House Prices #2 Property market, buying and selling

[Former_Antelopee]

This sounds as if it’s more intended for property developers who could write it off as a research cost than normal owner occupiers, which would make sense with what the other poster said re: the state such properties are usually in. Would avoid like the plague!

It’s weird because this house looks so nice! The kitchens new, the bathroom also looks new and the front room is also very nicely decorated with a log burning fire. The garden is also well maintained. It definitely doesn’t look like you’d think of an auction property.

But I will avoid

 

[HoGi]

It’s weird because this house looks so nice! The kitchens new, the bathroom also looks new and the front room is also very nicely decorated with a log burning fire. The garden is also well maintained. It definitely doesn’t look like you’d think of an auction property.

But I will avoid

Could it be in a flood risk area?

 

[heretoreaditall2019]

It’s weird because this house looks so nice! The kitchens new, the bathroom also looks new and the front room is also very nicely decorated with a log burning fire. The garden is also well maintained. It definitely doesn’t look like you’d think of an auction property.

But I will avoid

Is there enough room to build another property next to it? How bizarre, agree with another poster there must be something wrong

 

[Former_Antelopee]

Could it be in a flood risk area?

On the gov website it says it’s very low risk

Is there enough room to build another property next to it? How bizarre, agree with another poster there must be something wrong

It’s a terrace house

 

[HoGi]

On the gov website it says it’s very low risk


It’s a terrace house

How odd.

Flood was my initial reaction as houses near My sister go for a less than other properties in the area, or are sold at auction , but that's because they are practically uninsurable due to flood risk.

 

[Anne1448]

I do not know in which country you live but in ireland auctions are usually used when the house has been sitting on the market for years OR it has flaws that common buyers are not likely to want. Such as being in a risky area, poor construction materials, environmental issues (floods, near a factory with dangerous materials) or structural damage.

Auctions are great if you are a developer or someone who is willing to buy a thrash property to renovate it then rent it or sell it. As a normal buyer it is too risky.

In a lot of auctions you are not even able to visit the property, get your engineer to check the structure or get the history of the property (floods, taxes, neighbours) before putting a certain amount down. If you put 6k and then realise that there are loads of problem you are fucked.

 

[Kim Mild]

We looked at an auction property. It was vacant ,as a lot of then seem to be . We could have paid for a survey if we had wanted. Apparently, auction properties ( where the auction is online rather than people sitting in a room like on Homes Under the Hammer) were permitted to be sold during the lockdown .
All the auction properties ( advertised locally to us) seem to need a bit doing up so I think they are aimed at chainfree buyers.

 

[JoeBloggs]

It’s weird because this house looks so nice! The kitchens new, the bathroom also looks new and the front room is also very nicely decorated with a log burning fire. The garden is also well maintained. It definitely doesn’t look like you’d think of an auction property.

But I will avoid

Extremely odd, unless it’s a repossession and they want a quick sale. Generally properties go to auction because they cannot be sold on the open market.

Could it be an unconventional build and therefore unmortgageable?

I know you said your going to avoid but just consider if you buy via auction you usually have to complete in 28 days which can be very hard with a mortgage.

 

[Former_Antelopee]

Extremely odd, unless it’s a repossession and they want a quick sale. Generally properties go to auction because they cannot be sold on the open market.

Could it be an unconventional build and therefore unmortgageable?

I know you said your going to avoid but just consider if you buy via auction you usually have to complete in 28 days which can be very hard with a mortgage.

It looks like other houses I’ve seen for sale. And it says modern method of auction which gives 56days to complete which it says gives time for mortgage and survey etc to be done

 

[littlepup]

Modern method auction can just be a way to get a quick sale/completion.
We’re looking at a traditional auction property, great property - it has Japanese knotweed in the garden which can prevent getting a mortgage best case and worse case undermine the structure though

 

[Anne1448]

We talked about it in the first thread but I am putting this here: https://www.irishexaminer.com/news/munster/arid-40745874.html

Homelessness has doubled across the country due to high rents and high cost of living in general. The most frightening part is that it is starting to affect middle-class families. Especially single mothers with children.

Another awful phenomenon is families not being able to afford studios for their children so they are not going to university anymore.

This global housing crisis is widening the gap between rich and poor families. I am very lucky to be working a field where my salary increase quite often but I genuinely don't know how families and people on a low income are surviving.

 

[Yel]

I wonder how many estate agents are in trouble? The number of homes for sale is almost half of what it used to be according to some sources and now with online agents their commission is reduced

 

[Italy2]

The house prices are still extortionate though and there has been no crash or even a slight decrease as many anticipated.

 

[Yel]

There won't be any crash while supply is so limited and money is so freely available. Mortgage Interest rates are going down over the last month and that only pushes up prices

 

[andreaoid]

I've noticed a few estate agents merging together recently. Sales must be slow.

 

[Anne1448]

I've noticed a few estate agents merging together recently. Sales must be slow.

Yes, I noticed that too. Or agencies merging together.

 

[JoeBloggs]

Barrett homes are proposing to build 200 homes in my village, considering the whole village only has 600 homes this is insane, they have no plans to build any schools, doctors, shops etc. We have no amenities in our village bar a pub an a corner shop. We have to go to the next county for the Doctors (which has so many issues within itself due to crossing NHS trusts) and our nearest supermarket is 6 miles away! I just cannot see the demand considering they will start from £500K I expect.

 

[Yel]

I've noticed a few estate agents merging together recently. Sales must be slow.

Makes sense, even if prices are up 10% if the number of properties for sale is down 50% there's going to be lots of jobs and high street space that's unnecessary.

Foxtons share price keeps falling, but almost looks like it's leveled off with how much they've fell over the years

 

[Anne1448]

Barrett homes are proposing to build 200 homes in my village, considering the whole village only has 600 homes this is insane, they have no plans to build any schools, doctors, shops etc. We have no amenities in our village bar a pub an a corner shop. We have to go to the next county for the Doctors (which has so many issues within itself due to crossing NHS trusts) and our nearest supermarket is 6 miles away! I just cannot see the demand considering they will start from £500K I expect.

They are maybe gentrifying your neighbourhood.

I currently live in a place which used to be a village with less than 100 homes. Over the years luxury homes have been built with the purpose of transforming the village into the St Tropez of Ireland. Now the starting price is 350k and we have a road in the village where all the houses start at 1 Million. The locals can not move out because their schools, friends and family are all here. Their children can't buy in the village and we are now surrounded by either extremely wealthy British, Canadian or American citizens.

Worst, the new comers are fighting tooth and nails to prevent low incomes and affordable homes to be built because they don't want their homes to lose their values. Yet, they complain when they can't find staffs for their restaurants, supermarkets or businesses in general. The cognitive dissonance is real.

 

[JoeBloggs]

They are maybe gentrifying your neighbourhood.

Perhaps but I cannot see why, it is in a rather nice part of Surrey all be it very quiet. The average house price is £500K, with many near or over £1mil already. There is very little land left and these plans are proposing 30% affordable housing.