Killer Bunny

E Herts / W Essex

372 posts in this topic

[quote name='garybug' post='1012790' date='Mar 14 2008, 08:23 AM']Part of me thinks it was mispriced at 250k (although it is a nice place in a nice spot), so 229k seems more likely - still even then it's 15k off.

Also 'vacant possesion' - in a rush to sell are we? :P[/quote]

Loughton IG10 - west south essex - reductions in progress

one page from the rightmove with the propertybee on (houses; 2+ bedrooms):

#
date event
14th Mar 2008

* Price changed: from '£237,000' to '£235,000'

28th Jan 2008

* Initial entry found.

#
date event
12nd Mar 2008

* Price changed: from '£240,000' to '£230,000'

28th Jan 2008

* Price changed: from '£243,995' to '£240,000'

23rd Jan 2008

* Initial entry found.

#
date event
12nd Mar 2008

* Price changed: from '£240,000' to '£230,000'

5th Mar 2008

* Initial entry found.

#
date event
12nd Mar 2008

* Price changed: from '£239,995' to '£229,995'

23rd Jan 2008

* Initial entry found.

#
date event
7th Mar 2008

* Price changed: from '£239,995' to '£229,950'

28th Jan 2008

* Initial entry found.

#
date event
6th Feb 2008

* Price changed: from '£232,000' to '£229,950'

23rd Jan 2008

* Initial entry found.

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So here we are, at the start of the crash, and already 10% off asking price seems to be the default. What will it be in six months? :ph34r: (or at the end of the year when my lease is up.. :P )

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Re the Loughton situation - it would be interesting to know which EA those properties were selling with.

I sold my 2 bed flat in summer 07 - but only after I reduced the price to a more realistic £199K (Haart assured me that they would get £215k for it).

After my sale I checked back regularly, only to discover that Haart were the most common EA listed on Propertysnake in the IG10 area... obviously over-valuing all the properties in order to get the client on their books - then being unable to achieve their promised figure.

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Things seem to be getting interesting in Hertfordshire. I do an occasional search on Rightmove looking at the cheapest liveable flat within three miles of St Albans station, and the best properties available for the £250k threshold. The lowest rates for OK(ish) flats have fallen by about 10% over the last few months (not very scientific as the cheapest flats may well have leasehold problems), and some houses in reasonable locations have fallen below £250k for the first time since 2005. I dont think we are back to early 2005 prices yet but seem to be going that way.

Now that events are progressing is anyone interested in a Herts pub meet to compare anecdotes, observations and speculation?

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There's a 4 bed, with kitchen/diner in Broxbourne for £300k. This is the lowest I've seen for years - normally £400k min.

Wait 'till the spring bounce does not materialise and properties flood on the mkt. We will go strongly negative within a few months even in the b****cks' surveys.

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[quote name='DoctorJ' post='980832' date='Feb 21 2008, 06:15 PM']It seems that some regions in Herts are up, but some are down. The overall figure of -3.2% is skewed somewhat due to a 19% drop in Three Rivers.[/quote]

Hello to everyone here!

Would you know where I could find that data? I need to move to Three Rivers for work reasons, so that would handy info to wave around! :lol:

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[quote name='VillageIdiot' post='1024180' date='Mar 20 2008, 12:51 PM']Hello to everyone here!

Would you know where I could find that data? I need to move to Three Rivers for work reasons, so that would handy info to wave around! :lol:[/quote]

It should be on the Land Registry website.

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When you say 3 rivers I assume you mean the Rickmansworth, Maple Cross kind of area, near Watford ??

[url="http://www.home.co.uk/guides/house_prices_report.htm?location=wd3&startmonth=08&startyear=2007&endmonth=01&endyear=2008"]http://www.home.co.uk/guides/house_prices_...mp;endyear=2008[/url]

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Thank you very much DoctorJ and FatB for the info. Rickmansworth is where I'm looking so that makes very interesting reading!

I am really suprised by some of those figures. Any ideas why terraced properties are averaging significantly higher than semi detached properties?

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[quote name='VillageIdiot' post='1029014' date='Mar 23 2008, 10:14 PM']Any ideas why terraced properties [b]are averaging [/b]significantly higher than semi detached properties?[/quote]
Have averaged. Past tense.

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[quote name='VillageIdiot' date='Mar 23 2008, 10:14 PM' post='1029014'
I am really suprised by some of those figures. Any ideas why terraced properties are averaging significantly higher than semi detached properties?
[/quote]

I think that figure is probably just an anomaly, because the sample size is so small.

But the number of houses sold in the area, I think tells a clearer story, significantly down almost across the board.

In my area (St. Albans) sales are down around 50% for every type of house, that must mean that prices will follow eventually.

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Slightly OT, but the local rag popped through the door yesterday ("The Herald"), which serves Bishops Stortford, Sawbridgeworth, Harlow - with the headline that BS & Harlow are the 5th & 4th most indebted towns in the UK.

So we can safely say that the CC squeeze will hit this area hard, with little spare cash around. Evidence? Prior to 09/08/07, Rightmove had around 46 entries for sale in my search (everything in Sawbridgeworth plus one mile - and this did include duplicates).

Since then, it's been rising steadily & now stands at 86 (inc. dupes) and NOTHING is moving (in fact, a cottage in High Wych has come back on after disappearing for 3 months).

As I've said before, this is prime commuter town (1hr door to door to the City), and PropertyBee is showing 5-10% reductions already, and the crash is only just waking up, and prior to mortage deals really drying up.

Poor wee souls... :P

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[quote name='garybug' post='1038045' date='Mar 29 2008, 07:44 AM']Slightly OT, but the local rag popped through the door yesterday ("The Herald"), which serves Bishops Stortford, Sawbridgeworth, Harlow - with the headline that BS & Harlow are the 5th & 4th most indebted towns in the UK.

So we can safely say that the CC squeeze will hit this area hard, with little spare cash around. Evidence? Prior to 09/08/07, Rightmove had around 46 entries for sale in my search (everything in Sawbridgeworth plus one mile - and this did include duplicates).

Since then, it's been rising steadily & now stands at 86 (inc. dupes) and NOTHING is moving (in fact, a cottage in High Wych has come back on after disappearing for 3 months).

As I've said before, this is prime commuter town (1hr door to door to the City), and PropertyBee is showing 5-10% reductions already, and the crash is only just waking up, and prior to mortage deals really drying up.

Poor wee souls... :P[/quote]

Hi Garybug

I got that as well... quite a surprise? Are you in BS or Harlow?

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[quote name='the primitive' post='1038685' date='Mar 29 2008, 02:34 PM']Hi Garybug

I got that as well... quite a surprise? Are you in BS or Harlow?[/quote]

Not really a surprise, in that it explains why Waitrose & Van Hague (posh gardening centre outside Harlow) have been quieter recently..

I'm in Sawbridgeworth, and nice it is too (apart from the Harlow overspill :ph34r: ). I would definitely buy here, but not at 230k for a three bedder. When I can get the same for 150k, I'll consider buying. That's circa 30% drop, which i consider will be the average drop around here. BS & Harlow, especially, will be toast. Exepct drops up to 50% in these areas.

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[quote name='garybug' post='1039037' date='Mar 29 2008, 07:02 PM']Not really a surprise, in that it explains why Waitrose & Van Hague (posh gardening centre outside Harlow) have been quieter recently..

I'm in Sawbridgeworth, and nice it is too (apart from the Harlow overspill :ph34r: ). I would definitely buy here, but not at 230k for a three bedder. When I can get the same for 150k, I'll consider buying. That's circa 30% drop, which i consider will be the average drop around here. BS & Harlow, especially, will be toast. Exepct drops up to 50% in these areas.[/quote]

50% here in BS... good good :lol:

Was checking on houseprices.co.uk and they have gone up an absurd amount. Nice town, we like it, will hold on and hopefully stay here in a nice big cheap house in a few years then!

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[quote name='the primitive' post='1039622' date='Mar 30 2008, 08:06 AM']50% here in BS... good good :lol:

Was checking on houseprices.co.uk and they have gone up an absurd amount. Nice town, we like it, will hold on and hopefully stay here in a nice big cheap house in a few years then![/quote]

11 out of 35 properties in Haart in Thorley have "reduced" stickers this a.m. And one bored and forlorn EA inside filing her nails...

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[quote name='the primitive' post='1039901' date='Mar 30 2008, 12:42 PM']11 out of 35 properties in Haart in Thorley have "reduced" stickers this a.m. And one bored and forlorn EA inside filing her nails...[/quote]

Have you downloaded PropertyBee yet? (You need the Mozilla browser to run it)

It shows the change history for all properties listed on Rightmove (inc. descriptions, prices)

I checked again this morning, and there's a 1 bed flat in Lawrence Moorings (nice mill(?) redevelopment) in Sawbo, owned by Nationwide (so a repo?), listed as 'BMV' too :lol: )for about 20k less than ANOTHER 2 flats in the same development, that haven't shifted for months on end. If I were trying to sell one of the other two I'd be bricking it :P .

I tried to check on the Land Registry site to see what they were originally selling for (but site down today) - would not be surprised to see them in NE.

It would eb very interesting if you could keep us updated on shifts in the BS market. Her indoors works there, so I wouldn't be adverse to moving there if the area was OK.

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All briliant news guys. Greenstuff - perhaps you should do a weekly check on Rightmove and see how many properties are coming on the market.

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Rents definitely going down in Ware. Got the proof today.

There seems to be a high number of flats to let in this development (see links) and, for about a year now, they have been on the market for £650/month. Today found some new ones coming on for £625/month.

I wonder if this is the start of the rent crash?

[url="http://www.rightmove.co.uk/viewdetails-19129412.rsp?pa_n=4&tr_t=rent"]£650/month[/url]
[url="http://www.rightmove.co.uk/viewdetails-19616141.rsp?pa_n=5&tr_t=rent"]£650/month 2[/url]
[url="http://www.rightmove.co.uk/viewdetails-8836593.rsp?pa_n=4&tr_t=rent"]£650/month 3 (falcon court)[/url]
second one looks like a prison cell with a bath in it!

[url="http://www.rightmove.co.uk/viewdetails-20415308.rsp?pa_n=5&tr_t=rent"]£625/month[/url]
[url="http://www.rightmove.co.uk/viewdetails-20426501.rsp?pa_n=5&tr_t=rent"]£625/month 2[/url] Edited by DoctorJ

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[quote name='DoctorJ' post='1040451' date='Mar 30 2008, 06:34 PM']Rents definitely going down in Ware. Got the proof today.

There seems to be a high number of flats to let in this development (see links) and, for about a year now, they have been on the market for £650/month. Today found some new ones coming on for £625/month.[/quote]
They were 750 a couple of years ago and 800/850 before that...

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[quote name='garybug' post='1040093' date='Mar 30 2008, 02:13 PM']Have you downloaded PropertyBee yet? (You need the Mozilla browser to run it)

It shows the change history for all properties listed on Rightmove (inc. descriptions, prices)

I checked again this morning, and there's a 1 bed flat in Lawrence Moorings (nice mill(?) redevelopment) in Sawbo, owned by Nationwide (so a repo?), listed as 'BMV' too :lol: )for about 20k less than ANOTHER 2 flats in the same development, that haven't shifted for months on end. If I were trying to sell one of the other two I'd be bricking it :P .

I tried to check on the Land Registry site to see what they were originally selling for (but site down today) - would not be surprised to see them in NE.

It would eb very interesting if you could keep us updated on shifts in the BS market. Her indoors works there, so I wouldn't be adverse to moving there if the area was OK.[/quote]

Will do if I can. My Missus rented in Lawrence Moorings about 10 years ago when she first came to the area so I know it well. Not THAT nice but seen worse.

Will try this propertybee thing. First house will be a big 4-bed detached I run past 3 times a week which has been on since before Xmas. Just the kind we might fancy if it comes down by half ;)

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[quote name='Financial Planner' post='1040269' date='Mar 30 2008, 05:00 PM']All briliant news guys. Greenstuff - perhaps you should do a weekly check on Rightmove and see how many properties are coming on the market.[/quote]

Ok, have done a check today, there are 464 properties in SG12, a LOT are multiple agents, so don't know exactly but I installed property bee on 23rd Jan and since thenthere have been price rises of... 10k £49 and 10k.
Price drops of....
10k 15k 10k 5k 15k 15k 20k 150k :blink: 15k 10k 15k 10k 10k 5k 5k 15k 15k 2k 10k 10k £500 10k 4k 7k 25k 25k 15k 7.5k 10k 10k 7k 10k 3k 2.5k 5k 15k 5k 12k 15k 5k 10k 5k 10k 5k 5k 15k 10k 5k 10k 10k 15k 5k 10k 5k 10k 10k 2k 10k 13k 5k 10k 12.5k 5k 15k 5k 10k 5k 10k 2k 15k 4k 5k 10k 2.5k 2k 5k 3.5k 10k 2k 4.5k 2.5k

Interesting piece of fact I never knew (sorry if you know this).
Mr G was in EA's in Ware as we are renting office space off them so was no sales pitch or chat, but she said that in relation to HIP's, EA's pay for it to be done up front, vendors then pay for it with fees when the house is sold.
Trouble is if they take house off the market or change to another agent they have to pay for it.
Vendors are reluctant to pay for something for nothing so they leave house stuck on the market often with cr appy EA's who get the gig by going in and over valueing and talking the talk.
So a reason why the white sock brigade seem to have cornered the market and have such a high profile.

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[quote name='Greenstuff' post='1041523' date='Mar 31 2008, 10:58 AM']Ok, have done a check today, there are 464 properties in SG12, a LOT are multiple agents, so don't know exactly but I installed property bee on 23rd Jan and since thenthere have been price rises of... 10k £49 and 10k.
Price drops of....
10k 15k 10k 5k 15k 15k 20k 150k :blink: 15k 10k 15k 10k 10k 5k 5k 15k 15k 2k 10k 10k £500 10k 4k 7k 25k 25k 15k 7.5k 10k 10k 7k 10k 3k 2.5k 5k 15k 5k 12k 15k 5k 10k 5k 10k 5k 5k 15k 10k 5k 10k 10k 15k 5k 10k 5k 10k 10k 2k 10k 13k 5k 10k 12.5k 5k 15k 5k 10k 5k 10k 2k 15k 4k 5k 10k 2.5k 2k 5k 3.5k 10k 2k 4.5k 2.5k

Interesting piece of fact I never knew (sorry if you know this).
Mr G was in EA's in Ware as we are renting office space off them so was no sales pitch or chat, but she said that in relation to HIP's, EA's pay for it to be done up front, vendors then pay for it with fees when the house is sold.
Trouble is if they take house off the market or change to another agent they have to pay for it.
Vendors are reluctant to pay for something for nothing so they leave house stuck on the market often with cr appy EA's who get the gig by going in and over valueing and talking the talk.
So a reason why the white sock brigade seem to have cornered the market and have such a high profile.[/quote]

Have you seen this about Bishops Stortford in the Times online?

[url="http://tinyurl.com/3b377x"]http://tinyurl.com/3b377x[/url]

Absolutely hilarious nonsense, Mullucks Wells going on about "good value" - cretins. :D

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[quote name='the primitive' post='1043028' date='Mar 31 2008, 10:13 PM']Have you seen this about Bishops Stortford in the Times online?

[url="http://tinyurl.com/3b377x"]http://tinyurl.com/3b377x[/url]

Absolutely hilarious nonsense, Mullucks Wells going on about "good value" - cretins. :D[/quote]

BS = Bishops Stortford or ......

OMG! For once I really don't know what to say!

Ok, own up, who's 'Richard from Stanstead Abbotts'?!

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WTF! I remember seeing a local news skit on the London Tonight 6 years ago, talking about BS & how it was 'affordable'.

Here we are again, what changed?? & it'll be a damn site more affordable this time next year.

And FWIW, last year the Budgens in Sawbridgeworth had about 5-6 Poles working in it, with Eastern European accents regularly heard around the town. Now? Nuffink (to borrow Harlow parlance), they've either moved away or gone home. Either way, who is going to fill that BTL now? :P

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