Crazy asking prices

goldenpeach · 2009-03-25T16:40:39+00:00

After looking in the Midlands we are now looking to buy in Oxford but since January asking prices have gone crazy and it seems by comparison that even East London (where we used to live)is cheaper. Are estate agents attempting to force a spring bounce elsewhere? We are keeping tabs on sold houses and noticed that some estate agents are pricing houses in certain streets at a ridiculous level in an attempt to catch up with pre-crunch prices in desirable areas. As we have been looking since last summer, I'm starting to get worried as I really want to settle down somewhere. Most of my stuff is in the garage awaiting our relocation, including furniture. Because of our uncertain situation I have tried not to put down roots and I find myself quite isolated now.

Fimbo · 25/03/2009 16:53

That sucks GP.

19 Properties have sold in my area over the course of the last month. Prior to that things were static but I have noticed it is the lower end of the market that is selling. Top end is not shifting at all.

Sorrento · 25/03/2009 18:09

So sit back and wait, what's the hurry 3 million unemployed people will be wondering how they will pay their mortgage by the end of summer.
You have to live for now, make friends, so what if you move again, you email people instead of seeing them every day doesn't mean you can't be part of things.

Get some of your favorite pieces out of the garage and make the house you are in home.

Oxford is very expensive compared to all the surrounding area's.

noddyholder · 25/03/2009 18:16

prices are still holding in some places and unbelievably houses are selling.We approached a couple of agnts just to get a feel for what is going on around here and both had people on their books who would be interested in ours!Not bs either as I have worked in property in this area and I do know both of them.Still think prices will really tumble later in teh year so if you can wait do.If its a home for life and you can afford it then why not?

TheDevilWearsPrimark · 25/03/2009 18:17

In some areas prices are still rising. Plus a lot of people are 'chancing it' trying to sell on now for as much as they can get.

brettgirl2 · 25/03/2009 19:17

The asking prices are only crazy if they aren't selling close to them. If they aren't selling then they will have to come down so wait, if they are selling then could you move to somewhere near to Oxford?

ickletickle · 25/03/2009 19:43

well the problem is there are quite a few people like you who thought they would wait for prices to come down... and like you just want to get on with their lives and settle down, so have started buying.

in our village i know of 5 families renting, waiting for houses, and bang as soon as a decent one goes on it just goes under offer.

lalalonglegs · 25/03/2009 20:47

Ooooh nooooo - Oxford is my fantasy escape place when I get fed up of the tube not working. Need to keep faith that I can buy a eight-bedroom 19th-century stucco job in Central North Oxford for the price of my Edwardian flat in Clapham... Goldenpeach, you are destroying my dreams .

nowwearefour · 25/03/2009 20:51

i have recently sold my place and am looking to buy. we priced realistically, took a bit of a drop on the askin price and sold very quickly. but eople who own the properties we are interested in are simply not willing to accept a reasonable offer on their properties- agents have told them it should have a certain figure at the front of the number and very often that is the same as the peak 2 years ago. one agent even tried to say 'well he has put it on at the same he bought it for 2 years ago!' prices have dropped 20% for those selling round here in that time. soooo frustrating for us- we might have to try to take the hit on both ends of the deal if we are to get the forever house we have fallen in love with.....

LadyThompson · 26/03/2009 11:02

Goldenpeach, I live in Oxfordshire and it is bafflingly expensive. Always has been. Do you need to live in the centre? If you don't, the northern parts of the county such as Banbury and Bicester are cheaper, (and nice).

ruty · 26/03/2009 11:07

we just bought a small house in oxford, for quite a bit less than its original price. I am worried about prices crashing, but round here as soon as prices start falling people are rushing to buy. Million pound properties are still selling like hotcakes. You may well get a better deal later on this year though. Although renting is horrible too, expensive here and horrible snotty agents.

interstella71 · 26/03/2009 12:40

We have recently sold our house, it went under offer very quickly - we put it on at a decent price and expected to take an offer. We have just purchased a property which has been on the market for a long time.
I dont know about the rest of the country, but around here in my area (North Brighton) people seem to be conducting themselves in a more honorable way, there is less greed around -the twaty bling estate agents have gone out of business and we have been dealing with moderately decent people who have been in the business for a long time; the property developers have limped off and the vendors see their property as a home and not as an 'investment'
I guess that we may loose some money on our new property, but we need to move and we cant live our lives worrying about what might happen in the future.

noddyholder · 26/03/2009 12:41

interstella I am thinking of selling in Brighton.Who do you think is offering a good service as the 2 I know from previous sales have both closed!

Original poster

goldenpeach · 26/03/2009 17:32

We're keeping an eye on houseprices.co.uk so I know the asking prices are crazy. We use property bee and the number of houses that have been sold and came back to the market is quite revealing. Sadly I cannot get stuff out of the garage, I don't need anymore clutter and the furniture couldn't get up the stairs. I feel tempted to crawl back to London, great bargains to be had there... Oxford is good for me workwise and it's not too small.

OP posts:

Mammina · 26/03/2009 18:43

really interstella? I've been looking in brighton for a while now and prices don't seem to have come down half as much as they have where we currently live. we took a massive cut off our flat but in b'ton people don't even seem to be reducing prices that much let alone accepting lower offers.
noddy from a buyers point of view the agency i prefer to deal with is d&c, there are some which are REALLY annoying and give you all kinds of bullsht and the stereotypical sales pitches, one beginning with A in particular...

noddyholder · 26/03/2009 18:58

Migola they (A) have just been sold and the new blokes are tbh.I knew the original guys and they were great but looks like they got out in time.Prices in Brighton are pretty steady and good houses are selling.You can get a bargain in a less desirable area but in school catchments they are holding on.i also know d and co they are both really sweet guys and no BS

Mammina · 26/03/2009 19:32

A are shocking - I just cringe at the spiel they come out with and feel like saying to them 'listen, do you REALLY think I buy anything that comes out of your mouth?'!

Yes unfortunately we are governed by the school catchments nightmare.

Yes the Ds seem nice and seem to be honest and have obviously been doing it for years. If I had somewhere to sell there they would definitely be the ones I'd use

noddyholder · 26/03/2009 19:40

I am in the school catchment but no longer need it as ds will be leaving school in 2010.I have always lived in teh area you are looking in and love it and tbh its worth every penny!The whole area has a great feel and the arks shops etc are lovely Hope you get what you want x

GreenEggsAndSpam · 26/03/2009 19:59

I agree with you about A. The old lot were ok, bit too slick, but not bad as EA's go. New lot seem to be complete bs merchants.
We sold using D&Co a couple of yrs ago when they had just set up together. We were very impressed - no BS and they worked hard for us. We would defintely use them again.
Migola - so where is this house then ?
Most of the houses for sale in the area have been on the market for ages - some about a year. The good ones are the ones that come on well priced and go SSTC within a week ot two. The others really need to look at why they are still on the market for so long...

GreenEggsAndSpam · 26/03/2009 20:00

I agree with you about A. The old lot were ok, bit too slick, but not bad as EA's go. New lot seem to be complete bs merchants.
We sold using D&Co a couple of yrs ago when they had just set up together. We were very impressed - no BS and they worked hard for us. We would defintely use them again.
Migola - so where is this house then ?
Most of the houses for sale in the area have been on the market for ages - some about a year. The good ones are the ones that come on well priced and go SSTC within a week ot two. The others really need to look at why they are still on the market for so long...

GreenEggsAndSpam · 26/03/2009 20:00

I agree with you about A. The old lot were ok, bit too slick, but not bad as EA's go. New lot seem to be complete bs merchants.
We sold using D&Co a couple of yrs ago when they had just set up together. We were very impressed - no BS and they worked hard for us. We would defintely use them again.
Migola - so where is this house then ?
Most of the houses for sale in the area have been on the market for ages - some about a year. The good ones are the ones that come on well priced and go SSTC within a week ot two. The others really need to look at why they are still on the market for so long...

GreenEggsAndSpam · 26/03/2009 20:08

I agree with you so much I had to keep posting it - sorry!

Mammina · 26/03/2009 20:22

Thanks noddy I hope so too. We were down again last w/e and it was a lovely day and we had a bit of spare time in between viewings and went to Blakers Park.
greeneggs do you mean the house with the east facing garden or the one that I would want to dig out the garden?! actually they are both on waldegrave. the east facing one wasn't actually on the market but the owner was considering selling - anyway he decided to rent it out in the hope that things will improve
It's just annoying that the one we really wanted (3 storey on havelock) went & we weren't in a position to buy, and it's so hard not to compare everything to that one...
I'm not in love with the waldegrave one but room sizes are good and if we stripped the floors and extended the kitchen to the side then I think it could be really nice - it just depends how much it would cost to do

ABetaDad · 26/03/2009 20:26

Goldenpeach - I know Oxford and its housing market very well.

The estate agents sadly got used to slamming up prices in March every year for the last decade knowing parents coming up from London looking at schools will get desperate enough in the end and have to buy in the catchment areas.

The problem is that last year it did not work and houses just did not sell but the estate agents have not adjusted their client's expectations yet.

Do not panic. I strongly suggest you rent in Oxford because - compared to buying prices -the rents are very stable and have hardly gone up in the last 6 years while prices have gone mad.

Use the next few years to have a good look around and wait for prices to drop a bit more. You may not even like Oxford. Not everyone does. Its not all Dreaming Spires and I believe it was once voted as havng the worst shopping area in the UK.

noddyholder · 26/03/2009 22:11

waldegrave is lovely I moved out of that area and am regretting it now and intend to move back asa I can

Original poster

goldenpeach · 27/03/2009 15:48

Abetadad, thanks for your input. Things must be stickier as we gave agents our modest budget and told them we didn't have anything to sell and they ignored us for ages. Only started pestering my DP this past week so I guess the spring bounce fell flat.

OP posts: