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Examples of big & multiple drops


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I am actually seeing increases in this area, but this one really tickled me. Crawley is being decimated by job losses, and yet this nutcase...well just have a look:

 

crazy in crawley.jpg

This has been posted before and I am mildly surprised that such an obvious "price-amend-aholic" hasnt altered the asking price at least twice since Aug 2020.

 

Bejaysus. WTF is going on there?

Same as most other areas:-

  • 20 years of HPI has been imprinted onto peoples DNA. There is a generation out there who have never known a HPC and will therefore be caught in the biggest bull trap of all time (probably).
  • The pain of COVID has been delayed and deferred by the Govt initiatives that we all deplore on here....but there you have it, the pain is only DELAYED.

 

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25% reduction of an initial ludicrous asking price to simply a greedy asking price 

https://www.rightmove.co.uk/properties/73259562#/

 

 

Screen Shot 2020-11-20 at 09.13.35 .png

I'm fond of Keswick but there's no economic activity within 50 miles to support this price.

How about a 0.1% listing tax to kill off kite flying?  One off, unless the price was increased in which case its payable in full again. That'd concentrate vendors' minds.

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41.6% off of 0.8 acres of land...not sure what the story is here but its an initial bid price. Lots of price changes in a very short time span. Auction was yesterday so it didnt sell! Looks like the next deadline is 04 Dec 2020.

https://www.rightmove.co.uk/commercial-property-for-sale/property-86437180.html

Link to auction page:-https://www.futurepropertyauctions.co.uk/property_details.asp?id=9533345

Was sold in 2004 for £190k....previously under offer at £300k.

Price Change History
16/11/2020 Price Changed: £175,000 £139,000
14/11/2020 Price Changed: £142,500 £175,000
12/11/2020 Price Changed: £180,000 £142,500
10/11/2020 Price Changed: £240,000 £180,000
05/11/2020 Initial entry found.
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Was sold in 2004 for £190k....previously under offer at £300k.

Two very odd statements for the auction house to boast about. 

The first tells me the owner has lost a sizeable chunk of money with this plot but still wants (more likely, 'needs') to shift it. 

The second says a previous sale collapsed for some reason. Why that happened and that no other buyer could be found is more telling for me than it's now half the price that it almost sold for. 

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Two very odd statements for the auction house to boast about. 

The first tells me the owner has lost a sizeable chunk of money with this plot but still wants (more likely, 'needs') to shift it. 

The second says a previous sale collapsed for some reason. Why that happened and that no other buyer could be found is more telling for me than it's now half the price that it almost sold for. 

I am seeing a lot of reductions in Land of all sorts and retirement properties...I guess this is associated with credit availability for such "property". So I am beginning to think that Land may be a good investment over the next year or so...it may even be a good idea to buy land and then build.

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We have been looking for a property for a year but everything now has gone up so much.

Saw this one earlier this year at £199,000
https://www.rightmove.co.uk/properties/68312178#/

Now it's listed for £230,000 

https://www.rightmove.co.uk/properties/97192595#/

Trouble is we sold our property in one market and now have been priced out of this market! 

Who would have thought in the middle of the biggest economic crisis ever (Covid and Brexit) 

property would go up 15% or more! :O( 
Madness 

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I am actually seeing increases in this area, but this one really tickled me. Crawley is being decimated by job losses, and yet this nutcase...well just have a look:

 

crazy in crawley.jpg

I'm on the coast just south of there... London escapees definitely pushing prices up.

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Location Location Location...but I agree with you. Still something seems to be happening down there.

St Ives is massively overpriced, rammed with tourists in the Summer, no parking, and sometimes very long queues to get into and out of the area. Out of season it's quite charming, even has a 'spoons.

Go five  miles away, and you can get much better value, but it's not St Ives.  Much the same applies for Padstow and Rock. 

The retirement flat on Tregolls Road, Truro, great position on one of the three main roads in and out of Truro.  So to get to the city centre you have to cross a dual carriage way.  Truro is rapidly becoming the geriatric centre of Cornwall, at least it is close to a major hospital.

Central Cornwall is becoming three markets, one for locals who are poorly paid, another for the vast wall of London/SE money washing over the county, and finally BTL. Yes BTL is still going strong around here, and if you are confident that prices won't crash (!), the returns are better than some other investments. 

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21% drop in Redruth Cornwall...a "Penthouse" if Redruth is capable of such a thing!

https://www.rightmove.co.uk/properties/66832425#/map

Price Change History
13/11/2020 Price Changed: £115,000 £110,000
17/09/2020 Price Changed: £125,000 £115,000
01/01/2020 Price Changed: £140,000 £125,000
05/12/2019 Initial entry found.

Utter insanity, for £15000 more you can buy a small terraced cottage, or a modern system built terraced house.  Think some-one got ideas above their station, a "penthouse in Redruth" LMAO

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Saw this one earlier this year at £199,000
https://www.rightmove.co.uk/properties/68312178#/

Now it's listed for £230,000 

https://www.rightmove.co.uk/properties/97192595#/

Now it’s listed for £30k more. It hasn’t sold or even under offer at that new price. 

It’s in Wales so they probably hoped to cash in on the city exodus to the countryside with the added urgency of the stamp duty cut. They’re now too late for a sale to be stamp duty free and Sunak is talking tax rises so it seems very unlikely to be extended. 

I know it’s disheartening to see mad jumps in asking prices but until there’s a sale it really means nothing. I fully expect to see this little cottage back to £200k in Feb/March once reality starts to dawn on the owners that Londoners are not interested, especially with the Welsh government making noises around discouraging 2nd home ownership. 

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Now it’s listed for £30k more. It hasn’t sold or even under offer at that new price. 

It’s in Wales so they probably hoped to cash in on the city exodus to the countryside with the added urgency of the stamp duty cut. They’re now too late for a sale to be stamp duty free and Sunak is talking tax rises so it seems very unlikely to be extended. 

I know it’s disheartening to see mad jumps in asking prices but until there’s a sale it really means nothing. I fully expect to see this little cottage back to £200k in Feb/March once reality starts to dawn on the owners that Londoners are not interested, especially with the Welsh government making noises around discouraging 2nd home ownership. 

There are mad jumps in asking prices but they are few and far between compared to the drops. Also this is a 15% increase...thats in the upper limits of the few I see. There are loads of 15% drops, I dont post them because I'd be doing this all day!

There are idiots in every walk of life! Time will tell.

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There are mad jumps in asking prices but they are few and far between compared to the drops. Also this is a 15% increase...thats in the upper limits of the few I see. There are loads of 15% drops, I dont post them because I'd be doing this all day!

There are idiots in every walk of life! Time will tell.

Indeed. I saw a few cheeky increases just after the stamp duty announcement, but i've yet to see a SSTC for any of these. My guess is that it indicates a greedy seller who thinks they can wait it out. That strategy might have worked in the past but I can't see that happening this time. 

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https://www.rightmove.co.uk/property-for-sale/property-76663969.html

Just over a 20% drop so far. Looks to be an old train station that served a line that is now a cycle path...so a bit quirky and interesting! Lots of work carried out internally but exterior will need attention. Shared access by the look of it.

Asking price drops are recent and in relatively quick succession. Also renovation is recent, so I am guessing the owner (poss a builder) is looking to flip?? Worth keeping an eye on this since it may give a small indication of the post mid COVID climate; hence the only one of these that I have book marked to keep a track of.

image.png.2916b9ab2bdfc47efc80357699ad4c04.png

 

still not sold so another 10k off...24% drop

Price Change History
19/11/2020 Price Changed: £275,000 £265,000
11/07/2020 Price Changed: £300,000 £275,000
05/06/2020 Price Changed: £330,000 £300,000
20/02/2020 Price Changed: £350,000 £330,000
09/01/2020 Initial entry found.

 

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Take a look at this 

https://www.zoopla.co.uk/for-sale/details/55551699

Flat last sold for 340k, originally on for 300k and now reduced to 280k.

Could see it going if it went to 250 or 260k. But the level of reduction is crazy.

 

SmartSelect_20201122-213223_Samsung Internet.jpg

Interesting.

If it sells for 280k thats a 17% nominal loss...more with inflation considered. However the final transaction will very likely be 10k less, so realistically they are looking at a total loss of over 25% in their 2016 investment...if lucky.

Anecdotally I have an old aquaintance who bought in Essex (North) in summer 2016 for a similar amount. She now wants to move on but the house (4 bed) has been up for the 2016 amount for 3 months now. She will have to reduce at some point and its going to hurt.

 

 

 

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Cornwall again...this time Padstow. 21.6% off and another due IMPO.

https://www.rightmove.co.uk/properties/56452089#/

"One of the most sought after properties in Padstow"...apparently. Someone had better tell that to the army of buyers they must have had over the past few months!

Price Change History
04/03/2020 Price Changed: £2,500,000 £2,350,000
21/09/2019 Price Changed: £2,750,000 £2,500,000
15/06/2019 Price Changed: £3,000,000 £2,750,000
06/09/2018 Initial entry found.
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Cornwall again...this time Padstow. 21.6% off and another due IMPO.

https://www.rightmove.co.uk/properties/56452089#/

"One of the most sought after properties in Padstow"...apparently. Someone had better tell that to the army of buyers they must have had over the past few months!

Price Change History
04/03/2020 Price Changed: £2,500,000 £2,350,000
21/09/2019 Price Changed: £2,750,000 £2,500,000
15/06/2019 Price Changed: £3,000,000 £2,750,000
06/09/2018 Initial entry found.

Jeez,

I was expecting that to be around £500-700k.  The brass neck of them thinking it's worth £3m to start with!  The view is lovely, and you're clearly paying for the opportunity to demolish it a squeeze a few houses into the plot but still.  What are they going to be worth each?  £1m?  Hard to see how any developer could turn a good profit on that, and we must be heading into the worst possible time of the year to sell property in Cornwall.

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  • 444 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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