Saturday, Feb 27, 2010
Ronnie Wood reduces price of home by 20% from peak value to sell
The Sun: Ron sells home to split
Ronnie Wood has put his house up for sale for an asking price of £5.8m. He bought it less than 2 years ago for £7.25m. The house is in Chelsea - one of the premier locations in the UK. Over the past few weeks we have seen reporters, posters on the forum etc claiming that properties in sought after areas are selling at peak prices again. I would treat some of this information with extreme caution. None of the major indices indicate that this is the case - at the most prices are 10 -15% below peak (see below). Some houses may sell at 2007 prices for a lucky few. Remember houses are still selling for 9.5% or so below asking price, so if you see something go SSTC on Rightmove at a seemingly high price, you can on average take 9.5% off the price shown.
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