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Longtermrenter

Dropping Like A Stone - 66K Drop

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Ok not overwhelming evidence but this one with a 66k drop is making me smile:

here

There is a sudden mass of properties coming up for rent in the 3 mile area I look at in Rye - one to 3 a day up from one or two a week.

In St Albans this one is a sharp drop. People I know there swear none of the house prices have dropped around there. 15k drop after a month on the market:

here

Prices down here in kent and sussex could become affordable soon - it has been far too long. Havent heard much about the Wilsons lately. I grew up and played in the fields in Ashford where their crumbling empire now stands.

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Not so fast young padwan..

This is the streetview of the house and see it's number 70 (look two houses to the right to see number 74) CLICK

Now look for number 70 on this list CLICKY

You'll see they paid £166k for it in April 2007.. ie.. the PEAK of the housing bubble, and they want £179k for it ?

So, no, it's not a bargain, a steal, or a sale of century, in fact, they can keep it.

Edited by exiges

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I am in East Sussex and see 30k drops on houses in the high 200 low 300k range.

That is 10% so far this year and the drops did not begin until late Spring-early summer. 20% down by Crimbo may be on.

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47% (60k) off here (needs property bee)

115k to 90k between Nov and Feb

then 90k to 55k between Jun and Now.

Still no-one wants to buy.

Guess that's what happens when you try to tart up crap in poor areas.

http://www.rightmove.co.uk/property-for-sale/property-27752525.html

Have to admit though that this is a bit of an exception, most falls around my way are between 0 and 20%, where prices aren't flat.

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Not so fast young padwan..

This is the streetview of the house and see it's number 70 (look two houses to the right to see number 74) CLICK

Now look for number 70 on this list CLICKY

You'll see they paid £166k for it in April 2007.. ie.. the PEAK of the housing bubble, and they want £179k for it ?

So, no, it's not a bargain, a steal, or a sale of century, in fact, they can keep it.

The ratio of your posts to mine shows your experience in these matters!

Have a look here though and put in 166000 in 2007, comes out at £179280 so I guess still overpriced :)

After mortgage repayments, assuming they had one, repairs, EA fees and HIP I guess they will still lose money.

Anyway, I wasnt highlighting a bargain, merely that down this way houses are definitely starting to drop as of the end of last month and beginning of this one

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47% (60k) off here (needs property bee)

115k to 90k between Nov and Feb

then 90k to 55k between Jun and Now.

Still no-one wants to buy.

Guess that's what happens when you try to tart up crap in poor areas.

http://www.rightmove.co.uk/property-for-sale/property-27752525.html

Have to admit though that this is a bit of an exception, most falls around my way are between 0 and 20%, where prices aren't flat.

That's has to be the biggest by far. Biggest drop I've seen in Essex has been 26%. We should start a biggest fallers thread, there's quite a few of these about lately would be good to get them all in one place.

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I am in East Sussex and see 30k drops on houses in the high 200 low 300k range.

That is 10% so far this year and the drops did not begin until late Spring-early summer. 20% down by Crimbo may be on.

In West Kent we're seeing the opposite. I bought the end of last year, Identical House three doors down, just gone for 10% more. Needs a lot of work doing on it too, mine had been fully refurbd by previous owners. Mad here, absolutely mad!

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I am in East Sussex and see 30k drops on houses in the high 200 low 300k range.

That is 10% so far this year and the drops did not begin until late Spring-early summer. 20% down by Crimbo may be on.

300k house with

10% = 30k drop

or

20% = 60k drop

It would still be a 240k house sale and above the current average of 170k which therefore would actually drag the average up.

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That's has to be the biggest by far. Biggest drop I've seen in Essex has been 26%. We should start a biggest fallers thread, there's quite a few of these about lately would be good to get them all in one place.

Would love to see something like this, or even just weekly stats or something from different members.

I'd also love to see this evidence being, somehow, spread to the wider public. Become our own VIs!

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In West Kent we're seeing the opposite. I bought the end of last year, Identical House three doors down, just gone for 10% more. Needs a lot of work doing on it too, mine had been fully refurbd by previous owners. Mad here, absolutely mad!

You bought last year? :o If this is so, you will tend to ignore properties that are falling and latch onto those where asking prices are higher to reinforce your confidence that you did the right thing.

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300k house with

10% = 30k drop

or

20% = 60k drop

It would still be a 240k house sale and above the current average of 170k which therefore would actually drag the average up.

:blink:

I am measuring a 10% drop against houses that were on the market at around 300k and are now on for 270k. As my target is a 250k house I just need another drop of 10% and I more than there!

If pricey houses in East Sussex sell for 20% less than in the early Spring I am not too sure if the "averages" elsewhere will impact me too much.

My issue is whether to buy when that 300k house dips below 250k or to wait until it dips below 200k.

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Ok not overwhelming evidence but this one with a 66k drop is making me smile:

here

There is a sudden mass of properties coming up for rent in the 3 mile area I look at in Rye - one to 3 a day up from one or two a week.

In St Albans this one is a sharp drop. People I know there swear none of the house prices have dropped around there. 15k drop after a month on the market:

here

Prices down here in kent and sussex could become affordable soon - it has been far too long. Havent heard much about the Wilsons lately. I grew up and played in the fields in Ashford where their crumbling empire now stands.

£230k for a sh!tty little modern two-bedder in a rough part of St Albans? Yeah right. As far as I'm aware that whole estate is/was council. I once went to one of those "garages in block" to buy a banger to run around in. Two twenty something blokes tinkering with a manky old Fiesta or Chevette, can't remember which. As I turned up an old boy walking past called out to them "You're not still working on that old heap are you?" Needless to say I didn't buy. Short drive into town - sure, only you can't park anywhere in StA city centre without paying - and even then it's heaving. Took my 11 year old daughter there a few weeks ago to stay with my mother and when we walked down the High St on Saturday morning she turned to me unprompted and said "are there only old people here?" Yes, there are. It's rammed full of old people because the only people who can afford to buy are old or b*****ers.

Having lived in StA for nearly 30 years it's an over-crowded over-rated sh!thole. Left 16 years ago and never looked back. It's worked for the oldies, though, as they've all won the lottery - most of my parents' friends have made upwards of £1/2m in free equity - parents house from £29k in 1976 to £800k now. Nice "work" if you can get it.

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You bought last year? ohmy.gif If this is so, you will tend to ignore properties that are falling and latch onto those where asking prices are higher to reinforce your confidence that you did the right thing.

Wrong again, I suppose you'd have said the same thing when I started buying my Investment properties in 1996?

What I bought in December was a Home, as I'd been living in rented for four years. House prices may stagnate for a number of years, but will still be a good hedge against Inflation compared to other assets. You can continue to adopt the Ostrich position, I'll use my gut instinct when to buy or sell . It's served me well in the past and will serve me well in the future.Better than listening to Rodney Trotter bleating next year we'll have a HPC laugh.gif We've had it and you didn't even notice rolleyes.gif

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Not so fast young padwan..

This is the streetview of the house and see it's number 70 (look two houses to the right to see number 74) CLICK

Now look for number 70 on this list CLICKY

You'll see they paid £166k for it in April 2007.. ie.. the PEAK of the housing bubble, and they want £179k for it ?

So, no, it's not a bargain, a steal, or a sale of century, in fact, they can keep it.

+ 1

Prices will fall, but unfortunately it may take a few years. We will have to keep waiting... Cr@p

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  • 239 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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