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Property boom?

I've been trying to find a house for a mate of mine. He works overseas and now wants to settle in East Sussex.
I cannot really believe what is happening. His price bracket is circa £1m to £1.5m, quiet, a few acres and some outbuildings. A few months ago he would have had dozens to choose from, now not a hope. It seems all the interesting houses are going for more than the asking price
Anything like he wants is sold as soon as it is advertised. I even see places around £4-5m going under offer. Very frustrating for us both.
Is it just East Sussex or is this being repeated around the country?
 
People have been rushing to purchase and sell before another COVID slump affect /lockdown. Conveyancers, solicitors, Land Registry , council search departments - even the limited mortgages on offer now are not quite overwhelmed but delayed and overworked everywhere, due to a fear of imminent slump. I am selling with no chain in one country county, family member, cash purchaser, buying a new build in another. Estate agency progressors can't keep on top of the simplest purchases due to delays in throughput in all these services due to demand.
 
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I'm beginning to wonder if the days of having a property near a major UK city with excellent transport connections will become less of an asset.
 

Daxx

MIA
Book Reviewer
Hang on in because once the furlough is over, and the expected corporate casualties happen then the house price will majorly wibble.
At the moment cash is king, wait and I am sure the home counties and the leafy lanes of Hampshire will see some blood letting.
 
I'm beginning to wonder if the days of having a property near a major UK city with excellent transport connections will become less of an asset.
You could well be right, it was a working pattern that many bosses were scared of - loss of control and all that.
What it has proved is that people can work productively from home, although not everyone.
The run to the country is almost an annual event like lemmings going over a cliff, come the manky rural winter, mud on the road and those blasted agricultural types. Give them a couple of years and the migration urges of the lesser spotted Urban dweller force them to move back to their Pretes and wine bars in SE19!
 
It’s the same in Canada as well, people are leaving the cities and buying up anything with a little bit of land, small rural properties are going for a premium at the moment. A 2 acre place on my road sold for 700 000 CDN in January, new owners put it on the market for 1.2m the last week of August and it sold for 1.3m in two days.
 
Same in France too, people are really pissed off with the cities and large towns and all the problems within.
There has obviously been some serious reflection on work/life needs since March.
Good and fast ISP and you can work from anywhere.
If you need to or want to.
 

StBob072

LE
Book Reviewer
Disappointed.

I was hoping this thread was about a large explosion in Chessington.
 
Is it not due to the scrapping of stamp duty?


Todays Daily Telegraph has an article about "Bounce back loans" being used to purchase property in the North of England - Buy to let - Flats - which is pushing up prices

Cheap loan and for a 2nd Property - only 3% Stamp duty - an inflated bubble is expanding even larger

Well done Rishi - what are you going to do in April continue to pump the bubble or stop subsidising house purchasers - stamp duty holiday - help to buy etc etc

Archie
 
It’s the same in Canada as well, people are leaving the cities and buying up anything with a little bit of land, small rural properties are going for a premium at the moment. A 2 acre place on my road sold for 700 000 CDN in January, new owners put it on the market for 1.2m the last week of August and it sold for 1.3m in two days.
To just rural property the cities are seeing house buying and prices soar. It it world wide I wonder.
 

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