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Examples of big & multiple drops


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1 hour ago, longgone said:

Perhaps more interesting that 23 years ago it went for only £112k. Has inflation in everything else been 200% over the past quarter century?

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20 minutes ago, Warwick-Watcher said:

Perhaps more interesting that 23 years ago it went for only £112k. Has inflation in everything else been 200% over the past quarter century?

The average UK waistline, for sure. 

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1 hour ago, Warwick-Watcher said:

Perhaps more interesting that 23 years ago it went for only £112k. Has inflation in everything else been 200% over the past quarter century?

I watched a video from The Economist yesterday which said since 1970 a house in Switzerland increased by 70%. In the UK the value was 346%.

53 minutes ago, Orb said:

The average UK waistline, for sure. 

Don't forget the average sized turd coming out of Westminster. Sorry, my mistake...that is a lot higher than 200% 

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4 hours ago, Upabove said:

Here's another one https://www.zoopla.co.uk/for-sale/details/51700974?search_identifier=39ac9417e8ff8126f75aa9689afd0824

Listed last June, 3 drops since, now well and truly into chasing the market down territory.  Nice to see someone punished for their initial greedy listing price.  A more realistic price to begin with and they'd have been laughing

Only another £300k to go and it might look reasonably priced. 

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On 09/06/2020 at 12:26, simon2 said:

https://www.rightmove.co.uk/property-for-sale/property-90682157.html

Someone seems keen to get out here.

There are still comparable properties for almost £100k less.

The past selling prices are interesting and shows the London market in those years after HTB. People reserved a property, by the time it was built it had gone up in value so they could sell straightaway. Those mad gainz only lasted for a bit, prices have done nothing since 2017 or so.

 

Tomorrows sink estate, if owners are forced to find less desirable tenants?

 

The centre of Greenwich is nice for the tourist attractions etc.  but I reckon if you get a bit off the beaten track, it could get a bit stabby!

 

 

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6 hours ago, Upabove said:

Here's another one https://www.zoopla.co.uk/for-sale/details/51700974?search_identifier=39ac9417e8ff8126f75aa9689afd0824

Listed last June, 3 drops since, now well and truly into chasing the market down territory.  Nice to see someone punished for their initial greedy listing price.  A more realistic price to begin with and they'd have been laughing

I know this place, its a bloody eyesore.  Its on a busy junction that serves the Blackwall tunnel and one of the main routes from the south east London to Central.  It has traffic jams most of the day. You couldn't pay me to live there

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Oops quoted wrong post. Meant the 3 bed flat in Greenwich

6 minutes ago, Postman said:

I know this place, its a bloody eyesore.  Its on a busy junction that serves the Blackwall tunnel and one of the main routes from the south east London to Central.  It has traffic jams most of the day. You couldn't pay me to live there

 

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Here's a nice one.  Last sold in 2000 for 83k. If it had risen in line with extortionate house price inflation  (as opposed to RPI or wages) it would be about 240. Probably had some work done on it, so let's say 280-300 is reasonable. But no - they start at 600 thirteen months ago;  after two months INCREASE to 650; then reduce over the past eleven months to the current bargain price of 550.

And it is tiny - almost to the point of making flats in Greenwich seem reasonably priced.

 

https://www.zoopla.co.uk/for-sale/details/51751184?search_identifier=246dcb699eff3b40fe9b3d72d2b54bbd

 

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On 07/07/2020 at 15:32, Drifty said:

I watched a video from The Economist yesterday which said since 1970 a house in Switzerland increased by 70%. In the UK the value was 346%.

 

In Real terms, no?

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On 07/07/2020 at 16:32, Drifty said:

I watched a video from The Economist yesterday which said since 1970 a house in Switzerland increased by 70%. In the UK the value was 346%.

Don't forget the average sized turd coming out of Westminster. Sorry, my mistake...that is a lot higher than 200% 

Since there was 3.8CHF to the £ in 1971 & 1.18 now The Swiss property was a hugely better investment in £ terms  58% better if my back of an envelope calculations are contact.

UK House £100 = £346

Swiss House CHF 100 = 170 x 3.22 =£547

547/346 = 1.58

However I believe London property has increased 30-40 times since 1970, so perhaps thats after inflation.

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On 12/07/2020 at 14:35, Voice of Doom said:

https://www.rightmove.co.uk/property-for-sale/property-68885670.html2146018679_Morden120720.thumb.jpg.9a1b8480e9b51079bcb366b047c0d017.jpg

  • 15% drop in just over a month.
  • 50K drop post mini-budget and the stamp duty changes.
  • "No onward chain" so poss a landlord

Purchased 2016 470k

Much better presented [photos] when listed in 2019.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=64789446&sale=74815194&country=england

Other house in same block sold 420 last year.

Offer 380k with the above comments?

Compared with what I can get in Zone 2 North London am almost tempted [by that civilised proper sized attached garage].

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On 12/07/2020 at 14:35, Voice of Doom said:

https://www.rightmove.co.uk/property-for-sale/property-68885670.html2146018679_Morden120720.thumb.jpg.9a1b8480e9b51079bcb366b047c0d017.jpg

  • 15% drop in just over a month.
  • 50K drop post mini-budget and the stamp duty changes.
  • "No onward chain" so poss a landlord

I used to live on the road parallel to Lower Morden Lane when i was a youngster. 

The area is a dive. There's a ropey estate pub and miles upon miles of dull houses. Not much else. Morden tube station is a bus ride or mega long hill walk away. 

£500,000 is an absolute joke. I honestly wouldn't give you £100,000 for a house in this area. May have improved but i doubt it. You can't move the tube closer or make the neighbourhood look less depressing.  

Edited by sammersmith
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That is very common. Agents lie all the time, also to save face. When we tried to buy a house back in 2018 we kept track of what happened to properties we looked at and were considering. Exactly half of those never sold - mostly the worst, most overpriced ones. Despite that almost all what was on the market had "SOLD" in front sooner or later. 

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3 hours ago, sammersmith said:

I used to live on the road parallel to Lower Morden Lane when i was a youngster. 

The area is a dive. There's a ropey pub and miles upon miles of dull houses. Not much else. Morden tube station is a bus ride or mega  long hill walk away. 

£500,000 is an absolute joke. I honestly wouldn't give you £100,000k for a house in this area. May have improved but i doubt it. You can't move the tube closer or make the neighbourhood look less depressing.  

I understand your sentiment but let's be honest £100,000 isn't much money for a home of any kind any where other than a few northern and Welsh locations.
It is an odd looking road - almost every semi has been extended until they have a sort of bloated look.  If bills and taxes get so bad that big houses become a liability (e.g. 1950s Notting Hill), they might get closer to £200,000 (in today's money) than most would believe.

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59 minutes ago, hotblack42 said:

I understand your sentiment but let's be honest £100,000 isn't much money for a home of any kind any where other than a few northern and Welsh locations.
It is an odd looking road - almost every semi has been extended until they have a sort of bloated look.  If bills and taxes get so bad that big houses become a liability (e.g. 1950s Notting Hill), they might get closer to £200,000 (in today's money) than most would believe.

For me peripheral ex-working class London areas like Morden, Enfield, Dagenham, and Hayes, seem to offer the worst of both worlds. They are too far from London to get any metropolitan benefits (cultural, transport, nightlife) and yet too close to London to offer any real decent standard of living (space, schools, affordability, low crime).  

I, personally, would move out of London and (re)start your career elsewhere. If these crappy houses in Morden are selling for 0.5 mil then the world truly has gone mad. 

Edited by sammersmith
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1 hour ago, hotblack42 said:

I understand your sentiment but let's be honest £100,000 isn't much money for a home of any kind...

Mmurhafpfff.. forgive me while I spill my coffee!

£100,000 is just over 3 times the average national wage, the exact price you should eexpect to pay for the average home historically.

Remember one thing, as much as bull markets overshoot in a bubble, they often understood in a bear market. Think about that for a moment...

Imagine the average home costing less than 3 times the average wage, suddenly that property price looks more and more like embezzlement.

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