Monday, May 28, 2007
reduced prices
propertysnake: 161,000 reduced prices
interesting website probably trawls rightmove?....not sure..anyway does also show that there are affordable properties in uk albeit places you might not want to live
Posted by taffee @ 07:56 AM (417 views) Add Comment
23 Comments
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1. japanese uncle said...
What an amusing site! Anyway, Property Snake might better be renamed 'Property Chute'.
2. talking rot said...
What a great site. This will help to expose a few urban-myths in the property world. Having watched the property markets in areas of Wiltshire and North Yorkshire, I've ecountered Estate Agents who have sworn blind that the house I was looking at hadn't dropped in price. I was amazed. Even when I produced pages from Rightmove which I had printed out, the slimeballs refused to accept the house was being marketted at a lower price. One even said it was a different house in a nearby village which looked the same.
Interesting to note: When houses are marketted at a high price then that in my paper records, the same Estate Agent blandly stated that the market was very competitive and if I couldn't afford it, I should look elsewhere. I am enjoying the prospect of returning to this femail estate agent and asking her if I should still be going elsewhere when the price drops!
Let's see if we can get it some publicity!
3. financial planner said...
I agree it is a great site however it isn't the right time for it to have greatest impact. When the average reduction is 10% rather than 2-3% then I, for one, will be interested.
4. Wadisgod said...
Great site.
Has the crash started?
Not just one or two reductions, but a large percentage og those listed on rightmove.
Wadisgod
5. royston said...
This shows that the internet will help bring this housing market down much faster than previous housing market crashes / corrections. Websites like pick up the first sign of vulnerability, having to drop the price - tells the wolves which sheep have strayed from the herd.
6. Phcahill said...
My wife, who knows all local prices, confirms that the figures are correct.
I wish I hadn't shown it to her. She's not a happy STRer.
7. Pr said...
I've been looking at London prices on this. Many reduced are larger houses. This suggests that people will start upscaling from 1 & 2 bed flats with reduced prices (families with kids who don't have enough space), leaving a vacuum for first time buyers, by flooding the market with smaller flats. Many of us FTB's forget that the older generations are also suffering at the moment because the difference between a flat and a family sized house is so great.
8. nearly30 said...
Tafee Well done on finding this!
Great holiday fun - have just found all those 2-bed executive prison flats - sorry apartments - on this website - all down 10% in one month.
Still £122K - but a start!
9. Cheekie Charlie said...
Yes sites like this will gradually grow in popularity. I've recently heard from a Hbos employee that their credit card department is aggressively cutting customer's credit card limit to presumably protect their profits when the credit cruch starts to bite. When the fun starts there will be nowhere to hide.
10. uncle chris said...
Good find !!! - Checked my local area and found prices for a recent new development have dropped around 10% - even though the agents claimed they were 'flying off the shelves'. This site provides the facts that blow the EA lies out of the water.
11. sirgoogle said...
Fantastic site.
Top 10 are in the realm of -40% !! In the areas I normally look at (in Dorest and wilts) there are drops between 6 and 12%. This is very interesting.
I also mentioned back in 2005 that property sites on the internet will have the same effect on the housing market as computer trading of shares - in otherwords the HPC when it starts will be rapid. Remeber you only need to affect the few thousand properties being traded in any one week for the whole house of cards to come tumbling down.
If only all FTBs could simply agree to refuse to offer anything above -20% of the asking price - and stick to their guns enmasse - in effect go on strike (revolt) until the EAs actually bother to inform the sellers that the market sentiment has turned and they had better accept the offer.
Perhaps the web master could pop a link on the front page
12. mike said...
japanese uncle said...
What an amusing site! Anyway, Property Snake might better be renamed 'Property Chute'.
I don't think so.. maybe the american one!
Anyways, the title says propertySNALE! I thought it was something to do with a snail, you know, going slow, house prices slowing down.. ah forget it ;)
13. yoyo1 said...
Great site, I've been monitoring some local price reductions around my town and there all listed on the site. It's Spring isn't it? I thought prices were supposed to go up this time of the year!
14. mike said...
Checked the properties around here, seeing decreases of between 5 and 6% across the board (7 bed down to 1 bed).
It's time to research "how to buy a house without an estate" in preperation to buy a home over the next year or so, as those slimebags arent getting a penny of mine.
15. harold said...
Mike, when you buy a property the vendor pays the estate agent, not you.
JU, "Property poop-chute" might be more like it.
16. Sumo_barry said...
This property snake site is amazing. Wouldnt it be great if one (or some) of the big daily newspapers put a link to this!!
House prices rising - this site seems to show what is really going on.
Fantastic.
17. Pmaupoil said...
I checked the website yesterday and the last update was on the 20th of may with around 145 000 reduced houses. Last update done last night and the nb of reduced houses increased to 161 111...! They may have gathered more sources. What would be interesting is to keep an history of the % of reduced houses based on the total number of houses looked up.
18. uncle tom said...
A good concept - reveals those vendors who are impatient to sell, and might bite if you made them a low offer...
19. Ianbeale said...
fantastic resource - would be good if someone with the time and energy could cahrt out the 161,000 figure over time as an indicator - better than haart prices reduced - after all rightmove is THE definataive prop site. I will email snake and see if they can incorpoarte a grahic of reduced prices vs total on market vs time
20. Tormy said...
still some way to go though as all those houses reducing started off with greedily high asking prices much higher than the last sold in the street, just going on my knowledge of the Leeds market...
21. bufferbear said...
Good site but I cross referenced some areas I know well and the prices were overpriced even in the current market. A long way to go but no doubt we will get there.
22. Samone said...
this site is old news. that site is going to be where it's at over the next few years...
23. Paulos said...
Fantastic site... I've just found a 2 bed flat reduced by 28%!