House Price Crash

[Ellie]

Posted earlier that I was selling a house I inherited. Original advice (four months ago) was to put it on at £190. Didn't sell. Dropped to £185 didn't sell. Phoned EA and said (I* told him) only chance of selling is to get infront of the curve. Now on for 165K. One viewing.HPC is well and truly on, every house in my area (Bristol) has dropped in price. And is dropping fast. Lke a effing stone in fact. So don't tell me HPC is off, it is still on here at any rate.

[The Masked Tulip]

Posted earlier that I was selling a house I inherited. Original advice (four months ago) was to put it on at £190. Didn't sell. Dropped to £185 didn't sell. Phoned EA and said (I* told him) only chance of selling is to get infront of the curve. Now on for 165K. One viewing.HPC is well and truly on, every house in my area (Bristol) has dropped in price. And is dropping fast. Lke a effing stone in fact. So don't tell me HPC is off, it is still on here at any rate.

Hope you get it sold - what part of Bristol? There is a big MOD place there isn't there which I guess will see lots of job cuts.

[JustYield]

Dutch auctions coming atcha.

[Frank Hovis]

Good luck with selling it. It may sound trite but do all the nonsense you see in these TV programmes - magnolia walls, throws, bundles of twigs in a jar, nice cooking smells. Amazingly it seems to work.

[ingermany]

Good luck with selling it. It may sound trite but do all the nonsense you see in these TV programmes - magnolia walls, throws, bundles of twigs in a jar, nice cooking smells. Amazingly it seems to work.

Oh, not the fighting dogs and sex toys then?

[expatowner]

Why chase the market down?

Keep it, rent it out and start your own little BTL empire.

simples

[Pent Up]

Why chase the market down?

Keep it, rent it out and start your own little BTL empire.

simples

Or just take it off the Market if no one will pay you what it's worth.

[lulu]

Posted earlier that I was selling a house I inherited. Original advice (four months ago) was to put it on at £190. Didn't sell. Dropped to £185 didn't sell. Phoned EA and said (I* told him) only chance of selling is to get infront of the curve. Now on for 165K. One viewing.HPC is well and truly on, every house in my area (Bristol) has dropped in price. And is dropping fast. Lke a effing stone in fact. So don't tell me HPC is off, it is still on here at any rate.

No, you are not doing it right.

If it does not sell you need to increase the price not cut it.. That is what I am seeing on Property Bee quite alot. We all know that prices simply cannot ever fall. You need to ensure you get what your house is worth.

After all prices are going up 8% a year, by cutting the price people will think there is something wrong with it....

[Bloo Loo]

try putting the price up £40K and handing that pack to the buyer as the deposit.

[shiningliao]

Or just take it off the Market if no one will pay you what it's worth.

this sums up what happen in last 12 month.

few sellers who doesn't need to sell urgently. fewer buyer wants to buy asap. result: price up with low volume.

when will this situation change?

[Reluctant Heretic]

Put it up £40k for 6 weeks then put it down £40k for 6 weeks and advertised as 'PRICE REDUCED!' and 'FEATURE PROPERTY' etc.

Then put it up £40k then reduce it again.

A few in this area are doing that.

[bomberbrown]

try putting the price up £40K and handing that pack to the buyer as the deposit.

You are Permisson/Berkley/Bovis/insert UK house builder here/ and I claim my £5.

[Pent Up]

this sums up what happen in last 12 month.

few sellers who doesn't need to sell urgently. fewer buyer wants to buy asap. result: price up with low volume.

when will this situation change?

Now it seems. Those who did this over the last three years see to be rushing back in. People will still do it now but the pent up supply can't last forever and they too will be forced to return at a later date and lower price.

[foxy]

the pent up supply can't last forever and they too will be forced to return at a later date and lower price.

Persimmon agree:

http://www.guardian.co.uk/business/2010/jul/06/housebuilders-cautious-double-dip-fears

How can there possibly be a slum pn demand?

[Pent Up]

Persimmon agree:

http://www.guardian.co.uk/business/2010/jul/06/housebuilders-cautious-double-dip-fears

How can there possibly be a slum pn demand?

It's becoming more clear for those who were unwilling to see it previously.

The thing is if someone takes their home off the Market now because they can't achieve what it's 'worth' then in a years time the desire to move will be stronger and as they start to see houses that they are interested in moving too at a lower price they will start to see that accepting a lower price for their own house isn't so bad.

[efdemin]

Hope you get it sold - what part of Bristol? There is a big MOD place there isn't there which I guess will see lots of job cuts.

Know a friend at the MOD, no big changes yet. I think there is a big defence review happening soon (it's been constantly delayed by the Labour gov over the last 10 years), so I wouldn't expect any big changes until that happens.

It's more likely that there are layoffs in the finance industry, which is v.big in Bristol. Also, Holby City or Casualty (not sure which, don't watch it) is moving to BBC Wales from Bristol.

There is also a lot of choice in Bristol e.g. many new houses/flats that are all similar, and old terraces that are similar so it's easier to compare two houses on price alone.

[stu531]

I posted this on the regional forum, but it tells its own story anyway...

House 1

and

House 2

The houses are 3 doors apart and have the same footprint.

House 2 has been on the market for, I think, 3 years. House 1 came on the market this week. Granted, it needs updating, but it is a 4 bedroom house - one of the bedrooms is huge in a 3-bedroom arrangement.

[Topher Bear]

I've been watching my local market just down the road in chippenham for 18 months. Its possibly begining to spread out from bristol. Last few weeks I have been seeing a lot of properties switching agents and a few price drops, small at the moment, but volumes have been steadily increasing since february. Last year volumes were steadily decreasing. Some places have gone and come back. Lots of new to the market houses are coming on at very high prices, but I don't think much is moving at all. It does look as though its gearing up for some real price movement.

I think I am seeing what you guys in south east were seeing a few months ago, problems are a spreading.

[AvidFan]

Watching my local market in the W.Mids too. Flats: 1 bedders dropped from 79 to 69 to 59K. Two bedders dropped frop 89K to 79K to 69K. Houses off from 155K down to 145K (semis) or down to 112K from 139K (3 bed terrace).

It's happening folks. Check your local markets - it'll be all over in the next 12 months.

Then what for HPC?

[stu531]

That was kinda my point too, up here in Yorkshire. I do a general query on Right move to see how many properties are on the market. At the start of this year there were around 500 houses for sales. Now there are over 700. I reckon a simple supply & demand thing will see prices reduced - not necessarily outside factors (interest rates, unemployment etc).

[SarahBell]

Posted earlier that I was selling a house I inherited. Original advice (four months ago) was to put it on at £190. Didn't sell. Dropped to £185 didn't sell. Phoned EA and said (I* told him) only chance of selling is to get infront of the curve. Now on for 165K. One viewing.HPC is well and truly on, every house in my area (Bristol) has dropped in price. And is dropping fast. Lke a effing stone in fact. So don't tell me HPC is off, it is still on here at any rate.

Ah you want to sell though. There's SO many people out there who don't want to sell.... how else can they explain their house being unsold after 2-3 years

[Ellie]

Know a friend at the MOD, no big changes yet. I think there is a big defence review happening soon (it's been constantly delayed by the Labour gov over the last 10 years), so I wouldn't expect any big changes until that happens.

It's more likely that there are layoffs in the finance industry, which is v.big in Bristol. Also, Holby City or Casualty (not sure which, don't watch it) is moving to BBC Wales from Bristol.

There is also a lot of choice in Bristol e.g. many new houses/flats that are all similar, and old terraces that are similar so it's easier to compare two houses on price alone.

It's in East Bristol. Yes, the finance sector accounts for at least 20% of the workforce, there are also a lot of call centres and so on. But I don't think what is happening here is much different to anywhere else outside of London and the south east, the latter staying buoyant (for now) is skewing the figures. Its a lot more than 0.6% drop quoted by Halifax this morning that's for sure. If it doesn't sell at this price we will take it off the market and hunker down, at least its paid for so we'll all have somewhere to live when TSHTF!

But I wanted to show that out here in the real world the HPC is already gathering pace. The figures will catch up eventually.

[xux42]

But I wanted to show that out here in the real world the HPC is already gathering pace. The figures will catch up eventually.

These were £200K 3 years ago:

Pittville 2 bed top floor flat

THE best location for a flat in Cheltenham - equivalent to being on the edge of Richmond Park in London terms.

A friend who spent £120K 4 years ago to buy a 2 bed flat near the roughest part of Chelt would weep if I showed him this.

[Maddog21]

My LL put his 4 BTL's on market the day after the budget (SE near Windsor) including mine,

had 2 viewings so far.

All of a sudden there are 40 properties for sale on Rightmove (all overpriced) in the village,

where there was 15-20 beginning of the year and not one rental.(which doesn't help me)

But times they are a changin'

[concerned_money]

try putting the price up £40K and handing that pack to the buyer as the deposit.

like this one +40K in 9 months, no one ever lives in that house for more than 3 years (it's on the main A road through the village)

Lindene, Manchester Road,

Tideswell,

Buxton,

Derbyshire,

SK17 8LL £182,000

Terraced

Freehold

Not New Build 21-Sep-2009

Map (SK17 8LL)

http://www.rightmove.co.uk/property-for-sale/property-16463409.html

ps I forgot to mention the underground river