QUOTE (Cutiecat @ May 15 2008, 11:46 PM)

I am monitoring Amersham on Property Bee and I am seeing lots of reductions now. Houses at the top end that are were on in the region of a million are dropping by at least 100k, there is an overall drop of at least 10%. Still too much!
Been watching Amersham and Berkhamsted since January, we currently in rented. Big chunks started to come off prices in Berkhamsted about early march and now they are all doing it, panic is setting in! Amersham started a bit later. I've discovered that some of the vendors are not entirely telling the truth, on two occasions, the story was the vendor was moving to a new home, but when I showed concerns over the length of the chain I got told they are moving to rented. Don't believe anything they tell you, I think there a lot of sellers are trying to cash in and get out quick.
I think Amersham will now start to see some big drops, the big problem is that estate agents were still overvaluing in Feb/Mar and now it's embarrasing for them to go back to the vendor in such a short space of time and suggest a price drop, but the agents now have no choice if they want to sell anything. Once a few big drops occur it makes all the other look even more expensive, and then the snowball effect, but it does help for prospective buyers to point out to agents, with examples, why a house is too expensive, as agents sometimes stuggle to this from the side of the buyer!
I think once the holiday period starts to finish, mid august, the real panic selling will start!!!