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The Masked Tulip

Silly Hpc Question - What Are House Prices Doing In Your Area?

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Houses appear to be disappearing off the market in my area. Looks like the sellers are hibernating for Christmas. Most have sat on the market since Marchish... most have not dropped a penny. Seems few forced sellers.

What is it looking like in your part of the UK?

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Most houses in the nice areas around me are dropping slowly. For example most 3 bed semis are going from 180/170 down by 5-10k over a couple of months on rightmove.

Edited by fadeaway

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Ryder and Dutton are encouraging people to lower prices for completions before the end of Jan. 2010.

.

Ryder & Dutton have seen this change in the market and have found sellers willing to consider quite substantial reductions in order to get sales in a restricted timescale. All clients have been contacted and many have agreed to reductions of 10%, others 7.5% or 5% for sales which complete before 31January 2011. This means that there are some excellent opportunities out there for the committed buyer.

http://ryder-dutton.briefyourmarket.com/Newsletters/This-weeks-news-from-Ryder-Dutton/Winter-Initiative-Reductions-in-Price-for-Completed-Sales-before-End-January-2011.aspx

Doesn't say what happens after the end of Jan though.

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Houses appear to be disappearing off the market in my area. Looks like the sellers are hibernating for Christmas. Most have sat on the market since Marchish... most have not dropped a penny. Seems few forced sellers.

Exactly as the above... unfortunately.

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South Yorks here: quite a few near me have been on the market for 18 months or even more - some sellers are getting it and knocking 10-20% off asking prices, others are just changing agents over and over again hoping the problem is just with the estate agents.

One round the corner from me has about 40% knocked off peak prices. Needs renovating, been on for last four months. Another on my street has sold for 30% off peak (according to the owner of the local corner shop who's a landlady too (been buying 'em for 20 odd years, has loads of 'em) and who knows the guy that bought it.)

Quite a few of the houses for sale round here are empty and have been for months. Suspect they are repos or BTLs gone wrong.

Nothing's shifting, folks - time to wake up and smell the depreciating assets!

Edited by pideypuss

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Properties still added at way over what I would consider is the market value - but sometimes I am surprised and they sell at that price. All the time that happens I guess the EA are "right" to put them up for that - just in case the perfect buyer is out there for their property. NOT the best move for the EA business model (in fact it is one of the most self defeating business models I've ever seen).

All this said, I have an automated logging system I use to keep an eye on properties down my way (SE) in my local area: (please note that the AVERAGE drop column is an average (mean) of the DROPS - so not an average of all the data. i.e. if there are three drops that day of 5%, 8% and 3% then the average drop will be 5.33% THAT DAY. Notice that there are a few 20% drops in there - showing just how over priced these places are!

It only analyses properties over 400K (sorry!). Also notice that last month on the 15th 18th and 19th there were quite a few drops - and this was around the time that the MSM were being very bearish in the news. More of that please!

#properties analysed | new properties | price drops | av % drop today | date | percentage drops

457 | 43 | 2 | 12.08 | 05-10-2010 | 4.17 , 20.00

449 | 9 | 2 | 6.11 | 06-10-2010 | 8.33 , 4.00

444 | 6 | 2 | 3.78 | 07-10-2010 | 3.85 , 3.71

447 | 3 | 3 | 5.66 | 08-10-2010 | 8.00 , 5.26 , 3.71

444 | 3 | 3 | 3.48 | 10-10-2010 | 5.79 , 3.24 , 3.64

452 | 2 | 0 | 0.00 | 11-10-2010 | 0

459 | 3 | 5 | 5.36 | 12-10-2010 | 2.00 , 3.70 , 9.09 , 5.79 , 6.25

466 | 7 | 2 | 6.06 | 13-10-2010 | 9.14 , 2.99

466 | 4 | 1 | 9.14 | 14-10-2010 | 9.14

454 | 7 | 3 | 7.31 | 15-10-2010 | 9.38 , 9.09 , 3.45

439 | 11 | 9 | 9.21 | 18-10-2010 | 20.00 , 0.71 , 6.45 , 10.53 , 20.00 , 2.29 , 10.53 , 8.00 , 4.36

465 | 7 | 4 | 12.29 | 19-10-2010 | 3.36 , 16.67 , 20.00 , 9.14

461 | 7 | | 0 | 21-10-2010 |

462 | 1 | 1 | 6.47 | 22-10-2010 | 6.47

452 | 3 | 1 | 5.92 | 23-10-2010 | 5.92

456 | 1 | | 0 | 25-10-2010 |

452 | 3 | 2 | 3.61 | 26-10-2010 | 3.85 , 3.36

461 | 4 | 2 | 4.32 | 27-10-2010 | 3.64 , 5.00

452 | 5 | 2 | 8.23 | 28-10-2010 | 12.00 , 4.46

447 | 6 | 2 | 3.06 | 29-10-2010 | 2.79 , 3.33

461 | 4 | 2 | 51.78 | 31-10-2010 | 3.56 ,

463 | 2 | 1 | 11.54 | 01-11-2010 | 11.54

456 | 3 | 1 | 15.79 | 02-11-2010 | 15.79

461 | 4 | 2 | 4.72 | 03-11-2010 | 1.75 , 7.69

457 | 8 | 5 | 7.85 | 04-11-2010 | 10.32 , 5.60 , 7.19 , 5.03 , 11.11

460 | 2 | 3 | 4.71 | 05-11-2010 | 5.24 , 4.76 , 4.14

466 | 3 | 2 | 5.98 | 06-11-2010 | 9.09 , 2.87

460 | 1 | | 0 | 07-11-2010 |

470 | 1 | 1 | 4.76 | 08-11-2010 | 4.76

461 | 2 | 1 | 4.55 | 09-11-2010 | 4.55

Edited by harumph

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Properties still added at way over what I would consider is the market value - but sometimes I am surprised and they sell at that price. All the time that happens I guess the EA are "right" to put them up for that - just in case the perfect buyer is out there for their property. NOT the best move for the EA business model (in fact it is one of the most self defeating business models I've ever seen).

All this said, I have an automated logging system I use to keep an eye on properties down my way (SE) in my local area: (please note that the AVERAGE drop column is an average (mean) of the DROPS - so not an average of all the data. i.e. if there are three drops that day of 5%, 8% and 3% then the average drop will be 5.33% THAT DAY. Notice that there are a few 20% drops in there - showing just how over priced these places are!

It only analyses properties over 400K (sorry!). Also notice that last month on the 15th 18th and 19th there were quite a few drops - and this was around the time that the MSM were being very bearish in the news. More of that please!

#properties analysed | new properties | price drops | av % drop today | date | percentage drops

457 | 43 | 2 | 12.08 | 05-10-2010 | 4.17 , 20.00

449 | 9 | 2 | 6.11 | 06-10-2010 | 8.33 , 4.00

444 | 6 | 2 | 3.78 | 07-10-2010 | 3.85 , 3.71

447 | 3 | 3 | 5.66 | 08-10-2010 | 8.00 , 5.26 , 3.71

444 | 3 | 3 | 3.48 | 10-10-2010 | 5.79 , 3.24 , 3.64

452 | 2 | 0 | 0.00 | 11-10-2010 | 0

459 | 3 | 5 | 5.36 | 12-10-2010 | 2.00 , 3.70 , 9.09 , 5.79 , 6.25

466 | 7 | 2 | 6.06 | 13-10-2010 | 9.14 , 2.99

466 | 4 | 1 | 9.14 | 14-10-2010 | 9.14

454 | 7 | 3 | 7.31 | 15-10-2010 | 9.38 , 9.09 , 3.45

439 | 11 | 9 | 9.21 | 18-10-2010 | 20.00 , 0.71 , 6.45 , 10.53 , 20.00 , 2.29 , 10.53 , 8.00 , 4.36

465 | 7 | 4 | 12.29 | 19-10-2010 | 3.36 , 16.67 , 20.00 , 9.14

461 | 7 | | 0 | 21-10-2010 |

462 | 1 | 1 | 6.47 | 22-10-2010 | 6.47

452 | 3 | 1 | 5.92 | 23-10-2010 | 5.92

456 | 1 | | 0 | 25-10-2010 |

452 | 3 | 2 | 3.61 | 26-10-2010 | 3.85 , 3.36

461 | 4 | 2 | 4.32 | 27-10-2010 | 3.64 , 5.00

452 | 5 | 2 | 8.23 | 28-10-2010 | 12.00 , 4.46

447 | 6 | 2 | 3.06 | 29-10-2010 | 2.79 , 3.33

461 | 4 | 2 | 51.78 | 31-10-2010 | 3.56 ,

463 | 2 | 1 | 11.54 | 01-11-2010 | 11.54

456 | 3 | 1 | 15.79 | 02-11-2010 | 15.79

461 | 4 | 2 | 4.72 | 03-11-2010 | 1.75 , 7.69

457 | 8 | 5 | 7.85 | 04-11-2010 | 10.32 , 5.60 , 7.19 , 5.03 , 11.11

460 | 2 | 3 | 4.71 | 05-11-2010 | 5.24 , 4.76 , 4.14

466 | 3 | 2 | 5.98 | 06-11-2010 | 9.09 , 2.87

460 | 1 | | 0 | 07-11-2010 |

470 | 1 | 1 | 4.76 | 08-11-2010 | 4.76

461 | 2 | 1 | 4.55 | 09-11-2010 | 4.55

just as a matter of interest I just added up all the price drops (64 of them) and divided by the total to give an AVERAGE (MEAN) price drop. The average price drop around here is 6.9%

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I live in a 'desirable' area. Forced sellers are few and far between but they have reduced their prices. by maybe 20% - but from an over-priced start of about the same amount. The rest have withdrawn from the market or sat and rotted, with the very occasional house going for far too much, which unfortunatley acts to 'encourager les autres.'

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Lots coming on the market hardly any selling at all, the only ones that sell are those that's in need of refurbishment being bought by the last of the TV ''I Know lets be a property developer brigade'' recent added on our street is two bed semi bungalow on offer for 89K I paid 129000 5 years ago for a similar property after downsizing :(

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Same thing in and around Milton Keynes!

As the poster mentioned above things seem to be sitting on the market for month and months some with drops others with no movement at all.

I went and viewed one house locally and sent the EA and offer 13% under the asking price and he was very rude and told me that they price there properties according to what is selling.

I had a look at SSTC and they seem to be shifting them at that value, still far to over priced but some sell.

The EA could not understand why i woudl offer below asking price and was quite rude to me.

He then sent me properties of a lower value and said these are what you should be looking at as they will accept offers of the asking price.

The property had only been on the market a few days so lets see if it goes SSTC, it will be just my luck it does.

Its hard to fight the EA's when they get offers for houses next door for the same amount.

p.s supply seems about the same, there were 820 ish 3 beds in milton keynes until recently it has dropped back to about 780 ongoing.

Edited by ZR_Seanie

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Oxfordshire:

Supply is dropping.

What is out there have asking prices at pk + a bit and little priced that way is selling. Low offers are laughed at and few reductions.

My favourite Property Bee update today:

http://www.rightmove.co.uk/property-for-sale/property-27944440.html

09 November 2010 * Price changed: from 'Offers in Excess of £450,000' to 'Guide Price £499,999'

28 September 2010 * Initial entry found.

Anything decent at a decent price will sells in minutes.

regards

J

Edited by ReJoyce

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Its hard to fight the EA's when they get offers for houses next door for the same amount.

You don't need to fight them, and if they are selling properties at asking price you wouldn't win any way. EAs are going to sell properties for as much as they think they can get. If you are offering less than they think they can get (within reason) they aren't going to push the owner to accept.

Most EAs are polite, even when taking low offers. If one isn't he's either crap at his job or he's trying to shock you into thinking the market is strong enough an EA can afford to be rude ;)

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My search covers a radius of about a mile from my current address in Wasall, middling area, used to be better . Lots if terraces some streets predominantly owned by landlords who couldn't give a monkeys renting out at six months at a time to anyone who will pay the rent... houses on these streets were about 100l now at 85 ish and not selling (a mix of some nicely done out ones and ramshackle ones that need work).

The better streets around 110k down to about 95ish and not much selling - the nicer better priced ones do sell.

Nothing new coming on really.

The best is a house I nearly brought, then came to my senses on.... nice little well kept terrace, originally on the market for offers over 110k; now not sold for 90k six months later.

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I know someone who has bought on a new estate in Bracknell - front of house is about 6' from the back of the pavement

They were lucky! We went to look round a new build a while ago that didn't have a pavement at all. They'd only built a pavement on one side of the road to save room! This was for a house that sold for £250k.

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Ah is tracking a few targdet houses in my area (5 miles East of Brighton) and am seeing drops of between 10-15% since earlier in the year. Quite a few 5 figure drops more recently. I would say the £300k peak house is now around £260k asking which probably translates to a £250k sale price (no one pays over £250 unless it is way over due to tax).

By the time Crimbo arrives some may have dropped by as much as 20%.

I doubt much will happen until the job cuts translate into forced sales. So far, just a bit of froth off the top. This is proving to be a very slow crash as the government and banks try to shore up the market.

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My part of Surrey is not doing much yet (Godalming near Guildford).

Starting to see a few new instructions but definitely over priced.

I'm sure that the local EA's are over-valuing and telling sellers to accept offers as some are selling.

Some loony priced developments are starting to get listed with a pair of three (Well, 2.5) bedroomed Semi's up for £385,000 each?!?!

http://www.rightmove.co.uk/property-for-sale/new-homes/property-27369817.html

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North Surrey/London Borders.

All the decent stuff that comes on sells for near peak / near asking price. The rubbish that's over-priced sits there with 50p knocked off it every few months.

Lots of houses in the £400k bracket has gone under offer recently.

Most stuff sells though, even if it takes a bit of time.

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In my area - Hale/Altricnham - its a mixture of stubborn high prices, a few pathetic reductions and a few withdrawals from the market.

This really is turning into Japan.

What price bracket do you watch?

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I can report that in my area of North Dorset:-

1, Completed average sales prices, from the land registry, are up 13.7%.

2, The market has really picked up, up until the end of July, seven months, there had been 96 completed sales. In the months of August and September there has been 41 and all the September data is not in yet.

But prices are falling, asking prices are falling and there is a two tier market. The realistically priced property sells, eventually, where the fantasist’s houses stick eternally.

Basically good quality, higher vale property has become a larger section of the market whilst people are demanding and getting better value at the bottom end.

Here are a couple of examples of the two tier market.

3 Bed Estate Semi - £185.000

3 Bed Estate Semi - £178,000 Just, very recently reduced from £186,500

And then,

3 Bed Estate Semi - £155,000

3 Bed Estate Semi - £169,995

Yet none have sold regardless of asking price.

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North Oxfordshire. Most decent stuff sells near asking or above. Some of the shite on estates that needs mortgages is falling quite a lot. There is a two tier market and the place is full of cash buyers. A friend just went on the market at £420k ( the EA advised £395K asking) and had 5 cash buyers the first weekend. Under offer at just under £440k. Another for sale at £430K which I told the agent wouldn't make more than £350 K went for cash over asking - so what do I know.

I've been out bid on two houses by cash buyers and have just upped my cash offer to a little under asking on another place that needs work.

I do think anything in areas that depend on public sector wages, such as deep south west, Wales parts of the North etc will get hit very hard under this government.

Decent areas, with proper private sector jobs, close to good transport links and international airports will cling on a while longer. And that generally means the SE.

All this QE and debasement of savings has forced me to buy.

Edit: Just been out bid again and a third cash buyer has now offered the highest amount. Its like the boom times. Just gotta offer over asking to get one's offer accepted.

Edited by Harold Bishop

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Their ages are mid 40's to mid 60's.

Some are buying as weekend homes. Some buying for their kids. Some are downsizing parents that have sold and are living with their kids. A lot of it is city bonus money looking to be parked.

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Sadly, as I predicted, not enough forced sellers meaning the chancers are withdrawing from the market as they know they won't sell before Xmas. They'll probably re-market for the '2011 Spring bounce' with another 10% on the asking price.

It's v frustrating but unless we get that catalyst to move things along, it's gonna be sticky on the way down.

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