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jammin35

The Ripple Effect

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Well, the promised ripple effect seems to be kicking in down here in deepest Dorset.

The only thing is, it's kind of the opposite of what was promised.

76 homes added to Rightmove in the last 14 days or so.

7 sold.

That's the widest gap in the year or two i've been watching.

My little spreadsheet tells me that roughly 1/3rd of the 3 bed+ houses within 10 miles of my home have been reduced in price by 3% or more in the last month.

Some of the reductions are quite spectacular.

From £300k down to £250k, and only after 4 months:

http://www.rightmove.co.uk/property-for-sale/property-30809736.html?premiumA=true

Or how about £60k off this one - now just £259k
http://www.rightmove.co.uk/property-for-sale/property-44092672.html

From £379k down to £299k, albeit over 18 months, but with a share in a private beach (which is actually totally private now that the council has removed public access and only the owners of these houses can get there). Personally i think this is overpriced as there is only a communal garden that involves crossing a road.

http://www.rightmove.co.uk/property-for-sale/property-36513383.html

Still early days, but i think it will be interesting to see some of the recent sale prices when they come in.

Oh, and i counted 17 homes that have been on the market for more than a year - all of which said "high demand expected"!

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