Monday, Nov 17, 2008
Theres lovely mother!!!!
Wales Online: House price slump has cost average family £30,000 in one year
"Commercial director Miles Shipside said: “Some sellers could avoid months of disillusionment and despair if they started marketing at an asking price a lot closer to where the evidence indicates they are likely to end up."..............yes 50 grand for a 4 bed in centre should do it :-)
"Alison Shaw, from Porthcawl, has just sold her house after having it on the market for two years.She was forced to reduce the price from £575,000 to £499,000 and sold at a price she asked to remain confidential.".......400 quid? :-p
Posted by titaniccaptain @ 08:04 PM (452 views) Add Comment
7 Comments
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1. inbreda said...
I've just watched krusty and fill, and they said that Wales was bucking the trend and that house prices have gone up.
Ok, it wasn't the whole of wales, it was some pis-ant little town that I have never heard of before.
I wonder how long it took them to find that particular statistical blip.
2. quiet guy said...
I love this bit at the end:
Cardiff estate agent Kelvin Francis said there was still some activity in the housing market.
“The people who are suffering hardship are those who have to sell for economic reasons,” said Mr Francis.
“If you’re buying for the first time there is no better time – if you can get a mortgage.
“Certainly, some areas are less affected than others.
“We are actually reasonably busy. It’s not booming but there are sales taking place.
“Certainly, prices are down and sellers have to be realistic. We are advising that as long as they don’t plan on moving in two years the way we see it is there is no risk. Things will recover in two to three years.
“Much of it is based on confidence and the banking system. If we sort that out and make mortgages more available, and things recover in the US, we will follow quite quickly behind.”
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3. montesquieu said...
It's interesting this asking prices nonsense. My ex-landlord has already had to drop his asking price by £100k from £500k to £400k, and has been on the market for 18 months now - a 20% drop from 'peak' but that assumes the £500k peak was ever a realistic asking price in the first place. (Clearly, it's wasn't).
Let's assume a feasible, achievable price a year last May when he started off was £420k - the most a house in the street has ever sold for (the identical one across the road went in 2005 for £303k; my landlord paid a frankly stupid £360k newbuild in 2002).
Let's assume that prices have fallen 20% from from peak, which is £336k (or back below where he started in 2006). Right now, he might just get a buyer at that.
What would be scaring me shi*tless though if I were him is a possible 'worst case' 40% drop from peak 'reality' price is £252 - call it £250k and I'd move back there tomorrow.
Which is about right for a 4-bed double garage detached in North Somerset, after all, I think.
Oh and three months void on the rent since I moved out must be a bit painful too.
4. titaniccaptain said...
@Inbreda
In Blaenau gwent houses are so cheap its unreal so anyone with a bit of money trying to preserve their wealth with sterling falling like a lead ballon may be trying to preserve their wealth in property.................even though they may be making a huge mistake...you can get alot of house there for what would be a deposit in other parts of the country......
5. Upwardmobile said...
I think the blip in Blaenau Gwent is due to the new railway line from Ebbw Vale to Cardiff. It means you can work in the up and coming city of Cardiff, but commute to the beautiful Ebbw Valley.
6. Suzy And Joe said...
wonder why she wants the price kept secret? Does she feel ashamed.
Anyone who wants to know will know soon enough any way 'our property' is great.
7. Fjcruiser said...
Phil also said about the house which was being advertised at £179,950 (needing complete overhaul & having been empty for months) next to the newly refurbished one which was sold in June at £152,000, that if the couple offered £130,000 now it would be a good discount, bearing in mind that it would be worth £125,000 in a month time and even lower after. Why then would you offer £130,000 ? Am I missing something ?They went on offering £150,000 !
This couple had just lost £20,000 on their house sale. Some people never learn.