[Closed] House price rises.

friends trying to buy now are getting priced out even with offers of 12-15% over asking .....

friends selling - got 18% over asking - and sold within 2 weeks of going on market.

Are things changing as rapidly as they appear?

London and the South East? Yes

Anywhere else? No

2 countries, innit?

Where I'm currently looking in Glasgow has seen about a 10% increase in the last 12 months.

Thats what i was thinking binners. South east, east mids here.

December we were feeling confident that we could find something we'd be really really happy with. Less so now.

I can't even sell mine 🙁

although it is quite a specific and small house...

All viewers love it...

Yes it's down South in a very desireable village too

You have to remember that house prices have been pretty static since the peak of 2007, so 6 years on, more demand than supply and there's a lot of catching up to do. Especially with all the good news on the economy being touted around.

"London and the South East? Yes

Anywhere else? No

2 countries, innit? "

not really - no.

Ooooooooooooh yes it iiiiiiiiiissssssssssssss!!!!!

[img] [/img]

Binners is largely right I think, though there's odd pockets of massive growth elsewhere like Aberdeen.

Friends just sold their bog standard 3 bed house on an estate, open day on Saturday with 30+ viewers, 10 offers yesterday, sold for over asking and almost 25% more than they paid in 2007. It's ****ing ludicrous I tell you. People say we're not still in a bubble!

South East btw.

South East btw.

Ah yes. The South east.

Even in Huddersfield- a nice part of Hudersfield, a converted 3-bed stone built cottage went for 30k under the asking price and Huddersfield (or parts) is supposed to be quite buoyant.

London and the South East?

I think it's more North of England vs everywhere that isn't.

South East has always been buoyant though.

The South West is currently very buoyant (well flooded) as we speak.

East mids here too. Company has got 5 houses on a development in a nice town. Two been on the market 18 months, not a viewing for at least 3/4 months till last week. Two random viewings one now sold.

population centres in scotland more so than just aberdeen - aberdeen matches london for growth and stupidity - but edinburgh and glasgow aint far behind - hell certain areas of dundee are going silly by all accounts.

South west is the same. Even Wales is on the up now.

I think it's more North of England vs everywhere that isn't.

Oh well - enjoy your bubble!

Mrs SB works in an EA in Northwich and my BIL has an EA in Chester and going by what they are saying things are moving fast with houses selling before being marketed, etc.

Last night wife was recounting how one house had had an offer accepted on Friday but the buyers wanted to view it again on Sunday - they then came back and confirmed they def wanted it and upped their [already accepted] offer by £5k 😯

Talking to an EA on Saturday who was doing a probate valuation on my late mums house in Abersoch and he said that January has been their best month ever
Maybe these are in isolated pockets, and apparently houses over £600k are still slower, but I'm not sure I'd hang around if buying.

Sorry Binners - think you're wrong.

Confused are people idiots? I remember when we were looking in the last bubble and estate agents were urging us on/talking everything up. We paused/stopped the search. People were over-stretching themselves then. I honestly don't believe people have (managed to) sat there diligently saving up huge equity and deposits in the recession that we've had wholesalely.

Its the sheep mentality again.

I assume it's simply first time buyers can get mortgages again.

The prices are just supply and demand thanks to our utterly stupid planning laws.

I'm wrong. Oh well. Lets take the positives though…..

I really hope this is the start of people regularly discussing house prices again. How much equity is in their house, that kind of thing. Especially if they do it really loudly in the pub. I have to say that during the recession its what I've missed more than anything else. Seriously. I don't know how I've managed without it as the number one subject of conversation

Oh… and those programmes with Phil and Kirsty, or Sarah Beany. Love them, I do. I hope Channel 4 are busy filming loads of them so I can watch them back to back on More 4

And I won't hear a word of criticism from people who suggest that the return of obsessive middle class property-porn tedium, for the brain-shrivellingly unimaginative, isn't a good thing. Because it is!

in a rare moment of confusion i think me and hora agree on something. - be very careful. its a glitch in the matrix !

Sorry to inject actual evidence into this debate guys - I know that kind of thing is frowned upon.

Figures from Nationwide 4th Jan:

[img] [/img]

So I'm happy because Yorkshire and Humberside are in the bubble, yay! But 'North' isn't doing so well (which seems to not include Yorks and Humber 😕 ). But look at London there, leading the charge - bravo!

in a rare moment of confusion i think me and hora agree on something. - be very careful. its a glitch in the matrix !

Me too - WTF!

Not in my street. Sales are dismal and three places have just sold for 25% - 30% less than they paid for them back around 2006. Nice street, good housing, desirable location. I'm in Glasgow.

in a rare moment of confusion i think me and hora agree on something. - be very careful. its a glitch in the matrix !

Me too. Jesus! Thats never ever happened before. I'm really worried now

[img] [/img]

I remember at the time mrshora was saying 'we must buy now otherwise it'll be crazy high if we don't' (etc). Really panicking then depressed. I refused saying how can people afford this- are they on lots more money than we are around here?!!

Next thing...

Still in areas such as Sale in Manchester tiny coronation street boxes with no garden etc/door straight ontothe street, with tiny back yards and hallways are still up for market on stupid money. I don't 'get' it.

Someone on our road paid 60k more than us at the height of the boom in the same condition 18months previously (i.e. shit condition). Madness.

three places have sold for 25% - 30% less than they paid for them back around 2006. Nice street, good housing, desirable location.

East Mids here too, near Derby. Seeing properties buy and sell, but prices staying steady for average type houses. Posh stuff seems to be asking silly money again. Rental levels beginning to edge up again for bog standard properties, nice houses in nice areas didn't tail off really in the dip, Peak properties remain mental, sadly.

Obviously overpriced in 2006. Herd mentality innit. It was then and the same now.

Potentially, but all this talk of prices returning to 2007 levels isn't accurate as they're closer to 2002 levels.

OUrs is currently up for 15% over 2007 levels. We bought about a month before it all went pear shaped in 2007.

https://www.aspc.co.uk/search/property/295163/Lynden-Villa--Charleston/Aberdeen/

that one makes me laugh .... i offered on that 2 years ago - looking back one ofthe best thingsthat happened to us was not getting that house.... location location location....

we were outbid by 80k - mr investment cash buyer - and we were over asking back then !

now its back on the market - same vendor ,same photos , same price , really run down house- looks nothing like those photos now.

turned out they were buying for a land bank and kept stalling on payment while they tried to bully the neighbour behind out of their house.... this house was worthless to them without the house behind - completing their portfolio of properties on that land which has been allocated for office space.....

TR I didn't that house was too bad for the price. Then I saw the location!

I just looked my place up on Zoopla. no idea if it is even close to the truth but the estimate they give is 20% higher than what I paid in early 2008.

My first thought is that is crazy, as wages haven't risen in that time. However, that is the sort of inflationary rise we've seen on many things in the mean time, and property values keeping pace with inflation is reasonable. I sort of hope that the current rises are only temporary and then, once 6 years of demand starts to abate, the prices settle gently.

According to Zoopla my house (in a really nice area) has gone down in value by 5 grand since I bought it 6 months ago. I'm not convinced but it doesn't really matter as we aren't planning to move.

I sort of hope that the current rises are only temporary and then, once 6 years of demand starts to abate, the prices settle gently.

Well thats exactly how the whole process generally tends to work since Gordon Brown ended boom and bust.

Anyone else getting that feeling of Deja vu?

aye your nearest neighbours be transit driving caravan towers - looked like they were camped on the drive way at one point this year when i passed. - wouldnt feel safe working away and leaving the mrs there alone like.

that said - we had our own friendly transit drivers this year - at least 1 mile down the road though not in the garden.

You have to love stats. The widely quoted (more than nationwide) Halifax/Lloyd's survey shows that Wales had the fastest rising prices in 2013, then London. It also showed that the NW > SW.

Well thats exactly how the whole process generally tends to work since Gordon Brown ended boom and bust.

Anyone else getting that feeling of Deja vu?

indeed binners. We hope for it, but don't get it. Is it coincidence that this 'uplift' in house prices and the wider economy (perhaps), which surely isn't sustainable, is occuring at just the right time for a government approaching the end if its term? If I thoght they were clever enough, I'd say they have orchestrated it

Arent a lot of thse perecntage swings relative to whether you initially overpaid for your house, or managed to get it for a song?

and/or whether youve let the state of decor/repair slide or improved upon it in that time?

zoopla reckons ours has gone up by £50k, which is quite frankly, a bit laughable.

I sold my house last year for 10k less than i bought it for five years before in the prosperous south east. Do i win a prize?!!! 🙁

I bought my house in 2004 and sold it last year and made just short of 100% over the original price. It was sold within a week and a half of going on the market and i got 14% over the asking price. I had to pay 12% over the asking price for my new house but unfortuantely that's the way things are in Aberdeen just now.

The figures in Aberdeen are way more than what Scotland is as a whole and it's simply down to lack of supply and a booming oil industry.

I bought mine in early 2008. things had been on the turn and were beginning to drop from the summer 2007 peak but hadn't yet gone off the cliff. So that percentage increase from zoopla is a rise from the last high, more or less. Its only their rough estimate so may be very out, but doesn't take account of any improvements made in the meantime.

Bought 1996 £50,000 sold 1999 £120,000 Croydon
Bought 2001 £60,000 sold 2006 £115,000 Hastings
Bought 2006 £247,000 current around £350,000. Epsom
Been lucky.

Except you've had to live in Croydon and Hastings for many years so not that lucky really. 😛

We we're lucky with our first house. And it really was luck because judgement never came into it. We bought our first house in 2008, just as the bubble burst so we got our current house cheap. We don't really like it here though so put it up for sale at christmas. It sold quickly and we made a very surprising 55k on it. We never thought we'd make more than a few grand on it so now we are trying to find something based more on location than anything and everything we look at is being snapped up.

Stressful.