Jump to content
House Price Crash Forum

Is It Slowing Down In Your Area?


Recommended Posts

Yes, definitely slowing down re new houses coming on the market.

What is coming on now appears to be holiday flats/tiny terraced 'cottages' and the rest are smallish price drops which are surprisingly few.

I guess the low IRs means that most people are not that desperate to sell.

I don't think I agree with your statement "slowing down re new houses coming on the market". I am keeping an eye on a specific price bracket in my area (sub 180000€, 3 bedroom semi detached). While a few months ago only 2 or 3 new ones where put on Rightmove very week I can now find at least 3 new houses like this every day on the site.

There could be two reasons for that:

1. People who cannot wait longer to put their property on the market

2. A few month ago the same properties whould have been put for 200000€ rather than 180000€ and under.

I will go with the later as I can notice that amongst the old ones (the not new properties that were priced over 200000€) the price are quicky rectified to match the newly arrived properties around 175000€.

Link to post
Share on other sites
  • Replies 68
  • Created
  • Last Reply

Top Posters In This Topic

I don't think I agree with your statement "slowing down re new houses coming on the market". I am keeping an eye on a specific price bracket in my area (sub 180000€, 3 bedroom semi detached). While a few months ago only 2 or 3 new ones where put on Rightmove very week I can now find at least 3 new houses like this every day on the site.

There could be two reasons for that:

1. People who cannot wait longer to put their property on the market

2. A few month ago the same properties whould have been put for 200000€ rather than 180000€ and under.

I will go with the later as I can notice that amongst the old ones (the not new properties that were priced over 200000€) the price are quicky rectified to match the newly arrived properties around 175000€.

I think in my area virtually every other house is now up for sale... but the denial is carrying on... I do wonder what the majority of them are thinking sitting at home waiting for someone to turn up with a cheque...

Link to post
Share on other sites

I think in my area virtually every other house is now up for sale... but the denial is carrying on... I do wonder what the majority of them are thinking sitting at home waiting for someone to turn up with a cheque...

I am looking in Stockport and it seems as though reality is starting to sink in to the vendors. I get the impression that a lot of the sellers cannot afford to just sit tight at current asking prices or take their houses off the market. Over the weekend, four new properties came onto the market that were priced reasonably enough for me to add them to my shortlist. I have also seen enough reductions to convince me that the tipping point has been reached. Hoping to report many more falls over the coming months.

Link to post
Share on other sites

I've not noticed a slow down but what I have noticed is there is a huge difference in asking prices. Some people are obviously keen to sell and understand they need to price it correctly. Some are still in cloud cuckoo land.

3 bed semi on one street £215,000 but a few doors down a similar house is £265,000 albeit with a nice new paint job :rolleyes:

agree with the above...my part of SE London where I'm interested there are a few 3 beds in that 219,000 and below range.. and some highly priced ones seperated by literally one street or two..some of these 219000 ranged props would have been marketed at a standard 245/250K min in the peak.. anyway

to think it's been 2 years + and still no sign, no concrete trend, no expected falls, no nada!! mad mad mad... The way things are, I dont think Oct 20th would provide any catalyst..

There's a thread on here questioning if in hindsight one would have jumped on the bandwagon if they knew of the 2007 falls or something to that effect........ ha well i'd changed that to in hindsight would I have jumped into the housing market in 2008 when there was real panick in the air and some great falls (3 beds going at 180/190K etc)..YES I would..

But lets's see how this plays out => the last throw of the dice SPENding REView OCt 20.. after that it's make up your mind time...

keep waiting and hoping OR jump on assuming you still got a job and can get a mortgage and damn the consequences

Edited by magneticworld
Link to post
Share on other sites

Not slowing down where I am. Just checked my RSS today and I'm seeing a number of properties with healthy falls and text like the following "OPEN DAY XXXXXXXXXX OPEN DAY XXXXXXXXXX SATURDAY 23RD OCTOBER 2010 11am UNTIL 2pm XXXXXXXXXXX - PART EXCHANGE CONSIDERED -". Lovely. It is not even Christmas yet so can't want for January when the despair will really set in.

Link to post
Share on other sites

I am looking in Stockport and it seems as though reality is starting to sink in to the vendors. I get the impression that a lot of the sellers cannot afford to just sit tight at current asking prices or take their houses off the market. Over the weekend, four new properties came onto the market that were priced reasonably enough for me to add them to my shortlist. I have also seen enough reductions to convince me that the tipping point has been reached. Hoping to report many more falls over the coming months.

I hope so... and I hope the ripples of reductions begin to reach all parts of the UK sooner... hopefully next week will startle many when the review is announced...

Link to post
Share on other sites

Here's what I'm seeing in my North london Zone 4 turn of the century (1900) terraced houses. The good thing is all the houses are pretty much the same (some may have extended to get a 3rd bedroom and add £20k to the value?)

I paid £73k for mine in 1997

Earlist records 1999 houses being sold as low as £70k, to £90k.

By 2002 it's more like £150k. Roughly, prices where going up at the same rate as a 90% morgage repayment on them!

By 2004 we've hit the £200k mark. Still a fast climb.

2006 peaks at £250k and a fair bit of movement in the market still, but mainly all the owners are keeping their houses, moving out to a new home, and renting their old one, for 'teh phat profitz'!

2007 looks like a more sane (!) £220, lowest was a £185k in July 2007

In 2010, only 2 houses sold (June and July), for £222 and £225.

So, basically, prices have roughly leveled off, but what's changed is the movement of owners: 2 in the whole of this year. I don't think you'll see falling prices anytime soon, until people accept no-one is buying at these prices and if they want to sell they have to drop the price. But even then, there simply may not be anyone to buy them (at ANY price!) because the banks are squeezing everyone out.

Link to post
Share on other sites

Well, here's the scoop in good ol' South Farnham.

Home to sh!tloads of South West London bullsh!t money, excellent schools, and the kind of place that "will never dip because it's different here..."

Or not, of course....

post-13228-031846400 1287160821_thumb.png

More and more coming on. Some much lower (but still stupid) prices, but in the last month on Rightmove

EIGHT Sales fallen through, and JUST TWO properties gone under offer, IN THE LAST MONTH...

Ouch, that's gotta hurt the EA's and Vendors...

Suck it up, you greedy b@st@rds....

B

post-13228-031846400 1287160821_thumb.png

Link to post
Share on other sites

Well of course, nice houses in nice areas will never drop in price... :lol:

St Albans - pretty much on the money for that kind of thinking.

Properties for sale:

March - 600+

April - 650+

May - 700+

June - 750+

July 800+

Augist - 850+

September - 900+

Right now - 954

Seems fairly consistent to me. This means we should be 1000+ by the end of the month. 66% increase in volume in 8 months. Sales volumes around 100-120 per month with around 150-170 coming onto the market. Lots of pent up supply still coming. Number of rentals did dip down a bit in August but are now higher than they've been since I started tracking as well. I'm seeing the return of those "reluctant landlords" or "can't sell/won't sell" as I like to think of them. Quite a few I recognise from 2008/9 as well. Rented out for a bit "til the market picks up", back on the market now "things are back to normal".

Seeing plenty of markdowns thanks to PB though.

Link to post
Share on other sites

Just seen a 61% drop in one go.

232,000 to 141,700

Are you sure that is a 61% drop and not 61% of the asking price?

Still a big drop however. :)

Incidentally, deffo a load quieter here in posher than average Esher. In the mini recovery it was hotter than a pier in a recession

Edited by bobthe~
Link to post
Share on other sites

Definitely slowed down lately in the area I've been watching in Sheffield, been similar stock levels for the past month now. Percentages that houses are being reduced by has been picking up in the past few weeks though. Attached is a breakdown of new/reduced properties listed for the last 7 days in S10 +1/2 mile since June.

post-24898-034321100 1287170811_thumb.jpg

post-24898-034321100 1287170811_thumb.jpg

Edited by rented
Link to post
Share on other sites

Are you sure that is a 61% drop and not 61% of the asking price?

Still a big drop however. :)

Incidentally, deffo a load quieter here in posher than average Esher. In the mini recovery it was hotter than a pier in a recession

Got a £245k down to £175k in foul swoop today. 28% off. Quick Sale Needed!!

We shall see... :lol:

And it's a nice house in a nice area. Hold on, but they never drop!?

Link to post
Share on other sites

Are new properties coming on the market slowing down in your area?

I am seeing a slow-down here as of last week - nothing firm as in hard figures - but just a slow down in properties appearing on RM/Globrix, etc.

there was a brief flurry of 4 bed detached properties comming to the market here, in the summer, but that seems to have stopped now, and most of them are still for sale. theres definately not as many 4 bed+ properties for sale here as there was during the bubble years.

Link to post
Share on other sites

Definitely slowed down lately in the area I've been watching in Sheffield, been similar stock levels for the past month now. Percentages that houses are being reduced by has been picking up in the past few weeks though. Attached is a breakdown of new/reduced properties listed for the last 7 days in S10 +1/2 mile since June.

how did you generate the graph?

Edited by cypher007
Link to post
Share on other sites

how did you generate the graph?

I compiled the data myself, don't know of any other way of getting it unfortunately, started recording the results of my weekly Rightmove search after seeing I think it was Pent Up's graphs of stock levels in their local area.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 434 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.