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UK house prices top £250,000 for first time in history but come with a warning sign


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https://uk.finance.yahoo.com/news/uk-house-price-index-halifax-property-housing-market-094026926.html
 

7.5% up year on year apparently. The recession has been thwarted thanks to the stamp duty prop. Yey!

Champers all round for Boris’ house builder chums, FTB can go and do one as they don’t factor in these statistics anymore unless they’re on board buying HTB new builds ‘helping‘ out the economy.

Edited by Sideysid
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Just received this via email (posted without comment):

 

 

 

As we enter a new month - indeed a new lockdown - I thought it would be useful to share with you my most recent Sales market observations here at Hamptons, and our predictions for the coming weeks.
 
October 2020 was another busy month in the market. Compared with October last year:
  • 51% more people put their property on the market with Hamptons - 88% more in London
  • 37% more people registered with us to buy a new property - 83% more in our Country offices
  • 66% more viewings took place
  • 44% more offers were submitted to our clients
  • 65% more sales were agreed
  • 28% more properties exchanged contracts
  • Less than 1% of our sales fell through before exchange of contracts
  • Less than 4% of our clients withdrew their property from the market prior to sale
 
These activity levels and the low numbers of people withdrawing from the current market underline the strength of the Autumn market and the commitment of those in it to move. Since the announcement of the second lockdown less than 1% of our properties have been removed from the market and new buyers continue to register with us.
 
Most of our customers are moving for one of the following reasons:
  • Had wanted to move last year but didn't possibly due to political uncertainty (Brexit/election) OR had wanted to move in the first half of this year but couldn't due to full lockdown.
  • Stamp Duty savings - intended to move next year but bringing forward to take advantage of the discount.
  • To move further ‘out' - no longer worrying about commuter distances as able to work from home and often want a home office or some/more - outside space.
  • Lifestyle review as a result of lockdown - want to get further into town or more rural. Time for a change.
  • A sense of urgency: doing it while can - who knows what next year will bring.
  • The usual, non-Covid prompted, reasons: a growing family, investing, downsizing, seeing an opportunity, moving with work, divorce, getting onto the property ladder, cheaper than renting, interest rates low etc.
 
With government guidelines confirming that home-moving is exempt from the November lockdown, we expect to see continued momentum in the market over the last few weeks of the year. Interestingly, year to date we have exceeded activity levels of the same period in both 2018 and 2019, despite 2 months in complete lockdown. And we have 70% more properties under offer than we did this time last year.
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I had the privilege of speaking to an up market Estate agent last week.

People are wanting to buy another home outside of London, because of the lock down they don't want to be in a flat and have to exercise in the park, because the parks are always full all the time.

So these buyers are in for the long haul, and think these lock downs are going to be around for some time. It is difficult to imagine making a purchase that would tie you to a mortgage for 30 years for something that feasibly lasts 1-3 years.?!

Notably decent homes round here in Southampton, such as 4 bedroom semis or detached with driveways for 2 or 3 cars are being sold  quickly. This is because they are on a road that I would want to buy in and they have large gardens. These properties are around £250K to £350K.

Edited by 201p
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27 minutes ago, 201p said:

 

People are wanting to buy another home outside of London, because of the lock down they don't want to be in a flat and have to exercise in the park, because the parks are always full all the time.

Their wanting to buy outside of London also generally needs another person wanting to buy their home inside of London.

I wonder if this is why EAs have so many houses 'under offer' (ie, not completing)?

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All I am hearing is stuck chains. And anecdotally lots of sold signs in Estate agent windows and outside houses been there since July. It’s difficult to know whether it’s just the volume work placed on the professional services. Certainly getting a mortgage approved seems a long drawn out process.

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18 hours ago, TheNickos said:

If I had a surplus of money and had been looking a while I’d be tempted. Seems their attempt to devalue cash is working.

If it was hold as cash deposit or property then it's property.

Cash will definitely lose value to inflation whereas property only may lose value to inflation.

It isn't however a binary choice for anyone who knows the investment markets.

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On 06/11/2020 at 21:12, dgul said:

Their wanting to buy outside of London also generally needs another person wanting to buy their home inside of London.

I wonder if this is why EAs have so many houses 'under offer' (ie, not completing)?

This, basically.

If you are planning for long term lockdown, working 2 or 3 days London, then staying in  Travelodge or BnB is far far heaping than owning and maintaining a small flat in London.

The mortgage on the flat alone would fuck up borrowing more money.

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On 06/11/2020 at 20:28, 201p said:

I had the privilege of speaking to an up market Estate agent last week.

People are wanting to buy another home outside of London, because of the lock down they don't want to be in a flat and have to exercise in the park, because the parks are always full all the time.

So these buyers are in for the long haul, and think these lock downs are going to be around for some time. It is difficult to imagine making a purchase that would tie you to a mortgage for 30 years for something that feasibly lasts 1-3 years.?!

Notably decent homes round here in Southampton, such as 4 bedroom semis or detached with driveways for 2 or 3 cars are being sold  quickly. This is because they are on a road that I would want to buy in and they have large gardens. These properties are around £250K to £350K.

No such thing.

They are all scum.

 

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On 06/11/2020 at 18:14, Knickerless Turgid said:

Just received this via email (posted without comment):

 

 

 

As we enter a new month - indeed a new lockdown - I thought it would be useful to share with you my most recent Sales market observations here at Hamptons, and our predictions for the coming weeks.
 
October 2020 was another busy month in the market. Compared with October last year:
  • 51% more people put their property on the market with Hamptons - 88% more in London
  • 37% more people registered with us to buy a new property - 83% more in our Country offices
  • 66% more viewings took place
  • 44% more offers were submitted to our clients
  • 65% more sales were agreed
  • 28% more properties exchanged contracts
  • Less than 1% of our sales fell through before exchange of contracts
  • Less than 4% of our clients withdrew their property from the market prior to sale
 
These activity levels and the low numbers of people withdrawing from the current market underline the strength of the Autumn market and the commitment of those in it to move. Since the announcement of the second lockdown less than 1% of our properties have been removed from the market and new buyers continue to register with us.
 
Most of our customers are moving for one of the following reasons:
  • Had wanted to move last year but didn't possibly due to political uncertainty (Brexit/election) OR had wanted to move in the first half of this year but couldn't due to full lockdown.
  • Stamp Duty savings - intended to move next year but bringing forward to take advantage of the discount.
  • To move further ‘out' - no longer worrying about commuter distances as able to work from home and often want a home office or some/more - outside space.
  • Lifestyle review as a result of lockdown - want to get further into town or more rural. Time for a change.
  • A sense of urgency: doing it while can - who knows what next year will bring.
  • The usual, non-Covid prompted, reasons: a growing family, investing, downsizing, seeing an opportunity, moving with work, divorce, getting onto the property ladder, cheaper than renting, interest rates low etc.
 
With government guidelines confirming that home-moving is exempt from the November lockdown, we expect to see continued momentum in the market over the last few weeks of the year. Interestingly, year to date we have exceeded activity levels of the same period in both 2018 and 2019, despite 2 months in complete lockdown. And we have 70% more properties under offer than we did this time last year.

So if the market is a good as you say `Mr Hampton` you should be so busy you shouldn't have the time to compose spamming emails!

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  • 2 weeks later...

Dropping this here as it doesn't merit its own thread but made me laugh:

Kernow Court, Torpoint: £55,000

103045_100913002102_IMG_01_0000.jpg

The town of Torpoint in South East Cornwall has two major selling points among many. There's the proximity to the city of Plymouth via the Tamar Bridge and Torpoint Ferry as well as the fact it’s not far away from the picturesque coastline. It could be yours for £55,000.

This leasehold property on Kernow Court in Torpoint is a one-bedroom studio flat featuring a separate kitchen, bathroom, communal garden and allocated parking. The versatility of the space means it can be used as either a lounge or bedroom or both. :D The bathroom features a bath xD, perfect for relaxing in the long winter nights that lie ahead.

The property is close to bus stops and local amenities. You can find out more about this property here.

https://www.cornwalllive.com/news/cornwall-news/seven-bargain-cornwall-properties-you-4722010

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On 06/11/2020 at 19:14, Knickerless Turgid said:
  • 51% more people put their property on the market with Hamptons - 88% more in London
  • 37% more people registered with us to buy a new property - 83% more in our Country offices

 

Just wanted to highlight this bit. So, say hamptons started out with 1000 sellers and registered searchers in both london and country.

 

Total sellers now 2000*1.51=3020

London sellers now 1000*1.88=1880

Country sellers now 3020-1880=1040

 

Total buyers now 2000*1.37=2740

Country buyers now 1000*1.83=1830

London buyers now 2740-1830=870

 

So the ratio of buyers to sellers has halved in london and almost doubled in the country!

 

( I did a quick search of hamptons properties. There seem to be about 2500 in london and a similar number in the sticks. I chose my example for simplicity, but you can see from the % changes that whatever the actual values' there's going to be major opposing movements in the buyer to seller ratio between london and country)

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30 minutes ago, steppensheep said:

 

Just wanted to highlight this bit. So, say hamptons started out with 1000 sellers and registered searchers in both london and country.

 

Total sellers now 2000*1.51=3020

London sellers now 1000*1.88=1880

Country sellers now 3020-1880=1040

 

Total buyers now 2000*1.37=2740

Country buyers now 1000*1.83=1830

London buyers now 2740-1830=870

 

So the ratio of buyers to sellers has halved in london and almost doubled in the country!

 

( I did a quick search of hamptons properties. There seem to be about 2500 in london and a similar number in the sticks. I chose my example for simplicity, but you can see from the % changes that whatever the actual values' there's going to be major opposing movements in the buyer to seller ratio between london and country)

Yes, it doesn't paint a pretty picture for London, though I expect the author is too thick to understand the story behind their own numbers!

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