Jump to content
House Price Crash Forum
Sign in to follow this  
classixuk

Real Price Drop Of 25% Since 2004

Recommended Posts

Well, I remember someone said on here that the crash would start picking up speed in September, and how right they were.

A friend rang me just now to tell me that the property she owns that was valued at £195,000 last Autumn has received it's new valuation today - £150,000!

I discussed with her last year the very real prospect of a house price crash. Sat her down at the computer and went through some figures, after which she immediately rang the estate agents to sell her rental property (5 bed terrace in Liverpool).

Only thing was she never got around to selling it as she was messed around by a buyer before it even hit the market, and then she opened a new business which took up most of her time.

For the past 2 months she has found it impossible to rent out 3 of the 5 rooms, a problem which she has never encountered in the past. She told me last week that she was biting the bullet and would sell.

£150,000 valuation! To say she is shocked is an understatement. To say I am shocked is an even bigger understatment. 25% fall in value in less than 1 year?

Funny thing is, apparently the estate agent STILL denied that we are beginning or already in a property crash when she asked him, just like last year!

Poor thing, I really do feel for her. She isn't a BTL by the way, the property in question is her old home. She's having a baby next month, already has 3 young children, is in the first year of running a new business, has major building works underway inside home and is now about to go through selling her house! It's lucky she's Jewish, because I fear that worrying about Christmas would probably tip her over the edge!

I'm in South Liverpool by the way!

Share this post


Link to post
Share on other sites

Wow :o I wish I was seeing 25% drops were I live. Things certainly aren't going any higher and it is certainly a buyers market but 25% sounds good to me. Bring it on :lol:

Share this post


Link to post
Share on other sites

A poster on another (non-housing) site I frequent made reference in passing to an acquaintance that had a flash house in the Home Counties valued at £2.4m 18 months ago. Came to try and sell it and had to put it on the market at £1.5m. Turned down two offers at £1.2m and £1.1m.

May be bollo**s, but would be funny if true.

Share this post


Link to post
Share on other sites
A poster on another (non-housing) site I frequent made reference in passing to an acquaintance that had a flash house in the Home Counties valued at £2.4m 18 months ago. Came to try and sell it and had to put it on the market at £1.5m. Turned down two offers at £1.2m and £1.1m.

May be bollo**s, but would be funny if true.

Totally agree lets see a picture of this house and what is the area please so we can all see it and see if there is a drop.

Share this post


Link to post
Share on other sites
Well, I remember someone said on here that the crash would start picking up speed in September, and how right they were.

A friend rang me just now to tell me that the property she owns that was valued at £195,000 last Autumn has received it's new valuation today - £150,000!

I discussed with her last year the very real prospect of a house price crash. Sat her down at the computer and went through some figures, after which she immediately rang the estate agents to sell her rental property (5 bed terrace in Liverpool).

Only thing was she never got around to selling it as she was messed around by a buyer before it even hit the market, and then she opened a new business which took up most of her time.

For the past 2 months she has found it impossible to rent out 3 of the 5 rooms, a problem which she has never encountered in the past. She told me last week that she was biting the bullet and would sell.

£150,000 valuation! To say she is shocked is an understatement. To say I am shocked is an even bigger understatment. 25% fall in value in less than 1 year?

Funny thing is, apparently the estate agent STILL denied that we are beginning or already in a property crash when she asked him, just like last year!

Poor thing, I really do feel for her. She isn't a BTL by the way, the property in question is her old home. She's having a baby next month, already has 3 young children, is in the first year of running a new business, has major building works underway inside home and is now about to go through selling her house! It's lucky she's Jewish, because I fear that worrying about Christmas would probably tip her over the edge!

I'm in South Liverpool by the way!

Plus, it's highly likely that she'll only be offered a lower price than that....

Share this post


Link to post
Share on other sites
It's lucky she's Jewish, because I fear that worrying about Christmas would probably tip her over the edge!

Slight digression...but....

Anyone else here not give too much of a crap about Xmas? I 'celebrate' it in the usual ways, a few token gifts are exchanged and family/friends gather on a couple of occasions (...and attend the obligatory work do) but all in all it's not *that* expensive and never particularly concerned me. I can't understand why some people feel the need to go nuts and spend thousands!

Share this post


Link to post
Share on other sites
Slight digression...but....

Anyone else here not give too much of a crap about Xmas?  I 'celebrate' it in the usual ways, a few token gifts are exchanged and family/friends gather on a couple of occasions (...and attend the obligatory work do) but all in all it's not *that* expensive and never particularly concerned me.  I can't understand why some people feel the need to go nuts and spend thousands!

I don't think it will be happening this year. I reckon by November there will be a whole pile of articles in the press about reclaiming the meaning of Christmas and doing it on the cheap (to help cover up the economy's embarrassment that people will not be spend, spend, spend!)

Edited by Elizabeth

Share this post


Link to post
Share on other sites
Slight digression...but....

Anyone else here not give too much of a crap about Xmas?  I 'celebrate' it in the usual ways, a few token gifts are exchanged and family/friends gather on a couple of occasions (...and attend the obligatory work do) but all in all it's not *that* expensive and never particularly concerned me.  I can't understand why some people feel the need to go nuts and spend thousands!

I don't either anymore. I find it hard to keep up a front for the sprog. I work in retail and get fed up with being spat at, sworn at and having things thrown at me just because they all decided to come shopping at the same time, despite the fact that most supermarkets are now open 24hrs.

This year, I'll not have quite the same problem as I no longer have any customer contact. HURRAH!

Share this post


Link to post
Share on other sites
I don't think it will be happening this year.  I reckon by November there will be a whole pile of articles in the press about reclaiming the meaning of Christmas and doing it on the cheap (to help cover up the economy's embarrassment that people will not be spend, spend, spend!)

That's OK because if the customers wait long enough, the retailers will crack first and start their sales before Xmas again :D

Share this post


Link to post
Share on other sites
Well, I remember someone said on here that the crash would start picking up speed in September, and how right they were.

A friend rang me just now to tell me that the property she owns that was valued at £195,000 last Autumn has received it's new valuation today - £150,000!

£150,000 valuation! To say she is shocked is an understatement. To say I am shocked is an even bigger understatment. 25% fall in value in less than 1 year?

Funny thing is, apparently the estate agent STILL denied that we are beginning or already in a property crash when she asked him, just like last year!

I'm in South Liverpool by the way!

Come on lead us to it on right move ! There are so many posters that post the old "My friend was told to reduce her property by 50k" rountine ! so where is the proof - Postcode please!!we are waiting................................

Edited by kissmyb

Share this post


Link to post
Share on other sites
hello horace you twonk.........

???

Where is the evidence ? I could quite easily post "My mate has just had her house valued again and its dropped by £99999999999999999 since last week".

There has been post similar postings to this on other forums alas moderators branded them UTTER TRIPE and deleted them ! so all i am asking for is proof! A 45k drop- wishful thinking me thinks :lol:

Edited by kissmyb

Share this post


Link to post
Share on other sites
???

Where is the evidence ? I could quite easily post "My mate has just had her house valued again and its dropped by £99999999999999999 since last week".

There has been post similar postings  to this on other forums alas moderators  branded  them UTTER TRIPE and deleted  them ! so all i am asking for is proof! A 45k drop- wishful thinking me thinks :lol:

These sort of drops are far from unusual in Australia, in fact they are almost becoming the norm :)

I keep the property supplement from the local paper, and compare the current asking price of properties for sale, against what was being asked two months ago.

Here's a selection of houses in different suburbs from this weeks supplement.

Wangi Originally $669 K Now $499 K

Fennell Bay Originally $1.1M Now $875 K

Coal Point Originally $649 K Now $575 K

Nothing is selling in these parts, local EA's are laying off staff and cutting down on advertising and the situation is so bad that most of them have stopped doing "Auction on Site", because nobody was even turning-up for the auction, much less bidding.

They now only hold auctions in hired rooms, and auction several properties at the same time. This tactic is almost guaranteed to draw a crowd to comfort the vendors, but the truth of the matter is that almost all the 'crowd' will either be other vendors or the EA's hired 'rent a mob'.

"Wishful thinking"....... ??? Better buy now mate, before the prices shoot back up again :):):)

Share this post


Link to post
Share on other sites
???

Where is the evidence ? I could quite easily post "My mate has just had her house valued again and its dropped by £99999999999999999 since last week".

There has been post similar postings  to this on other forums alas moderators  branded  them UTTER TRIPE and deleted  them ! so all i am asking for is proof! A 45k drop- wishful thinking me thinks :lol:

Well, I don't have evidence for the house in Liverpool at the start of this thread, but here's an example from my own area:

http://cslinter.net/ibbett/customer/proper....php?id=6000912

as you can see if you scroll down, the original price of these new-builds was £250K. Now they're asking for £190K...

It is certainly happening, I'm afraid.

Share this post


Link to post
Share on other sites
???

Where is the evidence ? I could quite easily post "My mate has just had her house valued again and its dropped by £99999999999999999 since last week".

There has been post similar postings  to this on other forums alas moderators  branded  them UTTER TRIPE and deleted  them ! so all i am asking for is proof! A 45k drop- wishful thinking me thinks :lol:

Then there is this one from the good 'ole expats site - originally 329K now 300K plus "incentives" worth 11K so all in all 40K reduction. Of course, checking nethouseprices and seeing that next door sold for just 195K in March 2004 might be a reason why it's been around awhile.

House

nethouseprices

edit: typo

Edited by leftysmate

Share this post


Link to post
Share on other sites
Wangi  Originally $669 K Now $499 K

Wangi? Frig!! Since when did Wangi become a property hotspot? I grew up with relatives around that area and it was a sh*thole!!!

Hows Maitland doing. My Grandma owned a sh*tload of land in Largs, but she kept selling it to Catholics to prove how evil they were for taking advantage of an old lady by buying cheap and developing it (the phraze "faux orange" is the only hint I feel driven to provide...) explaining also why I am bitter and twisted!!!

Share this post


Link to post
Share on other sites
???

Where is the evidence ? I could quite easily post "My mate has just had her house valued again and its dropped by £99999999999999999 since last week".

There has been post similar postings  to this on other forums alas moderators  branded  them UTTER TRIPE and deleted  them ! so all i am asking for is proof! A 45k drop- wishful thinking me thinks :lol:

Not quite sure why you have to keep banging away every five minutes at the same thread? Spoiling for a fight, it would seem. You want 45k plus drops? OK:

Came on at 750k:

http://www.rightmove.co.uk/viewdetails-434...pa_n=1&tr_t=buy

Came on at 595k (in fact, still under another listing on there at that old price):

http://www.rightmove.co.uk/viewdetails-469...pa_n=4&tr_t=buy

Came on at 595K

http://www.rightmove.co.uk/viewdetails-351...pa_n=3&tr_t=buy

Came on at 599k:

http://www.rightmove.co.uk/viewdetails-865...pa_n=4&tr_t=buy

And so on, and so on, and so on...

If you want loads more, including some that have dropped 100-200k plus, please let me know. London N14 and Hadley Wood. Been tracking the property slide there since last Sept. And it's going to get a lot worse over the next 2 years. Can't understand why you are shocked at a mere 50k fall...

Nomadd

Share this post


Link to post
Share on other sites
Come on lead us to it on right move ! There are so many posters that post the old "My friend was told to reduce her property by 50k" rountine ! so where is the proof - Postcode please!!we are waiting................................

I've read your comments on this thread, and so here is your answer seeing as you think I'm a liar!

The postcode is L15 9HJ. Look it up here http://www.houseprices.co.uk/e.php?q=l15+9hj&n=10

How strange eh? A street of terraces in South Liverpool achieving sale prices of £184,300 in September last year! Kind of rings true that the property would be valued at £195K then?

Oh look, here on Rightmove is a residential property in that street VALUED at £179,950. http://www.rightmove.co.uk/property/9054293 (her property isn't listed yet as she just received her valuation).

How much do you think a fine property at that value will SELL for? The asking price? In todays market? If so, justify why! The agents are the same agents who have just valued my friend's property at £150K! Do they know something the vendor doesn't?

You know, even if it did sell for the asking price, that's a drop of over £15,000 in one year! That's the best today's sellers can hope for in a "period of stagnation".

Whether anyone on the internet makes gains or losses on their property, assets or even ***** length doesn't benefit or detriment me as a person so why would I have come on here and lied about my mate?

I see your avatar is Sponge Bob, perhaps you could try taking a leaf out of his book and soak up more before you cast aspertions?

Have a glorious Thursday!

Share this post


Link to post
Share on other sites
I've read your comments on this thread, and so here is your answer seeing as you think I'm a liar!

Dont be so paranoid - unless you are one?

The postcode is L15 9HJ. Look it up here http://www.houseprices.co.uk/e.php?q=l15+9hj&n=10

How strange eh? A street of terraces in South Liverpool achieving sale prices of £184,300 in September last year! Kind of rings true that the property would be valued at £195K then?

mmmmh[ maybe a little high valuation ??, most vendor wont drop 8k  on a lower priced house!/COLOR]

Oh look, here on Rightmove is a residential property in that street VALUED at £179,950. http://www.rightmove.co.uk/property/9054293 (her property isn't listed yet as she just received her valuation).

Well then if the EA said £150k and others are on at £179k there must be a  valid reason for this.Is it a wreck or not up to standard hence why it has not sold?

How much do you think a fine property at that value will SELL for? The asking price? In todays market? If so, justify why! The agents are the same agents who have just valued my friend's property at £150K! Do they know something the vendor doesn't?

You know, even if it did sell for the asking price, that's a drop of over £15,000 in one year! That's the best today's sellers can hope for in a "period of stagnation".

Whether anyone on the internet makes gains or losses on their property, assets or even ***** length doesn't benefit or detriment me as a person so why would I have come on here and lied about my mate?

I see your avatar is Sponge Bob, perhaps you could try taking a leaf out of his book and soak up more before you cast aspertions?

No need to be pedantic ! If the house was valued at 195k then valued at 150k which we dont have proof of !This is a large drop for a lower priced house ! I find this rather far fetched! Why are others valued at 179k - me thinks you are yet another Doom monger making up porkies !!! The house has been obviously over valued  in the first place , or you made it up! and as for the revaluation well if others are 179k and your friends is 150k then there will be a valid reason for this! is it smaller need modernisation or basically a wreck?? and it aint a crash situation dreamer !!Have a glorious Thursday!

Yes you too have a fantastic day walter mitty !

Share this post


Link to post
Share on other sites
Sat her down at the computer and went through some figures, after which she immediately rang the estate agents to sell her rental property

this is a good sign for the bears. one of the biggest bullish debates has been that the new BTL brigade are in it for the long term and aren't likely to sell up due to any short term price 'corrections'.

i think this proves that theory wrong. Most people don't pay attention to house prices as much as us hpc addicts. Once they start to hear the bearish message they will panic and send prices crashing!

Share this post


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...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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.