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lozwills

Greedy Neighbourhood Vi's

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I've been looking for a house in Wandsworth for the best part of two years and I've lost track of the number of properties that mysteriously disappear after sticking on the market for a few months.

Greedy sellers think nothing of wasting estate agent's time and throw in the towel rather than reduce their price

But it's not just the individual sellers greed we have to worry about - it's the NEIGHBOURS of the vendors who seem to be controlling prices as well, even if their own home isn't up for sale.

Yes, I've encountered a new VI culture - the other residents in the street - vendors are scared of slashing their prices, fearing what their neighbours would think of them for 'under-selling'.

Example

I found that the residents of this gated development in Wandworth are allegedly fed up that their properties are not keeping up with the prices of other roads in the area (this development consists of 20 or so rather unfashionable townhouses, built around 1990, certainly not my cup of tea) - an ex-estate agent friend of mine who knows a resident tells me that the residents allegedly had a meeting late last year and they agreed not to 'undersell' their houses.

There are three houses on the market in the development at the present time (ranging from £585,000 to £645,000 (the more expensive one has an oversized conservatory that takes up most the v small garden)

All three have been on the market for the best part of this year or more- here's the one for £645,000 with the v big glasshouse at the back - best price ever achieved in the development was last year - £519,000 (this was also £30,0000 more than the previous best the year before) so way above the odds.

Here's the house for £645000:

www.savills.co.uk/residentialSearch/ab9d55aa-e666-4eda-8578-e0d83faa49e0-0-1-1-viewDetailsSubmit/residentialSearch/propertyDetail.aspx?pID=88214

This house is on the market for > 20% more the best price ever achieved, in a market that's fallen locally by at least 5% in the last year and guess what.......it's been on for the best part of a year.

Bet they are dying to reduce their price to get out of there, but worry about what the others will think....

Anyone else heard of examples like this...the local neighbourhood VI's??

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hi loz

house mentioned by op above

best to try use tags for the link :), people are lazy and in the meelee will by pass the pics for another thread if not linked correctly.easiest way is just use the code buttons above.

The price of that house is complete madness, wandsworth is a decent enough area, but the end of it all its only a terraced house your buying, nothing special, but there looking serious wages money for it.

what i notice is everyone trying to follow the most overpriced house in there street when they consider what they will put theres up for sale for.Any way off to work have fun.

Edited by homeless

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If you are trying to move away from an area why should you give a monkeys what the neighbours think of your asking price?

The sellers must be quite happy to sit and wait for a big profit or just stay put. If they really need to sell the price will start to come down.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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