chem1st Posted July 11, 2012 Share Posted July 11, 2012 Not 'overpriced' [see post #17] but increasiningly unaffordable. People have been buying houses with debt. They are clearly overpriced. Rents are paid by the government, rents are clearly above their fair market value, combined with buy to let mortgages this has forced prices even higher. Houses are very overpriced. Planning permission stops new housing from being built and increases the cost. Houses are very very very overpriced. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted July 11, 2012 Share Posted July 11, 2012 People have been buying houses with debt. Yes, this is called 'mortgaging'. Link to comment Share on other sites More sharing options...
steviewander Posted July 11, 2012 Share Posted July 11, 2012 I'd like to share my experience of house buying in S10 & S11 if I may. Me and my partner have been looking for a 3 bed semi-detached in S10 or S11. I personally wanted to stay in S10 (live in Crookes at the moment) or S11 because these are the only areas that we are familiar with and where our friends live. As someone posted earlier in the thread, students tend to like Sheffield and it has one of the highest retention rates of students in any university city after they graduate. I am one of them. We started looking at houses at the beginning of February and found the process incredibly stressful and competitive. For "nice" ready to move in 3 bed semis, we found ourselves up against many other buyers ready to bid way over the asking price. Indeed by May we had lost out on 3 houses that went to sealed bids. Even when bidding over £10k on a house, we lost out. We were flabbergasted by the demand, especially as we thought the housing market was cool and had expected get a house at or just below the asking price. We have heard that middle class parents are increasingly finding private schooling unaffordable, so rather than pay the vast amounts in tuition fees, they would rather fork out more for a house and get them in to a good state school... the thinking being it would be far cheaper for a good education!? Quite how true that is, we're not sure. 25 house viewings and nearly 4 months later, we were getting rather depressed and stressed about the level of demand and the speed of the market. We eventually found a house in S11 we loved and were prepared to go over the asking price for it. Problem was, so were another 3 couples. Bids were already £5k over the asking price before it went to sealed bids! We managed to get our offer accepted, at £15k over the asking price and we weren't even the highest offer. Our offer was accepted on the basis that we were immediately "proceedable." I am still shocked at how high people have to bid to secure a house purchase in S10 & S11. I can quite sympathise with those who think S10 & S11 are overpriced. When I think about it, I sometimes agree that these prices are ridiculous. But as far as I'm aware, this is the way it's always been in S10 & S11, recession or not. Link to comment Share on other sites More sharing options...
pattricia Posted July 11, 2012 Share Posted July 11, 2012 They are overpriced in those areas, because they are a good investment, and always sell well. Youve heard the saying " Location, Location, Location " Well that says it all ! Link to comment Share on other sites More sharing options...
chem1st Posted July 11, 2012 Share Posted July 11, 2012 They are overpriced in those areas, because they are a good investment, and always sell well. Youve heard the saying " Location, Location, Location " Well that says it all ! And then the bubble burst! Link to comment Share on other sites More sharing options...
pattricia Posted July 11, 2012 Share Posted July 11, 2012 And then the bubble burst! Not in areas 10 and 11. When a For Sale notice goes up its not for long. Link to comment Share on other sites More sharing options...
S10mainly Posted July 12, 2012 Share Posted July 12, 2012 And then the bubble burst! I would make an educated guess that the mainly semi-detached, near the shops, sort of parts of S10/11 are the fastest selling houses in the City. Unless they are genuinely overpriced/over hopeful vendor, houses at Crosspool sell in a matter of days... Link to comment Share on other sites More sharing options...
nightrider Posted July 12, 2012 Share Posted July 12, 2012 Not in areas 10 and 11. When a For Sale notice goes up its not for long. plenty of houses in crookes have been on the market for months, or even 1 year+, with no sale. Its not true all the houses sell instantly with 10k+ over the asking price. Link to comment Share on other sites More sharing options...
GrannyGranny Posted July 12, 2012 Share Posted July 12, 2012 steviewander - just imagine what it was like 10 years ago when the market was still booming. I paid £15k over asking on a 3 bed semi in Greystones which was on the market for £110k! Houses in good areas will always sell. When we moved out of Sheffield in 2010 the housing market was on its knees but we still managed to get £5k over asking price for our house in Millhouses. They cannot be overpriced if they are still selling, simple as that. Link to comment Share on other sites More sharing options...
vince15 Posted July 24, 2012 Author Share Posted July 24, 2012 As far as I see, a property is either gone within the month of being advertised or the landlord will have to reduce its asking price eventually, to have another go. There is a group actively seeking, as some houses go the week they are advertised. That group can reduce in size but will always be there and eliminate the best-value-for-money houses if you don't act fast as an active seeker yourself. Link to comment Share on other sites More sharing options...
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