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Halifax Data Has Not Dented Price Drop Enthusiasm Here

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52 houses on in the last day, 5 of them (10%) were price drops

135 houses on in the last 3 days, 12 of them (9%) were price drops:

Or price New price % drop

750000 699995 7%

700000 650000 7%

540000 475000 12%

375000 360000 4%

290000 280000 3%

270000 240000 11%

242000 235000 3%

215000 195000 9%

185000 180000 3%

200000 160000 20%

180000 160000 11%

119995 105000 12%

Average 9%

In short, I am not too concerned about the odd HPI rise, as long as I see this continuing.

The other problem I have with Property Bee now is that many agents re-list at a new price. If you have been specifically watching something you can see the drop, but not otherwise. Strange really, as I would think it is in the owner + agent's best interest to shout any price drop from the roof tops - many houses seem to sell quickly after a big drop. I can only assume that local agents don't want people to know prices are going down.

Incidentally, nobody increased their price.

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Hi there

I dont post very often but i read this post and could not agree more.

In my local area Milton Keynes i search for Three bed properties and everyday there are price drops all over the place.

They are getting bigger also

Its a nice feeling as the properties i like are getting closer and closer to reach and im starting to get a feeling that i might one day get out of my parents house.

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It is true that everyday there are more price drops.

But I have also observed what could be a way to manipulate the price statics. For example if you see this property:

http://www.zoopla.co.uk/for-sale/details/4140452?search_identifier=e1175c4a11cd17a1c868f0c0b6efc4ef

It has a couple of price drops and then when it is sold the price is risen again...

If in your sear you include Sold STC properties and you have a look to the sold one you will see that this happens very often.

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It is true that everyday there are more price drops.

But I have also observed what could be a way to manipulate the price statics. For example if you see this property:

http://www.zoopla.co.uk/for-sale/details/4140452?search_identifier=e1175c4a11cd17a1c868f0c0b6efc4ef

It has a couple of price drops and then when it is sold the price is risen again...

If in your sear you include Sold STC properties and you have a look to the sold one you will see that this happens very often.

A very good point. I had noticed this happen several times. So you'd need to check out the LR data eventually to find out what it really sold for.

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52 houses on in the last day, 5 of them (10%) were price drops

135 houses on in the last 3 days, 12 of them (9%) were price drops:

Or price New price % drop

750000 699995 7%

700000 650000 7%

540000 475000 12%

375000 360000 4%

290000 280000 3%

270000 240000 11%

242000 235000 3%

215000 195000 9%

185000 180000 3%

200000 160000 20%

180000 160000 11%

119995 105000 12%

Average 9%

In short, I am not too concerned about the odd HPI rise, as long as I see this continuing.

The other problem I have with Property Bee now is that many agents re-list at a new price. If you have been specifically watching something you can see the drop, but not otherwise. Strange really, as I would think it is in the owner + agent's best interest to shout any price drop from the roof tops - many houses seem to sell quickly after a big drop. I can only assume that local agents don't want people to know prices are going down.

Incidentally, nobody increased their price.

True enough.

I am tracking a number of potential targets in my area and get regular price-cuts by way of update emails. I am watching properties in the low 300's expecting them to drop to 250 when I will strike. The prices are down from 300 or so to around 270ish which is now well below 2008 peaks and at least 10% down from Spring prices.

IMO the crash is ON! Halifax data is contrary to everything I am seeing with my own eyes--at least in my region of the former hot spot of them all (Brighton area).

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Halifax data is contrary to everything I am seeing with my own eyes--at least in my region of the former hot spot of them all (Brighton area).

Maybe the drops are taking longer to show up at Halifax/Nationwide because people still borrow as much as they can, it just buys them a better house now rather than borrowing less for the house they would have bought otherwise (does their mix adjustment fully account for this?). Since Rightmove is original asking price it wouldn't fully show up on their index either.

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All useful but do you post this data to your Regional sections in 'House Prices'?

I do with my data for Essex but it's dead as a door nail on there!

Most people I don't think take any notice of the indicies. I spoke to an acquaintance the other day who didn't even prices had risen from their lows! Sellers wil drop their price due to lack of interest rather than because the indicies are falling.

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Sellers wil drop their price due to lack of interest rather than because the indicies are falling.

I think this is true

Even if the indices are rising, if there continues to be no interest in your house it's telling you something...

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I am only getting a trickle coming on the market as new on RM and even less in terms of price drops. Seems my area is way behind most of you lot.

I think most have to have their houses on for months with little or no viewings to drop the price and then only by a few K.

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True enough.

I am tracking a number of potential targets in my area and get regular price-cuts by way of update emails. I am watching properties in the low 300's expecting them to drop to 250 when I will strike. The prices are down from 300 or so to around 270ish which is now well below 2008 peaks and at least 10% down from Spring prices.

IMO the crash is ON! Halifax data is contrary to everything I am seeing with my own eyes--at least in my region of the former hot spot of them all (Brighton area).

The 300s to 330s in my area not budging in price. It puts me off even making an offer. I want one for 250K also but the gap between reality and asking price is too big.

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  • 245 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% +
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      • Even
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