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TheCountOfNowhere

House Price Crash, What House Price Crash ?

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Just doing a weekly update on my property search and came across this Gem of a drop, so thought I'd share it, just to show the Bulls that prices really can fall dramatically.

Here's my property bee history for:

http://www.rightmove.co.uk/property-for-sa....0%26index%3D30

03 March 2008

* Initial entry found. ### So, it's been on the markiet for well over a year....

11 December 2008

Price changed: from 'Guide Price £1,500,000' to 'Guide Price £1,390,000' ### Ahhh, a sensible price drop, that ought to get buyers interested....

05 February 2009

* Price changed: from 'Guide Price £1,390,000' to 'Guide Price £1,200,000' ### Oh dear, dropped their pants to find a buyer.

07 June 2009

Price changed: from 'Guide Price £1,200,000' to 'Guide Price £995,000' ### Ooch, just the half a million off the asking price then...still no buyers ?

It does look like they were initially selling off 48 Acres of land but thats changed to just the 9 Acres. I'd still be wanting my full 48 Acres :lol:

Or, for much the same price you can still buy a nice 4 bed house on an ( very posh ) estate....hmmmm, which would you buy.

http://www.rightmove.co.uk/property-for-sa....0%26index%3D30

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Or, for much the same price you can still buy a nice 4 bed house on an ( very posh ) estate....hmmmm, which would you buy.

http://www.rightmove.co.uk/property-for-sa....0%26index%3D30

Ive been to that estate a couple of times before (near/on the golf club) and while theyre large houses, the plot sizes are awful. Some of the houses are barely a metre away from each other.

Not going to produce much in the way of yield either at that price.

http://www.rightmove.co.uk/property-to-ren...6x%3D22%26y%3D5

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Mate of mine reliably tells me that properties in the £600k-1.2m+ range all over the place in S & SW England have been sitting on the market for 1 to 2 years..... and you can demand anything from a 25-40% discount.... And LOTS of absolutely DESPERATE vendors are giving in [albeit very reluctantly] and saying "Yes".......... They are DESPERATE. :P

Edited by eric pebble

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Mate of mine reliably tells me that properties in the £600k-1.2m+ range all over the place in S & SW England have been sitting on the market for 1 to 2 years..... and you can demand anything from a 25-40% discount.... And LOTS of absolutely DESPERATE vendors are giving in [albeit very reluctantly] and saying "Yes".......... They are DESPERATE. :P

Hamish is going to jump on this in a minute and say "not in Aberdeen fishermen are paying two million for a sea view so they can keep an eye on their boat" etc etc

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Just doing a weekly update on my property search and came across this Gem of a drop, so thought I'd share it, just to show the Bulls that prices really can fall dramatically.

Here's my property bee history for:

http://www.rightmove.co.uk/property-for-sa....0%26index%3D30

03 March 2008

* Initial entry found. ### So, it's been on the markiet for well over a year....

11 December 2008

Price changed: from 'Guide Price £1,500,000' to 'Guide Price £1,390,000' ### Ahhh, a sensible price drop, that ought to get buyers interested....

05 February 2009

* Price changed: from 'Guide Price £1,390,000' to 'Guide Price £1,200,000' ### Oh dear, dropped their pants to find a buyer.

07 June 2009

Price changed: from 'Guide Price £1,200,000' to 'Guide Price £995,000' ### Ooch, just the half a million off the asking price then...still no buyers ?

It does look like they were initially selling off 48 Acres of land but thats changed to just the 9 Acres. I'd still be wanting my full 48 Acres :lol:

Or, for much the same price you can still buy a nice 4 bed house on an ( very posh ) estate....hmmmm, which would you buy.

http://www.rightmove.co.uk/property-for-sa....0%26index%3D30

Sort of place I'd like, though in Surrey.

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Hamish is going to jump on this in a minute and say "not in Aberdeen fishermen are paying two million for a sea view so they can keep an eye on their boat" etc etc

2 million for a sheep view I think you mean :lol:

P.S.. the estate house somehow managed to spring an extra bedroom somehow:

06 April 2009

* Subtitle changed: from '4 bedroom detached house ' to '5 bedroom detached house '

Must be worth near enough a million pounds then......my ars8

Edited by TheCountOfNowhere

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Ive been to that estate a couple of times before (near/on the golf club) and while theyre large houses, the plot sizes are awful. Some of the houses are barely a metre away from each other.

Not going to produce much in the way of yield either at that price.

http://www.rightmove.co.uk/property-to-ren...6x%3D22%26y%3D5

Sorry about the double post, but you are spot on. I can maybe see the 1 milion for the country estate with paddocks and 48 Acres being sellable, but 950K for a big house on an estate, miles from a train station that is a LOOOOOONG comute to london is pushing it.

£3000 a month rent is comical, an agent friend of mine told me that the most ANYONE has rented a house out in northants is £2500 a month, and it was an exceptional house and a VERY rich tennant !!!! You need to be very lucky to achieve that sort of money in NN1+10

for only 2K a month you could have this instead:

7 beds, snooker room, 4.5 acres and no toss*rs on a housing estate moaning about the traffic noise and cost of polish slaves...i mean cleaners

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for only 2K a month you could have this instead:

7 beds, snooker room, 4.5 acres and no toss*rs on a housing estate moaning about the traffic noise and cost of polish slaves...i mean cleaners

:blink::blink::(

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Apologies if I am not the first to mention this but, I have noticed an odd thing happen within the postcodes I search under on Property Bee. There are an increasing number of properties where their asking prices have actually been increased, despite, in several instances, the very same properties have been on the market for months and months......

If a property hasn't sold with the original asking price tag, who in their right mind would think that the same property will sell if only the asking price were a little higher?????????????

What's all that about then? :blink:

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Apologies if I am not the first to mention this but, I have noticed an odd thing happen within the postcodes I search under on Property Bee. There are an increasing number of properties where their asking prices have actually been increased, despite, in several instances, the very same properties have been on the market for months and months......

If a property hasn't sold with the original asking price tag, who in their right mind would think that the same property will sell if only the asking price were a little higher?????????????

What's all that about then? :blink:

People are even more moronic than we thought......

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Mate of mine reliably tells me that properties in the £600k-1.2m+ range all over the place in S & SW England have been sitting on the market for 1 to 2 years..... and you can demand anything from a 25-40% discount.... And LOTS of absolutely DESPERATE vendors are giving in [albeit very reluctantly] and saying "Yes".......... They are DESPERATE. :P

Anecdotal evidence that the market is now falling from the top*?

Yup, I've heard the same.

*Actually more like upper mid market in Oxford (1 - 2M) but let's not quibble.

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Sort of place I'd like, though in Surrey.

It just shows how far we have gone, when the second house in the original post is £1m in Northampton.

It is a standard 4 bed executive home on an estate. It was bad enough when these sort of houses hit £1m in Esher/Weybridge, quickly followed by those in cheaper East Surrey, but now we are seeing it as a standard price in the Midlands. In Surrey, it is totally understandable as huge City bonuses (and footballers) are naturally drawn to the best commutable areas.

Assuming there are no silly City salaries up there, surely it must be really difficult to get into something like this. Even someone on a £150k salary, who has managed to save £250k and has £250k to bring in from previous property profits would still need a hefty mortgage. Are there that many people in Northampton in that position.

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Its logical that they would fall from the top.

Years ago I remember seeing huge houses that could not be given away as logically who wants a massive liability? Unless you have loads of kids a huge houses like these especially older ones can be just too expensive to run for most folk.

However during the boom larger house = larger profits

Edited by Fromage Frais

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Spot on; I knew a gay couple that were desperate to buy the largest house they could afford as they simply thought the more the house is worth when they buy it the more money it will make for them, as we all knew at the time, house prices only ever go up over the long term..

Its logical that they would fall from the top.

Years ago I remember seeing huge houses that could not be given away as logically who wants a massive liability? Unless you have loads of kids a huge houses like these especially older ones can be just too expensive to run for most folk.

However during the boom larger house = larger profits

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Apologies if I am not the first to mention this but, I have noticed an odd thing happen within the postcodes I search under on Property Bee. There are an increasing number of properties where their asking prices have actually been increased, despite, in several instances, the very same properties have been on the market for months and months......

If a property hasn't sold with the original asking price tag, who in their right mind would think that the same property will sell if only the asking price were a little higher?????????????

What's all that about then? :blink:

I believe the reasoning might be along some such lines:

Him: We NEED to find a buyer for our place that will pay £1m. We cannot afford to sell for anything less

Her: But, we're getting plenty of views, and offers in at £800,000.

Him: Brainwave: Lets INCREASE the asking price to £1.2m, then when people ask their £200,000 off, we can give it to them, and they'll think they are getting a bargain

The delusion of people, trouble is, I can see it working for some daft sods.

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I believe the reasoning might be along some such lines:

Him: We NEED to find a buyer for our place that will pay £1m. We cannot afford to sell for anything less

Her: But, we're getting plenty of views, and offers in at £800,000.

Him: Brainwave: Lets INCREASE the asking price to £1.2m, then when people ask their £200,000 off, we can give it to them, and they'll think they are getting a bargain

The delusion of people, trouble is, I can see it working for some daft sods.

Sad, in#t it.

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