Where Are The Property Bargains?

[rollover]

The 10 areas where asking prices are being slashed the most

Nearly a third of houses have had their asking prices reduced since being put up for sale. The average discount on the asking price of a property across Britain is now more than £25,000. An asking price is just that - and there can often be a lot of room for negotiation. In Barnet, in north London, the average amount sellers are willing to knock off the price of their homes is £120,969. However, Barnet is something of an outlier: the next highest price reduction is Coventry, with an average cut to asking prices of £27,320.

Among those properties on the sale rack worth one million pounds or more, the average discount on offer is £179,593.

You can check your postcode.

[winkie]

See Barnet is having a haircut.

[19 year mortgage 8itch]

Falling knives /= bargains

Put this in the propaganda thread.

Edited May 9, 2016 by 24 year mortgage 8itch

[canbuywontbuy]

So if someone's asking price of their property is 20% over the average land registry sales of their street for kite flying purposes, then you negotiate a 10% reduction, you've got yourself a bargain according to this article.

Edited May 9, 2016 by canbuywontbuy

[rollover]

Falling knives /= bargains

Put this in the propaganda thread.

Yes, I think you are right.

Housing bubble 'has burst' after sellers slash asking prices

The housing bubble has burst, analysts have said, after sellers started slashing money off their asking prices and accepting offers up to 10 per cent less than the property was listed.

Henry Pryor, a housing analyst, said he had worked through three property recessions and that this market has a frighteningly familiar feel to it.

“I think [the housing bubble] has popped,” he said. He noted that estate agents are making fewer sales at the top end of the market, prices in London are up to 15 per cent off their asking price and lenders are turning to riskier financial products to make sales. “These are all warning signs that we have reached the top. This is ‘peak property,’” Pryor told The Independent.

[rollover]

And express is reporting it as well:

House prices in shock FALL: But where are they falling fastest?HOUSE prices across Britain dropped last month in another sign the market could be heading towards a crash. Confidence in the property market has now plunged to its lowest level in more than a year with consumers feel increasingly worried about the UK economy, the Halifax bank found.

Edited May 9, 2016 by rollover

[Snugglybear]

Asking prices going down in areas with low-paid / no jobs.

Quelle surprise.

[spunko2010]

House prices in shock fall shock reporting by the Express.

[GreenDevil]

This is hopefully the trigger for brexit, poor performing economy in Europe reported in the media and crashing house prices, what is there to lose by voting out?

[TheCountOfNowhere]

See Barnet is having a haircut.

[TheCountOfNowhere]

House prices in shock fall negative rise shock reporting by the Express.

[Guest BillyNI]

See Barnet is having a haircut.

OMG I totally missed that joke until TheCount pointed it out!

*disappointed in myself*

[canbuywontbuy]

This is hopefully the trigger for brexit, poor performing economy in Europe reported in the media and crashing house prices, what is there to lose by voting out?

There's just too many numpties who will vote to stay in (I'm voting out for what it's worth). June 24th and we remain in the EU, celebrations all around, FTSE relief rally, pound relief rally, blah blah blah - then back to sh1tsville a month later and it's as you were.

[Saving For a Space Ship]

There's just too many numpties who will vote to stay in (I'm voting out for what it's worth). June 24th and we remain in the EU, celebrations all around, FTSE relief rally, pound relief rally, blah blah blah - then back to sh1tsville a month later and it's as you were.

Friend of mine has just been for a job interview for a home delivery driver for a large supermarket. 7 out of the 10 applicants there were East European.

I do wonder whether issues like this, and the knock effect of joblesss / part / timer kids still living at home in there 20/30 /40s , will make parents vote to exit the EU ?

[Guest]

Forgetting original asking prices (bonkers) and new asking prices (bonkers) and average sale prices (bonkers) we should celebrate the fact that people are dropping prices full stop.

Regardless of their commitment to selling,or willingness to accept a "cheap price", they have accepted that they do not set the price in isolation. It is a 2 way process with buyers and in the current market the latter have the upper hand.

It only takes one completed sale at 10% below average asking price on a given street to make the other places look 10% overpriced.

[rollover]

House-sellers are being forced to drop their prices - and the amount they're cutting is rising

People trying to sell their homes are increasingly having to mark down their original asking price - and the amount they are dropping it by is going up. Last month we heard that sellers in some London boroughs were having to drop prices by as much as 29 per cent, but new research suggests the issue is even more wide-spread - and the amounts are getting bigger.

% of Homes Reduced

1 K&Chelsea 33.26%

2 H&Fulham 31.99%

3 Kingston 29.7%

4 Merton 29.54%

5 W'minster 29.51%

6 Wandsworth 29.08%

7 Richmond 27.51%

8 Camden 27.45%

9 Lambeth 27.41%

10 Hounslow 27.24%

Edited May 10, 2016 by rollover

[interestrateripoff]

Are there any real reductions here or just the fact the asking price was inflated far above current market value allowing a big discount to actually pay the market price?

[winkie]

Are there any real reductions here or just the fact the asking price was inflated far above current market value allowing a big discount to actually pay the market price?

This^ bid up or bid down.....in a rush to sell, or no rush.....surely the greater fool will be along shortly....everybody wants one.

[fandanman]

There's just too many numpties who will vote to stay in (I'm voting out for what it's worth). June 24th and we remain in the EU, celebrations all around, FTSE relief rally, pound relief rally, blah blah blah - then back to sh1tsville a month later and it's as you were.

Thats my fear, sure I am seeing drops all over the place in my area (not enough) but if the "ins" win it then this could be temporary blip and as you say its as you were.