Sheffield Estate agents

[melnic 10]

Is this really true? About going well above the asking price.Is this something that always happens?We are moving up from london where it,s great if you get the asking price.Just how can one particular city be so different .

What about house autions in sheffield ? any good.

Mel

[DannyBoy 10]

Originally posted by melnic

Is this really true? About going well above the asking price.Is this something that always happens?We are moving up from london where it,s great if you get the asking price.Just how can one particular city be so different .

What about house autions in sheffield ? any good.

Mel

 

Yes, it's true, and yes, it always happens! OK, maybe not in the less "desirable" areas (I hate that kind of vocabulary) but in any area where people are competing to live it certainly always happens. It's true of every house which I've known about recently in Broomhill, Crookes, Walkley, Lower Walkley, Hillsborough, Wadsley, Wisewood, Loxley, Oughtibridge and Bradfield. Anyone know any areas where it *doesn't* happen??

 

There was a house for sale on my street recently which was on for £98K and went for £127K. If you don't feel like doing the maths, that's about 28-29% over the AP.

 

It always amuses me when Phil & Kirsty from Channel 4's "Location3" say they are "going in early with a low offer" - it just doesn't happen here. Vendor says "ta very much", andsits on it while they keep offers open for another 4 weeks, during which time they just climb... and climb...

 

I have heard of people getting to know the vendors and, in effect, saying "Look, what do we have to give you to take this off the market and make it ours?" When this works, the sum quoted is about 15-20% above the AP. It can backfire, though, because it can just result in the vendor and agent rubbing their hands with glee at the desperate interest the house is gaining.

 

Oh, another low trick by our old friends the estate agents (spit) is that they'll go to the vendor and ask them: "Who's your preferred buyer out of those who've offered? And how much do you want from them?" They'll then go back to this buyer and tell them - how shall I put this - lies, yes, that's a good way of putting it (!) to get them to up the offer.

[Cyclone 10]

when we bought in lower walkley it was for 10% above the AP, and was the 3rd or 4th house we had bid on.

 

It's not just in the city as well. As far away as Anston & Dinnington (J31 M1) I made offers at 10% above the AP and still got outbid!

 

Of course if we sell, we will take advantage of the market behaving this way and set a 4 or 6 week period for offers to be submitted. No point in taking a low offer when people are prepared to bid each other up for it.

[Damon 10]

In Liverpool where I live, if you are putting in an offer on a house, the estate agent will not tell you about anyone else's offers. In fact, they refuse to do so. As a result, while prices are still sky-rocketing, you don't get the insane pseudo-auction effect that I believe you see in Sheffield.

 

Why this difference exists, I've no idea.

[spanner 10]

The reason that there is a bidding war in most areas of sheffield is the virtual cartel situation that exists. Certain key estate agents have a policy of bringing on houses at low prices. Many vendors will be guided by the agent because they are 'the biggest' and so must know best. The benefit to the agent is that the low price creates a lot of interest and lots of potential valuations and lots of potential future business. The problem with the system is that if you put your house on the market for the actual price you want (with an agent who gave us three different possible valuations and explained the pro's and con's of each) then people think its over priced and you get less interest. There are a number of large complacent agents out there- go with the smaller establishments and without doubt get a variety of different agents out before you decide. The agents only reflect our own greed- how many time have you heard, 'such and such told us to put it on for this but to expect it to go for this'. The only people who can change the trend in Sheffield are the vendors and buyers who refuse to get involved in demoralising bidding wars.

 

Plus its psychological, if you view a house and are told that 'someone is interested' it can immediately make you more interested. If a house seems to stick then you lose interest yourself. The agents aren't daft!

[t020 11]

Originally posted by Dug

However re. Crosspool, Greystones etc. and the 1930's semis, I and a lot of people I know, like the look of the properties from that period!

 

I'll second that. Much rather a traditional period semi than a cheap and nasty new build with no character that will probably have fallen down in another 70 years from now. I also like cottage type houses and traditional stone built properties.

 

My favourite property style would probably be tudor with a real thatched roof.

 

Furthermore, to DannyBoy - the reason that areas such as Crosspool are expensive is simply because they are better areas in terms of schools, lower crime, nicer surroundings, and a pleasant, wealthy suburban feel. This is reflected in the high demand for such areas which is what forces prices up in these areas.

[DannyBoy 10]

Originally posted by t020

I'll second that. Much rather a traditional period semi than a cheap and nasty new build with no character that will probably have fallen down in another 70 years from now. I also like cottage type houses and traditional stone built properties.

 

My favourite property style would probably be tudor with a real thatched roof.

 

Furthermore, to DannyBoy - the reason that areas such as Crosspool are expensive is simply because they are better areas in terms of schools, lower crime, nicer surroundings, and a pleasant, wealthy suburban feel. This is reflected in the high demand for such areas which is what forces prices up in these areas.

 

I agree that newbuilds have little character, and that the trad stonebuilt houses - terraces, semis and detached - are the best investment. Crosspool semis aren't really ugly; I was just struck by how they are nothing special, really, for the prices they are sold at. They look quite unprepossessing from outside (although I know a lot of them are lovely inside).

 

I'm not so much concerned with the actual prices of houses (Sheffield is still cheaper than a lot of the country - tried to buy in Oxford recently?!). I'm more worried about:

 

a) the prices people end up paying over and beyond the houses' actual value, meaning that they risk negative equity in a few years' time

 

and b) the fact that the traditional "3x-your-salary" way of working out a mortgage just isn't enough now. 12 years ago, a semi in (e.g.) Fulwood would have been on for about- what?- £60-70K? - making it well within reach of two averagely-paid professional people, for example two teachers on mid-scale. Now, the same two people would struggle to get a terrace in Crookes.

 

The high demand for properties in these "better" areas is all a matter of perception, and estate agents milk it for all it is worth. It's undeniable that certain areas are obviously, ostentatiously and unmissably wealthier, like the gated houses up above Psalter Lane and the closes around Whirlow. The question is whether somewhere like Crookes or Crosspool, which would have been quite ordinary a couple of decades ago, is actually any "better" in reality than (say) Wisewood or Wadsley.

 

If there is a gap, it's considerably narrower than the estate agents would have you believe. Parts of S6 have just as good schools (Bradfield bettered King Ted's, King Ecgbert's and High Storrs in the last league tables). Some parts of S6 have just as little crime and just as good amenities as S10/11. Nicer surroundings? Lower Walkley and Wadsley are right on the doorstep of the Rivelin Valley and you can be out in the countryside in 5-10 minutes. They just don't boast about it as much!

 

It's all a matter of perception, hence the original title of the thread. You start telling people that some areas are considerably better and people will end up wanting to believe it, and exercising this wish in concrete ways, e.g. actively keeping their kids away from schools in other areas. If I'd paid £40 to see the Rolling Stones at Wembley and they were absolutely $h1t£, I probably wouldn't admit it to myself, because I'd want to feel I'd got a good gig and a pleasant memory for my money. Same applies if you pay £250K+ for a semi in Sheffield - you want to tell yourself it's all been worth it...

[Dug 10]

Originally posted by DannyBoy

a) the prices people end up paying over and beyond the houses' actual value, meaning that they risk negative equity in a few years' time

 

and b) the fact that the traditional "3x-your-salary" way of working out a mortgage just isn't enough now. 12 years ago, a semi in (e.g.) Fulwood would have been on for about- what?- £60-70K? - making it well within reach of two averagely-paid professional people, for example two teachers on mid-scale. Now, the same two people would struggle to get a terrace in Crookes.

 

 

Yes I agree, it's worrying, especially when you hear about mortgage advisors suggesting that buyers take on 5, 6, 7 or even 10 times their salary. Ok they may be able to afford it now with historially low interest rates, but what happens when they raise - it sounds like the mortgage repayments will cripple them.

 

And on your second point, it is sooner than 12 years ago. My partner and I would not be able to afford the property we live in now if we hadn't bought when we did - and that was less than 2 years ago!

[Cyclone 10]

Originally posted by DannyBoy

I

a) the prices people end up paying over and beyond the houses' actual value, meaning that they risk negative equity in a few years' time

 

and b) the fact that the traditional "3x-your-salary" way of working out a mortgage just isn't enough now. 12 years ago, a semi in (e.g.) Fulwood would have been on for about- what?- £60-70K? - making it well within reach of two averagely-paid professional people, for example two teachers on mid-scale. Now, the same two people would struggle to get a terrace in Crookes.

 

 

Why do you think people are paying more than the value of the houses? Surely the amount they pay or are prepared to pay is what sets the value of the house... basic economics.

Unless something changed a few years down the line, the house will be worth more not less than they paid.

 

For mortgage advisers to be suggesting >4* salary mortgages means they are suggesting you lie on the application as no lender will aprove much more than that. It's completely illegal, fraud in fact and anyone daft enough to do it deserves not to be able to afford it.

[Tony 10]

Originally posted by DannyBoy

a) the prices people end up paying over and beyond the houses' actual value, meaning that they risk negative equity in a few years' time

Sheffield is a quite a strange market and usually responds so slow to outside factors that it doesn’t make any difference. Negative equity in Sheffield is virtually unheard of (I can’t actually think of ANY off hand) and I believe that it will remain that way.

Originally posted by DannyBoy

12 years ago, a semi in (e.g.) Fulwood would have been on for about- what?- £60-70K? -

Paid £60k in 1995. Value today? £200k+. Can't spend it. Crazy, but that's how it is!

[1abe 10]

Originally posted by DannyBoy

I agree that newbuilds have little character, and that the trad stonebuilt houses - terraces, semis and detached - are the best investment. Crosspool semis aren't really ugly; I was just struck by how they are nothing special, really, for the prices they are sold at. They look quite unprepossessing from outside (although I know a lot of them are lovely inside).

 

I'm not so much concerned with the actual prices of houses (Sheffield is still cheaper than a lot of the country - tried to buy in Oxford recently?!). I'm more worried about:

 

a) the prices people end up paying over and beyond the houses' actual value, meaning that they risk negative equity in a few years' time

 

and b) the fact that the traditional "3x-your-salary" way of working out a mortgage just isn't enough now. 12 years ago, a semi in (e.g.) Fulwood would have been on for about- what?- £60-70K? - making it well within reach of two averagely-paid professional people, for example two teachers on mid-scale. Now, the same two people would struggle to get a terrace in Crookes.

 

The high demand for properties in these "better" areas is all a matter of perception, and estate agents milk it for all it is worth. It's undeniable that certain areas are obviously, ostentatiously and unmissably wealthier, like the gated houses up above Psalter Lane and the closes around Whirlow. The question is whether somewhere like Crookes or Crosspool, which would have been quite ordinary a couple of decades ago, is actually any "better" in reality than (say) Wisewood or Wadsley.

 

If there is a gap, it's considerably narrower than the estate agents would have you believe. Parts of S6 have just as good schools (Bradfield bettered King Ted's, King Ecgbert's and High Storrs in the last league tables). Some parts of S6 have just as little crime and just as good amenities as S10/11. Nicer surroundings? Lower Walkley and Wadsley are right on the doorstep of the Rivelin Valley and you can be out in the countryside in 5-10 minutes. They just don't boast about it as much!

 

It's all a matter of perception, hence the original title of the thread. You start telling people that some areas are considerably better and people will end up wanting to believe it, and exercising this wish in concrete ways, e.g. actively keeping their kids away from schools in other areas. If I'd paid £40 to see the Rolling Stones at Wembley and they were absolutely $h1t£, I probably wouldn't admit it to myself, because I'd want to feel I'd got a good gig and a pleasant memory for my money. Same applies if you pay £250K+ for a semi in Sheffield - you want to tell yourself it's all been worth it...

 

I strongly agree with DannyBoy and it makes me very annoyed when people feel that they need to promote the area in which they live as stated there are always points that are good and bad about all areas people chooses to live where they live by choice by things that are inportant to them and they dont need to come onto this forum to hear norrow self opinionated people who think that they are the best thing sinced sliced bread (to20) if you want people to move to your area or to make it sound inpressive dont do it making eveywhere else sound like S*@T why not try talking about what is inportant to people like schools, transport links etc not just my hose is worth this much and my area is ace because it feels like a posh suberb and to20 I dont expect a reply because you probably can not even read the screen as your head is so far up your own arse you to*@er and dot post up all the incorect grammer and spellings it was just a quick note to rant about the annoying post on here from all the people who need to make there areas sound good to make them feel and sound good as if they have achieved some thing

[fuzzy 10]

How many people have told him to do that recently?

And a newbie too (no offence) got him sussed already.