Tuesday, Apr 29, 2008
Sellers advised "be prepared to accept a lower offer"
Citywire: Lorna Bourke: What is your house worth?
House prices are falling, there is no doubt about that. All the house price indices are pointing in the same direction – down. The big question is how much have they gone down already, how far will they fall – and does it matter?
Posted by jack c @ 05:46 PM (565 views) Add Comment
7 Comments
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1. Albertini Albertino said...
£45 less than it was yesterday!
2. bystander said...
"So if you are thinking of selling, get some professional advice - but ultimately trust your own judgment."
....or not if you have been lured into believing that your house is worth a great deal more than it is, or should be worth. I have been looking at 2 bed flats and am amazed by the denial most vendors are still in. I hasten to add that I'm putting offers in between 15 and 20% below asking, but you've got to try haven't you?
3. waiting for the crash said...
So unable to track rural properties.
I found a house on rightmove that was bought last year for 270K in a conservation village in Hampshire, thatched houses surround it and its opposite the church - charming, for the London suburbanite who moves down this way all too often and creates weekend holiday villages as no-ones around during the week. This property is now back on the market at 245K and will be going to auction if unsold by May 22nd. I cannot work out if this is a developer (as this place needed modernisation and now has planning permission) who wants out, repossesion, or agent using a low price to drum up interest. I'll be watching.
Anybody got any other explanations/insights?
If it doesn't sell for 270k then it will matter to someone.
4. p. doff said...
If the viewings are accompanied by the agent, and if the toilet lid is sealed with a tape stating 'system drained down', then it is most likely a repo.
5. plato said...
HPC has only just begun. If the VIs manage to stall it, property prices are still unrealistic. Therefore no point in buying until they reach a realistic level. If your desperate for your own home,affordability is the only consideration and you buy when it suits.
6. Slysmiles said...
These people are still not understanding are they? There is no value you can attach to a house, only the price someone is prepared to pay. The banks are opening everybodies eyes to the pain of being in debt. The only price I would be willing to pay would be what I could reasonable afford including all maintanence and upkeep of the house included in the total sum. Currently I'd be looking for a house no more expense than 80K, roughly a 60% drop for the place I live. I earn a good wage, and have no debts. I think when people understand the nature of debt the painful way, things will really get underway.
7. planning4acrash said...
45squid a day? That's just under 6squid an hour, tax free loss on an 8hr day. Many people live on a wage that big, just shows how sickening prices have become!