5 Bed that was previously on at £1.3m now suddenly down to £1.1m

http://www.primelocation.com/uk-property-f...SPGU_GFD070280/

There is another property on the same road, not as good for £950k, so it may fall next. The highest price ever achieved on the road is about £850k, so these look renovated for sales look seriously over priced even with the reductions.

Guildford is being massacred according to my property bee toolbar for Rightmove. I posted before on the main page that on every page I look at there is a 5-15% reduction. Have you got it installed? Its fantastically exciting.

Yes, I have just loaded propertybee, though if it stores the history locally on disk I haven't had it on long enough to capture the drops.

Out of the properties I pointed to in Guildford, the second has now dropped from £950k to £850k. I suppose it was inevitable, both on the same road with the same agent.

Both properties appear to be amateur renovations. There do seem to be rather a lot of these in Guildford.

I think perhaps a new term is needed - Amateur Renovating to SEll.

I can therefore confirm there are a lot of ARSEs in Guildford.

Only had propert bee installed a few weeks, but some cool reductions appearing in Surrey.



Like this one

date event
2nd Mar 2008 14:59:20 * Price changed: from 'Offers in Excess of £300,000' to 'Offers in Excess of £289,950'

26th Feb 2008 20:47:33 * Price changed: from '£339,950' to 'Offers in Excess of £300,000'

25th Feb 2008 19:32:45 * Price found: £339,950

Two reductions in a week!

Been property bee-ing again. Guildford is getting massacred as an earlier post said. I'm finding large and frequent reductions on Foxton's properties.

http://www.rightmove.co.uk/viewdetails-199...24&tr_t=buy

4th March it went on - 280k
now 230k

Shows how much Foxtons have been overpricing by.....

Thanks for the property-bee link - hadn't found that before. We've been tracking the godalming area on excel and so far have seen reductions in 32% of the properties we've sampled and those that have reduced their asking price are down by an average of 7% in the 650k to 1m range.

I've been doing something similar for Surrey, though with a focus on places like Guildford, Reigate, Epsom (ie central and West Surrey) plus a bit of the London fringe like Richmond.

Guildford has been quite interesting in property bee. In terms of the so called Mexican stand off, it seemed back at the tail end of last year that sellers were being really stubborn and refusing to drop prices. It seemed to suddenly relinquish around February by providing some very large catch up drops. I suspect we will shortly be onto the next wave of big price falls which seem to be emanating from the London like a ripple. There are now some big drops again in some of the SW and KT postcodes, so I suspect the GU codes will follow shortly.

I am not sure what the transmission mechanism is, but I guess London leads the way and eventually the home counties get to hear about it an follow suit. It is also worth noting that we are now coming into July, which tends to quieten down before August, so things will only get worse for distressed sellers as agents re-evaluate their books and vendor pricing.

I've noticed in the last few weeks that there's been a significant downward trend in prices in Guildford around the 230-280 mark with a big increase in the number of three-bedroom semis now available at the 250 mark. this in turn, seems to have pushed the three-bedroom terraces down by about 20k. I'm just talking asking prices of coursebut it does seem that many sellers are now beginning to realise that their houses are overpriced