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Knight Frank Get The Knife Out!

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I had to laugh... today a colleague of mine told me about the local Knight Frank office in Worcester telling him just last week that 'the silly prices and offers of 2005 are a thing of the past'. I've been tracking prices across Worcestershire and thanks to Primelocation I see that so far this week KF Worcester have made the following reductions:

£990k reduced to £950k

£895k reduced to £835k

£795k reduced to £745k

£575k reduced to £549k

£560k reduced to £539k

Whilst trying valiantly not to be outdone I notice that several other Worcester agents have chipped away at prices by similar amounts this week. So much for the 'strength' in the market we hear so much about recently!

They say one thing yet do another... I wonder what they say to their vendors???

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Good post and too the point but don't ask me why know one has replied

So thats about a 40% drop and not so long ago when i said house prices would drop 40%, people here didn't think so.

Some sheep are penned down and some are wondering around the field following each other, knowing something is wrong but not what's wrong whilst some sheep are free having jumped the fence.

You get the 'R' word and the odd 'D' word but maybe the M word should be used

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Whilst trying valiantly not to be outdone I notice that several other Worcester agents have chipped away at prices by similar amounts this week. So much for the 'strength' in the market we hear so much about recently!

You get asking price reductions in any kind of market. There are always vendors who will try it on with a silly price, and then cut it back after a few weeks when they get no viewings. It tells you nothing about the state of the market.

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You get asking price reductions in any kind of market. There are always vendors who will try it on with a silly price, and then cut it back after a few weeks when they get no viewings. It tells you nothing about the state of the market.

dur, not much, only that its a buyers market and it's not worth waiting for the few dumb asses still willing to pay 40% over the odds. How about 'cutting back' after a year like many are having to do to shift the piles of crap they're still stuck with.

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You get asking price reductions in any kind of market. There are always vendors who will try it on with a silly price, and then cut it back after a few weeks when they get no viewings. It tells you nothing about the state of the market.

Absolutely, it does not mean anything when prices come down.

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You get asking price reductions in any kind of market. There are always vendors who will try it on with a silly price, and then cut it back after a few weeks when they get no viewings. It tells you nothing about the state of the market.

True - but note that many of the properties I referred to have been on for ages (1 year+). In fact the freshest house I think as been on since August 2005. It is interesting that KF did not make any/many reductions during 2005... and now in early 2006 they start to chip away at quite a few.

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Im personally seeing a flat market in worcester after 1.5 years especially at the lower end, however things are still selling, there is some odd pricing going in various places. Going to some some more local research using nethouseprices data in the next couple of weeks... Thanks for the info though, its all good stuff...

So glad i didnt buy in Summer 2004 :o

A good example is this flat in a converted chunrch, noone seems to be quite sure how much there worth, especially as new build flats are selling well above this, If you make an offer say 10% beneaath (£87,300), your only going to be the second person to have bought in 2005/06, and your going to be buying at 2003 prices....

http://www.rightmove.co.uk/viewdetails-794...pa_n=2&tr_t=buy

St Marys Court

Flat 6 Sansome Walk,

£92,000

29-Jul-2005

St Marys Court

Flat 11 Sansome Walk,

£63,500

29-Jul-2004

St Marys Court

Flat 16 Sansome Walk,

£143,000

St Marys Court

Flat 12 Sansome Walk,

£125,500

15-Jun-2004

St Marys Court

Flat 9 Sansome Walk,

£87,000

15-Apr-2004

St Marys Court

Flat 22 Sansome Walk,

£87,500

12-Sep-2003

St Marys Court

Flat 29 Sansome Walk,

£77,000

18-Aug-2003

St Marys Court

£135,000

04-Jul-2003

St Marys Court

Flat 12 Sansome Walk,

£92,950

23-Apr-2003

St Marys Court

20 Sansome Walk,

£88,000

23-Apr-2003

St Marys Court

16 Sansome Walk,

£110,000

11-Apr-2003

St Marys Court

7 Sansome Walk,

£86,500

28-Mar-2003

St Marys Court

24 Sansome Walk,

£250,000

25-Feb-2003

St Marys Court

19 Sansome Walk,

£74,500

12-Dec-2002

St Marys Court

24 Sansome Walk,

£175,000

12-Nov-2002

St Marys Court

2 Sansome Walk,

£70,000

03-Sep-2002

St Marys Court

5 Sansome Walk,

£60,000

09-Aug-2002

t Marys Court

10 Sansome Walk,

£60,000

12-Jul-2002

St Marys Court

24 Sansome Walk,

£140,000

18-Jun-2002

St Marys Court

25 Sansome Walk,

£82,000

06-Jun-2002

t Marys Court

30 Sansome Walk,

£82,000

22-Mar-2002

St Marys Court

18 Sansome Walk,

£49,000

15-Dec-2000

St Marys Court

9 Sansome Walk,

£58,000

30-Nov-2000

St Marys Court

10 Sansome Walk,

£59,950

30-Nov-2000

St Marys Court

11 Sansome Walk,

£59,950

10-Nov-2000

St Marys Court

3 Sansome Walk,

£44,750

07-Apr-2000

Edited by moosetea

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Im personally seeing a flat market in worcester after 1.5 years especially at the lower end, however things are still selling, there is some odd pricing going in various places. Going to some some more local research using nethouseprices data in the next couple of weeks... Thanks for the info though, its all good stuff...

So glad i didnt buy in Summer 2004 :o

I've been frantically searching for the 'Property News' section of this week's Berrows Journal/Worcs Evening News - there were a couple of really interesting things that I wanted to post here - hopefully you might have a copy hanging around. Look for the following:

'Price tumbles' - page 3 article on a big drop in asking price on a city house

and then there's a brilliant 'advertorial' from Premier Places in the centre spread. Fantastic stuff - goes on about how some vendors are asking way too much for their houses... and then sticks the knife in to buyers 'thinking they are entitled to make low offers...' If you find it please post it here!

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True - but note that many of the properties I referred to have been on for ages (1 year+). In fact the freshest house I think as been on since August 2005. It is interesting that KF did not make any/many reductions during 2005... and now in early 2006 they start to chip away at quite a few.

I noticed several Knight Frank properties reduced by up to 10% last year by their Stratford upon Avon branch. But only those that were very over-priced - mainly due to their poor location. They still haven't sold and still look well over-priced to me. Who's going to pay ove £700,000 for a roadside house? For that money you'd expect a bit of privacy.

No reductions seen so far this year though.

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I live in Worcester too and have been seeing a flat market. Was very tempted to buy early in 04 through to early 05. I'm glad I didn't. I'm moving into a house share in the next few weeks (rent on 1 bedroom flat was costing too much) to cut as many costs as possible. If prices drop to long term averages in 08? then might even be able to buy without a mortgage. If they don't I'm quite happy to move overseas, as I have no roots in Worcester.

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They're still at it....

Today they've also made the following reductions:

£695k reduced to £645k

£625k reduced to £595k

£465k reduced to £445k

Not bad for an agent who claim that the market is stronger than its been in ages...

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£695k reduced to £645k

£625k reduced to £595k

£465k reduced to £445k

These reductions are insufficient to move these properties (I posted elsewhere about the extreme folly of chasing markets down).

These are the prices at which these houses will probably sell:

£695K should be priced at £489K

£625K should be priced at £439K

£465K should be priced at £325K

If the vendors have any wit they will price sensibly and offload now; the alternative is to be selling for much less in the future.

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