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Mapatasy

A third of homes discounted by £25,000.00

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Things are moving in the right direction ... though I note that even in the 'Top 10' areas, fewer than 40% were sold at a discount and the average reduction was ~8% or less .. and vendors have had years of having unrealistic expectations reinforced by the market so let's face it, there should be enormous scope for discounting.

I'd say that what we are seeing is house prices reaching the limits of reality.  But for true falls to sensible levels we are going to need to see 'return to mean' interest rates.

 

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This is exactly what I'm seeing in Plymouth. 

massive gap between asking prices and clearing level. Prices are falling.

a lot of unrealistic stupid kite flying 

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3 hours ago, Mapatasy said:

Nearly a third of homes on the market have had their original asking price reduced, with the average discount standing at just under £25,000

https://business-reporter.co.uk/2017/04/26/third-homes-bought-discount-property-site-finds/?getcat=3

 

 

I assume they dont mean discounted from previous sale price :lol: :lol: :lol: :lol: :lol: 

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19 minutes ago, jiltedjen said:

This is exactly what I'm seeing in Plymouth. 

massive gap between asking prices and clearing level. Prices are falling.

a lot of unrealistic stupid kite flying 

I dont look anymore.  I'll know when it's time to buy a house as my wife will say....You were right all along

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Isn’t there a danger of confusing real house price falls with crazy kite flying by estate agents at levels way above previous sold prices for the area – which then have to be reduced in the face of reality.

 

Estate agent kite flying – meets affordability in the real world.

 

 

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17 minutes ago, MARTINX9 said:

Isn’t there a danger of confusing real house price falls with crazy kite flying by estate agents at levels way above previous sold prices for the area – which then have to be reduced in the face of reality.

 

 

 

Estate agent kite flying – meets affordability in the real world.

 

 

 

 

 

2015/16 prices were mental due to the last of the BTL lemmings diving off the financially secure cliff into bankruptcy waters.

now im seeing kite flyers asking well above those prices, but the actual selling level heading towards 2014 levels. So prices are falling. Never seen such a gap between asking prices and selling prices, the 'delusion index' must be at all time highs right now. Thankfully in this situation its only a matter of time before asking prices start to bear some resemblance to clearing levels (asking prices are usually clearing level plus 5-10%, not the current 30-40%)

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At least half of the new Rightmove instructions in my area (and I'm looking to buy currently) are reductions. Typically these are in 25k blocks, a few are down 50k and still are for sale. 

Not many fit what we want for a house which is annoying... just need the snowball of falling prices to gather some pace as it falls down the mountain! 

 

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