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This Fall In Million Pound House Sales

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I`m vearing on the very, it looks as though the hot potatoes are falling to the ground with a splatter. Or are these very expensive properties too far from the median of house prices to have any significance? Also no mention of the actual prices just the volumes sold...can someone help me get my head around this? Thanks in advance

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Interesting. To my mind this could be caused by either/both a simple fall in sales and also a dip in prices that has led to lots of previously higher-valued houses falling back below the £1m mark. Either way :)

Edited by Starcrossed

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Guest muttley

The drop off in million pound house sales shows the market has turned and is on the way down.It doesn't indicate by how much or how quickly for the market in general.

When asked to value a house in the mid/lower range an EA has other houses to compare with.Before arriving at the house he can look at the local rag and see how much similar properties are being offered at.He then has a benchmark for valuing the vendor's property.

I know this to be true because a friend of mine briefly worked for an EA during the 80's.He had to give his first valuation within a week of starting,and never having been out on a valuation before!! :o Hands up those of you who thought Eas were highly trained property experts.

Houses in the million plus range tend to be more individual,and the EA has to gauge the market.All to often he will simply pluck a figure from the air.In a bull market this will tend to be a gross over exaggeration.As an example,a house near us has been reduced from 1.4 million to 1 million.(It still isn't worth it) This doesn't mean the market is crashing,as more modest properties are holding their asking prices and even selling,occasionally (Presumably with some discount)

The drop off in sales of million pound houses does not indicate very much,except an end to the practice of "flying a kite"

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The housing market collapses from the top down.

Consider the Blair's place in Belgravia.

Once again we are seing the gap between north and south close, prices in London are falling, while prices up north are still rising (just).

The trouble is that the price falls get amplified as the ripples move out, so you can expect house prices up North to get thoroughly caned in the next couple of years.

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The housing market collapses from the top down.

Consider the Blair's place in Belgravia.

Maybe I should care... but I don't. It doesn't actually make an awful lot of difference to me... When I can afford a million dollar house I will get back to you ...

except the PR value is "Rich People Loose Money" rather than "Rich People Cane it Again". :D

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This Story is being reported on five live news(saturday morning) ...... ends with the slow down in the property market is being blamed :D

Nothing like informing the sheeple that property is defunct ;)

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Guest muttley

On Radio 2 news as well.

They also mentioned that the fall wasn't as big as the market in general,where sales were down 35% on last year.

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Ok people.Listen up. Now has everyone sold their last BTL investment?

You have, completed, ok excellent.

Alright, we have the go ahead, we can run the news about how the housing market is collapsing.

The BBC news just seems so contrived.

Edited by BandWagon

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Aren't property sales transactions lower across the board? That would make this piece of news not very significant at all.

The real story is that transactions are down, and this is a symptom. It's magical allure of  zeroes that makes it news.

Yeah I thought transaction levels were down 40% so a 20% fall in Million pound houses actually that higher price properties are perforimg better than the rest of the market.

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The drop off in million pound house sales shows the market has turned and is on the way down.It doesn't indicate by how much or how quickly for the market in general.

When asked to value a house in the mid/lower range an EA has other houses to compare with.Before arriving at the house he can look at the local rag and see how much similar properties are being offered at.He then has a benchmark for valuing the vendor's property.

I know this to be true because a friend of mine briefly worked for an EA during the 80's.He had to give his first valuation within a week of starting,and never having been out on a valuation before!!  :o Hands up those of you who thought Eas were highly trained property experts.

Houses in the million plus range tend to be more individual,and the EA has to gauge the market.All to often he will simply pluck a figure from the air.In a bull market this will tend to be a gross over exaggeration.As an example,a house near us has been reduced from 1.4 million to 1 million.(It still isn't worth it) This doesn't mean the market is crashing,as more modest properties are holding their asking prices and even selling,occasionally (Presumably with some discount)

The drop off in sales of million pound houses does not indicate very much,except an end to the practice of "flying a kite"

I'm inclined to agree with that totally, except they will still be kite flying to some extent. Like you've said the Million Pound House is different than any other in its range. Its hard to set a market price because as we all know the value of the property is what someone is willing to pay for it.

Million pound properties are generally bought by super rich people and they can be abit silly after a line of coke (to cynical? :lol:).

I don't believe it's significant in itself, general market decline has a bit more bite to it though.

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Just 12 days before this report was released our friend Phil had this to say...

The £1 Million+ price bracket in both London and the Country has been the most robust this year. Supply is tighter in this sector and the market supported by a larger proportion of cash buyers and foreign purchasers – neither of whom are particularly susceptible to levels of interest rates. So if demand at the very top is least constrained by affordability and supply most limited then that’s where I anticipate seeing the strongest growth. Rather like antiques – it’ll be the expensive, but rare commodity of large family houses that is likely to be the property type, which offers the best long-term growth prospects. It’s not going to be exciting growth by any means but I do believe it will be reliable.

Phil Spencer.

:lol::lol::lol::lol::lol:

http://www.garrington.co.uk/news.php?page=4_1

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  • 302 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%



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