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Triumvirate1

Flat Sold At Auction For 30% Less

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At Allsop's auction on 19/09/05, lot 247 had a guide price of £115,000 but sold for £85,000.

.Flat 4, 19 Whitworth Road, South Norwood, London SE25

The same flat sold in March 2003 for £120,000 according to the Land Registry.

That's a drop of £35,000 or 30%

So even their original auction estimate was £5000 lower than the price it sold for 2 1/2 years ago....!

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At Allsop's auction on 19/09/05, lot 247 had a guide price of £115,000 but sold for £85,000.

.Flat 4, 19 Whitworth Road, South Norwood, London SE25

The same flat sold in March 2003 for £120,000 according to the Land Registry.

That's a drop of £35,000 or 30%

This is sad, but necessary. estate agents need hard evidence to prove to vendors that house prices have dropped.

mortgage valuers need hard evidence to prove that house values have dropped.

it will be devastating for those who have bought recently and need to sell but reality is easier to deal with mere speculative dreams

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This is sad, but necessary. estate agents need hard evidence to prove to vendors that house prices have dropped.

mortgage valuers need hard evidence to prove that house values have dropped.

it will be devastating for those who have bought recently and need to sell but reality is easier to deal with mere speculative dreams

I did a quick post today about a house that took a 10% cut on the asking prices. Does make me realise that buying at the top can be a very bad thing to do.

It's so easy to have your hard saved deposit totally wiped out by a small movement in prices and you can get stuck there also by redemption fees for the mortgage.

Just realised a few minutes ago that the Barratts house I mentioned earlier is now for sale at about £130k. I know Barratts are selling new houses in the area for about £195k :blink: you would have to be off your trolley to want to buy one. Even with their incentives!

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This is a better loss, taken from the Southampton thread.

QUOTE(deano @ Aug 20 2005, 01:26 AM)

20th August 2005

Of course we don't know what this flat will be sold for at auction on September 8th but just look at this. Look at 51 Charter House, Canute Road at the top of list.

http://www.propwld.co.uk/auction/foxssouth.htm

To be auctioned by Fox and Sons with a guide price of £140-£145,000

Same flat from nethouseprices.

51 Flat, 85 Charter House, Canute Road

Southampton

Southampton

SO14 3FZ

£249,950

Flat

Leasehold

Newbuild property

18 Sep 2003

Map(SO14 3FZ

We need the result to work out the loss but its going to hurt this person thats for sure!

8th September 2005

Replying to my own post.

Have done the auction and it sold for £153,500 a loss of only 39%.

A loss of 39%

Edited by deano

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Some asking prices around here (North Somerset) are down significantly from last year.

For example a little 3bed bungalow near here was on at 275k last year, but has since fallen constantly, last week dropping to 220k. Theres plenty of others in a similar situation.

Im surprised to hear a price guide of 140-145k on a property listed elsewhere at 250k however, thats significant!

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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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