House price inflation by £1000 per week ?

[Ringy Rose]

7 minutes ago, offshoremanxman said:

Friend of mine has not long bought a house on a nice private estate in a village in the Kirby Lonsdale area for a good £200K less than that house in Peel.

I sold a 4-bed detached in a medium-nice bit of Tyneside for £270K then bought a 4-bed semi in Saddlestone was £380K. So I'd agree that many areas of the UK will be cheaper. But then you look at prices in Manchester and suddenly it doesn't look quite so expensive.

Kirkby Lonsdale is lovely but it's hardly a hive of business activity, so demand will be lower.

[mad_manx]

3 minutes ago, Ringy Rose said:

I sold a 4-bed detached in a medium-nice bit of Tyneside for £270K then bought a 4-bed semi in Saddlestone was £380K. So I'd agree that many areas of the UK will be cheaper. But then you look at prices in Manchester and suddenly it doesn't look quite so expensive.

Kirkby Lonsdale is lovely but it's hardly a hive of business activity, so demand will be lower.

4 bed semi in saddlestone were like 275k till  late 2018 or so ...Lowest I've seen is £250k in 2014 when a friend bought 

It's in the last 2 years or so that market has gone parabolic ..Till then it was a single digit per year rise .

[offshoremanxman]

5 minutes ago, Ringy Rose said:

Kirkby Lonsdale is lovely but it's hardly a hive of business activity, so demand will be lower.

It’s an expensive wealth pocket area with good links to the motorway for Manchester commuters. Certainly not sad old Peel. 

[offshoremanxman]

12 minutes ago, Asthehills said:

That is factually correct.

It isn’t really. Very few people are selling up in London or Cornwall to come here. It’s mostly people north of Birmingham where outside of pockets like Cheshire property is generally loads cheaper than here. 

[mad_manx]

13 minutes ago, Ringy Rose said:

We bought our place off our landlord a year ago and I'm sure the place is already worth more than we paid.

I still get some of the property alerts. What's interesting is how many houses are coming back on the market with a lower asking price. They're removed and re-listed so it's not immediately obvious whether a sale fell through or whether nobody was biting at the higher price, but I've seen a few of the more optimistically priced houses around Douglas reappear with £30k lopped off. Of course the agent will always brag it went for "asking price", regardless of where that asking price was moved to.

Some of them are being sold after just under a year by people who paid over the top and are now stuck after mortgage rates have gone up. 

Most people had only fixed for 2 years and are due a remortage .

Banks here are generous and are valuing the house higher than actual values  for remortgage so that the LTV is better   . I suppose they dont want to be stuck with a default.

I know several houses in the neighbourhood which were sold in late 2021 / early 2022 and back on the market again .  

The funny thing is that they are all very optimistic and have priced them around £20k or £30k above the price they bought it for. 

 

 

[Asthehills]

6 minutes ago, offshoremanxman said:

It’s an expensive wealth pocket area with good links to the motorway for Manchester commuters. Certainly not sad old Peel. 

What people are prepared to pay for houses in each, would appear to say otherwise.

 

[Asthehills]

2 minutes ago, offshoremanxman said:

It isn’t really. Very few people are selling up in London or Cornwall to come here. It’s mostly people north of Birmingham where outside of pockets like Cheshire property is generally loads cheaper than here. 

That makes no sense in relation to what is being discussed.  None at all.

[wrighty]

25 minutes ago, offshoremanxman said:

And you’re not looking into your neighbours bathroom window from your garden either. 

Any other downsides?

[Ringy Rose]

7 minutes ago, offshoremanxman said:

It’s an expensive wealth pocket area with good links to the motorway for Manchester commuters. Certainly not sad old Peel. 

It's at least a two hour drive to Manchester, more in rush hour. If people want to spend their life sat in a queue on the M61 that's up to them.

 

8 minutes ago, mad_manx said:

4 bed semi in saddlestone were like 275k till  late 2018 or so ...Lowest I've seen is £250k in 2014 when a friend bought 

I know, which is gutting. But it's not just here, we made £50k in two years on the Newcastle house, so swings and roundabouts really.

[mad_manx]

8 minutes ago, Ringy Rose said:

It's at least a two hour drive to Manchester, more in rush hour. If people want to spend their life sat in a queue on the M61 that's up to them.

 

I know, which is gutting. But it's not just here, we made £50k in two years on the Newcastle house, so swings and roundabouts really.

I  think  £380k is still okay for the location.  Probably valued well north of £400k now .

I know someone who bought a 4 bed semi new from the builder ( I think 2009 or 2010)  for £300k.The kirby houses don't come with floor coverings etc afaik and so that was all an extra expense.

 

The person who bought it for £300k had to sell it in 2014 at around £255k or so .

.I've been in the area for over 15 years now and have seen all the market cycles. 2010 was the previous peak and then it all started dumping  by 2013 with an all time low in 2014.

Almost every street had 3 or 4 houses for sale..

Market started moving  up in early 2018 and went parabolic post covid. Loads of gazumping happening all over the place.

Edited November 1, 2022 by mad_manx

[Ringy Rose]

13 minutes ago, mad_manx said:

I  think  £380k is still okay for the location.  Probably valued well north of £400k now

I've seen similar houses, but with smaller gardens and in a worse location on the estate, on for £430k. It's insane. I fear for people who've extended themselves but are on shorter mortgage deals.

We went for a five year fix at 1.5%, which was 0.5% higher than the two year fix. Glad we made that choice now. 

[offshoremanxman]

29 minutes ago, Asthehills said:

That makes no sense in relation to what is being discussed.  None at all.

Oh it does. Prices in the IOM are very high compared to most places in the north or England, the Midlands and the Borders and Scotland. Outside of the pockets in Cheshire you would not be paying £620K for an identikit 4 bed house on an average estate. 

[offshoremanxman]

33 minutes ago, Ringy Rose said:

It's at least a two hour drive to Manchester, more in rush hour. If people want to spend their life sat in a queue on the M61 that's up to them.

Most wealthier people are hybrid working now which is pushing UK prices up in places like there. Home working Monday and Friday in the office mid week. It’s easier to live rurally which is reflected in UK satellite villages and towns property values shooting up.

Edited November 1, 2022 by offshoremanxman

[Ringy Rose]

28 minutes ago, offshoremanxman said:

It’s easier to live rurally which is reflected in UK satellite villages and towns property values shooting up.

I completely agree, and you see that reflected in prices in places like Hebden Bridge, Todmorden, Holmfirth, Buxton, Hexham.

Places like Kirky Lonsdale aren't satellite villages, though.

30 minutes ago, offshoremanxman said:

Outside of the pockets in Cheshire you would not be paying £620K for an identikit 4 bed house on an average estate. 

No you wouldn't, but you'd be paying £500k for one in somewhere Buxton or New Mills. Both are lovely places but they're not Alderley Edge.

The IOM is expensive- supply and demand- but it's not outlandishly so.

Edited November 1, 2022 by Ringy Rose

[offshoremanxman]

3 hours ago, Ringy Rose said:

I completely agree, and you see that reflected in prices in places like Hebden Bridge, Todmorden, Holmfirth, Buxton, Hexham.

Places like Kirky Lonsdale aren't satellite villages, though.

https://www.lancs.live/whats-on/whats-on-news/beautiful-lancashire-village-named-best-23610775

Beautiful Lancashire village named best place to live in the North West

Kirkby Lonsdale was also named in the Sunday Times Best Places to Live top three.

And still far, far cheaper than here.