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gruffydd

Property Downturn Biting Hard

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Just spoken to an ex-colleague who also lives in Ceredigion (Cardiganshire) - had house valued 6 months ago at £250,000 (nice, traditional, quiet, very good area, great view) by two different EAs. Found a place he wanted and then had the same EAs, from John Francis, and another EA, round to put his house on the market - they revalued it - one at 185,000 and another at 179,000.

One of the EAs (not John Francis) was rude about the windows and upset him quite a bit. He decided to stay put and forget his plans to move up the ladder. He actually told me that he still thought his house was worth 250,000 but if he couldn't get that in the future, he'd move abroad.

Edited by gruffydd

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It will be interesting to see if these kind of valuations begin to appear in their adverts??? Personally, I can't say that I have noticed any decline in their advertised prices in Swansea but I personally tend not to look at their adverts in detail. Very interesting though.

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So lets get this right. The property has, according to your yarn, dropped by 30% in 6 months. You are as mad as those who say property will increase by 30% over the next 6 months. [ Offensive text removed by moderator ]

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The property is in the Teifi Valley not far from Cardigan. Thanks for the insult - how very civilized! So I'm going to waste my time coming on here and lying to an audience that is overwhelmingly bearish on property prices????????? :blink::ph34r:

Perhaps I should now line up for one of the 'bitch slaps' you just offered on another thread?

Enough said.

Ta-ra,

Gruffydd

Edited by gruffydd

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I don't doubt the story. I am pretty sure Welsh HPs have been driven up mainly by English SE speculators hence why you now have London prices in many parts of Wales which, after all, has the lowest wages in the UK.

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So lets get this right. The property has, according to your yarn, dropped by 30% in 6 months. You are as mad as those who say property will increase by 30% over the next 6 months. [ Offensive text removed by moderator ]

Sorry DRS, we previously confused you with Property Guru.

You should team up together, since you both share the same ignorance of economic cycles and history.

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So lets get this right. The property has, according to your yarn, dropped by 30% in 6 months. You are as mad as those who say property will increase by 30% over the next 6 months. [ Offensive text removed by moderator ]

Is it not more likely that the property was never worth £250k, and the original valuation was speculative in the extreme.

On the other hand maybe you`re just accusing gruffydd of lying.

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No, not accusing him of lying. As Limpet said, it was never worth £250k in the first place so in reality it has not dropped 30%. These sorts of stories are as bad as those who say 'man down the pub told me his spanish property increased by 50% over 3 months'

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I suspect that the initial valuations were pretty reasonable for the market 6 months ago. I know the two EAs who carried out the initial valuations - and used to work with one of them - they're pretty conservative on the whole.

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So lets get this right. The property has, according to your yarn, dropped by 30% in 6 months. You are as mad as those who say property will increase by 30% over the next 6 months. [ Offensive text removed by moderator ]

I think this is a supply and demand issue pure and simple ... I am not an economist nor a housing expert such as the property guru or kirsty allsop (lol) but have had my own business in the past. Without going into needless details we had times when we could not get enough stock for certain items and sold them at a stupid mark up - yet months later when you could get the stock everywhere and people had lost interest you couldn't give it away.

IMHO the public are just coming to their senses and at a time when housing stock is in oversupply compared to buyers - we will wait and see ....

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I suspect that the initial valuations were pretty reasonable for the market 6 months ago. I know the two EAs who carried out the initial valuations - and used to work with one of them - they're pretty conservative on the whole.

I don't think EA in wales have any idea what value a property will sell at anymore.

Look at these numbers below

Wales asking prices fell by 5.7% in Feb

http://www.rightmove.co.uk/pdf/p/hpi/House...ebruary2005.pdf

March increase 2.2

http://www.rightmove.co.uk/pdf/p/hpi/House...21March2005.pdf

April increase 3.3

http://www.rightmove.co.uk/pdf/p/hpi/House...18April2005.pdf

May increase 1.1

http://www.rightmove.co.uk/pdf/p/hpi/House...ex16May2005.pdf

June increase 1.6

http://www.rightmove.co.uk/pdf/p/hpi/House...x20June2005.pdf

July fell by 6.2%

http://www.rightmove.co.uk/pdf/p/hpi/House...x18July2005.pdf

August increase 7.2%

http://www.rightmove.co.uk/pdf/p/hpi/House...5August2005.pdf

Sep fell by 2.9%

http://www.rightmove.co.uk/pdf/p/hpi/House...ptember2005.pdf

Oct fell by 3.3%

http://www.rightmove.co.uk/pdf/p/hpi/House...October2005.pdf

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No, not accusing him of lying. As Limpet said, it was never worth £250k in the first place so in reality it has not dropped 30%. These sorts of stories are as bad as those who say 'man down the pub told me his spanish property increased by 50% over 3 months'

Prices are irrelevant. It's the change in SENTIMENT that's important and I presume that's what Gruffydd intended to portray.

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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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