Houses in S10-S11 overpriced?

[mossdog]

But maybe it was mortgagees which sold them- repossession; what repossession?

Could be the case!............from my information,I am told that record repo's are on the cards in Britain for the next few years,..............after all where are all the new jobs coming from to be able to afford mortgages.

I would not buy in S10/S11 anymore having had 3 houses there in the past.Parts of S6 are fetching staggering amounts and sold within weeks,especially round the top end of Stannington and outlying adjacent areas! definately on the up!

[gnvqsos]

I work hard so that I don't have to live on a council estate or on handouts.

 

You are now digging an even bigger hole...............

[gnvqsos]

Wonder where I fit in then?

 

 

I have just moved from Greystones, to Gleadless Valley - ex council property, having swopped my home with family members - my children. I still own my house in Greystones, but Gleadless Valley has cheaper overheads and is smaller and easier to maintain, with a small level garden. The valley itself is nice and green and my asthma has improved since moving away from the Ecclesall Rd. I don't miss the traffic to the west of the city.

 

I have a full-time job - so not dependent on benefits - so that's not the main issue.

 

Its very quiet where I now live, tucked away - in fact quieter than Greystones, as there is less traffic - its not perfect, but for someone who doesn't need access to a 'good' school - its a reasonable compromise.

 

thats it in a nutshell:wink:

[vince15]

Some of the landlords in S10 are crazy, turning down offers around 95% of asking price for their houses that have been on the market for months. And they are supposed to be looking for a quick sale if you ask them...

[gravity426]

Some of the landlords in S10 are crazy, turning down offers around 95% of asking price for their houses that have been on the market for months. And they are supposed to be looking for a quick sale if you ask them...

 

this is still going on, we're currently in the market for a 3 bed semi in S11, some are flying off the shelf as they are keenly priced, if such a term can be applied to this part of town. Others are over priced to an almost laughable extent, we enquired about a 3 bed, patially modernised, with a decent garden, been on for 1 year this month, £270k asking and they have a proceedable offer within 3%.

They are 'holding out' for asking' apparently. Madness.

[1978]

this is still going on, we're currently in the market for a 3 bed semi in S11, some are flying off the shelf as they are keenly priced, if such a term can be applied to this part of town. Others are over priced to an almost laughable extent, we enquired about a 3 bed, patially modernised, with a decent garden, been on for 1 year this month, £270k asking and they have a proceedable offer within 3%.

They are 'holding out' for asking' apparently. Madness.

 

Surely it's madness to expect anyone to sell below the price they want to achieve?

 

I know advertising a price, then bidding below, has been the way they've always done it in other cities, but it hasn't been the way in Sheffield until quite recently. I was astonished when first arriving here looking for houses and finding I was expected to make an offer above the asking price.

 

However, if my outstanding mortgage is a very high percentage of the asking price I may not wish to sell and take very little equity from the sale. If the offer is below the outstanding mortgage amount I may be unable to sell at all.

 

If I haven't a mortgage and wish to move to a more expensive property I may need a high price to make it possible. If I can't get it, I won't move.

 

Mind you, if a house had been openly on the market for over a year, without an acceptable offer, it would have been wise to take it off for a couple of months, and try a different agent! Think I'd have done that after 6 months.

 

After waiting for 12 months, with the current more optimistic atmosphere in the housing market nationally, I might well hold out for that extra 3% whatever the situation.

[gravity426]

Surely it's madness to expect anyone to sell below the price they want to achieve?

 

I know advertising a price, then bidding below, has been the way they've always done it in other cities, but it hasn't been the way in Sheffield until quite recently. I was astonished when first arriving here looking for houses and finding I was expected to make an offer above the asking price.

 

However, if my outstanding mortgage is a very high percentage of the asking price I may not wish to sell and take very little equity from the sale. If the offer is below the outstanding mortgage amount I may be unable to sell at all.

 

If I haven't a mortgage and wish to move to a more expensive property I may need a high price to make it possible. If I can't get it, I won't move.

 

Mind you, if a house had been openly on the market for over a year, without an acceptable offer, it would have been wise to take it off for a couple of months, and try a different agent! Think I'd have done that after 6 months.

 

After waiting for 12 months, with the current more optimistic atmosphere in the housing market nationally, I might well hold out for that extra 3% whatever the situation.

 

I think there's the price people want to achieve, and then there's what the market will pay. If a house has been on for a year, is in a very desirable area is of sound construction and is suitable for a family, but still doesn't sell, the price is too high, simple as.

 

I think paying another agent to market a property at the same price is waste of money. There may well be a good reason why some people hold out like this, but that doesn't affect the market value of the property. You may be right that prices are on the way up, but we are fast heading for winter, and there is a seasonal element to consider.

 

Another recent example we came across, a house in need of total renovation , also sat on the market for around a year, on at £220,000, no offers. Vacant possession, no mortgage attached. Inheritors tried 3 agents, now back with the first. They never thought to drop the price. I just don't understand this behavior! They'll be paying council tax on it soon!

 

Similar sized properties have sold within 100m of this one for £205-£215k, all with a similar amount of work to do.

 

On your point about offers over, I think that applies to some properties, but not most. If you look at land registry sold prices and compare them to Zoopla's archived adverts, many, even in really desirable areas are going for 3-6% under asking. Which is around the national average.

[1978]

On your point about offers over, I think that applies to some properties, but not most. If you look at land registry sold prices and compare them to Zoopla's archived adverts, many, even in really desirable areas are going for 3-6% under asking. Which is around the national average.

 

If I were selling today, had held out for my price for 12 months, been offered 3% below, and looked at the market trends, I'd probably say no. See; http://www.guardian.co.uk/money/2013/jul/06/house-prices-up-experts-predictions

 

Having sold a house in another city within days for the asking price and feeling very pleased, I kicked myself when prices started to rocket after a long period of deflation. Having bought in Sheffield for the asking price (after offering below) I was mighty relieved to exchange when prices then rose very quickly.

 

On the other hand, we offered our first house for sale on a rising market, just as it topped out, and had to wait 8 months to get a serious bite, well below asking. The market had dried up completely.

 

Near where I live there are only two houses still on the market at any price, and one has been for a very long time. Others have come and all have gone, including stubborn flats. I can only assume they're not desperate to move, but with limited supply they may not have to wait much longer.

 

One property may immediately attract 3 or 4 competitive bidders, whilst a similar house may attract none for months, then become the hot property of the following year. As has been said, value is what someone else will pay, on the day. If we don't like the price we neither have to buy, or sell.

[Ms Macbeth]

Wonder where I fit in then?

 

 

I have just moved from Greystones, to Gleadless Valley - ex council property, having swopped my home with family members - my children. I still own my house in Greystones, but Gleadless Valley has cheaper overheads and is smaller and easier to maintain, with a small level garden. The valley itself is nice and green and my asthma has improved since moving away from the Ecclesall Rd. I don't miss the traffic to the west of the city.

 

I have a full-time job - so not dependent on benefits - so that's not the main issue.

 

Its very quiet where I now live, tucked away - in fact quieter than Greystones, as there is less traffic - its not perfect, but for someone who doesn't need access to a 'good' school - its a reasonable compromise.

 

Its mainly the schools that push the prices up. We paid a premium for the area of Doncaster we lived in when our children were young - one of the reasons we chose to live there was the standard of the local schools. Once they were grown up and we were looking to move, that restriction wasn't there, and we got a lot more for our money when we moved to the outskirts of Rotherham.

 

When we decided to come to Sheffield schools weren't on our agenda, but public transport and other facilities were, hence Hillsborough. A similar house in S10 would have cost roughly £50k more.

[onetwo07]

Buy to let is probably the major factor in the high prices of S10/11, as well as the general desirability of the area. If student numbers fall (or the students relocate to city centre apartments) prices will probably stagnate or fall. That said, they'd remove a hell of a lot of disposable income out of the areas too, which could depress them quite noticeably.

 

As another Sheffield student who has stayed on (now for the 5 following years) after graduation, I'm currently looking to buy. In general Broomhill is completely no-go (much as I'd love to stay here), Crookes is possible but you don't get a lot for your money. We look like seeing the Walkley/Rivelin sort of area as a decent alternative.