Jump to content
House Price Crash Forum

Examples of big & multiple drops


Recommended Posts

21.5% off of the initial bid for a 5 bed detached house in Ipswich.

Reductions in quick succession a so this is worth watching IMPO because the vendor obviously wants shot of it.

 

https://www.rightmove.co.uk/properties/86134906#/

Price Change History
14/01/2021 Price Changed: £650,000 £550,000
02/01/2021 Price Changed: £680,000 £650,000
17/11/2020 Price Changed: £700,000 £680,000
26/10/2020 Initial entry found.
Link to post
Share on other sites
  • Replies 2k
  • Created
  • Last Reply

Top Posters In This Topic

On 24/01/2021 at 09:22, Roman Roady said:

The UK is about to get a lesson as to the reasons for a national education system...and its not to source foreign income teaching liberal arts degrees.

IMHO, the danger facing the NHS now is systemic COLLAPSE.

A big problem is overqualification.

Why have specialists, when you are going to teach them basically everything anyway? 

Link to post
Share on other sites

22% off of a 3 bed "Penthouse" in Canary Wharf. Thats 22% even with the recent 100k increase...'twas a reduction of nearly 28%; lets see how the vendor gets on over the next few months.

Looking at the way the sales are going in this area (check e14) my bet is on sub 1M (that would be 44.5% reduction from asking).

I think that the post code is E14 9AF and I dont see that many 1M+ flats sold in the past so I would say this is kite flying....but these days anything could happen I guess.

https://www.rightmove.co.uk/properties/83843918#/

Price Change History
20/01/2021 Price Changed: £1,300,000 £1,400,000
05/01/2021 Price Changed: £1,799,999 £1,300,000
14/08/2020 Price Changed: £1,800,000 £1,799,999
10/08/2019 Initial entry found.
Link to post
Share on other sites

22% off of a 6 bed detached in Ipswich...well overdue another drop IMPO.

https://www.rightmove.co.uk/properties/64808218#/

Price Change History
03/10/2019 Price Changed: £750,000 £675,000
27/04/2019 Price Changed: £800,000 £750,000
15/01/2019 Price Changed: £825,000 £800,000
07/11/2018 Price Changed: £865,000 £825,000
24/04/2018 Initial entry found.
Link to post
Share on other sites
20 hours ago, Roman Roady said:

22% off of a 3 bed "Penthouse" in Canary Wharf. Thats 22% even with the recent 100k increase...'twas a reduction of nearly 28%; lets see how the vendor gets on over the next few months.

Looking at the way the sales are going in this area (check e14) my bet is on sub 1M (that would be 44.5% reduction from asking).

I think that the post code is E14 9AF and I dont see that many 1M+ flats sold in the past so I would say this is kite flying....but these days anything could happen I guess.

https://www.rightmove.co.uk/properties/83843918#/

Price Change History
20/01/2021 Price Changed: £1,300,000 £1,400,000
05/01/2021 Price Changed: £1,799,999 £1,300,000
14/08/2020 Price Changed: £1,800,000 £1,799,999
10/08/2019 Initial entry found.

Someone probably offered £1.3M so they jacked the price up again.  Its not just greed. Prime prices are so out of hand that a few lucky breaks can mean retirement years early or at least the ability to work intermittently only doing stuff you like for decent pay.

Its so stupid that playing the property game well can achieve in a few years what should require acumen, talent & tenacity over many years.

Link to post
Share on other sites
8 hours ago, hotblack42 said:

Someone probably offered £1.3M so they jacked the price up again.  Its not just greed. Prime prices are so out of hand that a few lucky breaks can mean retirement years early or at least the ability to work intermittently only doing stuff you like for decent pay.

Its so stupid that playing the property game well can achieve in a few years what should require acumen, talent & tenacity over many years.

Canary wharf and River side apartments will be the prime buying spots for HongKongers who take up Boris's offer of residency.  Its what they know.

Link to post
Share on other sites
3 hours ago, bearishonhouses said:

 

I like the way the big folding doors to the garden look when they are open. But I do wonder, how many days (hours) a year are there that would warrant having them open?

Depends on you, if you already spend lots of the time in the garden probably most days during the summer. If that's not you probably not often at all. 

Link to post
Share on other sites

A couple of "shared ownership" town houses on an estate in Wingerworth Derbs...close to Chesterfield and Peak District.

The last 2 plots apparently. I cant see the proportion of share...I believe it was 30% but not sure.

 

1st 26.6% off of a 3 bed end terrace Town House

https://www.rightmove.co.uk/properties/90513476#/

Price Change History
21/12/2020 Price Changed: £65,998 £57,499
24/08/2020 Price Changed: £76,998 £65,998
01/04/2020 Initial entry found.

 

2nd:-

31% off of a 3 bed town house

https://www.rightmove.co.uk/properties/90514808#/

Price Change History
21/12/2020 Price Changed: £68,998 £54,999
24/08/2020 Price Changed: £80,498 £68,998
01/04/2020 Initial entry found.

 

Link to post
Share on other sites
57 minutes ago, Roman Roady said:

A couple of "shared ownership" town houses on an estate in Wingerworth Derbs...close to Chesterfield and Peak District.

The last 2 plots apparently. I cant see the proportion of share...I believe it was 30% but not sure.

 

1st 26.6% off of a 3 bed end terrace Town House

A colleague of mine is now selling his partner's shared ownership house. He said he cannot - by contract - reduce the price for resale under what the HA says it's worth. Even £100 off wouldn't be allowed according to him. This seemed dubious to me but I can understand why the HA would want to keep their % uplift intact. 

Incidentally, where i've seen phased shared ownership developments built over a few years, the preference to account for HPI seems to be to reduce the % equity offered instead of increase the asking price. For example: phase 1 property selling in 2011 is £200K for 50% equity whereas a property being offered in phase 3 in 2016 is 200K for 30% equity. This seems different from these examples that are actual, true, reductions which i've not seen for SO before. Still wouldn't touch SO though ;)

Edited by sammersmith
Link to post
Share on other sites
6 minutes ago, sammersmith said:

A colleague of mine is now selling his partner's shared ownership house. He said he cannot - by contract - reduce the price for resale under what the HA says it's worth. Even £100 off wouldn't be allowed according to him. This seemed dubious to me but I can understand why the HA would want to keep their % uplift intact. 

Incidentally, where i've seen phased shared ownership developments built over a few years, the preference to account for HPI seems to be to reduce the % equity offered instead of increase the asking price. For example: phase 1 property selling in 2011 is £200K for 50% equity whereas a property being offered in phase 3 in 2016 is 200K for 30% equity. This seems different from these examples that are actual, true, reductions which i've not seen for SO before. Still wouldn't touch SO though ;)

That’s interesting. Just reenforces my view that  Shared ownership seems to be a real scam. Probably was good intent originally but it just doesn’t add up as an option. 

Partial ownership but full liability of ongoing maintenance. Worst of both worlds. 

Think of it from the landlords viewpoint. They could own one house and get £500 rent. Or they could own 50% share of 2 houses, get £500 rent and the tenants pay for maintenance.  Brilliant...wish I was a housing association. 

Link to post
Share on other sites

£75K off of a half-converted chapel and cottage

https://www.rightmove.co.uk/properties/71706642#/

5-bedroom-detached-house-for-sale-in-Beck-Lane-Welton-le-Marsh-PE23.thumb.jpg.dff23e3c6570b8ef3ba5754976d17efc.jpg

30K then another 20K trimmed off within a day in the last week. Somebody wants rid asap. 

Chapel has been converted in a very hotchpotch manner, and cottage seems like it has been subject to a similarly disorganised renovation. The chapel is a decent building but the cottage is really nothing special. Still overpriced for the area and, to make it into a grand design, would be prohibitively expensive. 

Edited by sammersmith
Link to post
Share on other sites
27 minutes ago, Locke said:

That is giving far too much credit to these parasites.

Probably true. I knew various people involved in third way liberal nonsense schemes such as this and they always lined their own pockets as part of the deal. They candidly felt they were the good guys. But got rich from it all the same.

Link to post
Share on other sites
30 minutes ago, Locke said:

That is giving far too much credit to these parasites.

 

1 minute ago, Si1 said:

Probably true. I knew various people involved in third way liberal nonsense schemes such as this and they always lined their own pockets as part of the deal. They candidly felt they were the good guys. But got rich from it all the same.

Jeez, I was just being ‘lockdown positive’ trying to see the best in others 😆😆😆

I believe it’s called being naive.😂😂

Link to post
Share on other sites
3 hours ago, sammersmith said:

Incidentally, where i've seen phased shared ownership developments built over a few years, the preference to account for HPI seems to be to reduce the % equity offered instead of increase the asking price. For example: phase 1 property selling in 2011 is £200K for 50% equity whereas a property being offered in phase 3 in 2016 is 200K for 30% equity. This seems different from these examples that are actual, true, reductions which i've not seen for SO before. Still wouldn't touch SO though ;)

Yes I thought it strange to see a drop in price vs an increase in % ownership. As I said I cant find the% on those listings so perhaps that is now negotiable.

Link to post
Share on other sites
On 24/01/2021 at 19:21, Roman Roady said:

21.5% off of the initial bid for a 5 bed detached house in Ipswich.

Reductions in quick succession a so this is worth watching IMPO because the vendor obviously wants shot of it.

 

https://www.rightmove.co.uk/properties/86134906#/

Price Change History
14/01/2021 Price Changed: £650,000 £550,000
02/01/2021 Price Changed: £680,000 £650,000
17/11/2020 Price Changed: £700,000 £680,000
26/10/2020 Initial entry found.

it's a bloody nice place tbf

Link to post
Share on other sites
8 hours ago, sammersmith said:

A colleague of mine is now selling his partner's shared ownership house. He said he cannot - by contract - reduce the price for resale under what the HA says it's worth. Even £100 off wouldn't be allowed according to him. This seemed dubious to me but I can understand why the HA would want to keep their % uplift intact

I believe this is going to be a massive issue with people selling property where the Government still has some HTB interest. Who determines the price ? If you own the whole of the property a reasonable offer is often a god send , it allows you to sell up and move on whatever your circumstances . I know people who have got a good deal or sold with a good discount to get rid myself included when I needed a quick sale. 

I was told by someone who works in the New Homes Sales industry that as well as HTB deeming what the place is worth they also charge a few fees here and there for valuations , admin and selling. It all adds up to a nice little earner for the Government.

They also said that dealing with the HTB contracts that used to be quite straight forward are now getting more and more complex and taking up so much time as HTB demands this, that and the other every step of the way. If something is not done exactly right instead of asking for it to be changed the whole contract gets sent back and everything has to start from scratch (they don't rush) it is all done in a Typical Slow Civil Service manner. 

Could you imagine being stuck trying to sell your property and having HTB dragging their feet. There are two parties involved in a sale/purchase three if the property is being bought with a mortgage. The seller the buyer and the bank. With HTB there is a fourth the HTB people. I have moved a few times and it is very stressful I can imagine it being far more stressful trying to get an offer to exchange and completion with HTB involved. 

Another point due to the extra work involved solicitors charge clients a further fee if purchasing on HTB. I am sure there would also be a further fee charged by solicitors when selling a property on with some HTB owing.

Link to post
Share on other sites
5 hours ago, sammersmith said:

£75K off of a half-converted chapel and cottage

https://www.rightmove.co.uk/properties/71706642#/

5-bedroom-detached-house-for-sale-in-Beck-Lane-Welton-le-Marsh-PE23.thumb.jpg.dff23e3c6570b8ef3ba5754976d17efc.jpg

30K then another 20K trimmed off within a day in the last week. Somebody wants rid asap. 

Chapel has been converted in a very hotchpotch manner, and cottage seems like it has been subject to a similarly disorganised renovation. The chapel is a decent building but the cottage is really nothing special. Still overpriced for the area and, to make it into a grand design, would be prohibitively expensive. 

Could be a very valuable on-the-coast house soon. (But stil above sea level

Screen Shot 2021-01-28 at 13.27.37 .png

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.