Mapatasy Posted April 26, 2017 Share Posted April 26, 2017 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 Quote Link to comment Share on other sites More sharing options...
rantnrave Posted April 26, 2017 Share Posted April 26, 2017 Makes a mockery of the recent Rightmove (initial) asking price index. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted April 26, 2017 Share Posted April 26, 2017 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. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted April 26, 2017 Share Posted April 26, 2017 That is only a fiver a week at the current IR and IO! We need normality to return - after all it is only 9 years since the Financial Crisis. Carnegie to go. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted April 26, 2017 Share Posted April 26, 2017 So you can go wrong with bricks and mortar, after all? Quote Link to comment Share on other sites More sharing options...
insertcoinstocontinue Posted April 26, 2017 Share Posted April 26, 2017 I'm certainly seeing more reductions in my area, Telford. for the first time in weeks I'm really feeling confident that we're over the hump Quote Link to comment Share on other sites More sharing options...
highcontrast Posted April 26, 2017 Share Posted April 26, 2017 £25,000?...pftt http://www.standard.co.uk/news/london/one-in-three-london-homes-could-be-bought-at-a-discount-a3523926.html Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted April 26, 2017 Share Posted April 26, 2017 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 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 26, 2017 Share Posted April 26, 2017 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 Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 26, 2017 Share Posted April 26, 2017 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 Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted April 26, 2017 Share Posted April 26, 2017 Estate agents should be penalised, as if they were pricing just for instructions. Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted April 26, 2017 Share Posted April 26, 2017 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. Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted April 26, 2017 Share Posted April 26, 2017 42 minutes ago, jiltedjen said: Prices are falling. A lot of unrealistic stupid kite flying The 'Window Licking' nutters are always the most noticeable - the trend will always be there. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted April 26, 2017 Share Posted April 26, 2017 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%) Quote Link to comment Share on other sites More sharing options...
StAlex Posted April 26, 2017 Share Posted April 26, 2017 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! Quote Link to comment Share on other sites More sharing options...
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