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mewParadigm

Reduced Asking Price = Probably Still Overpriced?

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Starting to see (SW London) plenty of asking prices reduced by 10%+, sometimes in several steps over a period of weeks, and still not going SSTC. In normal consumer markets (cars, designer clothes, whatever), price reduction = bargain and the sales follow. Just wondering if with what's become a speculative asset market that a price reduction somehow 'taints' a house/flat and potential buyers sit on their hands waiting for another drop, and the sellers end up getting less than if they had not been so 'greedy' in the first place.

Any thoughts/experiences?

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Any particular area of SW London? I am seeing a few reductions in Sw17, mostly Tooting, but nothing major and initial APs are still often enough to take your breath away, inc. the other day one of those minute (under 45 sq m) 2 bed 'cottages' in the Totterdown conservation area - £470k God help us - AND it needed work. I shall be watching that one because quite frankly anyone would have to be demented to offer anything like. I looked at one like that with daughter and one very quick look was enough - even with price then (maybe 3 yrs ago) at £250k.

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Any particular area of SW London? I am seeing a few reductions in Sw17, mostly Tooting, but nothing major and initial APs are still often enough to take your breath away, inc. the other day one of those minute (under 45 sq m) 2 bed 'cottages' in the Totterdown conservation area - £470k God help us - AND it needed work. I shall be watching that one because quite frankly anyone would have to be demented to offer anything like. I looked at one like that with daughter and one very quick look was enough - even with price then (maybe 3 yrs ago) at £250k.

Same borough as you and I have seen similar rates of increae over 2-3 years - it's those figures that convince me this is a bubble and a soft landing is impossible. So everything is way overpriced by historical standards and fundamentals.

But, on the reductions, in general the reduced properties that are sticking on the market are now priced in the same ballpark as similar ones which sold within days. Of course it could just be a general slowdown, but I still have a feeling that a price reduction includes a subliminal message that there is something wrong with the property and puts people off. Perhaps only in the mind of the HPCer?

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i've been seeing significant reductions in walthamstow over the last 6 weeks or so

the price of a standard 3 bedder on an average road peaked around £400k

now you can get one for £350k- bargain!

the number of houses on the market hasn't changed much in that time so i guess they're selling

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