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House Prices Appear To Be Dropping A Significant Amount In Hampshire

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First off, I am not much of a data monger, but I found a chrome browser extension that records house price changes on rightmove.

I installed this and then searched for 'Fleet' in Hampshire, which is a well to do area where a lot of people try to move to with families for the good schools and retirement homes (their are a lot of bungalows around)

For the search filter I used 'most recent'. Most recent picks up new property coming online, or those who have just had a price change. I was quite suprised to see a majority were an equal split between no change and price reduced. There were not many where the price was increased. One factor of course is those with the arrow denoting no change, might simply be from them being new to the market.

Anyway this is from the first two pages of results, which was an almost equal split between no price change / new property or price reduced:

NxbifTn.png

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ho ho ho, now the fun starts! How long before sellers realize there are no buyers?

And there can't be many buyers can there? That's why they introduced Help-to-buy.

“Hopefully we will get a little housing boom and everyone will be happy as property values go up,” George Osborne

Ok Georgie boy, values are up and nobody can afford to buy or move house. What next?

Many of the HPC'ers have bought in cash, people have been dumping their savings into BTL because they're not getting any interest, the underclasses and subprime have been tricked into shoddy new-builds with the help-to-buy scheme, china has cracked down on money laundering to boost domestic demand.

Who's left to buy? Unless a subprime BTL scheme with no deposit (help-to-let) is brought in, a crash is baked in and by the looks it's already started!

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What strikes me most is how quickly people are reducing prices ... most giving the high price less than a few weeks before drastically reducing. Does that mean they're desperate to sell?

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What strikes me most is how quickly people are reducing prices ... most giving the high price less than a few weeks before drastically reducing. Does that mean they're desperate to sell?

Perhaps they are getting zero viewings so realise that they have to come down to get some? Or BTLs getting out of the market?

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Not much for your money in Feet (not too far from me)!

I just went through an interesting process of contemplating relocation (wife got a job offer in NI), putting my house on the market, and the other day taking it off again before it went up on RM.

All three agents I invited in wanted to put it on at silly money (about 20% higher than we bought a year ago, got keys 1 August in fact - though admittedly we've done a lot to it).

They seemed to have some evidence of places clearly worse making these sort of prices back in the Spring, but it seemed like madness to me.

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I don't think you can read too much into an asking price, those initial asking prices could be way above the market.

However, it does look like a bit of a trend that the agents want to make it look like the house has been reduced and is thus a bargain. A little view into the market psychology!

I'm not sure if reducing the price by 5% is going to be a winning sales strategy but lets face it most estate agents haven't had any experience in scoring a difficult sale for the last 20 years.

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Very nice post, I didn't even know Chrome can do this. Great spot.

In fact, I had viewed few properties you listed. They were jokes. I can't imagine anyone would pay half million for them. The trend in fleet is almost every property come on the market is destroyed and need complete re-deco. The asking price is crazy, and you will get a nose from the agent/vendor if you offer say 2-3% lower than the asking price because of it. Are there any nice ones? Yes, but you really need to look into minimum 550 or even 600. In fact, I saw few properties on the market for 600k. But exactly the same type of houses in the same location were asking 500k four months ago. 20% increase in four months. That price beats me out of the market. Can't move. :(

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Very nice post, I didn't even know Chrome can do this. Great spot.

In fact, I had viewed few properties you listed. They were jokes. I can't imagine anyone would pay half million for them. The trend in fleet is almost every property come on the market is destroyed and need complete re-deco. The asking price is crazy, and you will get a nose from the agent/vendor if you offer say 2-3% lower than the asking price because of it. Are there any nice ones? Yes, but you really need to look into minimum 550 or even 600. In fact, I saw few properties on the market for 600k. But exactly the same type of houses in the same location were asking 500k four months ago. 20% increase in four months. That price beats me out of the market. Can't move. :(

If you don;t mind me asking, what kind of jobs in fleet can support a mortgage of £500k? It seems to far away from London to commute unless you have an extra £6k per year for the rail fayre and 600+ waking hours free a year to commute.

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If you don;t mind me asking, what kind of jobs in fleet can support a mortgage of £500k? It seems to far away from London to commute unless you have an extra £6k per year for the rail fayre and 600+ waking hours free a year to commute.

Actually there's a ton of work in the area - Farnborough, Reading, Guildford, Bracknell, Basingrad, plenty of IT jobs, corporate HQs, regional offices as well, even So'ton isn't that far away by the M3 The sort of job with a local office and expenses if you need to go into London a few days a week (like I sometimes have to do). Arguably Fleet is pretty 'central', Farnbrorough Main to Waterloo is 35 minutes.

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Actually there's a ton of work in the area - Farnborough, Reading, Guildford, Bracknell, Basingrad, plenty of IT jobs, corporate HQs, regional offices as well, even So'ton isn't that far away by the M3 The sort of job with a local office and expenses if you need to go into London a few days a week (like I sometimes have to do). Arguably Fleet is pretty 'central', Farnbrorough Main to Waterloo is 35 minutes.

Majority of wages in these areas are not high enough to get a 500K-600K mortgage..

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Majority of wages in these areas are not high enough to get a 500K-600K mortgage..

If you don;t mind me asking, what kind of jobs in fleet can support a mortgage of £500k? It seems to far away from London to commute unless you have an extra £6k per year for the rail fayre and 600+ waking hours free a year to commute.

Well, at first there are quite few big companies in the area, might not be solely in Fleet & Farnborough. Like AC44 mentioned, reading is huge. If people work for microsoft will find themselves in the same travel time from Fleet comparing some part of the reading itself. Sure the salary in the area isn't always high enough but please don't count London out. I have been in Farnborough for 9 years now and always travel into London on daily basis. The train journey is getting worse and worse now as the chance to get a seat in the pick time is lower and lower. The car park is full of cars now. In fact, I know at least 9 people in the neighbour going to london every day.

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First off, I am not much of a data monger, but I found a chrome browser extension that records house price changes on rightmove.

I installed this and then searched for 'Fleet' in Hampshire, which is a well to do area where a lot of people try to move to with families for the good schools and retirement homes (their are a lot of bungalows around)

For the search filter I used 'most recent'. Most recent picks up new property coming online, or those who have just had a price change. I was quite suprised to see a majority were an equal split between no change and price reduced. There were not many where the price was increased. One factor of course is those with the arrow denoting no change, might simply be from them being new to the market.

Anyway this is from the first two pages of results, which was an almost equal split between no price change / new property or price reduced:

NxbifTn.png

At least that chrome extension has the arrow colours right - red for up and green for down. Unlike the nationwide report which has red for down and green for up.

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Prices buoyant in Winchester. Prime locations going to sealed bids, and plenty going over asking.

When is the crash coming please? We're off the ladder at the moment having sold up and moved into rented, so anytime now would be great.

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Prices buoyant in Winchester. Prime locations going to sealed bids, and plenty going over asking.

When is the crash coming please? We're off the ladder at the moment having sold up and moved into rented, so anytime now would be great.

Surprised one of the main posters hasn't been along to call you an estate agent for saying prices are going above asking price.

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I can believe (bee-lieve?) that. Over the past few months I have seen quite a few properties sitting on the market for longer and longer. Before Christmas properties would go from appearing on the market to being 'Sale Agreed' in days or weeks - now much less seems to be moving. In the more desirable streets (such as near to the university, and down in Hyde) there are an increasing number of 'For Sale' and 'To Let' signs - maybe those voids are really starting to hurt.

I have also seen a few places moving from 'Sale Agreed' back to 'For Sale' in the past few weeks. This may be a blip, but there are increasing stocks of properties not selling in the area. And who would be surprised? Eastleigh is a very respectable area to live (it has certainly become a lot more up-market in the last few years), is a few miles down the road, and is half the price of Winchester.

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Seen quite a few drops in Basingstoke as well, not far from Winchester. Have been looking at Basingstoke for a while as my work is based there, 10% reductions are happening albeit from peak kite flying prices. It's definitely happening though. 6 Months from now Land Reg data will show the reality.

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Seeing reductions of 25k daily around Bromley, Beckenham etc, but then these places are 400k for 2 bed flat so still too high!

But I have a watchlist on rightmove using the app, and noticed things pre-april of selling immediately, now nothing is selling quickly

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Same across all the SE I reckon, my fear is a no brexit vote will kick start another rise

It's possible. It's also possible that this is the turn of the tide. I pray it's the latter. Especially since my better half stressed to me yesterday she has 12 months max of patience left in her for the downturn I keep going on about. Landlord suddenly decided to fix a load of stuff, new windows etc and spooked her that another section 24 is coming. She's probably right. I'm probably wrong, have been for the last 5 years.

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