Anyone else buying/selling at the moment? Just interested in your experiences. My partner and i are selling her two bedroom flat in Forest Hill and buying a house half a mile further south. I was really surprised how little interest we got on her place (nice mansion block/good road) and eventually we had to take an offer which was a fair bit under asking price. The real eye opener was when it came to finding the new place, vendors were falling over themselves, eventually got a beautiful house for a very big discount, fixtures and fittings thrown in. I know it's anacdotal but i seems that 10% under asking price is shifting property at the moment. To me market falls are neither here no there really because we have an 80%+ deposit but i'd be extremely worried if i was buying with a small deposit or had indulged in equity release . Anyone seeing the same thing or got a different perspective?
S.
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Agreed. In my experience most houses go on the market for more than they're worth so when you offer less and think you're getting a good deal, you're actually getting the houses real worth.
Currently got a 3 bed and want a 4 bed....there are some good deals to be had if you search hard.
Currently got a 3 bed and want a 4 bed....there are some good deals to be had if you search hard.[/quote]
thats where were looking to buy, we are moving and renting closer to the area but me boy goes to Westwood so need to be as close as poss when my daughter goes there.
Although i'm not sure if that just means he will have to buy a porche boxter rather than a 911!!
Spoke to estate agent last week (Peter James at B'heath Std) as they want to come round and see what we did...they said the mkt still bouyant in Westcombe Park - recently sold 4 bed on Humber Rd for £650k and no sign of slowing down.... So I guess it all about location.
when we were looking 6 months ago at our type of flats, they were on the market and off again within hours.
give this lot a bell ask for Dave tell him Barnie recommended him, he's one of the less shifty agents I've dealt with. He sold me one near Falconwood which I am currently doing up, I think there are lots of conversion to 4 bed dotted around there, not sure about deals though.
http://www.rightmove.co.uk/action/ShowBranch?ag_u=16040
my place has gone up £50k since i bought it in May but i did do some work to it.
Cheers...
Exactly Suzi..
Trouble is that if you buy below £250k and do work, you may not get your money back because of the tripling of stamp duty if it takes it over the £250k threshold
But, always remember that, first and foremost, your primary residence will be your home, not just an investment
Agreed. The estate agent said my house was worth £410,000 so I put it on the market for £425,000. Got an offer at £400,000 but settled for....£410,000.
A lot of landlords here selling up, no developers at Auctions, Auction guide prices not being met, been advised not to buy anywhere at present.
Went to see a flat out of interest yesterday (prices are crazy here) for £249,000, the EA told me I could get it for £205, that's nearly 20% below asking.
decent houses in desirable parts of London are still booming - simply due to supply and demand
I moved across the border to NW5 last year and it's booming - begging letters from estate agents through the door each week asking us to sell up
Of course it helps that Eurostar and the world's longest champagne bar have conviniently popped up 5 mins down the road...
But then lose that profit on the next place you buy
I'm do know that,
wasn't clear in my explanation.
Lets say, like a lot of people you aim to my at £230-£240K
Say you spend £20-30K in "improve" the place.
You have to sell at £250k-£260k to break even.
Will someone be prepared to pay the extra £5k (approx) stamp duty payable when they buy your property???
Edit afetr reading CC's later post- agree with your bracketed sentance totally, although it's amazing the number of people who don't, just like some lender's whopping arrangement fees that they just add to their mortgage
In that case you should, as you say, be in pocket as long as you can keep the progression going in terms of buying for less and trousering a profit as well as still making after renovation costs have been taken out.
My personal opinion is that if someone likes your house they will buy it, regardless of stamp duty, as it's only a small part of the overall expenditure that they are about incur. Obviously if it's a toss up between yours and another similar, but cheaper property, then they may well choose that one, but I think that there is always someone who will buy your place.