I put my house on the market yesterday for more than any of the estate agents recommended. By close of play yesterday I had 4 offers, and its sold today for the full asking price!

What housing market slump?

Ahh, but was the property on the market for about 20% less than it was worth a year ago?

Well done anyway 🙂

What part of the country are you in and what sort of house?

Good news for you and supposedly your buyer too.

I’d be interested to see how the price you sold for compared to the price given on http://www.mouseprice.com/

Wow thats a quick sale! I’ve just brought my first house, which was originally on the market for 270k, and I paid 230k. I couldn’t find any decent bargains in London, which sucks for buying houses.

Houses still selling well up here and haven’t had much effect at all really, dropped a little but not 20%.

sold mine last week 16% less than it was up for 18 months ago, the one i have bought is 22% less than it was up for 18 months ago.

House prices don’t seem to have changed much around here.

If you’re so sure prices haven’t changed much in your area go here:

http://www.mouseprice.com/area-guide/house-price-trends/w12

you can substitute the 1st part of your postcode for the w12.

If you’re so sure prices haven’t changed much in your area go here:

I was very sure and then went there and now even more sure.

A colleague of mine has done well. He has just bought a 3 bed townhouse with garage in Leeds for £115K. It was a brand new build, reposessed from the developers. It would have originally been on the market for £450K. That is the way to buy right now.

Anyway, well done hope it all goes smoothly.

when interest rates rise
as they will have to, i suspect after the general election, they will start to rise rapidly
when that happens a lot of people will be put in a very tight spot
as unemployment keeps on rising as well
id expect to see a big surge in repossessions and people being forced to sell the overpriced houses they bought a few years ago but are only able to afford at the moment because their repayments are so low

so i reckon overall, the market will actually fall a fair bit further by 2010-2011

Drac:

I was very sure and then went there and now even more sure.

So the average is 12.73% fall over the last year; how much in your area?

Also, 5 year growth is 16.57% – your area better?

It would have originally been on the market for £450K.

In what area of Leeds would you POSSIBLY ever be able to sell a 3 bed townhouse (read poncy name for terrace) for £450k? Come on!

5yr +33.63%

12mth -12.94%

chiswick

mastiles_fanylion – Member
It would have originally been on the market for £450K.

In what area of Leeds would you POSSIBLY ever be able to sell a 3 bed townhouse (read poncy name for terrace) for £450k? Come on!

He missed out the space it was meant to read £45 Ok 😉

maybe he meant leeds FC

you get about 10 bedreooms for 450k in leeds these days!!
http://www.rightmove.co.uk/property-for-sale/find/West-Yorkshire/Headingley.html?locationIdentifier=REGION%5E12204

He missed out the space it was meant to read £45 Ok

LOL

That’s what he told me. But don’t forget at the height of the property boom, city centre shoe box one bed flats were on the market for what, £200 – £250K?

The house at the height of the property boom would have been on the market for way more than what he paid for it, that is all I am saying 🙂

So the average is 12.73% fall over the last year; how much in your area?

Also, 5 year growth is 16.57% – your area better?

Stick in NE66 and see for yourself.

I tried that mouseprice place and don’t think its any good for here as the house which are the same in my street all have wildly differing prices From £140k to £210k. It just seems to have taken the last sale price and add a percentage increase to it.

I’m sure there are areas where falls haven’t been so great and others where they’ve been more dramtic but an 11.53% fall against a 12.73% average isn’t that much different!

Try zoopla.co.uk

NE66 – prices are back to 4 years ago with a 14.3% fall in the last 12 months.

We lost a wedge when we sold in Scotland, but have bought in the South Lakes and probably saved at least what we lost up there, so all is good.

RG2,

5yr house price growth 7.57%
Last 12 months house price growth -14.98%

So we went up slower towards the end but are falling sharpish 🙂

Good for me I’m renting, just been looking arround and recon I can get a nicer place for £100 less a month (per bedroom) in a nicer area. Might have a word with my current landlord and see if i cant get my rent droped and save hiring a van. Otherwise, I’m ouda here!

The house I have sold is a small mid terrace in a very popular area (Saltaire) I’ve sold mine for 11% less than it would have got at the top of the market. IMO the price they were going for 18 months ago was unrealistic, at the house just wasnt worth the money. There is no doubt house price have been way too high, and you could argue they continue to be too high as if the average salary is £20k-£25k, no one can afford a house!

The house I’ve just bought, I have paid approx 20% less than I think it was worth 18 months ago, but its a 4 bed semi in a ‘posh’ area. So I guess the pundits may well be right that more 1st time buyers are entering the market, but the higher up the chain you go the more stagnent the market is.

That’s what he told me. But don’t forget at the height of the property boom, city centre shoe box one bed flats were on the market for what, £200 – £250K?

City centre flats weren’t going for that (not the one bedroom shoeboxes anyway). Not even in Harrogate or Ilkley would a 3 bed terrace have fetched £450k at the height of the boom. I reckon £300k/£325k tops for the best areas of Leeds.

Besides – why on earth would a property be sold at such a huge loss over its ‘value’? Creditors would have ensured they got as good a price as possible and if the house was valued at £450k, I am sure there would be 100s of people willing to pay, say, £350k. I think your colleague is telling you porkies!

Mastiles, I wouldnt be too sure. People are still really struggling to get mortgages. Currently you need 20-25% deposit which is a huge some of cash.

If the average couple earn £50k then a house at £350k is way out of their price range.

Houses need to come down in price to make them affordable.

I don’t doubt people are struggling to get mortgages – what I was saying was that if a house was on the market at £450k, it wouldn’t be sold for £115k even if the building company had folded – it would be snapped up for much more than that – the market hasn’t collapsed to that much of an extent that it would sell for such a low price. There are plenty of professionals in the market to know where to go for bargains and they have cash.

Nope – plenty of mortgages are coming on stream now with 10% deposits, which is traditionally where it was at. There are even a few at 5% deposit. You do need 25% plus for the better interest rates though, but again – that was always the case as far as I can remember.

Houses have a bit to go yet I think, probably 10% tops but I am thinking a bit less than that is likely. This is purely on the fact that there is renewed optimism in property (I am getting enquiries for new installations of the stuff I install again), and there seems to be some movement in the market again – though only on places that are priced to sell. It may be that sellers are starting to get the picture and are either marketing at more realistic levels, or taking those cheeky offers that they were laughing at a few months back.

That said – nothing has sold, or hadn’t last time I checked a couple of weeks back, in my old village since we sold up last November (Doune near Stirling)… and there seems to be a lot of the places we viewed still sitting on the market in Ulverston. I know some of them are certainly down to a reluctance to accept the new pricing levels of property though cos we had offers rejected (even one that was more than I wanted to pay, and more than Zoopla was suggesting as fair market value).

Still, the one we did get came in for the same money as the one we didn’t get asked for – and is one hell of a lot more house (in better condition not just size and location)… so I am pretty happy that other house turned us down 😉

2 big houses just of chiswick hi street were up for auction last month
i dunno whether coz of repossesions or just because they couldnt sell em normally
i noticed both now have to let signs out front
so i guess some landlords are doing well out of this

i still reckon things will fall much further when interest rates rise next year and unemployment shows know sign of decreasing, just look at BAs news today, theyll be laying off staff soon