We relocated to the north east (love it!!!) from London last year. We're renting at the minute and renting down south. But currently monitoring house prices with a view to buying.
We looked at one in Kingston Park, on at 265,000 and the got three offers of 250,000 and the first one with the money gets it. It was a nice house with loads of potential to make it a 5 bed so perhaps why it went so near asking price.
In Ponteland another house was on for 450,000, sold (don't know what for) and is now back on the market because the sale fell through. It is on at offers over 400,000. I phoned today and they said the owners definitely wanted over 400k for it. But if they took 410k thats a drop of 40 in less than 6 months.
Think the north east has a long way to drop but the good houses are still going.

Clearly the good ones are not going...you say it yourself.

Of the 1000s for sale.....almost none are selling...and those that are have taken HUGE hits on their prices.....

Anyone with a brain cell will not buy for at least 3 years...a 400k house now will sell for 60K in 4 years....or less

That's happened in Ohio, Calirfornia, Florida.....and we are 18 months behind the USA...and here it will be FAR worse as we have massively more debt secured on housing....

BTW..the Ohio and California middle class are now living in their cars in secured car parks...the situation is so desperate that laws have been changed to permit these people to sleep in their cars...I am not referring to some ahole with no job...I am refering to middles class that lose their jobs, and have almost no savings to fall back on.

This is gonna be FAR worse than anyone believes, and the NE is gonna be hit and hit VERY hard.

Good reasonably priced properties will go, the problem is the dregs seem to get some movement after months of discounting, but the people who know they have a good house stubbornly refuse to drop, but noone has the cash so they just don't sell.