Reply to: Boomed!

[Bagpuss]

It's countrywide, the only place immune so far is London itself

[oracleslave]

Says me. I've been doing a bit of property wheeling and dealing the past few years and watching what things actually sell for on the land registry and following the auction results. I'm talking typical BTL stuff such as terraces Up Nth which is the bulk of the non commercial auction stock up here. The other stuff that comes to auction usually has something wrong with it that makes it difficult to sell via the normal mortgage/survey route so again auction gets the best price for the seller. A lot of the auction stock isn't repo. The purely repo auctions such as the Halifax one may be a bit different.

It all makes sense now.

[rootsnall]

Says who?

Says me. I've been doing a bit of property wheeling and dealing the past few years and watching what things actually sell for on the land registry and following the auction results. I'm talking typical BTL stuff such as terraces Up Nth which is the bulk of the non commercial auction stock up here. The other stuff that comes to auction usually has something wrong with it that makes it difficult to sell via the normal mortgage/survey route so again auction gets the best price for the seller. A lot of the auction stock isn't repo. The purely repo auctions such as the Halifax one may be a bit different.

[AtW]

Its all the shoe shine boys getting in the on act.

You mean Nicky G is going to buy a house now?

[Bagpuss]

Is an auction a fair reflection though? Never been to a house auction but aren't those mostly reposessions and hence they always go for much less than the asking price?

At the auctions property had been going for well over guide price due to all the mug novice punters hoping to BTL. Many cities now are flooded with new build BTL, hence why so many of them are now reapearing and failing to get much over the guide price if that.

There has been that much BTL/investor money out there that the prices at auctions have been similar to negotiated sale stuff. Infact on some of the lower end terrace property you might even of paid more !

That's been my experience until the last few months

[DimPrawn]

It all sounds good and well initially but then what happens when the money runs out.

http://forums.contractoruk.com/gener...g-blighty.html

You sell time on sun-loungers on the beach to bikini clad beauties.

[oracleslave]

Lots of fed up Brits looking to live somewhere warm with very low tax levels, well away for Gordon.

It all sounds good and well initially but then what happens when the money runs out.

http://forums.contractoruk.com/gener...g-blighty.html

[DimPrawn]

Too true. Now if I had a villa in somewhere like Cyprus I'd be worried.

I'm amazed at the number of buyers. Looks like the doom certainly hasn't reached the Eastern Med. Lots of fed up Brits looking to live somewhere warm with very low tax levels, well away for Gordon.

[oracleslave]

UK property cannot go down. It's different this time.

Too true. Now if I had a villa in somewhere like Cyprus I'd be worried.

[DimPrawn]

UK property cannot go down. It's different this time.

[oracleslave]

There has been that much BTL/investor money out there that the prices at auctions have been similar to negotiated sale stuff. Infact on some of the lower end terrace property you might even of paid more !

Says who?

[rootsnall]

Is an auction a fair reflection though? Never been to a house auction but aren't those mostly reposessions and hence they always go for much less than the asking price?

There has been that much BTL/investor money out there that the prices at auctions have been similar to negotiated sale stuff. Infact on some of the lower end terrace property you might even of paid more !

[Pickle2]

Most houses went 25% below the guide price which were fair valuations (well fiar ish).. The only things that went for over the guide price was land.

I would say its suggests the valuations were 25% over a fair market price, rather than the other way round.

[oracleslave]

Its all the shoe shine boys getting in the on act.

Doomed I say. Doomed.

Went to a house auction last week. The house I was looking at didn't sell. No offers. None.

Most houses went 25% below the guide price which were fair valuations (well fiar ish).. The only things that went for over the guide price was land.

Is an auction a fair reflection though? Never been to a house auction but aren't those mostly reposessions and hence they always go for much less than the asking price?

[Sockpuppet]

Its all the shoe shine boys getting in the on act.

Doomed I say. Doomed.

Went to a house auction last week. The house I was looking at didn't sell. No offers. None.

Most houses went 25% below the guide price which were fair valuations (well fiar ish).. The only things that went for over the guide price was land.