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Realistbear

40% Of Sellers Are Dropping Their Prices As H P C Looms

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http://uk.finance.yahoo.com/news/40pc-property-sellers-cut-tele-3368912982.html?x=0

40pc of property sellers cut their asking prices
11:49, Wednesday 9 February 2011
Almost four in 10 people selling their home have cut the price at least once since putting it on the market, according to a property website.
Zoopla.co.uk said 37pc of properties listed for sale on its site had seen at least one price reduction since coming to the market, compared with 36pc in November (Berlin: NBXB.BE - news) .

Nothing like a good old house price cutting frenzy! The race for the exits is well under way. Any would be sellers waiting for Spring will miss out.

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http://uk.finance.ya...912982.html?x=0

40pc of property sellers cut their asking prices
11:49, Wednesday 9 February 2011
Almost four in 10 people selling their home have cut the price at least once since putting it on the market, according to a property website.
Zoopla.co.uk said 37pc of properties listed for sale on its site had seen at least one price reduction since coming to the market, compared with 36pc in November (Berlin: NBXB.BE - news) .

Nothing like a good old house price cutting frenzy! The race for the exits is well under way. Any would be sellers waiting for Spring will miss out.

Yes, penny dropping for many that they will never get back what they borrowed. Panic starting to creep into the decisions of some sheeple now? Smug dinner party chat about property a distant wistful memory :lol::lol::lol:

Edited by dances with sheeple

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Yes, penny dropping for many that they will never get back what they borrowed. Panic starting to creep into the decisions of many sheeple now?

It is the endgame, the public are trapped in job losses/wage stagnation, high inflation and record levels of personal debt in the developed world.

2008 was merely the warm up, put on hold by QE and pre-election pandering. 2011 onwards is when the real recession starts.

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It is the endgame, the public are trapped in job losses/wage stagnation, high inflation and record levels of personal debt in the developed world.

2008 was merely the warm up, put on hold by QE and pre-election pandering. 2011 onwards is when the real recession starts.

I agree, how will the broken society cope though?

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I agree, how will the broken society cope though?

Well that’s the interesting thing.

Are the masses dulled by TV, celebrity inspired, ‘cos i am worth it’ culture to the point where they are all too easily lied too.

Or like a spoilt child, if their ability to ‘consume’ is stopped by the recession will they react?

I certainly think that some of Labour’s multi cultural experiment areas – Bradford, Burnley etc will have civil unrest.

Or is society so fractured by self interest, ‘i’m alright Jack’ mentality that people cannot react in unison.

If the public sector is anything to go by with, for example, the local council’s willingness to cut front line services whilst retaining their own cushy pay/pensions – we are seeing just how vested people/institutions have become.

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Dropping 1% of a ludicrous to begin with asking price is pointless.

I agree.

Much better to do what sellers in my area of East Sussex are doing and drop 10-12%! :lol::lol::lol:

http://www.zoopla.co.uk/for-sale/details/12517376?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£374,950 on 10th Sep 2010

Asking price changes

£350,000 ↓6.7% Reduced on: 16th Sep 2010

£339,950 ↓2.9% Reduced on: 10th Nov 2010

£325,000 ↓4.4% Reduced on: 28th Jan 2011

Another 25% off and its "come to poppa"

http://www.zoopla.co.uk/for-sale/details/12501208?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£270,000 on 9th Sep 2010

Asking price changes

£275,000 ↑1.9% Increased on: 12th Sep 2010 :lol:

£267,500 ↓2.7% Reduced on: 27th Nov 2010

£250,000 ↓6.5% Reduced on: 10th Jan 2011

http://www.zoopla.co.uk/for-sale/details/12501250?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£279,000 on 9th Sep 2010

Asking price changes

£250,000 ↓10.4% Reduced on: 14th Jan 2011

http://www.zoopla.co.uk/for-sale/details/13508753?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£265,000 on 4th Nov 2010

Asking price changes

£245,000 ↓7.5% Reduced on: 24th Jan 2011

Its a price dropping frenzy!!

Edited by Realistbear

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I agree.

Much better to do what sellers in my area of East Sussex are doing and drop 10-12%! :lol::lol::lol:

http://www.zoopla.co.uk/for-sale/details/12517376?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£374,950 on 10th Sep 2010

Asking price changes

£350,000 ↓6.7% Reduced on: 16th Sep 2010

£339,950 ↓2.9% Reduced on: 10th Nov 2010

£325,000 ↓4.4% Reduced on: 28th Jan 2011

Another 25% off and its "come to poppa"

http://www.zoopla.co.uk/for-sale/details/12501208?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£270,000 on 9th Sep 2010

Asking price changes

£275,000 ↑1.9% Increased on: 12th Sep 2010 :lol:

£267,500 ↓2.7% Reduced on: 27th Nov 2010

£250,000 ↓6.5% Reduced on: 10th Jan 2011

http://www.zoopla.co.uk/for-sale/details/12501250?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£279,000 on 9th Sep 2010

Asking price changes

£250,000 ↓10.4% Reduced on: 14th Jan 2011

Nice find, I quite like it. Obviously a buy and do up for a (as yet unrealised) profit ( :lol::lol::lol: ) job.

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Back when the average house was £60K, a reduction of even 5% was only £3K, hardly worth waiting for.

Once the mindset takes hold in buyers that they can save tens of thousands of pounds by just waiting a few more months, we will see a complete buyers strike and sellers start to panic.

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http://uk.finance.ya...912982.html?x=0

40pc of property sellers cut their asking prices
11:49, Wednesday 9 February 2011
Almost four in 10 people selling their home have cut the price at least once since putting it on the market, according to a property website.
Zoopla.co.uk said 37pc of properties listed for sale on its site had seen at least one price reduction since coming to the market, compared with 36pc in November (Berlin: NBXB.BE - news) .

Nothing like a good old house price cutting frenzy! The race for the exits is well under way. Any would be sellers waiting for Spring will miss out.

How much of this is sellers settling on an overvalued initial figure, knowing that they will cut it soon after and thus try to present it as more of a bargain than it actually is?

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How much of this is sellers settling on an overvalued initial figure, knowing that they will cut it soon after and thus try to present it as more of a bargain than it actually is?

Most of it probably is, but that is like starting on your escape plan as the firing squad takes aim. It is far far too late for most vendors to get out now.

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I don't think this 37% figure is all that useful, as those without discounts may not have been on the market long.

More useful would be to know what percentage have sold without a discount in December or January...

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Well that's the interesting thing.

Are the masses dulled by TV, celebrity inspired, 'cos i am worth it' culture to the point where they are all too easily lied too.

Or like a spoilt child, if their ability to 'consume' is stopped by the recession will they react?

I certainly think that some of Labour's multi cultural experiment areas – Bradford, Burnley etc will have civil unrest.

Or is society so fractured by self interest, 'i'm alright Jack' mentality that people cannot react in unison.

If the public sector is anything to go by with, for example, the local council's willingness to cut front line services whilst retaining their own cushy pay/pensions – we are seeing just how vested people/institutions have become.

I think this is mainly the case. It has been Me Me Me for so long, earphones in, face in phone rather than be open to others, that many just will not know what to do. Sadly suicide and depression will rocket, and in the latter case there will not be generous payouts to help with your condition.

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I think this is mainly the case. It has been Me Me Me for so long, earphones in, face in phone rather than be open to others, that many just will not know what to do. Sadly suicide and depression will rocket, and in the latter case there will not be generous payouts to help with your condition.

We only need to look to Japan and see what happened with their suicide rates. The trend is your friend enemy.

There'll be no where to run as countries tighten their borders. Even if the sheep are transient the debt will port with them.

:ph34r:

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Ha!

"You can wake up in the morning and start the day with some fantastic views over Saltdean from this property."

They say it like that's a good thing! Things do seem to look worse and worse the further East I drive out of Brighton. Still I'm looking for 3/4 bed preferably detached with garden and Brighton is just ridiculous.

http://www.zoopla.co.uk/for-sale/details/12501208?search_identifier=11e8a7fbef6533e8806171d86d90c3db

First listed on Zoopla

£270,000 on 9th Sep 2010

Asking price changes

£275,000 ↑1.9% Increased on: 12th Sep 2010 :lol:

£267,500 ↓2.7% Reduced on: 27th Nov 2010

£250,000 ↓6.5% Reduced on: 10th Jan 2011

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How much of this is sellers settling on an overvalued initial figure, knowing that they will cut it soon after and thus try to present it as more of a bargain than it actually is?

This certainly seems the case in the area I'm looking in - Herts/South Beds/South Cambs. Ludicrous asking prices to start with, but then widespread drops of 5-10% off say £600k asking price within two months of marketing. Need to be another 10-20% lower as a starting point from which to make an offer. We're looking for a 4bed detached with a large garden and these have just sky-rocketed over the last 18months. One house which is interesting - sold Nov 08 for 578k, came on at £715k in Jan (no kidding), now at 698k, and at this level ("aspirational family home") they seem to hang around for ever - am thinking though that vendors perhaps overstretched - only been in 2 years, not enlarged/done much - so may be a bit more pain before it's over. Another came on at 599k and a month later is down to 500k - very average, very overpriced.

So, lots of 5-10% reductions and a much reduced volume going stc, and noticeably more stc'ing and coming back on market more than once (apart from "the Cambridge effect"). Have friends who like us are lucky enough to be highly solvent (due to decent jobs & lots of saving up) but refusing to buy at the ridiculous asking prices. Market in stalemate, estate agents becoming much more friendly/open ("desperate"), and hopefully more aware of the information buyers have at their fingertips now - LR data (and assistance of PB) so readily available now, which wasn't the case a year/18months ago? so with buyers doing their homework, it must be building up for a really decent "adjustment" <<excited>>

Am being helpful by looking up last sale dates & price for agents. Think the message is getting through. There really seems to be "us&them" feeling shifting to buyers and agents against the wicked greedy vendors :lol:

Apologies if I should have put this in the regional bit but I can never find the right area, and I like to share positive fodder for majority to enjoy on this gorgeous sunny afternoon.

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Most of the discounts I see around my way are small, about 5k best and sometimes only £500 ! And that is on prices of about 160k to 250k.

Would like to share some investigation I did using land reg data for sale prices in one area of my town. Chippenham, and in particular monkton park. This is an older 1950's estate with 50/50 split bungalows and houses, a lot of semi's, yes semi bungalows too. This is quite a nice part of town, but not to everyones tastes as houses often do not have downstairs toilets! But reasonable size rooms and gardens. It also has a lot of elderly too, because of bungalows, but also people who bought as a family and have never moved out. I have ignored the new part as they are about 50% more expensive while having smaller rooms and gardens!

Anyhow, the data seems to suggest that prices went up in unison throughout 2000 to 2004/5 then only slowly rose to about 2007/8. It is difficult to see a large drop followed by a rise as in the national picture. From late 2008 on a picture does seem to be emerging. It is strange. There seems to be two different markets. One where prices have not changed, if anything they have risen, and one where prices have fallen possibly as much as 20%. This is not really value or property type related, though more of the smaller places have dropped than the big ones, but both extremes seem to be in both markets. There is not really a middle ground of small drops either!

My theory. Some buyers have lots of equity and so can pay what is asked, and mortgage companies are not bothered if they pay over the odds since they are well covered. Others with small equity find valuations by banks restrict what they can buy. Some sellers will wait for the right offer as neighbour got that a few months ago. Others are more desperate to sell or are selling an inheritance so really want any money so will accept the low offers from the lower buyer. If you see what I mean.

This suggests to of that the indeces are giving an average of theses two markets. Things could well be worse.

Also look at hbos data and you will see recent positives have come entirely from new build as prices for existing properties are steadily falling!

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How much of this is sellers settling on an overvalued initial figure, knowing that they will cut it soon after and thus try to present it as more of a bargain than it actually is?

If that's the case then they're risking their property going stale. It's much better to get your property onto the market at a sellable price and to offload ASAP. Properties that hang around after a reduction or two become much harder to shift. People grow suspicious that there's a problem with it, or that the seller is being difficult.

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If that's the case then they're risking their property going stale. It's much better to get your property onto the market at a sellable price and to offload ASAP. Properties that hang around after a reduction or two become much harder to shift. People grow suspicious that there's a problem with it, or that the seller is being difficult.

Good point. Now is not the time to use the "sharp and clued up selling moves" you learned from Phil and Klueless :lol::lol::lol:

now is the time to.......PANIC! :lol:

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(...)

Zoopla.co.uk said 37pc of properties listed for sale on its site had seen at least one price reduction since coming to the market, compared with 36pc in November (Berlin: NBXB.BE - news) .[/indent]

(...).

Great news! Coz, normally, one would expect price cuts by mid-late spring, if the property is not selling. But in JANUARY?! That is GREAT ! :)

Pence have dropped, thousands of 'em. :D

Yes, penny dropping for many that they will never get back what they borrowed. Panic starting to creep into the decisions of some sheeple now?

+ 1 !

Smug dinner party chat about property a distant wistful memory :lol::lol::lol:

True!

Also disappeared: Bulls in this forum! Remember how cocky some were?? No longer!! :D

It is the endgame, the public are trapped in job losses/wage stagnation, high inflation and record levels of personal debt in the developed world.

2008 was merely the warm up, put on hold by QE and pre-election pandering. 2011 onwards is when the real recession starts.

I hope so. And I think so.

.

Edited by Tired of Waiting

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Property Bee shows me a lot of price asking price reductions where I am looking. As usual it is the overpriced sh1tholes that are taking a hammering. No one wants to live in a dump if they are not going to be making money on it. Good places however are at a premium and are still fetching decent prices and often going fast.

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....

Also look at hbos data and you will see recent positives have come entirely from new build as prices for existing properties are steadily falling!

The house builders have shifted away from flats which proved difficult to sell and get mortgages for, towards a greater proportion of houses, this can be seen in all the big house builders quarterly/annual reports to the stockmarket, greater % houses and greater average selling price.

As for the rest, good observations, I have seen similar split market behaviour near me in an area of uniform 1960s all private housing (houses and purpose built high spec flats) in south london and posted on it before, there can almost be a 30% difference in price on near identical properties (no extensions possible (effectively conservation area!) and there is a limit to what new kitchen and bathrooms can do, there are always some for sale, which is what makes the small area so interesting to monitor), the price differences do not correspond with the (small) differences in spec, i.e. those needing slight updating (but very habitable) have gone for more than those that have been updated recently, a lot seems to revolve around the individual circumstances of buyers and sellers.

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Property Bee shows me a lot of price asking price reductions where I am looking. As usual it is the overpriced sh1tholes that are taking a hammering. No one wants to live in a dump if they are not going to be making money on it. Good places however are at a premium and are still fetching decent prices and often going fast.

Are you an Estate Agent?

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There are very few properties on Zoopla in my target postcodes of SA2 and SA3. I wonder if EAs don't like posting there due to all the price reduction info.

Have to say that I am noticing less being posted on RM aslo. Globrix appears to be the house posting site of choice in my part of the UK now. House appear on Globrix that do not on RM.

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  • 284 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% +
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      • Even
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      • up 5%



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