Non-motoring > Current housing market Buying / Selling
Thread Author: legacylad Replies: 28

 Current housing market - legacylad
An old, unused for many years, council site in Settle is currently being developed for residential. According to a friend who has just finished work on that site...the developers are Skipton Properties, each of the 8 properties is SSTC. That’s confirmed on S Properties website. The agents, Dacres in Settle, show 6 as being sold.
Nothing special about the site. They’re crammed in tight, a few have very limited views across the river to a school on the opposite bank, and it’s adjacent to the old council estate.

Another of their sites, Coniston Cold on the A65 between Hellifield and Skipton, has already SSTC 4 of 6 according to their website. And they’ve only just started building the foundations!
C Cold is a tiny hamlet. No shop. No pub. Zilch. One bus stop for the occasional Settle-Skipton bus. It appears the property market in my part of the world has gone mad. Flyers from local agents asking if I want to sell...maybe I should take the money and run ?
 Current housing market - Terry
It might just be that so many people have enjoyed the work from home experience, they now realise that they can live where they would like. And during lockdown they may also have found that a large city was not a great place to be!

If they need to commute to the office once or twice a month it is a small price to pay. There could be a surge in property prices in national parks, areas of outstanding beauty, etc.
 Current housing market - R.P.
We decided to go on the market as soon as the restriction was lifted. We sold without even engaging an estate agent through word of mouth. The house we're had an offer accepted on was on RM on the Tuesday and we had our offer accepted on the Wednesday afternoon...overheating market I fear.
 Current housing market - Zero
Estate Agent cousin is still working his socks off, the desired property starting to become specific, Good internet, outside space, local facilities, access to country, access to road network.

Good schools and access to railway network fallen down the pile.

As the job market crashes (and it will) he expects the market to crash.
 Current housing market - legacylad
Ticks most boxes at chez LL apart from a high internet speed. I suppose I could change that with fibre, but perfectly adequate for me.
I’ve outstanding views, plenty of usable outside space, with a suntrap rear patio. Nice village...Giggleswick. 2 pubs. 15 minute walk into Settle with pubs, chippies x2, Indian restaurants x 2, other eateries, Booths & Coop for food, petrol station, 2 railways stations giving access to Leeds, Carlisle (Scotland) Lancaster. M6 25 minutes up the A65, in the YDNP and eastern Lake District a 30 minute drive. LBA a Jet2 hub, a pleasant 45/60 minute drive. Much easier to access than nasty Manchester.
I’ve almost convinced myself to sell up !
And views of steam trains running up & down the Settle-Carlisle line.

Just need to find myself downsized accommodation
 Current housing market - Lygonos
Most houses going up here at a fair price are sold within a fortnight.

I think sellers are looking for sales so not being unrealistic in pricing/accepting offers.

I have a cottage not too far from this one - pretty much sold within a week.

www.rightmove.co.uk/property-for-sale/property-94915388.html
Last edited by: Lygonos on Thu 23 Jul 20 at 11:49
 Current housing market - legacylad
Lygonos...Looks lovely. If only it were within walking distance of the fleshpots of Settle. I like that part of the world...stayed at Glebe Knowe B & B in Innerleithen in recent years. I was with a group of hill bagging friends who were collecting Donalds, lowland hills over 2’000 ft.
Plenty to go at in that part of the world....I remember a Friday afternoon in gale force conditions being dragged up Tinto (711m) a few miles SW of Biggar whilst en route to Innerleithen.
Another tick in the book for them.
 Current housing market - Bobby
RP you don’t hang about in one place for long!!!
Just about the time it takes The bailiffs to find you ????
 Current housing market - smokie
That occurred to me too Bobby.
 Current housing market - R.P.
3 years and 3 months here. We need to be nearer to Mrs RP's parents. New property is 10 to 15 minutes away as opposed to a minimum of 30 minutes from here. This is long term (one hopes)
 Current housing market - The Melting Snowman
It's pent-up demand coming back with the easing of the lockdown. It's not sustainable with people worrying about their jobs. Chancellor has been everyone's friend recently dishing out the dosh but wait until the Autumn statement when he will have to explain how it's all going to be paid, cue tax rises.
 Current housing market - zippy
>> but wait until the Autumn statement when he will have to explain how it's all
>> going to be paid, cue tax rises.
>>

I'm trying to sell a first tier food company that has had a rough time over the last 4 months. (Really not my job but everyone else is really busy - and I've just asked a firm of accountants specialising in business sales to sort.)

£20m t/o profitable (well just above b/e). Best offer so far is £1 (one pound).

Considering how fundamental this business is - i.e. early in the production chain.

If there are too many of these then there won't be anyone able to pay the taxes needed!
Last edited by: zippy on Thu 23 Jul 20 at 23:15
 Current housing market - sooty123
Back on the house hunting trips, seen a few more had another knocked back.
A quick question for those more experienced in the housing markets, are FTB more appealing rather than being in a housing chain? The couple of houses we've put in can't be that far off the accepted price.
Now I'm not expecting some sort of FTB discount, but I would (perhaps naively) think that a few quid less from a FTB would be worth it rather than waiting in a house chain faff?
 Current housing market - legacylad
My own experience as a FTB ( I’d sold, was living in rented, mortgage in place) was that when I found something I liked, I told the sellers who showed me around, that I’d buy it. I told them face to face at the end of my viewing, then went directly to the estate agent and told them.
I offered full asking price and I could move whenever it suited the seller, so I was the perfect buyer.
Other parties offered more, the estate agent was legally obliged to pass on all offers, but fortunately the seller decided to sell to me because of my position.
I think property prices will fall ( my retired valuer & property services friends are unsure by what %) in 2021, but the question is, will they fall by more than the current Stamp Duty holiday saving ? Three of my weekly walking group friends spent their careers in property valuation and don’t know.
If you really like something pay the asking price..personally I always like a property where I can add value, be it extension, refurb etc.
 Current housing market - sooty123
Thanks for that, no idea about price moves next year and beyond. Its up a few grand since they moved in last year (genuine reason for the sale) so they are making 6/7k over what they'd accept.
There's no real value to add, so maybe it is over a bit but it's for the long term and if I'm honest travelling the 170- 200 miles round trip to look in the area we want to buy is becoming tiring.
 Current housing market - Zero
If a FTB has their finance in place, they are a more attractive purchaser, but won't get a discount.

You may not have a chain behind you, but everyone else above does.

And yes everyone in the game agrees the market will crash or correct, but no-one knows when but all expect it to be in the 12 -24months timescale. In the mean time estate agents are working overtime and most stuff is going for the asking price at least.
 Current housing market - Crankcase
I see lots of anecdata about FTBs not really understanding the processes when buying an older property (like mine). So as soon as the survey says "wonky floor" or "mismatched brickwork" they throw their aprons over their heads and want 50k off.
 Current housing market - God
>> as soon as the survey says "wonky floor" or "mismatched brickwork" they throw their aprons over their heads

My buyers surveyor (spent half a day here!) found loadsa faults with my 18th century quintessential Cornish country cottidge.

They still bought it and didn't try to knock a pfennig orf. Their solicitor wouldn't even sign it orf in the end due to my 'new' septic tank soakaway being just a hole filled with lumps of granite.

I used the nuclear option in the end and said if we don't exchange con-tracts by Monday the deal is off.

Many tears flowed unfortunately, their solicitor made them sign a disclaimer re: the hole in the ground and, con-tracts were exchanged forthwith.
 Current housing market - sooty123
>> I see lots of anecdata about FTBs not really understanding the processes when buying an
>> older property (like mine). So as soon as the survey says "wonky floor" or "mismatched
>> brickwork" they throw their aprons over their heads and want 50k off.
>>
I think that entirely understandable as its very much a step into the unknown. Mind you as a FTB I wouldn't touch a complex /older property with a barge pole.
 Current housing market - Bobby
Completely different market of course but my brother has just sold his flat in Renfrewshire.

A Hong Kong buyer bought it without actually viewing it. Apparently this then guarantees they can move to UK or something like that. Estate agent had several other properties under offer for similar buyers.
 Current housing market - legacylad
Talking of buying without viewing....I knew the moment I pulled up in my van outside the current chez LL I would buy it at full asking price. Subject to being gazumped.

Going inside was a formality. It was only 6 months old, the small estate still a building site, but it ticked boxes 1 to 5. Stunning view on a hillside. Large private rear space/garden with lots of options.Double garage. Cul de sac. Walking distance to all facilities (Settle)

A totally characterless modern stone built detached, but not going to be a money pit like the last place and the interior deco and configuration could be changed to suit. There’s a lot to be said for non supporting walls!
 Current housing market - zippy
I am looking out for a suitable property for Miss Z who wants to buy her first place.

I search Rightmove and sort by newest and there are a list of new properties every day and also a lot of reductions suggesting they were initially overpriced at the end of July?

 Current housing market - God
>>Talking of buying without viewing....I knew the moment I pulled up in my van outside the current chez LL I would buy it at full asking price. Subject to being gazumped.

ditto with this place. We were registered with the selling agent so got first divs when it came on the market.

We viewed it straight away offering the fool asking - before it even went on Rightmove, although we knew it was for us by the streetview/satellite, and an amazing video tour where y'all could 'walk' in any room, zoom in for fine detail, and even measure any part of any room, then 'walk' out through the conservatory into the jardin. Amazing stuff!
 Current housing market - henry k
We have only ever bought two houses.

1st house, just on the market. Ist viewer and paid full price.
Lots of problems with the transaction purely because the government were expected to change the
rules and therefore no legal advice available.
A formal evection of two elderly spinsters was required before completion.
1930s house vertually untouched since built.
One room had been repapered. No power sockets,never been any running hot water in the kitchen
Belfast sink with attached wooded draining board. "Gas Light and Coke company cooker that was rusty and unuseable.
A " Wonder Geyser" in the bathhroom.- all brass and copper, not one of those new white enamelled jobs but unused for decades.

2nd house just on the market. !st viewer and paid full price. Agent had not even taken photos etc.

Very happy with both good buys.
 Current housing market - sooty123
That reminds me for some reason of one of the owners of a property we saw. He'd done 36 house moves! Anyone beat that?
 Current housing market - God
I've done 16 and I thought that was a lot.
 Current housing market - sooty123
>> Completely different market of course but my brother has just sold his flat in Renfrewshire.
>>
>>
>> A Hong Kong buyer bought it without actually viewing it. Apparently this then guarantees they
>> can move to UK or something like that. Estate agent had several other properties under
>> offer for similar buyers.
>>

The area we are looking at has lots looking from the other end to the country, few from abroad but lots from the south coast and the south east. No doubt an extension of the WFH thing.
 Current housing market - sooty123
>> If a FTB has their finance in place, they are a more attractive purchaser, but
>> won't get a discount.
>>
>> You may not have a chain behind you, but everyone else above does.

True in most cases, however a couple we'd seen were already vacant. So the chain could have been as short as possible.


>>
>> And yes everyone in the game agrees the market will crash or correct, but no-one
>> knows when but all expect it to be in the 12 -24months timescale. In the
>> mean time estate agents are working overtime and most stuff is going for the asking
>> price at least.

True, I'm surprised it's run on this long. Chatting to some of the estate agents, they felt the stamp market holiday has helped to keep this mini boom going.
 Current housing market - Terry
Current activity levels must include a lot of catch up transaction from March to July/August.

Certainly a few weeks ago there were a lot of properties that first went on the market in February and early March still for sale. The reasons most people wanted to move or sell (upsizing, downsizing, job moves, deceased estates) won't have changed materially.

The stamp duty holiday will also have an influence on current behaviours. Between £125-250k the rate would normally be 2%, and between £250-925k the rate is 5%.

So a FTB paying £100k would have no stamp duty, a property at £200k would pay £4k, and a larger house at £500k would pay £17.5k.

These are not entirely trivial if you anyway intend moving, although only part of the overall cost of a move which may include legals, estate agent fees, costs of repairs, upgrades, decorations etc in the new property.

Uncertainty over the economy and jobs may hold back prices to some extent next year - but as people need somewhere to live and supply will not change markedly, the fundamentals of supply and demand won't change much either.

There may however be some detail and local changes - eg: city centre properties become less desirable with increased work from home; more rural and small towns, particularly with good transport connections may become more popular.



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