Conversations with Strangers: Location Location Location!

25Sep
by Cherryl

More conversations with strangers, and talk turns to property and location!

The shopkeeper in a Yorkshire Dales Village

I only popped in for a quick browse at some quirky antiques.

Aside from talking about her shop, we talked a lot about UK property patterns and what she was noticing up in the Dales. Apparently, “properties are barely on the market for a week or so before they sell. You need to act fast if you’re a buyer and don’t hang around waiting for prices to drop. ” her sister also happens to be an estate agent.

It’s a funny picture at the moment, with mixed messages and contradictory patterns.

The Yorkshire Dales is a more bespoke area than wider Yorkshire so perhaps more highly sought after – hence the fast pace.

Other conversations….

I’m hearing similar things down south, prices in  Essex and Kent were on the rise with more and more people edging out of London, especially since 2020. Someone I know in Kent said she couldn’t believe how much prices had gone up in her area – no more bargains to be had like in the good old days…..but still cheaper than inner London.

A woman in a shop in Leeds was beaming as she served me at the till – she said she was really happy because she’d just bought her first house and was looking forward to doing it up from scratch. I asked if it was in Leeds – “No it’s in Bingley, Leeds was just too expensive”.

It’s no surprise that cities are more expensive than outer areas – it’s just that it seems to be at its most intense nowadays, like a balloon on the brink of bursting, with no signs of slowing down – especially with the surge of brand new high-rise apartment blocks going up everywhere you look.

Back in the summer I remember talking to someone from Manchester who had moved further north into Yorkshire – she said “you’d be surprised at the number of people moving out of Manchester, it’s just too expensive for a lot of people”.

Recently I heard that big developers in parts of Manchester are forcing people to sell their properties at current market rates (apparently they have no choice); then, when they try to buy back into the Manchester property market, they’re outpriced.

As if that wasn’t bad enough,  I hear some Manchester residents also have ‘soaring insurance costs’ to contend with as well, running the risk of losing their homes. This is likely included in already extortionate service charges to leaseholders. First time buyer tip – Try to aim for a freehold property and avoid leasehold properties – especially where they’re in a block of flats/apartments owned by a developer – seems like the sky’s the limit with the service charges and eventual lease extensions. 🔥

Real Estate Values

I know an estate agent who said he and his wife were planning to buy some properties to let in the north of England – but because the market is so unappealing at the moment they’ve ditched the idea for now.

The surge of people leaving the big cities and buying property in areas that used to be much more affordable, did start driving those prices up. Not just in the UK either. – e.g. Canada has seen similar patterns. 

At the same time (depending on the area) prices are starting to slow down and we’re seeing a lot more ‘reduced’ prices filtering through, along with the general cost of living picture and the forecast of higher interest rates for borrowers.

Removals workmen or courier delivering goods

It’s a strange mixed pattern and a bit of a gamble if you’re holding back waiting for the tide to change….there’s fierce debate about whether a crash is imminent.

On a more positive note, another Stamp Duty cut could be on the cards in the UK – so some buyers might want to pause until this is clarified.

Crikey, there’s a lot going on in 2022!!

Any thoughts, generally? 🤔

If you’re selling or house hunting this year, best wishes to you, I hope all goes well and you find the right home for you. 🤞🏡 🙏 🍾

All images – free clipart

More conversations with strangers to come.

26 thoughts on “Conversations with Strangers: Location Location Location!”

  3. colinmcqueen

    I think that the government have had a very good stab at killing the housing market this week, with prices predicted to fall by about 15% I recommend putting off your Yorkshire Dales (or Kent, Essex, Bingley or Leeds…) purchase for a month or two. Of course, I’m not an estate agent and, thankfully, I don’t know any so, all in all, I wouldn’t take my advice on anything more stretching than a Mars Bar (My advice – buy Mars Bars!)

    Reply

    1. Cherryl

      Thanks Colin, this is interesting…the 15% figure. Are Mars Bars on the up….should we invest shares lol 😄 or maybe hot water bottles are the way to go…the way thing are going for this winter….

      Maybe not the best time to be selling at the moment, but if you’re a cash buyer, lower house prices is a good thing, right??

      For those needing a mortgage…there are a lot of potential red flags….seems to be some speculation that fixed rate deals are not going to be an option for much longer with some lenders (unless you already have one) and interest rates are predocted to keep going up.

      I really worry for those who are trying to get on the ladder or on variable rates at the moment though….

      Whatever next 🙄

      Reply

  4. Pingback: Conversations With Strangers: Location Location Location! - A Little TOO Picture Imperfect

    1. Cherryl

      Moving out of London is always a good idea where space is concerned – when you’re young and commitment free it’s worth slogging it out and waiting to build some equity. The further you edged out of London the cheaper it used to get, generally, but not sure what the picture is at the moment – after the lockdowns a lot of the seemingly cheaper areas started to go up in value as people started edging out. I hope your daughter finds a good opportunity – sounds like it will definitely be worthwhile for her family, and general wellbeing. 💫✨

      Reply

  6. Ellie Thompson

    Thanks for sharing another of your interesting conversations, Cherryl. House prices are rocketing all over the place these days. My son, Tom, is currently trying to sell his reasonably large house in Colchester. We thought it would go quite quickly given the easy access to London. Months later, it’s still on the market despite dropping the price. He needs to move up North to be near his work, and has found a house in Epworth, South Yorkshire – you might know it? I’d never heard of it before. I worry about my grandchildren being able to afford somewhere decent to live when they grow up. I can’t see much changing between now and then. Older children just can’t afford to leave home anymore to be independent. It’s scary.

    How can big developers force someone to sell their house, although I have no doubt they can, as I’ve heard of this before? But how can they get away with it? It’s just greed and power (just like the government, but don’t get me started on that!). It’s just shocking. I can’t imagine being forced to sell my house – I’d be totally devastated as these people probably are.

    I hadn’t realised that Manchester has so many high-rise properties. I’m fortunate in that I live in a city in Essex; we only have a few high-rise buildings. I don’t ever intend to move from my house. I’ve lived here for over 30 years, and I know I am fortunate to have bought this house when it was easy to purchase property all that time ago. Xx 🥰

    Reply

    1. Cherryl

      Hi Ellie
      Gosh it’s all over the place – a crash of sorts is definitely happening across the UK and prices are going down thicker and faster this autumn in double figures (generally – though there will always be exceptions), especially with all the recent disruptions in the economy. What a picture!! 2008 again…..🤔
      You’re right about young/first time buyers, I feel for them – it’s certainly not a great time at the minute unless they’ve got huge deposits or have good salaries and can buy in cheaper areas/commute/WFH. I wonder whether there are still and 95% mortgages for those starting out – wouldn’t be surprised if these are on the decline now as well.
      Take care 🤗x

      Reply

  13. Sheila Landry Designs

    Here in Nova Scotia, the housing went up a lot in the past couple of years. Fortunately, we are in a good spot, renting from a long-time family friend and while we may see an increase (we are readying for it) it shouldn’t be horrific. My partner will inherit his mom’s house when she is no longer able to care for it (along with his brother) and we really don’t want to buy into anything at this point. We are good here for several years yet and keep our fingers crossed that things will stay the same.

    It is hard on people though. Prices everywhere are rising. Too bad these companies behind many of the increases aren’t more concerned with actual people rather than profit. But I won’t go there . . .

    Have a lovely week. <3

    Reply

  14. 70smusicblog

    The increase n Stamp Duty threshold (just England and wales, I think) will push prices up again. Though that may be offside from the buyer’s perspective by the increase in the borrowing rates. Seems all a bit contradictory to me.

    (Manchester: well, Hazel Grove, Stockport. Couple years ago we went back down for football and popped round to see our old semi-detached. We paid £32k in 1986 and sold for £64 in 1990. Now … ok it was 30 years on, but those houses in that same estate were going for £300k!

    Crazy!
    🙂

    Reply

    1. Cherryl

      Wow, the differences in price on your old Manchester house really is crazy to think.
      Manchester is very up and coming and set to double its population over the next three years and set to house the third largest number of high rises across European cities…according to a good source (scary if true), but where are they all going to live if property is becoming increasingly unaffordable, something has to give……. 😊 🤞
      You’re right, relief in one area being offset by increases in other areas is likely to be true in a lot of cases.

      Thanks for sharing your thoughts – I’m sure it’s on the minds of many right now.

      Reply

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