that haven't shifted for a while and usually because there is something undesirable - either they were way way overpriced, or they are next to busy road, need a lot of work doing (and overpriced for condition too) or not in a great area.

The decent stuff coming on is still being snapped up quickly as demand is still high for what little is coming on.

CrouchEndTiger12 · 15/07/2021 17:27

@Dizzybrunette445

Hi everyone, I just need to rant about the current property market. Is it a joke where you are as well?? We are trying to find a bigger house as I've just had a baby.. they have been listing houses in some scummy areas where we live for £340k.. which is our budget.. everything has shot up to an extortionate amount, everyone is offering over the asking price for everything and not by £500.. by £20k to be truthful, it's getting on my tits. Is there any light at the end of the tunnel for us all??

When a scummy one bed flat is £340k then complain.

I'll take a scummy house in my area if they were that cheap!

AdaThorne · 15/07/2021 17:31

My friend is a solicitor and is saying that the issue is probate delays due to covid. She's saying that when things start moving properly and families are able to start putting houses of relatives have passed away due to covid onto the market things will change significantly because the market will flood. She works for a small ish local firm just outside of London and they have 150 clients (most who owned property) whose wills/probate they are dealing with and which have been dragging on because of the bureaucracy delays.

Of course by the time they get to the market the sold property comparables of the last nine months or so of bonkersness might still see them up higher - but at least there will be more available!

Knittingbaker · 15/07/2021 20:20

@AdaThorne

My friend is a solicitor and is saying that the issue is probate delays due to covid. She's saying that when things start moving properly and families are able to start putting houses of relatives have passed away due to covid onto the market things will change significantly because the market will flood. She works for a small ish local firm just outside of London and they have 150 clients (most who owned property) whose wills/probate they are dealing with and which have been dragging on because of the bureaucracy delays.

Of course by the time they get to the market the sold property comparables of the last nine months or so of bonkersness might still see them up higher - but at least there will be more available!

AdaThorne that’s really interesting as where I am (West Mids) there have been quite a few probate properties advertised and sold (not completed) without probate even having been applied for or granted yet. I’m not sure if this is normal but I wonder what the % of people holding off until it’s been granted to advertise Vs those trying to get a sale before? Did your friend mention anything about it?

Starseeking · 15/07/2021 20:28

In the last 3 months I've only seen 2 properties that I liked enough to make offers on. The first was rejected (thank goodness!), because I've now had an offer accepted £10k less than asking on the second. It's been on for 3 weeks, so I sense the market is cooling. If it had gone on during January, it would have been sold in 3 days for well over asking!

HmmmmmmInteresting · 15/07/2021 20:50

I have predicted nine of the last three downturns

joseprobe · 25/08/2021 10:23

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Dbank · 25/08/2021 14:52

The UK population has been growing since the 1990's the main driver being migration. The increase in housing stock hasn't kept pace, and low interest rates, have made it cheaper to buy a home

Classic supply and demand.

Now the demand is high, the incentive to build is higher and over time that will help address the balance.

If you think housing is expensive now, have a look around the world, EG New York, Tokyo, Paris.

It does vary a lot in the UK, in reality some areas of the UK have only kept pace with inflation over the last 25 years, where as in London it's usually doubled in real terms.

In short you need to decide which way you think it's going to go in the next 5-10 years and put your money down.
P.S. Don't ask me!

whichwayfornow · 25/08/2021 15:01

Yes, the market and prices are a total mess. Many FTB and those wishing and needing to 'move up the ladder' because of having children are priced out. Meanwhile, older people have large houses/ BTLs, etc.

'In short you need to decide which way you think it's going to go in the next 5-10 years and put your money down.'

It's really unfortunate that this sort of attitude is so common. If the British population stopped seeing houses as investments but as homes and a necessity for all, we wouldn't be in such a mess. Of course, this has all been positively encouraged by politicians and the banks so I don't necessarily blame most individuals.

BlueMongoose · 25/08/2021 15:11

@user1471538283

The prices in our city are crazy however, I spoke to an EA the other day and she said that a third of all sales are falling through! In some cities it is up to 50%. On top of this I had to demonstrate I had the money prior to even offering and then today had to demonstrate it prior to viewing - so there is definitely something going on.

I do not think this current rate is sustainable. I lived through the 80s and 90s in London and saw the havoc.

I wonder how many of those sales are falling through because surveyors are saying they simply aren't worth it, so people needing a mortgage have to pull out? If that continues, prices may rebalance at a more sane level.

BlueMongoose · 25/08/2021 15:14

@Dbank