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Examples of big & multiple drops

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Yeah, that seems to be a huge anomaly. 

The searching experience kind of backs up the data though, a lot of people cutting gradually. 

I don't think there will be a burst bubble without factors such as affordability coming into play though. We would need interest rates to go up and quickly for that to happen. 

 

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5 hours ago, simon2 said:

Yeah, that seems to be a huge anomaly. 

The searching experience kind of backs up the data though, a lot of people cutting gradually. 

I don't think there will be a burst bubble without factors such as affordability coming into play though. We would need interest rates to go up and quickly for that to happen. 

 

Increased supply and decreased demand can have a big impact even with minimal rate changes.

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20 hours ago, simon2 said:

Yeah, that seems to be a huge anomaly. 

The searching experience kind of backs up the data though, a lot of people cutting gradually. 

I don't think there will be a burst bubble without factors such as affordability coming into play though. We would need interest rates to go up and quickly for that to happen. 

 

I don't necessarily agree. Fear of negative equity will do the trick without any rise in IRs - once people start to feel they'll lose more each month than it costs to rent, they'll stop buying.

Also I would imagine many IO mortgage products will be withdrawn because banks won't lend on an IO basis when it becomes clear the mortgagee will have no way of paying down the capital...

Fear and greed are what bubbles are all about - not borrowing costs.

I guess we'll see going forward.

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3 hours ago, zilly said:

I don't necessarily agree. Fear of negative equity will do the trick without any rise in IRs - once people start to feel they'll lose more each month than it costs to rent, they'll stop buying.

Also I would imagine many IO mortgage products will be withdrawn because banks won't lend on an IO basis when it becomes clear the mortgagee will have no way of paying down the capital...

Fear and greed are what bubbles are all about - not borrowing costs.

I guess we'll see going forward.

+1

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7 hours ago, zilly said:

I don't necessarily agree. Fear of negative equity will do the trick without any rise in IRs - once people start to feel they'll lose more each month than it costs to rent, they'll stop buying.

Also I would imagine many IO mortgage products will be withdrawn because banks won't lend on an IO basis when it becomes clear the mortgagee will have no way of paying down the capital...

Fear and greed are what bubbles are all about - not borrowing costs.

I guess we'll see going forward.

indeed

nice to see mr lewis glazing over the 30-40% house price drops question on his pleb money show 

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On 16/11/2018 at 06:44, Longtermrenter said:

And more in North Devon - this would be nice if it had a garden

https://www.rightmove.co.uk/property-for-sale/property-66972574.html

Price Change History
16/11/2018 Price Changed: £158,000 £146,000
30/10/2018 Price Changed: £165,000 £158,000
04/10/2018 Price Changed: £174,950 £165,000
15/08/2018 Initial entry found.

Wow - compared to the dross round here that I still can't afford, that seems almost too good to be true! A 70m^2 period cottage in a beautiful part of the world for money that would struggle to buy you a one bed flat in a grotty part of Oxford.

Granted it looks like it could do with a bit of modernisation but still looks like cracking value :)

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On 10/11/2018 at 15:45, darkmarket said:

Don't like being told what's realistic by an estate agent. Think there's a sell-off in Lake District holiday lets, not sure whether it extends to other tourist spots.

Very low supply in the broads... waiting for full s24 implementation and business rates loophole to be closed and we could be good to go.

Norwich is a bit more dynamic but its still horrendous asking prices falling back to last sold prices a year or so ago as opposed to setting lower last sold prices in nice parts.

The funny thing is that I was looking at NR2 > then moved out my search nearer work do to being priced out.....  Now the houses in Broadland are looking worse value for money as NR1, NR2 and NR4 seem to be coming down presumably because people have to work/move.

Some examples

https://www.rightmove.co.uk/property-for-sale/property-55635072.html  still asking for 100k more than 2010

https://www.rightmove.co.uk/property-for-sale/property-75481238.html  needs a overhall and these there going for 350 or so in 2011

https://www.rightmove.co.uk/property-for-sale/property-76073339.html  400 > 450 I like this road but the house next door sold a couple of years ago for 380 and was in better condition without the wierd garden.  Very desirable area and a good sign if this goes sub 375  

In a falling market you would need to be brave to buy a house over last hold price > full renovation.  I can understand people just throwing the house on the mortgage and being happy its all good to go and moving on....but watching the prices go down whilst paying out you own cash.

The auction has more family houses this month and some interesting ones like this one.

 https://www.rightmove.co.uk/property-for-sale/property-77023376.html  look at the conservatory looks like all the panels smashed.

Just to show you how deluded some still are check this house out in nice but boring Salhouse

https://www.rightmove.co.uk/property-for-sale/property-57969786.html

Bought 2007 for 280k... listed today for 500k

The key to unlocking this value..... a near full garden outdoor swimming pool(plus small extension) .... in a small side garden....next to the road and you can see in there as you drive passed.

I Always assumed pools reduced a properties value unless the property was a mansion and the pool is indoors.

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Nearly 40% down on original asking. Last sold £3.3m, now asking £1.1. Maybe something wrong with it though it doesnt say short lease which they normally do in my experience. Really think central london is taking another steep leg down at the moment:

 

https://www.home.co.uk/search/price_info.htm?property=4085567220

Edited by Chrippie
clarified

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https://www.rightmove.co.uk/property-for-sale/property-55649976.html

Sold in 2004 for £154k

Price Change History
22/11/2018 Price Changed: £180,000 £175,000
02/11/2018 Price Changed: £185,000 £180,000
08/10/2018 Price Changed: £190,000 £185,000
10/09/2018 Price Changed: £200,000 £190,000
10/08/2018 Price Changed: £225,000 £200,000
25/07/2018 Initial entry found.

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Good one. Wonder at what point it will be picked up.

I do quite like the listings where the seller reduces the price £5k every few weeks, as if it'll make much difference.

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10 hours ago, simon2 said:

Good one. Wonder at what point it will be picked up.

I do quite like the listings where the seller reduces the price £5k every few weeks, as if it'll make much difference.

that is a pretty poor part of Ashford but it is close to the train station (and some loud high speed channel tunnel trains....)

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10 minutes ago, hurlerontheditch said:

nice electric wall heating too

Is electric all bad though?

I wonder compared with oil CH you see out in the sticks if there is any difference once you account for the oil infrastructure (tank, pump, boiler, maintenance) versus flicking a switch.

Especially with super efficient insulation used 'nowadays'.

Ok, the above is a flat, so the oil comparison is not relevant in this case.

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41 minutes ago, 17clarence said:

Is electric all bad though?

I wonder compared with oil CH you see out in the sticks if there is any difference once you account for the oil infrastructure (tank, pump, boiler, maintenance) versus flicking a switch.

Especially with super efficient insulation used 'nowadays'.

Ok, the above is a flat, so the oil comparison is not relevant in this case.

check this out:

https://www.ovoenergy.com/guides/energy-guides/heating-costs-gas-vs-oil-vs-electric-storage-heaters.html

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8 minutes ago, warrior88 said:

the article is a year old but already it looks date:

 

Quote

Peter Mackie, senior partner at buying agency Property Vision, said: “Parts of the market have a bit further to fall, but first-timers will welcome more affordable prices and any measures announced in next month’s Budget, such as a stamp-duty cut.

 

“Purchasers are out there for anything that’s good, and the current state of play is a failure of politics, rather than economics.”

 

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31 minutes ago, maffo in oxford said:

Now nearly 2 years since the last meaningful price change.

Must be really hard for these people that their home only "earned" a bit short of 30k/year of "mad gainz" (though even this 'paltry' mad gainz is yet to be realised).

I hope the counselling is not too expensive ... ah, no wait.

Edited by Aidan Ap Word
Clarity.

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1 hour ago, hurlerontheditch said:

the article is a year old but already it looks date:

 

 

a failure of politics! more props!

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1 hour ago, Aidan Ap Word said:

Now nearly 2 years since the last meaningful price change.

Must be really hard for these people that their home only "earned" a bit short of 30k/year of "mad gainz" (though even this 'paltry' mad gainz is yet to be realised).

I hope the counselling is not too expensive ... ah, no wait.

Well they've been "trying" to sell it for a while now

Oct 2015 for £1.3M - https://www.zoopla.co.uk/property-history/3-griffins-close/london/n21-2ew/38458643

Jan 2016 for £995K - https://www.zoopla.co.uk/property-history/3-griffins-close/london/n21-2ew/37676061

Now not selling for £995K

 

Number 5, which is two doors away sold their's in Sept this year for £920K so they lissed that boat. (It was the same price as ths one when built in 2001)

I'm assuming they don't actually want to sell... (but I'm sure the Estate Agents love having their overpriced house on their books!)

 

 

 

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On 22/11/2018 at 14:53, Chrippie said:

Nearly 40% down on original asking. Last sold £3.3m, now asking £1.1. Maybe something wrong with it though it doesn't say short lease which they normally do in my experience. Really think central london is taking another steep leg down at the moment:

 

https://www.home.co.uk/search/price_info.htm?property=4085567220

Hope so

All the poor sods deluding themselves Norwich is the new x part of London would probably rather stay in the real one should prices get significantly cheaper... 30% from here should do it.

Fulham approx 3.5 x times the price of the nice NR2 av.

Fulham circa 58k average salary to 1 million average price...17.x

Norwich NR2 circa 26k to 285 av price circa 11x

30% would wipe out the London salary multiple premium.... however in NR2 you have to be from London to buy the nice places so no doubt one will bring down the other..

 

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1 hour ago, simon2 said:

Flats in Brighton look like a good area for reductions, especially those not near the station... perhaps one of the first areas where London money chooses to look elsewhere?

https://www.rightmove.co.uk/property-for-sale/property-76494770.html

Probably even has further to go, and lol at the floorplan which tries to include the garden.

EA are called King and Chasemore - name change soon I reckon, chase less? chasing the market down?

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