Just Some Evidence That The Prices Are Falling, Chains Breaking

[RandomBear]

http://media2.winkworth.com/properties/8f1d1d44-ecfb-4fb9-9baa-bc5081218f60/03v79JYJIR.pdf

Same size as my house, worse area, similar decor/style, nearly double the price per square foot that I paid at virtually the top of the market in February 2007. I will be incredibly shocked (and tempted to put my house on the market!!) if this sells.

[blankster]

I posted before that the 'reduced price' banners are reappearing in EA ads in the local paper, after an absence of a few months.

But in today's edition.......loads of house ads flagged as 'new instruction'...........hold on to your hats!!!

[libspero]

Just Some Evidence That The Prices Are Falling, Chains Breaking Random,

not deeply scientific, but facts all the same

My little unscientific anecdotal to suggest things are slowing down a bit.. all the bulls have started posting again.

[moonriver]

Plenty of sales seem to be falling through in my area I have noticed....

date event

4 bed house.

03 February 2010.. * Status changed: from 'Sold STC' to 'Available'

30 December 2009 .. * Initial entry found.

date event

21 January 2010 .. * Status changed: from 'Available' to 'Sold STC'

08 November 2009 .. * Status changed: from 'Sold STC' to 'Available'

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

19 September 2009 .. * Status changed: from 'Available' to 'Sold STC'

13 June 2009 .. * Initial entry found.

Fell though once, I wonder if this will fall through again?

18 August 2009 .. * Status changed: from 'Sold STC' to 'Available'

10 August 2009 .. * Status changed: from 'Available' to 'Sold STC'

10 July 2009 .. * Price changed: from '£199,950' to '£174,995'

Sale still fell through despite the decrease in price.

date event

02 February 2010 .. * Status changed: from 'Sold STC' to 'Available'

30 January 2010 .. * Status changed: from 'Available' to 'Sold STC'

13 January 2010 .. * Initial entry found.

It only took a matter of days for this sale to fall through.

date event

31 January 2010 .. * Status changed: from 'Sold STC' to 'Available'

01 December 2009 .. * Status changed: from 'Available' to 'Sold STC'

20 November 2009 .. 4 Double Bedrooms .. NO CHAIN

03 November 2009 .. * Brief Description changed: *** NEW PRICE *** * Price changed: from '£219,950' to '£214,950'

09 June 2009 .. * Initial entry found.

Not much of a price reduction

date event

28 August 2009 .. * Status changed: from 'Sold STC' to 'Available'

11 August 2009 .. * Price changed: from '£250,000' to '£230,000'

10 June 2009 .. * Status changed: from 'Available' to 'Sold STC'

05 October 2008 .. * Initial entry found.

Sale fell through August, and still for sale, despite price decrease, also in August.

I have also noticed a big increase in new property coming up for sale so far this year.

[0q0]

My little unscientific anecdotal to suggest things are slowing down a bit.. all the bulls have started posting again.

If the QE added 20% to the money supply (ie devaluing sterling 20%) so many people will tell you used car prices are 20% higher than they should be (residuals, as the posh call them). So maybe that QE has caused the same 20% madness on property? Just a thought. If they do genuinely turn off the QE tap now there is some hope these bubbles will deflate, but if they carry on with stealth then I am not quite so soure how quickly they will fall. I certainly think the majority of SE areas I check are seeing falls but I concede that they already upped their asking prices since 2009 prior to that in the majority of cases. It's all smoke and mirrors. The feckless need to be repo'd and then the real market can emerge.

I have also noticed a big increase in new property coming up for sale so far this year.

Some new boards up today, not many but a few round my way. Still, far too few to make a sensible market locally.

[winkie]

Do you think there is some coalition between available jobs and house prices?...fewer jobs = lower house prices, another thing to consider is higher quality of life = higher prices...both are not necessarily related.

[eric pebble]

I'm only seeing falling asking prices round here and what is being sold most of them seem to be back to 2004 prices.

Dorset, Somerset, Wilts -- loads and loads of properties languishing on "market" unsold for months - and some over 2 years.... Stuff at the "posh" end still selling to Banksters every so often with their stolen loot in the form of "bonuses".....

[Caveat Mortgagor]

This property has just become available again. Added to Rightmove this morning at £142,500

http://www.rightmove.co.uk/property-for-sale/property-28467851.html?locationIdentifier=REGION^69494&insId=3&maxPrice=150000&maxDaysSinceAdded=1&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E69494%26insId%3D3%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D150000%26retirement%3D%26partBuyPartRent%3D%26maxDaysSinceAdded%3D1%26_includeSSTC%3Don%26x%3D46%26y%3D21%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse

I looked at this some time ago - 18 months maybe. This was on the market for £165k for about 12 months until they gave up about 12 months ago! Maybe the penny is starting to drop with them. Could it be that the achieved selling prices of other properties on their street is finally hitting home?

http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=WHOBERLEY+AVENUE&locality=WHOBERLEY&town=COVENTRY&cCode=EW&year=All&house_style=All&house_age=All&search_radius=&outcode=CV5&incode=8EP

Or maybe they are fed up with the damp that results from the flat roof on the extension at the back.

Edited February 5, 2010 by Caveat Mortgagor

[Bloo Loo]

This property has just become available again. Added to Rightmove this morning at £142,500

http://www.rightmove...auction%3Dfalse

I looked at this some time ago - 18 months maybe. This was on the market for £165k for about 12 months until they gave up about 12 months ago! Maybe the penny is starting to drop with them. Could it be that the achieved selling prices of other properties on their street is finally hitting home?

Or maybe they are fed up with the damp that results from the flat roof on the extension at the back.

spring bounce.

[heresjohnny]

I have some real experience on this - since we are buying a house. We were due to complete on a house in December and the deal fell through on the day we were due to exchange (no reason given by vendors). We're buying another house (should exchange in about 6 weeks although they've only just sorted out the finance on the house they're buying - already getting bad vibes)

Both houses had/have agreed sale prices of about 10% less than they sold for a couple of years ago.

Our experience here (suburban West MIdlands) is that nice 4 bed detached houses are "going like hot cakes" (as one estate agent told me but I would have to agree) but flats/semis are well down. We're looking at detached houses and they are on average about 10%-15% down on a couple of years ago from what I can tell.

Regarding semis, when we first moved to the area just over 12 months ago asking price for semis appears to have come down by up to 20% (yes, in just over 12 months) and its more obvious that there are some on the market thats arn't selling. We moved up here with 15 years worth of equity in our place in London, no chain, and we havn't been able to find a 4 bed house in all this time - such is the lack of suitable houses - although to be fair we have restricted our areas a bit due to work arrangements (close to wifes work, near a good London bound train station for my work).

[Tired of Waiting]

This might not be happening everywhere, it's not happening immediately local to me (where prices are just silly IMO), but it's happening in other parts of the South East I watch. Just a few examples via Property Bee:-

It will get much worse - despite the BBC peddling the "Recovereh". See this:

(Horizontal axle: Quarters from the start of the recession)

Edited February 5, 2010 by Tired of waiting

[0q0]

Sought after area, property shortage there, but alas...

**NO ONWARDS CHAIN** Located on the popular *** Estate of *** is this extended and well proportioned three double bedroom detached bungalow. The property boasts a refitted kitchen/diner, refitted bathroom suite and 55ft approx south backing rear garden.

History

date event

06 February 2010 09:19:26

* Status changed: from 'Sold STC' to 'Available' But there's a shortage! What's going on!

29 January 2010 10:12:26

* Status changed: from 'Available' to 'Sold STC'

20 January 2010 00:30:24

* Agents Address found: ******

* Detailed Description found: • Detached bungalow• Three double bedrooms• Extended lounge• Kitchen / diner• White three piece bathroom suite + second WC• 55ft approx south backing rear garden• Popular location**NO ONWARDS CHAIN** ...

[Godley]

sorry to p1ss on the hpc parade but colleague of mine accepted offer on her house last year, sale fell through usual story. Colleague decided to take off the market, you know rather than reduce the price. House back on market 2nd week of Jan and already STC and the offer is £11k more than she was prepared to accept last year...............................Anyway still not 'sold' but when it is I will you know.

[0q0]

sorry to p1ss on the hpc parade but colleague of mine accepted offer on her house last year, sale fell through usual story. Colleague decided to take off the market, you know rather than reduce the price. House back on market 2nd week of Jan and already STC and the offer is £11k more than she was prepared to accept last year...............................Anyway still not 'sold' but when it is I will you know.

Still not sold near me either, the 'sold' boards are quietly taken down it seems, I am reliably informed the buyers pulled out and the vendor aims to try again "in the spring". That's 2 now in my street gone the same way. The lets are unlet too. Having said that, the bungalow up the road up for sale on the corner will probably sell as will the bungalow in the next street, because there's virtually nothing coming on. A false market - always dangerous.

Edited February 6, 2010 by The Last Bear

[hirop]

sorry to p1ss on the hpc parade but colleague of mine accepted offer on her house last year, sale fell through usual story. Colleague decided to take off the market, you know rather than reduce the price. House back on market 2nd week of Jan and already STC and the offer is £11k more than she was prepared to accept last year...............................Anyway still not 'sold' but when it is I will you know.

I better run out an buy one the afternoon before they are all gone. Or I could recommend you post your entry in anecdotals where it belongs

[0q0]

I spoke too soon: in just 24 or 36 hours the property has gone from availabel to sold to available. But it probably won't be available for long as there is a shortage round there. Nonetheless, this does not bode well for the vendors in the area generally if the only detached bungalow for miles fails to sell at a fairly average price by recent standards (still too high by 20% in my opinion).

...attractive detached chalet available with no onward chain. The property fulfills bungalow requirements by providing the majority of the accommodation on the ground floor, with the exception of the third bedroom which is on the first floor level. (contd...)

History

date event

03 February 2010 19:28:48

* Status changed: from 'Sold STC' to 'Available' Oops, I did it again...

03 February 2010 08:37:50

* Status changed: from 'Available' to 'Sold STC' What prompted my post earlier today.

OK, indeed it wasn't available again for long - has sold again. Unsurprisingly, there's little else on. Also the other one at £250K that had been on with every agent has now at last been sold with Bairstow Eves. Not a very nice street, so quite an achievement.

09 February 2010 09:27:53

* Status changed: from 'Available' to 'Sold STC'

03 February 2010 19:28:48

* Status changed: from 'Sold STC' to 'Available'

03 February 2010 08:37:50

* Status changed: from 'Available' to 'Sold STC'

[0q0]

A good few new Sold boards up in the good area not far from me and also near me, but the For Sales erected over the past 2 weeks are for now staying that way.

2 4-bed detached have sold in one of my SE monitored areas (same agent) but the 4 bedders are harder to find.

MoneyMorning/MoneyWeek says house crash on again http://www.housepricecrash.co.uk/newsblog/2010/02/blog-get-ready-been-waiting-for-two-years-now-27653.php

[Tired of Waiting]

sorry to p1ss on the hpc parade but colleague of mine accepted offer on her house last year, sale fell through usual story. Colleague decided to take off the market, you know rather than reduce the price. House back on market 2nd week of Jan and already STC and the offer is £11k more than she was prepared to accept last year...............................Anyway still not 'sold' but when it is I will you know.

We are living in weird times. Surreal.

[Godley]

I better run out an buy one the afternoon before they are all gone. Or I could recommend you post your entry in anecdotals where it belongs

The whole thread is anecdotal you wally.........The clue was in the title

So, in an attempt to look clever you look a fool, something I established a long time ago from memory

For the benefits of enhancing your education I have taken the liberty of appending a definition of anecdotal (from wiki).

1) Evidence in the form of an anecdote or hearsay is called anecdotal if there is doubt about its veracity; the evidence itself is considered untrustworthy.i

(2) Evidence, which may itself be true and verifiable, used to deduce a conclusion which does not follow from it, usually by generalizing from an insufficient amount of evidence. For example "my grandfather smoked like a chimney and died healthy in a car crash at the age of 99" does not disprove the proposition that "smoking markedly increases the probability of cancer and heart disease at a relatively early age". In this case, the evidence may itself be true, but does not warrant the conclusion.

In both cases the conclusion is unreliable; it may not be untrue, but it doesn't follow from the "evidence".

[Godley]

We are living in weird times. Surreal.

yes indeed. I was actually advising her (mistake to advise colleagues) to get shut this time last year and rent.....................

Anyway she hasn't completed yet.

[0q0]

The whole thread is anecdotal you wally.........The clue was in the title

So, in an attempt to look clever you look a fool, something I established a long time ago from memory

For the benefits of enhancing your education I have taken the liberty of appending a definition of anecdotal (from wiki).

1) Evidence in the form of an anecdote or hearsay is called anecdotal if there is doubt about its veracity; the evidence itself is considered untrustworthy.i

(2) Evidence, which may itself be true and verifiable, used to deduce a conclusion which does not follow from it, usually by generalizing from an insufficient amount of evidence. For example "my grandfather smoked like a chimney and died healthy in a car crash at the age of 99" does not disprove the proposition that "smoking markedly increases the probability of cancer and heart disease at a relatively early age". In this case, the evidence may itself be true, but does not warrant the conclusion.

In both cases the conclusion is unreliable; it may not be untrue, but it doesn't follow from the "evidence".

It's not purely anecdotal, I have supplied Property Bee cut & paste and my PB file is open to verification/audit by email.

[lurker07]

sorry to p1ss on the hpc parade but colleague of mine accepted offer on her house last year, sale fell through usual story. Colleague decided to take off the market, you know rather than reduce the price. House back on market 2nd week of Jan and already STC and the offer is £11k more than she was prepared to accept last year...............................Anyway still not 'sold' but when it is I will you know.

........

The whole thread is anecdotal you wally.........The clue was in the title

Erm, can you provide the links to this "colleagues" property.

Otherwise, wally, YOU are the only one making anecdotal posts.

Now, where's wally

[Cicero]

Good post Last Bear, thanks for the info.

Anecdotal evidence remains a key weapon against the disinformation spewed by the mass media.

[0q0]

Good post Last Bear, thanks for the info.

Anecdotal evidence remains a key weapon against the disinformation spewed by the mass media.

Anytime, I tell it as it seems to be to me based on Bee and my own enquiries, we should also remember the solds may be going well under asking price in some cases.

[cypher007]

lots of YO-YO selling here in Boston Lincs.