More Anecdotal, Large Falls! Forget About Any Recent Bounce

[bubbleturbo]

Check this out:

http://www.rightmove.co.uk/viewdetails-526...pa_n=1&tr_t=buy

Docklands apartment with river views. Stones through from the DLR.

For sale by auction after being on the market at £280,000 for months and getting no interest.

Sold in 12/2003 for £328,000 (nethouseprices) - BEFORE THE MARKET PEAKED IN LONDON IN 2004.

It's guide price at auction is around £220,000 - 240,000. It is expected to SELL for £250,000 - £260,000.

Thats at least a £60,000 LOSS and it was bought before the peak.

LOTS OF OTHER PROPERTIES LIKE THIS APPEARING NOW. I have just spoken with someone who works for Countrywide Property Auctions and they are starting to see large scale disposals of portfolios through auction.

Perhaps the semi-clever investors were holding on for SIPPS but now realise there is no reason and prices will only go one way.

I see a stampede starting!

Edited January 9, 2006 by BubbleTurbo

[Bemused]

Check this out:

http://www.rightmove.co.uk/viewdetails-526...pa_n=1&tr_t=buy

For sale by auction after being on the market at £280,000 for months and getting no interest.

Sold in 12/2003 for £328,000 (nethouseprices) - BEFORE THE MARKET PEAKED IN LONDON IN 2004.

It's guide price at auction is around £220,000 - 240,000. It is expected to SELL for £250,000 - £260,000.

Thats at least a £60,000 LOSS and it was bought before the peak.

LOTS OF OTHER PROPERTIES LIKE THIS APPEARING NOW. I have just spoken with someone who works for Countrywide Property Auctions and they are starting to see large scale disposals of portfolios through auction.

Perhaps the semi-clever investors were holding on for SIPPS but now realise there is no reason and prices will only go one way.

I see a stampede starting!

OMG That's hideous ..... if it wasnt for all the stairs it would be ideal for a blind investor with no fear of heights!

[Marina]

Indeed, this is the reality of the market in the South East. If you live elsewhere this is what you have to look forward to.

Every change in direction and performance of the property market is led by London and the South East. We peaked two years ago. The market here is buggered. Properties sitting on the market for months - years in some cases. Big discounts on new builds. Market compressing as 4 bed detacheds are now only 100k more than flats.

If you live in the regions - do NOT believe the VI spin.

[woody]

Surely that is an office block?

Perhaps Regis might want to buy them up ?

[Bemused]

Indeed, this is the reality of the market in the South East. If you live elsewhere this is what you have to look forward to.

Every change in direction and performance of the property market is led by London and the South East. We peaked two years ago. The market here is buggered. Properties sitting on the market for months - years in some cases. Big discounts on new builds. Market compressing as 4 bed detacheds are now only 100k more than flats.

If you live in the regions - do NOT believe the VI spin.

I have several friends who have sold sucessfully in Farnham, Guildford and Hampton Wick. The market is very variable but family homes in catchment areas appear to be selling reasnably well. On the other hand there are a glut of flats particularly in areas such as Woking that just will not shift.

Its not so Black and White

Edited January 9, 2006 by Bemused

[the don]

I have several friends who have sold sucessfully in Farnham, Guildford and Hampton Wick. The market is very variable but family homes in catchment areas appear to be selling reasnably well. On the other hand there are a glut of flats particularly in areas such as Woking that just will not shift.

Its not so Black and White

it never is black and white

even in a falling marekt there are still sales.

for many who buy and sell at the same time, the price differences may not be great.

the 3 pressure points looming:

probable further increases in interest rates from an admittedly low base

fewer transactions due to dearth of ftbers, causing distress amongst EAs , surveyors who are short of work

forced/ panic selling by speculators who are making poor returns and lose their nerve about the future path of prices.

good houses in good areas will always sell.

[CrashIsUnderWay]

tru. even in a depth of a crash, sales never fall below 50% or so of the 'normal' volume.

So stuff still sells, and people who manage a sale, think everything is fine.

In the same way, if the average number of legs per person dropped by 50%, caused by large numbers of people having 2 legs snipped off, those who still had both legs wouldn't see any problem.

'what are u talking about? People are walking around just fine where I live...'

[Scooter]

Check this out:

http://www.rightmove.co.uk/viewdetails-526...pa_n=1&tr_t=buy

Docklands apartment with river views. Stones through from the DLR.

For sale by auction after being on the market at £280,000 for months and getting no interest.

Sold in 12/2003 for £328,000 (nethouseprices) - BEFORE THE MARKET PEAKED IN LONDON IN 2004.

It's guide price at auction is around £220,000 - 240,000. It is expected to SELL for £250,000 - £260,000.

Thats at least a £60,000 LOSS and it was bought before the peak.

LOTS OF OTHER PROPERTIES LIKE THIS APPEARING NOW. I have just spoken with someone who works for Countrywide Property Auctions and they are starting to see large scale disposals of portfolios through auction.

Perhaps the semi-clever investors were holding on for SIPPS but now realise there is no reason and prices will only go one way.

I see a stampede starting!

Are you also known as Eric Pebble?

Edited January 9, 2006 by Scooter

[bubbleturbo]

Are you also known as Eric Pebble?

Nope, just like to see significant falls with my own eyes as opposed to simply listening to the endless spin and thinking all is OK.