Nationwide Building Society House Price Index June 2021

[d000hg]

It doesn't make a lot of sense to me but who am I to grumble... Our Cornish property has understandably give up in value but far more confusingly so has our first house in a deprived North Eastern village which we bought in 2005 and have been stuck renting ever since. We got a call from the agent suggesting we out it on the market a month back and had 14 viewings the first day, up 50% from the valuation 6 months previously. No idea what on earth is going on!

[DealorNoDeal]

Weird times but then it's been kind of weird for a long time. Back in 2008, I'm sure they said that ZIRP was only a temporary measure.

The market for puppies, kittens and horses has gone bonkers too. Puppies that would have been under £500 pre-covid are now fetching over £2500. Horses than can be ridden are like gold dust. Old nags, that would have cost a few hundred quid a year ago, are now going for over £5000.

Anyone know of any other markets that have got completely out of whack?

[Paddy]

Weird times but then it's been kind of weird for a long time. Back in 2008, I'm sure they said that ZIRP was only a temporary measure.

The market for puppies, kittens and horses has gone bonkers too. Puppies that would have been under £500 pre-covid are now fetching over £2500. Horses than can be ridden are like gold dust. Old nags, that would have cost a few hundred quid a year ago, are now going for over £5000.

Anyone know of any other markets that have got completely out of whack?

I was amazed by the number of fat cows in Asda.

[BlasterBates]

This is probably caused by the rush to avoid stamp duty. All you're seeing is house prices adjust to the cut in stamp duty. Flats and maisonetters were only up 5%.

[Whorty]

Back in January, for probate after Mrs W passed, I had the house valued at £675k. We bought the place 6 years ago for £600k and sold off some land for £90k 2 years ago.

This was higher than I thought so I put it on market - all a bit rushed given where my mind was, but anyway, it sold the first day (never actually made it onto market) for £665k

House I tried to buy had deed issues and the sellers/their solicitor refused to sort it out. My buyer got @rsy with me as he was ready to exchange and was trying to force me into rented, so I told him to get stuffed and took it off the market the end of April.

2 weeks ago had a chat with my estate agent .... she said I could easily put the house back on now for £725k and she was confident I'd sell as there is nothing like my house in the area and lots of buyers. So, agreed to put it back on - original buyer made an asking price offer (so £60k more than he was paying 2 months earlier) and has promised not to be a dick this time. There is a real desperation for certain houses.

I've been trying to find something the past 2 weeks but there is nothing on the market ... thankfully something came on 2 days ago and I was first of 7 people to view it. It's perfect for me so put in asking price offer - I'm hoping the sellers are true to their word and have no more viewings.

I've probably over paid. Everyone is.

Spoke to one agent about the market and he said they have 17 sales in progress where none of the sellers have anything to move to. To top this there are next to no rentals available either so it's hard to break the chain.

Just feels like a 'normal' market where supply and demand drives prices. Demand is high for certain properties, and there is almost no supply thus driving up prices.

I'm guessing flats above kebab shops, with no outdoor space, are not fairing as well as a large house with a large garden.

[Paralytic]

Interesting that Scotland, where the stamp duty holiday ended months ago, is seeing the flattest prices.

I suspect we wont see the impact of all of this until things start to settle down some time in the first half of next year.

People have been predicting house price crashes for 10+ years. It will happen at some point, then scoots will be back to say he told us so.

[DealorNoDeal]

I was amazed by the number of fat cows in Asda.

How much have they inflated by in the past year?

[d000hg]

This is probably caused by the rush to avoid stamp duty.

The increase seems to have far surpassed SDLT savings but that doesn't mean it's not a psychological effect I suppose. Although the localised nature of growth in areas like the SW suggests other factors at work.

[GigiBronz]

Spoke to one agent about the market and he said they have 17 sales in progress where none of the sellers have anything to move to. To top this there are next to no rentals available either so it's hard to break the chain.

Just feels like a 'normal' market where supply and demand drives prices. Demand is high for certain properties, and there is almost no supply thus driving up prices.

I'm guessing flats above kebab shops, with no outdoor space, are not fairing as well as a large house with a large garden.

Move to another city, try a different lifestyle for 1y, then look to buy once the market corrects. It can't keep up like this for infinity. (or at least I hope)

Or get a holiday home abroad and stay there for the next year.

What we are left in life is with experiences. It's difficult when you are so familiar with the area and know everyone around but you can always make new friends with the right attitude. I don't think you will struggle with that.

Also considering your previous experiences it might do you well to change scenery for a while. We tend to associate memories with places.

[ladymuck]

Move to another city, try a different lifestyle for 1y, then look to buy once the market corrects. It can't keep up like this for infinity. (or at least I hope)

Or get a holiday home abroad and stay there for the next year.

What we are left in life is with experiences. It's difficult when you are so familiar with the area and know everyone around but you can always make new friends with the right attitude. I don't think you will struggle with that.

Also considering your previous experiences it might do you well to change scenery for a while. We tend to associate memories with places.

Moving abroad for a year isn't much of an option these days, unless one has dual passports.