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hirop

Rightmove Search, Manchester + 1 Mile

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Every weekend I do the following search

  • Manchester + 1 mile
  • Houses
  • Include sstc
  • Added last 7 days
  • Minimum 3 beds
  • Max price £170K

The purpose of the search is two-fold, it's a catch all to find new larger properties below a certain price threshold to add to my watch list, and it also gives me an idea how much stuff has been re-priced\added in general within the confines of what I'd hope I can buy for myself one day (hopefully within the next 12 months, as I am so tired of waiting).

Today's results have been really quite invigorating and reaffirming. There is a clear downward pressure on initial asking prices in these results, as exposed by property bee. Whilst 170K to 150K is still a bit sticky, below that it is on. I am particularly enthused that it is the property coming to market between Nov 2009 and early May 2010 that is showing reductions.

So 429 properties (new properties or changed details) found in last 7 days, and between about 55-65% show reductions. Maybe it is an end of the month thing. I'm buzzing about that after a difficult month, so much so I might do the same search for min 2 bed flats for a laugh, as surely they will be in tumble mode?

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Every weekend I do the following...

Today's results have been really quite invigorating and reaffirming.

Couldn't agree more. There's been a real change in the air over the last few weeks. Although I concentrate my searches in South Manchester and at the more expensive end of the market, the cracks are really beginning to appear. Properties which have languished for a year or two are now starting to see serious drops, but still no sale. And newer listings, which would have flown off the shelves a couple of years ago at today's reduced prices, are now starting to find themselves in "price slashing wars" with similar properties in the immediate surrounding area. Mind you, I still believe it's a fool's market at present and we've a long, protracted period of pain before "fair value" is reached. The next 12-24 months should prove very interesting indeed.

Nomadd

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Indeed, we've moved out of expensive rented property in didsbury to a smaller place that my partner owes. Means we spend £300 a month less on mortgage compared to rent we'll overpay to pay off the mortgage in 7 years time.

I've noticed that loads of properties seem to be continually switching between "under offer" => "not available" => "available", presumably as the greedy vendor won't reduce their prices

... prices are steadily being reduced and are 5-10% lower and falling.

... there are lots of properties that are languishing on rightmove since last year and the glut of properties that has come onto the market since christmas / feb are still sitting there.

GOOD! B)B)

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... prices are steadily being reduced and are 5-10% lower and falling.

... there are lots of properties that are languishing on rightmove since last year and the glut of properties that has come onto the market since christmas / feb are still sitting there.

GOOD! B)B)

I guess it's the "no-one wants to catch a falling knife" syndrome. I think most people now realise the housing "game" is up - and the next 2-3 Budgets will bring it home for those who don't - so even those in a position to buy a house are sitting tight, waiting for the inevitable bottom.

Can't say I'm in any rush to buy myself, so it'll be fun to sit back and watch the fireworks for a year or two. I'm sure the Daily Mail will have it's fair few sob-stories over the coming months. :)

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329 properties, 31% displayed a price reduction in the past 7 days

*rubs hands*

*release the hounds smithers!*

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to recap, manchester + 1 mile, houses including sstc, min 3 bed, max 170K - for sunday 4th July, we have...

396 properties listed, 35.1% displayed a price reduction in the past 7 days.

A whole 2 properties raised their price :lol:

Not a lot happening in some of the more aspirational southside spots, but a heck of a lot happening in Whitefield and Prestwich in the north...at this rate both chorlton terraces and old trafford semi-detached should start to appear in the top end of this sample within a few months. I was wavering at New Year, not wavering any more I can tell thee.

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to recap, manchester + 1 mile, houses including sstc, min 3 bed, max 170K - for sunday 11th July, we have...

407 properties listed, 43.1% displayed a price reduction in the past 7 days.

I'm pretty bowled over with this figure on today's extract. I'm not niave about this, I appreciate that a lot of these falls are from silly initial asking prices, but a fall is still a fall, and this crash has to happen somewhere. This will lead to :ph34r:

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to recap, manchester + 1 mile, houses including sstc, min 3 bed, max 170K - for sunday 11th July, we have...

407 properties listed, 43.1% displayed a price reduction in the past 7 days.

I'm pretty bowled over with this figure on today's extract. I'm not niave about this, I appreciate that a lot of these falls are from silly initial asking prices, but a fall is still a fall, and this crash has to happen somewhere. This will lead to :ph34r:

win.

Can you keep posting up your search results, this is really interesting! ;)

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358 properties listed, 36% display a price reduction in the past 7 days.

Volume still coming onto the market for sure, and a few with realism-tinted initial asking prices at that. I started this in early June, hopefully the stuff that reduced in the those few weeks will be due another cut by early August.

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...hopefully the stuff that reduced in the those few weeks will be due another cut by early August.

Normally hits in mid-Sept, once the kids are back at school. At that point, most homesellers realise they are screwed until the following Spring, so tend to cut the price in order to be out by Xmas, or simply remove the property from the market.

I'm not expecting much further action until mid-Sept. We'll see, I guess. :)

Edit: Mind you, I will say this: Absolutely nothing I'm tracking seems to be selling. I thought some of the more recent chops would bring in a few takers, but that isn't the case. Still, it doesn't seem to be stopping EAs from listing newer stuff at still vastly over-inflated prices. Can't understand the business model in having a window full of properties that never sell? Then again, I'm not an EA...thank god! :)

Edited by Nomadd

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367 properties listed, 39% display a price reduction in the past 7 days (Sunday 25th July).

Lots of new stuff still appearing, Old Trafford putting in a welcome appearance, Bredbury also showing up quite a lot. Bottom end of the sample (sub 90K) appears to be collapsing with vast percentage of asking prices for "non-aspirational" properties tanking.

Edited by hirop

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all looking good!

Yep, saw a couple of my "long termers" on Rightmove get a chop this weekend. Didn't think things would start moving like this until Sept. Let's see how the rest of the year goes. :)

Nomadd

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217 properties listed, 35% display a price reduction in the past 7 days ( week ending 1st August 2010)

Well this is new...the sample has reduced in size by about one third. One of two things has happened, either about 100 or so properties have stuck at their price for another week....or a large number of properties have been withdrawn from the market. Checking my own saved properties list, I can see myself that about 25 (or so) gaffs are now reporting as removed without any indication of SSTC or offer. I don't think we are in fear yet - pulling your property from a falling market is not a sign fear.

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400 properties listed, 34.5% display a price reduction in the past 7 days ( week ending 8th August 2010)

Glad to see the volume pop up again, nothing much different happening.

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All looking good! I like this weekly report, keep it coming please

I would agree with what you say about properties being withdrawn from the market - lots of properties on my saved list have been removed and I know that a lot of the flats that I keep an eye on out of interest on the wilmslow road corridor, especially ones opposite Christie hosptial (which were going for £200k) have not been sold but have been withdrawn from the market ahahahahahah

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34% reduced out of 319 properties with changes. Can't say anything too much about the results, I think Nomad is right, it's holding out at current levels until September, it's a very small subset of newish properties that are showing more than one reduction - obviously some of the deadwood on from last year have shown multiple reductions - but it's not a tidal wave yet, or anywhere near. Bridgfords have annoyed me this week by changing status on all their properties from "Offers in excess of" to "Offers over" - hopefully one day a more realistic status of "any offer about 15% below asking and we will bite your hand off" will start appearing.

Edited by hirop

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34% reduced out of 319 properties with changes. Can't say anything too much about the results, I think Nomad is right, it's holding out at current levels until September, it's a very small subset of newish properties that are showing more than one reduction - obviously some of the deadwood on from last year have shown multiple reductions - but it's not a tidal wave yet, or anywhere near. Bridgfords have annoyed me this week by changing status on all their properties from "Offers in excess of" to "Offers over" - hopefully one day a more realistic status of "any offer about 15% below asking and we will bite your hand off" will start appearing.

I think we've hit a very interesting impasse in the last month or so. There are still a fair share of deluded/greedy sellers and equally deluded/greedy EAs, but they are increasingly being joined by a number of people who are becoming more desperate to sell, and yet still cling to the idea that there is a cash-rich buyer around the corner ready to come to their rescue. What's become clear now, as the economy worsens, government spending cuts kick in, the Banks tighten lending even further, is that we have finally reached the start of the painful readjustment this country has so badly needed for several years. I don't think the "This is the price I want and I'll hang out for it" sellers are much of a factor any more, it's simply a case of buyers either not having, or not being granted access to, the kind of finance required to purchase property at these still grossly inflated prices. Not sure how long it'll take to reach the bottom, but I'm sure this grinding decline has many more years to run.

All I do know is that I'm enjoying watching all this unfold from the sidelines. :)

Nomadd

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yeah I'm enjoying watching the delusion too.

There's a bungalow for sale around the corner - they're asking what they MAY have got at the peak of the market ... now it's £50k overpriced. Yet they stubbornly keep it up with no sign of reduction (good old property bee toolbar).

Same goes for a whole raft of properties I see on property bee toolbar - houses coming back onto the market, a lot after STC status... perhaps the buyers couldn't get a mortgage eh?

bring it on!

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There's a bungalow for sale around the corner - they're asking what they MAY have got at the peak of the market ... now it's £50k overpriced. Yet they stubbornly keep it up with no sign of reduction (good old property bee toolbar).

This is what I can't really understand. I now see a fair few of the good properties I'm tracking having been quite heavily discounted over the last year, and yet there are still poorer properties coming onto the market with what can only be described as "highly aspirational" pricing. It's almost as if these people live in some form of microcosm, completely out-of-touch with what's happening in their own locality. Add in the fact that there's also a huge number of properties which have failed to shift in the good 3 years (!) that some of them have been listed since the 2007 peak, and you really can't help but laugh at some of these sellers. You really do wonder how long it's going to be before these people wake up and smell the coffee?

I can only suspect that many of them just bought at the wrong time and for the wrong price. And yet they remain convinced that if they paid that price, then someone else is bound to. The problem with that kind of thinking is that these sellers are now coming up against those who bought a long time ago, so can afford to cut the price somewhat. And I guess it's just those long-term owners who are the one's I'm seeing make some quite substantial chops. And yet even they appear to have left it too late. The race to the bottom is well under way as far as I can see, and the economy over the next few years will only accelerate that process.

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  • 150 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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