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OLDFTB

Interesting Anecdote

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Here goes:

I know many don't rate anecdotals, but I find them quite useful. The most recent one I encountered was just yesterday. A friend of mine was telling me that they had thought of putting up their house for sale last year and had it valued, but never put it up for sale. He said he had just had it valued again (his son is off to University, so I guess they really do intend trading down now)and was a bit surpised to find the valuation was 15% down on last year's valuation. 'I know the market is not what it was, but I did not realise prices were falling to anything like that extent' he said. Maybe one of the most telling things is the 'lost 15%' meant nothing to him, he realises his purchase will be cheaper. However, the identical bungalow next door has been up for sale at the higher price for 18 months now. I wonder which one people will buy? I find this a good illustration why the market might fall faster than some imagine - my friend does not care what prices were last year!

The bungalow is a very nice one (desirable) in rural Isle Of Man. The estate agents here are still pouring forth the 'never been so busy', 'no crash' crap. Well, a 15% adjustment is quite severe - nominal price falls are really something over here. I even work with someone who STILL think such falls never happen (of course they have a BTL and a 'flipped' flat they ended up having to purchase!).

That's it. I just think it illustrates prices can fall very quickly - it is NEW players, serious sellers that will set the market level.

OldLAd

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nice avatar :lol:

thanks for that one ....i personally prefer anecdotes to all the other stuff. Its a long tiresome wait , they're normally much more entertaining to me than the debunking of spin stuff we see so often.

each to tgheir own eh

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The has-no-facts stopped lending on the IOM ages ago !

all them banks but few will lend for local property on the island.

What happens when the EU forces the UK to plug the tax breaks ?

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nice avatar  :lol:

thanks for that one ....i personally prefer anecdotes to all the other stuff.  Its a long tiresome wait , they're normally much more entertaining to me than the debunking of spin stuff we see so often.

each to tgheir own eh

I agree.They are straight off the "Battleground",so to speak, giving us an idea of whats really happening at ground zero.

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Yep, I laugh at the argument that "Oh well, if they can't get their price, they won't sell"

I can undertsand that if someone bought a house last year for 300k, they're not going to drop to 230k if they want to move.

Fair enough.

But that won't stop the little old lady who bought 20 years ago for £30k selling the place for £230k when she downsizes or kicks the bucket.

And as we all know all too well on HPC, it's the houses that sell that set the prices, not the houses that don't.

Edited by BandWagon

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  • 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%



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