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schadenfreude

Someone Broke First 20k Off

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I've been watching Brixworth, northants via rightmove.

Until this week, there were two identical houses (in a development of 3) in Andrews Court on at £299k each with different agents. This week one of the vendors has obviously seen the writing on the wall and lopped 20k of the price. I bet the neighbour is chuffed.

Although only a tiny snapshot. I think this is a prime example of how desperate (or perhaps realistic) sellers will set prices lower as the market slides.

(I only seem to get the general search URL, so no point in pasting it here - but search for Brixworth on Rightmove and they are on the first page that comes up)

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i totally agree. and ive seen evidence.

house april 05 was £140k

sold in november for £110.

thats a reality. drop the price and the fish bite.

despite anything the VIs spin out on the news, only heavy reductions are selling.

everybody else is dreaming. wages will take a long time to catch up.

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i totally agree. and ive seen evidence.

house april 05 was £140k

sold in november for £110.

thats a reality. drop the price and the fish bite.

despite anything the VIs spin out on the news, only heavy reductions are selling.

everybody else is dreaming. wages will take a long time to catch up.

I'm quite enjoying watching the price drops in my area :)

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Wow , how did you manage to suck that data from Rightmove ?

Assuming it wasn't collated through hard graft .

No, I'm far too lazy to do it manually, so I knocked up some software to do it for me. Its quite interesting what stats you can generate from the data :)

Edit : attached is a graph indicating slow rise in asking prices in my area (from 1st Sept to now, sample 2,400 properties or so), but a decline in asking prices for those properties marked under offer or SSTC. What does this mean - that vendors still need that reality check ?

Jon

graph4.JPG

post-2920-1131642705_thumb.jpg

Edited by jon

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Jon,

Excellent stuff.

At risk of giving away your intellectual property - if your tool/model can be used or adapted to the same for any area on rightmove I think this would be an awesome way to counter the VI spin.

At a minimum examples could be sent to the various press, websites etc particulalry the ones disposed to HPC bubble/arguments but also to others. If one picks it up it could be helpful.

At a maximum, you could provide the application to the same people (and HPCer's?!) so they could do it themselves.

I am impressed. You could sell something like that - but you could always give a few copiues away to a few HPCers...

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I am impressed. You could sell something like that - but you could always give a few copiues away to a few HPCers...

Probably not as it breaks their terms of use http://www.rightmove.co.uk/terms.rsp Mind you we all break this one, can this be legally enforceable?

2.5 You must not include links to this Site in any other website without our written consent.

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Probably not as it breaks their terms of use http://www.rightmove.co.uk/terms.rsp Mind you we all break this one, can this be legally enforceable?

I have had their permission to store and re-publish the data from their site, as long as I quote RightMove as the source. I would suggest anyone wishing to do a similar thing should also seek their consent. I co ntacted the person named one their most recent house price survey.

Jon

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Until this week, there were two identical houses (in a development of 3) in Andrews Court on at £299k each with different agents. This week one of the vendors has obviously seen the writing on the wall and lopped 20k of the price. I bet the neighbour is chuffed.

Ah, duelling vendors - I absolutely love them! I've noticed a similar thing happen around the corner from me. I noticed the For Sale board go up for this one a few weeks ago: 13 Anchor Quay, Norwich - £240K

Last week I see another For Sale sign go up for the house two doors along: 11 Anchor Quay, Norwich - £200K

Ouch! Lopping £40K off the neighbour's price - can anyone beat that?

Cheston

P.S. A quick look on nethouseprices shows the current market value of these properties to be around £175K so there could still be some fight left in this yet.

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Ah, duelling vendors - I absolutely love them! I've noticed a similar thing happen around the corner from me. I noticed the For Sale board go up for this one a few weeks ago: 13 Anchor Quay, Norwich - £240K

Last week I see another For Sale sign go up for the house two doors along: 11 Anchor Quay, Norwich - £200K

Number 11 sold for £140k on 30 August 2000. Number 15 sold for £190k almost exactly a year ago.

36% inflation in 5 years, wtf is wrong with that area?

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Hi BuyingBear.

I too thought that was a tad strange when I looked on nethouseprices. There used to be a crack house a brisk two minutes walk away but I can't see that being the sole reason for keeping prices - ahem - anchored all that time. Knowledgable estate agents can lie past such things very easily.

It could be because Anchor Quay is a converted brewery. The water might taste a little hoppy and the garden probably smells worse than 8 Ace's vest. :D

Seriously, the only other possibility that comes to mind is that Anchor Quay and a few other surrounding developments (all new-ish build) all border a less than desirable set of council flats (home of said crack house and a few stabbings each year). I'll have a look to see if surrounding developments have suffered similarly. It could turn up some surprises!

Cheston

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Hi BuyingBear.

I too thought that was a tad strange when I looked on nethouseprices. There used to be a crack house a brisk two minutes walk away but I can't see that being the sole reason for keeping prices - ahem - anchored all that time. Knowledgable estate agents can lie past such things very easily.

Hrm, reputations dear boy, sounds exactly like the sort of new estate that has been discussed on here many times before, dropped in less salubrious areas where land is cheap and with a local council keen to approve any plans, the marketing literature is then packed with pictures of euphoric "young professionals" but after a few months dim reality sets in after the odd BTL'er desperate to make ends meet lets a neighbouring flat to more joyful residents with interesting pursuits, and the existing 'legacy residents' decide to greet their new neighbours at 3am <_<

This one would make an interesting case study, we could maybe factor in the 2000 prices as being bought off-plan in 1999 but even that would only underline the lack of uplift over a greater timespan, other areas have registered greater HPI in a single year than this year has over 5.

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Hi Buying Bear,

Having a look at a few streets around me it looks like you're right. Hopefully if I've got the attachment right you should be able to see a breakdown of the immediate area surrounding Anchor Quay.

AnchorQuayAreaMap.JPG

The dark blue area is Anchor Quay, which we have ascertained has done very little price-wise in the last five years when compared to the gains made elsewhere. The areas shaded lighter blue are all new-ish developments thrown up over the last five to seven years (certainly those north of the river). The area was previously wasteland, I believe. The area shaded red is the block of flats that used to contain our charming local crack house, and where there is usually a stabbing going on. The area shaded brown is a mixture of council and ex-LA houses.

Looking at a few of the surrounding streets I can see a similar pattern to Anchor Quay on nethousesprices:

19, Indigo Yard: Sold for £240K July 2000 and again for £269K in September 2003 - 12% gain before inflation

4, Dyers Yard: Sold for £275K July 2000 and again for £310K in January 2004 - 12.7% gain before inflation

Coslany Street bucks the trend slightly at around 40% gains over five years or so, but this is still pretty unimpressive over the course of a house price boom seeing annual rises of 20% or more.

Hmm... interesting stuff!

Kind regards,

Cheston

post-2323-1131674238_thumb.jpg

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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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