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Examples of big & multiple drops


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We have a crest nicholson development near us and they are reducing the prices, on homes that have not been built yet...   31/8/2018, price changed from £360K to £350K.

I have not seen this before in our area, (south west)

And yes number of homes for sale is highest I have seen it, i.e. 3 miles range , from my postcode up to £400K it always hovers around the 70-80 mark, it has stood above 100 for the last few weeks (rightmove).

 

 

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From my daily RM trawl in an affluent part of North herts, things down significantly on last year.

Regular 2 bed houses 325-350, nothing under 325 last year. This year 280k+ and some choice around this price range, however overall qtys on listing about the same as last year.

I think 2016 was higher, but I wasn't keeping tabs so closely. London drying up clearly the cause.

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I run Property Log (the Chrome extension you're seeing in some of the screenshots in this topic) and I will have a look later and pull out some examples of big and multiple drops.... there are hundreds of them.

Before the summer holidays started we were seeing approximately 3000 price reductions per day on RM, now it's around 1000. Hopefully now the kids are going back to school we'll see a rise again.

Prices are certainly falling nationwide and I'm noticing a lot more properties falling into my price range.

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50k of this one 

https://www.rightmove.co.uk/property-for-sale/property-54781170.html

Nice area but on the main road still a decent house...sub 450 and I would have probably viewed

Strength 350-450 zone and pulling in it seems as i would have thought that would have sold (taken an offer) before having to reduce to 500.

I can say confidently if I did not have kids finding a smaller property would not be difficult now... not cheap but definitely cheaper.

As folks have been asking 450 for properties that would only get 350 a year or so ago and some mugs paying it the initial drops will look quite savage.....but really will only be a reversion to last sold price.

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I'm at the east end of the London central line and there are quite a few drops. I think the market is slightly less than what it was a year ago and cuts are more common now. Have seen a couple at 20% off (although the asking price was kite flying in the first place).

The trend is definitely downwards, just wonder how far it'll go. To get back to 2006 prices (allowing for inflation) I think another 20-25% off is still needed.

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10 hours ago, simon2 said:

If you want a laugh check out these, already at over 10% down on listed (£325k - £290k)

https://www.rightmove.co.uk/property-for-sale/property-66551890.html

Basically a glorified hotel room. The price really should be under £200k going on size and competition but I guess that's help to buy in effect. 

Why are you mocking it? It has superb growth prospects.

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We recently saw a place which started at £375,000 3-4 months ago, then quickly went down to £350,000. Still too much for us, but when they decided to have an ‘open house’ (which itself is kind of a joke), we thought we’d have a look. Decided the modernisation it needed was beyond us, and anyway it was too small for the money. Of course.

Got a call last week that the owners were kind of desperate and considering a substantial reduction, so we went again, this time with a knowledgeable friend who could give us a better idea of just how much of a money pit it might be. While there I got the agent off in a corner and he suggested it might go down to £275,000.

Still not enough for us, so we said no thanks. I honestly don’t think it’s even worth £200,000, but that would be a pre-crazy times valuation. This is in a nice area in the SE, where last year it would’ve sold right away, no problem, at the original asking.

In general though, nobody around here has got the memo that prices are supposed to be going down. If anything they’re getting worse. Funny how hardly anything is selling.

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13 hours ago, happily renting said:

We recently saw a place which started at £375,000 3-4 months ago, then quickly went down to £350,000. Still too much for us, but when they decided to have an ‘open house’ (which itself is kind of a joke), we thought we’d have a look. Decided the modernisation it needed was beyond us, and anyway it was too small for the money. Of course.

Got a call last week that the owners were kind of desperate and considering a substantial reduction, so we went again, this time with a knowledgeable friend who could give us a better idea of just how much of a money pit it might be. While there I got the agent off in a corner and he suggested it might go down to £275,000.

Still not enough for us, so we said no thanks. I honestly don’t think it’s even worth £200,000, but that would be a pre-crazy times valuation. This is in a nice area in the SE, where last year it would’ve sold right away, no problem, at the original asking.

In general though, nobody around here has got the memo that prices are supposed to be going down. If anything they’re getting worse. Funny how hardly anything is selling.

Can you put in a link please?

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On ‎08‎/‎09‎/‎2018 at 03:16, happily renting said:

Still not enough for us, so we said no thanks. I honestly don’t think it’s even worth £200,000, but that would be a pre-crazy times valuation. This is in a nice area in the SE, where last year it would’ve sold right away, no problem, at the original asking.

In general though, nobody around here has got the memo that prices are supposed to be going down. If anything they’re getting worse. Funny how hardly anything is selling.

Exactly this in Bedfordshire.   One to two years ago everything was up for crazy prices and selling.  Now it's all up for crazy prices and NOT selling but also NOT coming down.

I can only presume that most people can service their mortgages in their current places and will just have put their dreams of moving up "the ladder" (*vomit) on hold and will just stay put.  And the massive boomer paid-off-years ago houses will just sit there until their occupants die and one of their children will probably move into them if they can.  Not sure how the whole tax/stamp duty side of that works, but it's got to be better than "giving it away"?

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