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House Price Crash Forum


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About isv

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  1. I would disagree that Indian programmers are paid the same as their UK peers. However it would certainly be true to say that Indian programmers earn more than their Polish peers. Perhaps we should convince the poles to stop coming here and clear off to India instead!
  2. I totally agree. The threat of substitution by overseas workers has kept UK IT salaries pretty much static for some time now. Most people I know in IT are preparing themselves for a second career in something completely different - typical choices seem to include: carpenters, bakers, dry stone wallers, thatchers, electricians... mate of mine has fortunately managed to convince his son to not enter IT but train as a Quantity Surveyor instead...
  3. Well it certainly looks like around Worcestershire the message is hitting home - time is running out. The last week of June has seen plenty of changes:- properties relisted for lower, plus straightforward reductions. The thing that is most telling is the fact that the reductions appear to be on properties that have been hanging around for ages. The asking prices have stuck in the stratosphere for months/years without any sign of a reduction and then this week plenty come down at once. This one came down £100k today. Been on the market for AGES without any significant reduction... http://www.rightmove.co.uk/viewdetails-12054341.rsp I know from my own experience that the market slows dramatically from mid July onwards (holidays etc.) so perhaps this is just a typical year... try your luck at getting some sucker to pay over the odds for your property and if no luck hopefully a quick reduction at the end of selling season might just do the trick. We shall see. I look forward to next week! I also had an interesting call this morning from an agent. We'd made a silly offer on a place back in April. We don't actually like it but I just wanted to test the market and put in a (very) low bid. When I put that bid in the response from the agent was along the lines of "no way... there's plenty of people who would pay more than that.." Anyway, the purpose of the call this morning was to inform me that "the vendor is keen to get a sale underway and would like to know if you are still interested.." My response: "sorry but the local market has moved on since then. We've seen plenty of reductions from other vendors this week who obviously realise that time is running out. We do feel that our original offer is now far too high... " Let's see what the agent comes back with next.
  4. 38mpg! I can only assume those cases you were carrying were full of gold... I agree with you about the boot though - it struggles to accomodate my son's cricket bag. We use the car for the school run for which it is perfect but would not use it to take a family of 5 with luggage as once you slide the bench seat forwards the rear legroom disappears in an instant.
  5. Not so... I bought my wife a pre-reg VW Golf Plus 2.0 Tdi GT and we saved just over £4k. The thing has masses of space (more space in the back than my Audi Allroad) and can seat three teenagers without (much) complaint. I took it on a 260 mile round trip last weekend and averaged 53mpg... Fantastic car.
  6. As some of you may know I've been monitoring asking prices and market stats in Worcestershire for quite a while thanks to a fab piece of software a colleague wrote that tracks price and status changes of properties listed on Rightmove. Each week I get a report of all changes to asking prices and it has been interesting to watch what has happened to asking prices during this Spring. As the main selling season got underway the number and severity of reductions decreased... but as Spring draws to a close something seems to be happening... Here's a random selection of weekly price movements for an area within 10 miles of central Worcester: 1st week of March: 71 price reductions, average reduction: £11.5k per property. 0 increases. 1st week of April: 61 price reductions, average reduction: £10.5k per property. 2 increases. 1st week May: 52 price reductions, average reduction: £8k per property 4 increases. 4th week May: 63 price reductions, average reduction £12k per property 4 increases. 1st week June: 74 price reductions, average reduction: £13.k per property 2 increases. 4th week June (this week): 90 reductions , average reduction: £15.8k per property 3 increases (£2k,£5k,£2k). Throughout the period the average (mean) asking price has remained around £300k. Importantly, the figures above do NOT include properties that are removed from Rightmove and then relisted at a lower price. Here's a selection (out of 90) of this week's reductions in asking price:... £750k -> £650k http://www.rightmove.co.uk/viewdetails-9095372.rsp £695k -> £625k http://www.rightmove.co.uk/viewdetails-7139107.rsp £675k -> £595k http://www.rightmove.co.uk/viewdetails-7104847.rsp £580k -> £499k http://www.rightmove.co.uk/viewdetails-6225469.rsp £535k -> £468k http://www.rightmove.co.uk/viewdetails-7093111.rsp £369k -> £335k http://www.rightmove.co.uk/viewdetails-6393514.rsp £280k -> £250k http://www.rightmove.co.uk/viewdetails-6282124.rsp £230k -> £195k http://www.rightmove.co.uk/viewdetails-4048870.rsp £197k -> £179k http://www.rightmove.co.uk/viewdetails-11945861.rsp And for balance, here are all the properties that have increased their asking prices this week: £2k increase: http://www.rightmove.co.uk/viewdetails-11452751.rsp £5k increase: http://www.rightmove.co.uk/viewdetails-12344951.rsp £2k increase: http://www.rightmove.co.uk/viewdetails-6203554.rsp I think I've also spotted approx 20 relisted properties this week - the details were deleted from Rightmove only to be replaced the next day but at a lower price. Reductions seem to be anything from £10k to £80k... Obviously these movements are not reflected in my average figures shown above. I suspect that those folks that were hoping for a sale in Spring are starting to realise that time is running out...
  7. From today's New Zealand Herald: === Reserve Bank Governor Alan Bollard expects house prices to start falling by the end of the year as higher interest rates begin to bite. ... "It takes longer for houses to come to market and longer for them to sell," Dr Bollard said. "Monetary policy is now having an effect and we feel more comfortable as a result of that." === And, not surprisingly, the estate agents disagree: === "Real Estate institute president Howard Morley said the property market was in positive territory and was likely to remain there." === Hmm... now who would I believe... the head of the estate agents trade body or the Govenor of the country's central bank... http://www.nzherald.co.nz/section/story.cf...jectID=10388515
  8. Christ almighty! That's a lot of money for a terrace house in S-O-A. If its where I think it is a colleague of mine lives a few doors away - he always complains about not being able to park outside on the weekend. For that sort of money I'd be looking a few miles outside of town...
  9. There are still plenty of asking price reductions coming through. I'm tracking changes each week and there are usually anywhere between 50 - 80 price reductions each week within 10 miles or so of Worcester city centre. There has been an increase in the % reduction seen on the average house. Single reductions of 5-10% or more are quite common. Here's a few from just the last 7 days: Reduced from £795 - £695k (13%) http://www.rightmove.co.uk/viewdetails-12054326.rsp Reduced from £550 - £485k (12%) http://www.rightmove.co.uk/viewdetails-11938121.rsp Reduced from £220 - £200k (9%) http://www.rightmove.co.uk/viewdetails-6667576.rsp Reduced from £425 - £395k (7%) http://www.rightmove.co.uk/viewdetails-6190633.rsp Reduced from £425 - £395k (7%) http://www.rightmove.co.uk/viewdetails-6597739.rsp Reduced from £325 - £300k (7%) http://www.rightmove.co.uk/viewdetails-7222327.rsp Reduced from £280 - £255k (9%) http://www.rightmove.co.uk/viewdetails-5843635.rsp Reduced from £220 - £200k (9%) http://www.rightmove.co.uk/viewdetails-6667576.rsp I suspect that the size and rate of reductions may speed up once we get towards the end of Spring...
  10. I know two people who have bought this year. Each went in at least 20% below the current asking price. One guy is a first time buyer - paid £195k for a flat that was on at £239. The other is a friend with a large family - they bought a 6-bed house with 1.5 acres near Taunton that started out and reduced as follows: £850->840->825->795-> they offered £625k and got it for £640k (19% off last asking price, 25% off original) AND the previous owner threw in a knackered old Land Rover and a fancy Kubota garden tractor as part of the deal. The place does need some work though. I have a business contact who sold near Cirencester late last year - and got £1.4m (asking £1.5m!). They turned down many "silly" offers... yet he tells me that they are demanding 20% off anything they look at as a matter of course (they want to move to Devon) - he says "when you're spending that much you expect to get a discount!" Funny how double standards come in the moment you switch from seller to buyer!
  11. I find this shocking - how many more people think property is such a dead-cert? I think this couple are a pair of muppets. Obviously they expect capital gains to save them. But I wonder how they expect to acquire "10 mortgage free properties" if they are losing money on their existing BTL? No doubt someone on here will tell me that what they are doing is perfectly fine and the numbers add up... but to me this just seems madness - especially when they don't appear to have a high income or much liquidity to fall back on to (IMO). === ... Mrs Coleman said: "We want to work on our property portfolio for the next five years and then gradually reduce the number of days we work for another five years so we are fully retired in 20 years' time." They make around £3,000 a year in rental income from their three-bedroom house in Leicester, where they used to live, which is worth £100,000. However, they have not managed to make a profit so far from buy-to-let in New Zealand. After expenses, mortgage payments and tax, the couple said they are making a loss of about NZ$3,000 a year on their other rental property, a three-bedroom house near Dunedin which is worth NZ$140,000. It is rented out for NZ$800 a month. Despite this, Mrs Coleman said: "We are in the process of doing the house we live in up with a view to renting it out, and moving on and repeating the process a few times. We have only wanted to become serious property investors in the last year or so, and think we will need 10 mortgage free properties to do this." ... === Read the full story and do the maths...: http://www.telegraph.co.uk/global/main.jht...05/26/home.html I found this useful too: "New Zealand Herald: Gearing up for a property slump" http://www.nzherald.co.nz/section/12/story...jectID=10380460
  12. I'm still seeing regular drops across Worcester each week. I'm tracking the average reduction across the area and it seems to be stuck at around £10k per week - usually averaged over 60-80 properties. It'll be interesting to see if the number of reductions increases as Spring gives way to the Summer lull... BTW each week I catch 1/2 properties where the price is increased. I assume this is simply to give the vendors some wiggle room should someone come along and make an offer... Most people I know are tracking prices so I hope they spot these a mile off. Here's a property that's just gone up £35k - yet it remains unsold after well over a year: http://www.rightmove.co.uk/viewdetails-7567403.rsp Yet here are three other houses in the 600k range that have come down 50-55k each in the last week: http://www.rightmove.co.uk/viewdetails-9095372.rsp http://www.rightmove.co.uk/viewdetails-10369502.rsp http://www.rightmove.co.uk/viewdetails-6969745.rsp This one came down almost 10% (£50k) this week too: http://www.rightmove.co.uk/viewdetails-10084319.rsp I remain strongly of the opinion that patience is rewarded.
  13. Dunno why anyone would queue up for any of the canalside developments - reductions are possible on the 2nd hand stuff down there already. In only the last 7 days I've counted 84 properties having reduced asking prices within 10 miles of the city centre. Here's the latest lot of examples: 795 - 750k 750 - 675 795 - 770 675 - 650 675 - 625 585 - 565 575 -550 545 - 520 565 - 520 550 - 499 495 - 450 365 - 330 ... 250 - 230 225 - 199 Average reduction across all 84 properties is £13407... Why queue and buy off-plan for anything when patience seems to pay such good dividends??? According to the latest Halifax House Price Index the average property price in Worcester has FALLEN 9% during the last year... "Worcester has seen a slowdown in its housing market over the past year. Prices have fallen 9% to £172,887. However, on a five year view there has been a healthy 56% increase. Worcester has convenient commuter links into Birmingham and is well position for access to the M5 motorway."
  14. Another quick summary of the asking prices changes in Worcester (10 miles from WR1) from just the last 7 days based only on Rightmove asking prices in £150-650k range. 64 Reductions in Asking Price 2 Increases in Asking Price Average reduction: £10,526 Average Asking Price: £270k A selection of the reductions this week: 550 - 499 Stourbridge 550 - 499 Mosely 495 - 450 South Birmingham 375 - 355 Newbridge Green 365 - 335 Alfrick 325 - 299 Tibberton 240 - 230 Redditch 220 - 199 Malvern 200 - 185 Worcester city 180 - 170 Bromsgrove Despite these reductions I'm still finding lots of stuff that has been on the market for well over a year without a single reduction in asking price...
  15. You'll find some classic quotes in this story from NZ - sound familiar? http://www.nzherald.co.nz/section/8/story....jectid=10378609 === "Any buyers who did show interest were "pushing for bargains" and he was not prepared to sell below what the house was worth." === "It's very frustrating. You've done all this work to get the house ready for sale and then you begin to wonder if there's something wrong with it." === Auckland home owner Geoff Dale is annoyed at the current state of the market. He and his wife Marie put their four-bedroom Mt Albert bungalow on the market last November, listed it with a real estate agent, paid for marketing and advertising and expected it to sell at auction. The agent told them their price expectation, in the $800,000s, was realistic. But the house didn't sell. In fact no one even bid at the November 30 auction. Since then it's been a continuing, depressing cycle of cleaning and tidying the house ready for weekend open days to which few turn up. Sometimes not a single person comes. ===
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