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Reck B

This Is How To Find Current Market Value

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There are too many sellers out there who think knocking £5k off say, a £300k house will bag them a buyer. They need to get real and be bold, with monthly £25k and £75k reductions like this example;

http://www.rightmove.co.uk/property-for-sale/property-30548486.html

09 February 2011

* Price changed: Guide Price £575,000 £550,000

05 October 2010

* Price changed: Guide Price £600,000 £575,000 [Found by n/a]

22 September 2010

* Price changed: Guide Price £675,000 £600,000 [Found by n/a]

09 August 2010

* Price changed: Guide Price £700,000 £675,000 [Found by n/a]

21 July 2010

* Brief Description changed: A wonderful Grade II Listed historic farmhouse on the Killerton Estate (NT) with good outbuildings and gardens plus adjoining land, totalling 4.25 4.5 acres. 5 bedrooms, 2 bathrooms (1 ensuite), 4 reception rooms, garden room, farmhouse kitchen, office, utility room. Paddock.... [Found by n/a]

17 July 2010

* Initial entry found. [Found by n/a]

I might view it if they knock another £150k off....

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There are too many sellers out there who think knocking £5k off say, a £300k house will bag them a buyer. They need to get real and be bold, with monthly £25k and £75k reductions like this example;

I might view it if they knock another £150k off....

I think you forgot to mention Property Bee that is actually allowing you to see the property history.

Here's mine...

ScreenHunter_04 Feb. 09 09.29.gif

post-31-0-49753800-1297243763_thumb.gif

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There's no doubt a lot of 5K being knocked off vastly overpriced stuff to get it higher up the listings again.

As you (kind of) say, it's the % that is being reduced, not the nominal amount, which is the real indicator.

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I've followed a number of properties at auctions.

One example would be, A converted Barn, in a nice area, in Lincolnshire, valued at £350k at peak 2007 price.

I discovered it was a repossession, owned by a State Owned Bank, and followed its progress as it went to auction on 4 seperate occasions over the course of a year.

Each time it received over ten bids. But never Attracted a higher bid than £110k.

At each of the 4 auctions, it did not meet the undisclosed reserve. So was withdrawn.

I found the last Estate Agent to represent the property. And called him.

The Estate Agent told me that the bank did not have to lower the reserve, as the taxpayer is bailing out the bank, therefore the reserve will be kept at stupidly high levels, until it is sold.

This occured over a year ago. And as far as I am aware the property is still sitting on the banks books.

[How come you never see a property programme on the VI BBC exploring this side of the housing Industry?]

Its not a 'free market' and as such, as a FTB I would only offer a maximum on such a property of 60% below peak prices. [Which would in fact merely be a return to its long term historic average affordability. Pre Bubble, prices. The mid 1990's was the last time house prices followed their long term, historic inflationary affordability as a proportion of median UK household income]

Anything more is theft. Plain and simple. As is stealing my money to keep these assets overinflated. [Then hoping to pass that debt along to me at some point in the future, via such ridiculous schemes as shared ownership]

prices1.png

A progressive society [and Government] would care about what drives rising prices.

Not just that prices are rising.

Edited by Dan1

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There are too many sellers out there who think knocking £5k off say, a £300k house will bag them a buyer. They need to get real and be bold, with monthly £25k and £75k reductions like this example;

There are too many pundits on here who think sellers should drop their pants asap to get best value. It's incredibly naive and wrong in many cases.

Houses are over priced, vendors would sell faster if they started with lower asking prices and/or made larger reductions. These things are both true. That does not mean that every single vendor should be slashing prices. For every 'informed' buyer, there are many others who aren't as financially motivated and may well pay more than 'real' value in order to get a place that suits them. Starting at an inflated price, makes this possible and gives you the ability to drop prices gradually to maintain placement prominence and build the impression of a deal.

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Its not a 'free market' and as such, as a FTB I would only offer a maximum on such a property of 60% below peak prices. [Which would in fact merely be a return to its long term historic average affordability. Pre Bubble, prices. The mid 1990's was the last time house prices followed their long term, historic inflationary affordability as a proportion of median UK household income]

Anything more is theft. Plain and simple. As is stealing my money to keep these assets overinflated. [Then hoping to pass that debt along to me at some point in the future, via such ridiculous schemes as shared ownership]

prices1.png

A progressive society [and Government] would care about what drives rising prices.

Not just that prices are rising.

I wonder what the outstanding debt on that property was? It's 2007 or it's 1998 value? The key question is whether the bank sets the reserve at a level matching the outstanding mortgage, or wether they are trying to run a profit on the property.

I think a key move to campaign for would be to make it illegal for foreclosed housing to have a reserve price. The government complains about the "lack of housing" as a cause of the problem, yet they sit back and let the banks hold large amounts of the potential housing stock (although we don't now how much because it's confidential information).

Think I might write to my MP asking for her to investigate/respond...

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I wonder what the outstanding debt on that property was? It's 2007 or it's 1998 value? The key question is whether the bank sets the reserve at a level matching the outstanding mortgage, or wether they are trying to run a profit on the property.

I think a key move to campaign for would be to make it illegal for foreclosed housing to have a reserve price. The government complains about the "lack of housing" as a cause of the problem, yet they sit back and let the banks hold large amounts of the potential housing stock (although we don't now how much because it's confidential information).

Think I might write to my MP asking for her to investigate/respond...

+1 [Of course, banks like Lloyds, have been asked to reveal the true 'Mark to Market' value of their assets, for some time. And yet, the government, does not want this to happen, and neither do the European Central Bank, or all the other Vested Interets. In the Media, and the politicians. Which is why Basel 3 was described as an utter whitewash. So to ask 'them', any politico, to reveal the true LTV. Loan To Value ratio, would be met with a barrage of bullsh1t.

As we know, through whistleblowers, from HBOS, that up to 80% of loans may well have been so called 'liar loans' self cert mortgages etc. Biggest scam/fraud/heist in this countrys history, performed by LABOUR and the banks. The stupidity is, that politicians allegiances change very quickly, with the blowing of the wind. The very profession seems to attract people who dispossess 'character'. [speaking as a Yorkshire Stoic. :)] And as has been discussed before, the bailouts will very quickly NOT be representing the majority of the UK homeowning population of this country, as they are protecting a smaller number of people, facing neg equity, than those who are priced out.]

I think that's a great idea. Let us know if he responds./

Edited by Dan1

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Using the absolute lowest paid segment of the population - the minimum wage.

In 1999 it was £3.60 an hour... today it is £5.93. Charting this against your graph at £78k suggests that average prices relative to the lowest earners should be £125,000 and this is broadly in line with my expectations. We paid £160k for our home last week and £120k seems about right. I won't be selling to the vulture HPCers at any price. It's our home not an investment.

Edited by tomposh101

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I wonder what the outstanding debt on that property was? It's 2007 or it's 1998 value? The key question is whether the bank sets the reserve at a level matching the outstanding mortgage, or wether they are trying to run a profit on the property.

I think what is happening is at the moment, the property is sitting on the bank's books as an asset.

If the bank sold the property at a price that did not cover the outstanding loan, they would have to declare the loss on their books.

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I might view it if they knock another £150k off....

Tenure

The property is leasehold. The main property is held on a 99 year lease from 28/10/77 at an annual rent of £100. The farmland is held on a short term licence at a licence fee of £1,000 p.a.

It doesn't even get you the freehold?! :o

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Using the absolute lowest paid segment of the population - the minimum wage.

1.] In 1999 it was £3.60 an hour... today it is £5.93. Charting this against your graph at £78k suggests that average prices relative to the lowest earners should be £125,000 and this is broadly in line with my expectations.

2.] We paid £160k for our home last week and £120k seems about right. I won't be selling to the vulture HPCers at any price. It's our home not an investment.

1.] Im not sure I understand how you have come to that conclusion? Please post your sums.

2.] I would never wish anything negative on any family whom have taken the plunge. [HPI was out of our hands, and should have been in the hands of a competent government. Instead of one which made huge personal profits, in a secret expenses system, by manipulating the market, and constantly lied. Gordon 'twit' Brown And Labour]

Your statement reveals that you acknowledge a big drop is due, therefore one can only jump to the conclusion that you took the plunge because you worked out that you can afford the repayments when that happens. I genuinely hope you can if they drop by 60%.........

I am not a vulture. I am just a FTB. The same as every other FTB. Forced to waste tens upon tens of thousands in rent. AS HP have risen further and further out of our reach year after years. Forcing us to work for nothing. No capital. Im 37. Even when they do drop by 50% + Ill be facing mortgage repayments until I am probably well over 70 years old, and no pension. Where as if this had not happened. I would have gotten onto the ladder ten years ago, paid off a substantial sum, and have a much better lifestyle.

[Which is why I believe anyone who supports Labour are cowardly corrupt Vested Interest Scumbag parasites.]

Edited by Dan1

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Our Quality of life will change for the worst, beyond anything recognisable, to my generation over the next 30 years.

Why?

It was Robbed from us.

The British Government, in the form of the the coalition, shoulder to shoulder with the banks, are at present, standing in my house, and, I would like to believe, are embarrassed, to be demanding my money, with menaces, [threat of imprisonment] with a gun to my head.

The Labour Party, on the other hand, are stood behind them [in opposition] sniggering quietly into their hand at the Coalition British Government, knowing that they themselves had purposefully created this situation, whereby the coalition would be forced to take this action.

Hoping that the British people would not wake up to this fact.

And if you look at websites like the Student Forum. Labour are getting away with it.

Edited by Dan1

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Our Quality of life will change for the worst, beyond anything recognisable, to my generation over the next 30 years.

Why?

It was Robbed from us.

The British Government, in the form of the the coalition, shoulder to shoulder with the banks, are at present, standing in my house, and, I would like to believe, are embarrassed, to be demanding my money, with menaces, [threat of imprisonment] with a gun to my head.

The Labour Party, on the other hand, are stood behind them [in opposition] sniggering quietly into their hand at the Coalition British Government, knowing that they themselves had purposefully created this situation, whereby the coalition would be forced to take this action.

Hoping that the British people would not wake up to this fact.

And if you look at websites like the Student Forum. Labour are getting away with it.

Ultimately though, strange at it may seem. I believe the British people to be decent and moral. And the truth will out.

My parents dont vote labour, because their house has increased massively in value.

They listen to me and my brothers who hate Labour because their house has increased massively in value.

House prices will crash by 50% plus.

IF........... FIRST TIME BUYERS........ LET THEM

Yes thats right.

If First Time buyers let them.

Not Estate Agents, Sellers, Governments, or Bankers.

Edited by Dan1

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Dan1

House prices are arbitrary, about as superficial as sticking a damp finger in the air and saying x house is worth y. No one really knows.

You are not a vulture and that was meant to be tongue in cheek! The economy needs a 50-60% HPC to get going again and then they should stay there... no more boom and bust (credit expansion) and a removal of lazy arses who speculate house prices up in leu of a job as it shafts FTBs. You will get your house for that I am sure and you won't need a 25year mortgage either (on a standard capital repayment 75% of it is interest anyway bank/LL bank/LL who do you want to pay)

If I ran the show then I'd stipulate that all mortgages be no longer than 10years and 2.5-3x income. If people want to own a million pound cliff top property that's about to crash into the sea then they'll just have to dig into their own pockets and not the banks or their savers. Our mortgage will be paid of in ten years even if it means going without.

We will all be poorer in the future just I hope a little happier.

Edited by tomposh101

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1.] Im not sure I understand how you have come to that conclusion? Please post your sums.

2.] I would never wish anything negative on any family whom have taken the plunge. [HPI was out of our hands, and should have been in the hands of a competent government. Instead of one which made huge personal profits, in a secret expenses system, by manipulating the market, and constantly lied. Gordon 'twit' Brown And Labour]

Your statement reveals that you acknowledge a big drop is due, therefore one can only jump to the conclusion that you took the plunge because you worked out that you can afford the repayments when that happens. I genuinely hope you can if they drop by 60%.........

I am not a vulture. I am just a FTB. The same as every other FTB. Forced to waste tens upon tens of thousands in rent. AS HP have risen further and further out of our reach year after years. Forcing us to work for nothing. No capital. Im 37. Even when they do drop by 50% + Ill be facing mortgage repayments until I am probably well over 70 years old, and no pension. Where as if this had not happened. I would have gotten onto the ladder ten years ago, paid off a substantial sum, and have a much better lifestyle.

[Which is why I believe anyone who supports Labour are cowardly corrupt Vested Interest Scumbag parasites.]

Labour? Tory? whats the difference? all parties support HPI, Tories would have allowed the same sh*t to happen. Look how they are siding with the banksters now. The VI's are very much Tory boyz now. (ps, this is not support for Labour)

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  • 312 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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