Pellet

Posted the following in another Southampton thread, directed here courtesy of Shirleygirl: Data from Rightmove, courtesy of Property Bee, suggests that price reductions in SO19 have accelerated slightly over the past few months. I have recorded each day (for houses, all types, excludes flats, bungalows, etc): Total number of houses available that day, number of reductions that day, average % reduction that day. I have done this for just over three months and using my own dodgy maths come up with the following figures: Aug -0.72% Sep -1.08% Oct -1.21% However I manipulate the data it shows the same trend. The average number of properties available over that period has dropped from 426 to 368. Figures are averaged over all house types; terraced, semi, detached. Reductions were originally concentrated in the lower price bands, but more recently they have taken there toll on a growing number of the more expensive properties. There has been some peculiar activity on behalf of some agents; prices that go up and down by a fixed amount for three or four days before settling at the lower figure. Yesterday, a large number of properties for sale off North East Road, that have been on the market for months were all increased in price by approx 2% (not included in my figures) A bungalow (not included in my figures), has appeared for sale in Julian Road that would have sold for £180 - 190K last year is up for £152.5K. I lived in Julian Road for 16 years and sold up last year. It is a repo. A number of reductions that occur when properties move between agents get missed. I have noticed a few of these, in which case they are included in my figures. Some properties are up with a ridiculous number of agents. I always make sure I don't record the same property dropping with alternative agents. Largish detached house in Weston Lane? Original asking price £250K, went to auction 22nd Oct guide price £160 - 170K. Still being advertised at that price. My own opinion mirrors that of HPC prices to continue falling at a decaying rate for a number of years, dipping to around the previous (late eighties) peak. Time will tell...

Data from Rightmove, courtesy of Property Bee, suggests that price reductions in SO19 have accelerated slightly over the past few months. I have recorded each day (for houses, all types, excludes flats, bungalows, etc): Total number of houses available that day, number of reductions that day, average % reduction that day. I have done this for just over three months and using my own dodgy maths come up with the following figures: Aug -0.72% Sep -1.08% Oct -1.21% However I manipulate the data it shows the same trend. The average number of properties available over that period has dropped from 426 to 368. Figures are averaged over all house types; terraced, semi, detached. Reductions were originally concentrated in the lower price bands, but more recently they have taken there toll on a growing number of the more expensive properties. There has been some peculiar activity on behalf of some agents; prices that go up and down by a fixed amount for three or four days before settling at the lower figure. Yesterday, a large number of properties for sale off North East Road, that have been on the market for months were all increased in price by approx 2% (not included in my figures) A bungalow (not included in my figures), has appeared for sale in Julian Road that would have sold for £180 - 190K last year is up for £152.5K. I lived in Julian Road for 16 years and sold up last year. It is a repo. A number of reductions that occur when properties move between agents get missed. I have noticed a few of these, in which case they are included in my figures. Some properties are up with a ridiculous number of agents. I always make sure I don't record the same property dropping with alternative agents. Largish detached house in Weston Lane? Original asking price £250K, went to auction 22nd Oct guide price £160 - 170K. Still being advertised at that price. My own opinion mirrors that of HPC prices to continue falling at a decaying rate for a number of years, dipping to around the previous (late eighties) peak. Time will tell...

Hello!! I am a renter living in Southampton with my family, who have recently sold the property we owned for 16 years. With things becoming fairly tight financially it was either 'muck-it-out' or take a gamble and stick the place on the market. It was a gamble because a few thousand pounds were spent tidying up the property to finish off a recently added extension and the expense meant we could only survive finacially for a short time. Happily we found a buyer very quickly (Oct 07) but it took over six months from offer to completion (Apr 08!!). Nerves were becoming very frayed, but it all worked out in the end. Now we have become spectators on the sidelines of the property market and an interesting game it is turning out to be. When the time is right we will be joining in again, but we may be a while... I have a great deal of sympathy for the genuine casualties in all this, from the downturn in property values, credit crunch and wider economic issues. Maybe if matters were better regulated there would be no property bubbles, prices would drift up at roughly the rate of inflation and we would all be (relatively) happy. But, ultimately, I think there is very little anyone could do to eliminate these peaks and troughs completely and we will have too carry on living with them, it just happens I will, with a bit of luck, be able to benefit from the current cycle. I believe the correction in the market is necessary and, however big or small it turns out to be, will benefit more people than not...