SpiderMug Posted January 22, 2009 Share Posted January 22, 2009 Here is mine. I don't have Property Bee at work, but IIRC it was put on the market for £125,000 in June 2008. The asking price was nibbled down to ~£90k by Decemeber - a reduction of 28% - but wait for it... It was reduced again at Christmas and has now Sold STC, for £59,995 - a reduction of 52%. (which is about what these houses were selling for in late 2000 when I moved here). http://www.rightmove.co.uk/property-for-sa...y-10453251.html Quote Link to comment Share on other sites More sharing options...
SpiderMug Posted January 23, 2009 Author Share Posted January 23, 2009 A genuine sale at a >50% fall and no-one even comments? Silly me talking about HOUSE PRICES. Quote Link to comment Share on other sites More sharing options...
deadman Posted January 23, 2009 Share Posted January 23, 2009 None to really speak of in my area (OX18) The most notable thing is the relation between types of properties and their respective asking prices. You can get a 4 bed detached property for IRO £200k. Or you can buy a 2 bed terraced for IRO £182k. The latter has a long way to fall. Quote Link to comment Share on other sites More sharing options...
sympatex Posted January 23, 2009 Share Posted January 23, 2009 I must of read one of your previous posts about this property because i remember seeing that odd garden with a headge in the middle of it! House prices are almost off topic now i'm afraid! People are now tackling how they can afford enough beans, tin foil and ammunition to get through armageddon. Good find, lets hope there's many more like this. I don't like to see people struggling etc, i just want to see the horribly inflated HPI removed. I take great pleasure in finding houses that were bought in 1997 - 2002 and just make offers removing massive chunks of HPI. Quote Link to comment Share on other sites More sharing options...
SpiderMug Posted January 23, 2009 Author Share Posted January 23, 2009 Good find, lets hope there's many more like this. I don't like to see people struggling etc, i just want to see the horribly inflated HPI removed. I take great pleasure in finding houses that were bought in 1997 - 2002 and just make offers removing massive chunks of HPI. I haven't looked at NetHousePrices to see when it was bought TBH, but I'd hedge my bets that that massive price drop was because it was repossessed, and the most likely reason it was repossessed was because it was bought 2~3 years ago and the person stretched themselves. Quote Link to comment Share on other sites More sharing options...
IOW-here-I-come! Posted January 23, 2009 Share Posted January 23, 2009 Here is mine.I don't have Property Bee at work, but IIRC it was put on the market for £125,000 in June 2008. The asking price was nibbled down to ~£90k by Decemeber - a reduction of 28% - but wait for it... It was reduced again at Christmas and has now Sold STC, for £59,995 - a reduction of 52%. (which is about what these houses were selling for in late 2000 when I moved here). http://www.rightmove.co.uk/property-for-sa...y-10453251.html Not quite as impressive as yours, but a higher price so it does show that prices are falling within different price brackets... http://www.rightmove.co.uk/property-for-sa...ty-9780741.html A drop from £229K to £160K... Its a shame there are not more reductions like that (30%) however, its mostly just 10-12% here... but slowly people are starting to realise. Quote Link to comment Share on other sites More sharing options...
fluffy666 Posted January 23, 2009 Share Posted January 23, 2009 A genuine sale at a >50% fall and no-one even comments?Silly me talking about HOUSE PRICES. We don't do that kind of thing here, thank you. House on my road got reduced from £238k to £199k asking price, and it's an exact copy of my house. That's £40k of imaginary unearned 'wealth' I won't be seing again in a hurry. Quote Link to comment Share on other sites More sharing options...
yellerkat Posted January 23, 2009 Share Posted January 23, 2009 I haven't looked at NetHousePrices to see when it was bought TBH, but I'd hedge my bets that that massive price drop was because it was repossessed, and the most likely reason it was repossessed was because it was bought 2~3 years ago and the person stretched themselves. They certainly didn't stretch themselves doing it up - that kitchen took me back to the 80s - and not in a nice way! Best drops in my area of easternish Brighton now approaching 30%. Quote Link to comment Share on other sites More sharing options...
Rosepetal Posted January 23, 2009 Share Posted January 23, 2009 North Hampshire conservation village - £895k to £600k. I offered £500k. Quote Link to comment Share on other sites More sharing options...
E14 Posted January 23, 2009 Share Posted January 23, 2009 Where I live Ive seen a real 25% drop in asking prices for 3bed town houses. These were going for around 420-430 only a year or so. Now asking price is 330k with more to fall i think E16 Town House Quote Link to comment Share on other sites More sharing options...
chichi Posted January 23, 2009 Share Posted January 23, 2009 16% within 2 weeks of it going on. fastest anyway. Quote Link to comment Share on other sites More sharing options...
rex Posted January 23, 2009 Share Posted January 23, 2009 now thats the drop i want to see. 895 - 600 and id buy. Unfortunately they wont do it on the house i want. But a house in West Dorset has jut dropped this week from 995k to 825k which i'm delighted about. It mean the drops are starting to happening at the higher end of the market in my areas .... Quote Link to comment Share on other sites More sharing options...
Concrete Jungle Posted January 23, 2009 Share Posted January 23, 2009 The largest drop I have seen round here is 37% so far. All that back garden for £59,995 Quote Link to comment Share on other sites More sharing options...
MrPeregrination Posted January 23, 2009 Share Posted January 23, 2009 I've started to notice prices coming down quite hard in my area just recently. There's a 5 bed detached on for 399k where all other 5 beds are in the 500k. It's amusing to see 4 beds and even 3 bed detached at around the same price. Does someone really think they'll sell their 3 bed when theres a 5 bed on at the same price (nice 5 bed too - nothing wrong with it)? There's also a 4 bed on at 270k (all others in the mid 300k's) which disappeared from rightmove a couple of months ago. It just came back on after sold stc. Very interesting. I thought it looked like the price had been set at around 270k but I'm glad to say it's not. I checked out the sales history of the house I live in the other day. It's a 4 bed, larger than the 270k one. Landlord bought it in 2003 for 240k. Previous owner bought it for 199k in 2000 and it was bought for 125k in 1999. I truly believe they will be back to around 150-160k within the next 3 years. Staggering. Quote Link to comment Share on other sites More sharing options...
MrPeregrination Posted January 23, 2009 Share Posted January 23, 2009 What are you people buying when you're talking about 600k? A castle? Seriously, even on this website I think people might have just got used to massive house prices. At 600k you need to be earning at least 100k a year (yea I know, nowhere near enough in reality but credit markets went mad....). You might all earn 100k, I don't know. But if you've STRd and you are looking at getting back in then have a good long hard think about how much someone who didn't STR at the top would need to earn to buy at 600k (even with a whopping deposit). This bubble is huge. I wouldn't be surprised to find 800k houses going for 300k or even less in a couple of years. The only thing allowing them to be sold at 800k was the 'earned' equity over 10 years. People who didn't already have houses 10 years ago could never have afforded them... Quote Link to comment Share on other sites More sharing options...
the-sign-jacker Posted January 23, 2009 Share Posted January 23, 2009 the best in my area will be in around 5 years time. at the moment, its not. nowhere close to even consider. Quote Link to comment Share on other sites More sharing options...
TheEmperorHasNoClothes Posted January 23, 2009 Share Posted January 23, 2009 Here is mine.I don't have Property Bee at work, but IIRC it was put on the market for £125,000 in June 2008. The asking price was nibbled down to ~£90k by Decemeber - a reduction of 28% - but wait for it... It was reduced again at Christmas and has now Sold STC, for £59,995 - a reduction of 52%. (which is about what these houses were selling for in late 2000 when I moved here). http://www.rightmove.co.uk/property-for-sa...y-10453251.html Looks like a council house, is that correct? Quote Link to comment Share on other sites More sharing options...
Kinky John Posted January 23, 2009 Share Posted January 23, 2009 What are you people buying when you're talking about 600k? A castle? Seriously, even on this website I think people might have just got used to massive house prices. At 600k you need to be earning at least 100k a year (yea I know, nowhere near enough in reality but credit markets went mad....). You might all earn 100k, I don't know. But if you've STRd and you are looking at getting back in then have a good long hard think about how much someone who didn't STR at the top would need to earn to buy at 600k (even with a whopping deposit). This bubble is huge. I wouldn't be surprised to find 800k houses going for 300k or even less in a couple of years. The only thing allowing them to be sold at 800k was the 'earned' equity over 10 years. People who didn't already have houses 10 years ago could never have afforded them... Well put; worth is defined by affordability, and who can afford 600k with a reasonable sized loan/deposit? You want to see a ponzi scheme - forget Madeoff; he's an amateur; check out UK housing instead. Quote Link to comment Share on other sites More sharing options...
Rosepetal Posted January 23, 2009 Share Posted January 23, 2009 (edited) What are you people buying when you're talking about 600k? A castle? Seriously, even on this website I think people might have just got used to massive house prices. At 600k you need to be earning at least 100k a year (yea I know, nowhere near enough in reality but credit markets went mad....). You might all earn 100k, I don't know. But if you've STRd and you are looking at getting back in then have a good long hard think about how much someone who didn't STR at the top would need to earn to buy at 600k (even with a whopping deposit). This bubble is huge. I wouldn't be surprised to find 800k houses going for 300k or even less in a couple of years. The only thing allowing them to be sold at 800k was the 'earned' equity over 10 years. People who didn't already have houses 10 years ago could never have afforded them... I agree. It's complete madness. I str'd in April for £825k but I don't feel too bad about it because I sold it to an estate agent Leaving HPI aside I would say it's worth no more than £550k. Edit:poor spelling Edited January 23, 2009 by Rosepetal Quote Link to comment Share on other sites More sharing options...
MrPeregrination Posted January 23, 2009 Share Posted January 23, 2009 I agree. It's complete madness. I str'd in April for £825k but I don't feel too bad about it because I sold it to an estate agent Leaving HPI aside I would say it's worth no more than £550k.Edit:poor spelling That's kind of what I'm talking about though. The numbers have got so huge that people don't even blink. At 550k I'd expect it to be made of gold. Is it REALLY worth 550k? or would the sort of family who move into it be earning more around the 80 to 100k range, in which case it's probably worth less than 400k? Not getting at you, just pointing out that the number simply don't make any sense. They haven't for years and probably wont for a couple of more years yet. Quote Link to comment Share on other sites More sharing options...
yammy68 Posted January 23, 2009 Share Posted January 23, 2009 not sure if this is for real,if so 20 acres for less than a mill ha loose change http://www.rightmove.co.uk/property-for-sa...n%26index%3D230 Quote Link to comment Share on other sites More sharing options...
puppee Posted January 23, 2009 Share Posted January 23, 2009 Here is mine.I don't have Property Bee at work, but IIRC it was put on the market for £125,000 in June 2008. The asking price was nibbled down to ~£90k by Decemeber - a reduction of 28% - but wait for it... It was reduced again at Christmas and has now Sold STC, for £59,995 - a reduction of 52%. (which is about what these houses were selling for in late 2000 when I moved here). http://www.rightmove.co.uk/property-for-sa...y-10453251.html i would buy tomorrow at 50% off year 2000 prices sounds about right to me , all i want is value for money and not to be ripped off or forced to borrow more than i can afford as i don't want to live on beans on toast for the next 25 years Quote Link to comment Share on other sites More sharing options...
Luke Skywalker Posted January 23, 2009 Share Posted January 23, 2009 I agree. It's complete madness. I str'd in April for £825k but I don't feel too bad about it because I sold it to an estate agent Leaving HPI aside I would say it's worth no more than £550k.Edit:poor spelling Glad you shafted the EA? Did you walk out with 825K in cold, hard cash? Quote Link to comment Share on other sites More sharing options...
Rosepetal Posted January 23, 2009 Share Posted January 23, 2009 Glad you shafted the EA?Did you walk out with 825K in cold, hard cash? He was pretty arrogant and had four BTLs so I don't feel too bad. Yep £825k less a mortgage I was uncomfortable having. Quote Link to comment Share on other sites More sharing options...
Rosepetal Posted January 23, 2009 Share Posted January 23, 2009 That's kind of what I'm talking about though. The numbers have got so huge that people don't even blink. At 550k I'd expect it to be made of gold. Is it REALLY worth 550k? or would the sort of family who move into it be earning more around the 80 to 100k range, in which case it's probably worth less than 400k? Not getting at you, just pointing out that the number simply don't make any sense. They haven't for years and probably wont for a couple of more years yet. All I can tell you is that it cost £225k to build (labour and materials) so a big adjustment in land prices are in order? Quote Link to comment Share on other sites More sharing options...
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