Jump to content
House Price Crash Forum

Examples of big & multiple drops


Sausage
 Share

Recommended Posts

  • Replies 2.9k
  • Created
  • Last Reply

Top Posters In This Topic

1 hour ago, PeanutButter said:

Price history

Sold prices provided by Land Registry
30th Jul 2018£180,000Price reduced by £20,000
19th Jun 2018£200,000Price reduced by £10,000
22nd May 2018£210,000Price reduced by £10,000
9th Jan 2018£220,000Price reduced by £20,000
3rd Nov 2017£240,000Price reduced by £20,000
13th Oct 2017£260,000First listed

So tried to cash in their mad gainz, but ever since reality has been drawing in and they've been desperately trying to get rid?? Oh dear. A 20k loss at least, well that was worth queuing overnight for huh...much lolz :)

But surely the fact that they were snapped up so quickly, people camping out overnight etc etc  shows :

a) how little "affordable" accommodation in London there is? 

and b) pure tulip mania?

P.s. Are those one bed studios "open plan"? Your bed sheets are gonna stink of food!

Edited by deadlyavenger
Link to comment
Share on other sites

12 minutes ago, deadlyavenger said:

So tried to cash in their mad gainz, but ever since reality has been drawing in and they've been desperately trying to get rid?? Oh dear. A 20k loss at least, well that was worth queuing overnight for huh...much lolz :)

But surely the fact that they were snapped up so quickly, people camping out overnight etc etc  shows :

a) how little "affordable" accommodation in London there is? 

and b) pure tulip mania?

P.s. Are those one bed studios "open plan"? Your bed sheets are gonna stink of food!

Look at who was queuing.  https://www.dailymail.co.uk/news/article-3306835/Stampede-buyers-queued-overnight-affordable-Galliard-Homes-development-Hounslow-shoebox-studios-start-199-000-snapped-215-just-three-hours.html

Quote

 

Those who camped out are a mixture of locals, first-time buyers, overseas people wanting a London home and young people buying with parents' help.

Dinesh Kumar was fourth in the queue of around 25 prospective buyers that lined the street at around 12.30pm on Wednesday.

He says he was strolling past the former American Airlines building at 5.30pm on Wednesday when he saw a few people already in line and decided to bid for a bargain too.

Mr Kumar, a father-of-three who lives in nearby Stanwell, said: 'I was walking and saw a couple of guys standing here and I said, 'What are you doing?'

'I ended up staying - it was quite the party. I'm trying to buy a place for £199,000 - it sounds incredible.'

The 45-year-old self-employed tech contractor added: 'They say prices are going up and it's crazy if you don't by now you may never.

'It's a possibility that there's another credit crisis. If that happens a lot of people are going to suffer. I'm taking the risk.'

 

 

Link to comment
Share on other sites

16 minutes ago, darkmarket said:

Surprised there'd be a lack of demand for a one-bed HTB flat in Croydon at this moment in time.

Its EXACTLY like 1989/90.  First the premium stuff falls on its ****, then the nasty little starter home market dries up (why buy a Studio when the price of a decent 2 bed flat or terrace is falling steadily and substantially?).

3 bed red brick semis are the last to go.

But go they will & how the middle Englanders will howl.

We've just let our 4 bed in Gloucester.  Before you all shout asking price we cut it by 19% - people are sitting on their hands.  Family of 6 moving from a small place in a busy area to our roomy house in a nice quiet close.

We'll rent something modest on the South coast now & sit the carnage out.  Both buying and selling are a mugs game UFN IMHO.

Link to comment
Share on other sites

Would love it if big drops come. But these price reductions are a bit of an anomaly so far. Like that **** studio in Hounslow, most sellers are doggedly clinging to a price that gives them profit or breakeven. The same for those flats in Croydon. Can't see any of them selling for a loss. 

Once the belief is perpetuated that your money might get you more house in a years time when prices are cheaper, we might see some more competition in prices, then panic coming along as people fear missing the gravy train. If there are loads of competing sellers then price might freefall for a while. 

At the moment where I am looking there are some houses that still sell quick, as well as some that are on for ages with only some tiny £10k cuts every couple of months. The sad thing is eventually they get sold as well.

 

 

Link to comment
Share on other sites

41 minutes ago, warrior88 said:

Cutting it below £500k makes the house eligible for first time  buyer stamp duty discount. Its been a while, however, since houses so close to Leytonstone tube station have been going for less than £500k - even if it has no parking albeit it has two bathrooms. One drawback though is that its located opposite a school full of screaming teenage girls! Would suit someone who is deaf or is out from 8am to 4pm on weekdays!

Edited by MARTINX9
Link to comment
Share on other sites

18 hours ago, MARTINX9 said:

Cutting it below £500k makes the house eligible for first time  buyer stamp duty discount. Its been a while, however, since houses so close to Leytonstone tube station have been going for less than £500k - even if it has no parking albeit it has two bathrooms. One drawback though is that its located opposite a school full of screaming teenage girls! Would suit someone who is deaf or is out from 8am to 4pm on weekdays!

Also A12 is infront so noise day and night.

Link to comment
Share on other sites

19 hours ago, warrior88 said:

What the fudge...is that the fridge in the living room!? (Picture 6). Nearly half a million and the kitchen hasn't got room for a fridge?? lolz. What kind of desperate idiots are buying these? 

Link to comment
Share on other sites

53 minutes ago, warrior88 said:

Also A12 is infront so noise day and night.

I rent a small place quite near there for work in rather better location, nearer to the forest and Wanstead flats.
This house is excellent for commuting to Central London, socialising in the centre at the weekend (24hr tube), and in a all round better location than suggested above.  The A12 is 100m down the road in a cutting, ie tolerable, and is not that busy Mon-Thu nights after 9 or so.  The overground is behind, but is not 24 hours.  I wouldn't live there, but the noise level will be OK inside, especially in Winter.
I prefer silence personally, but  some noise and pollution is the 'cost of doing business' in London.

Agree £475k is still too high, but folk who think their crappy 2 bed new build in Wanstead or Woodford is worth £500k are going to poo their pants when they see traditionally constructed 3 beds going SSTC at prices like these.  It'll probably fall through too.

Link to comment
Share on other sites

On 22/10/2018 at 15:15, PeanutButter said:

Price history

Sold prices provided by Land Registry
30th Jul 2018£180,000Price reduced by £20,000
19th Jun 2018£200,000Price reduced by £10,000
22nd May 2018£210,000Price reduced by £10,000
9th Jan 2018£220,000Price reduced by £20,000
3rd Nov 2017£240,000Price reduced by £20,000
13th Oct 2017£260,000First listed

 

Can't think Mr 180k is very popular. 27m2 and no parking I think which accounts for a bit [20k?] of the difference.

Plus 150/mo service charge and GR.

====

List of studios in Trinity sq:

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE^4584804&maxBedrooms=0&radius=0.25&sortType=1&includeSSTC=false

Lots at 270k including some new ones, some at 220k. Ones I clicked on are 33m2 so not hugely different.

===

Pages of sold prices in Trinity sq. at 260ish.  +/- Couple at 300+: 315k , 325k

That's a 40% drop IF they're only worth 180k. Worthy of the word crash. NB Mr 180k is not sold.

Are they all the new build sales and all studios?

Guessing so. Anyone know?

https://www.rightmove.co.uk/house-prices/TW3-3GD.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%5E4584804%26minPrice%3D160000%26maxPrice%3D200000%26minBedrooms%3D0%26radius%3D0.5

https://www.rightmove.co.uk/house-prices/TW3-3GG.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%5E4588128%26minPrice%3D180000%26maxPrice%3D240000%26minBedrooms%3D0%26radius%3D0.5

 

Link to comment
Share on other sites

Quote
Address: Flat 174, Trinity Square, 23 - 59, Staines Road,
Hounslow, TW3 3GF
Type: Flat
Tenure: Leasehold
New build: No
Links: Map icon Price map Wikipedia icon (Hounslow)
Transaction type: Standard price paid transaction

Registered sales:

Date Price Nominal
change
Real
change
20 Jul 2018 £285,000 -8.1% -9.2%
01 Dec 2017 £310,000 * n/a n/a

Only resale I can see lost 25k in 7.5 months.

That's over 3k a month loss.

He/she may be soon feeling they got off lightly.

https://houseprices.io/?q=TW3+3GF

Could be worth keeping an eye on and emailing some journos if some more resales happen.

Link to comment
Share on other sites

There are loads of bungalows bordering the lake district, all seemingly worth 400k +.

Here's one that didn't make it.

https://www.onthemarket.com/details/2145474/

First on for 450, I noticed it at 440, since then it's been ' renovated' (kitchen and repainted), yet still a steady decline to 'price guide' 330k  for an auction sale.

https://www.rightmove.co.uk/property-for-sale/property-54599490.html

Apart from a lack of electrics, and a lot of surface mounted plumbing, it looks pretty reasonable, so I don't know what's putting people off.

Link to comment
Share on other sites

By Modern auction I assume they mean modern method of auction which means no legal pack and when offer is accepted agent wants 5-10k fee from the buyer. After that you get to find out whether the title's good and do searches. The 5-10k is non-refundable and not part of price. IMO that makes it not for sale. There's a thread here somewhere about them.

In this case they want to keep those details secret until you view.  ? ? ? Looking for a greater greater greater fool.

Link to comment
Share on other sites

12 hours ago, ebull said:

Only resale I can see lost 25k in 7.5 months.

That's over 3k a month loss.

He/she may be soon feeling they got off lightly.

https://houseprices.io/?q=TW3+3GF

Could be worth keeping an eye on and emailing some journos if some more resales happen.

The PR push from 2015 was widely covered/regurgitated, so there should be some follow up interest. 

Imagine paying £150 a month for a concierge on 27sqm. Bonkers. 

Link to comment
Share on other sites

And another.  

Nothing much in the 5 bed, over 300k range is moving around this way.

This one did have a nice pub next to it (and the village school) but sadly pub closed and now derelict. Silly coot that owns this turned down a 700k offer according to one of the other village council members.

Tremeirchion, St. Asaph LL17

Price history

Sold prices provided by Land Registry
15th Oct 2018£675,000Price reduced by £24,500
19th Jun 2018£699,500Price reduced by £25,500
12th Feb 2018£725,000Price reduced by £24,000
16th Jun 2017£749,000
Link to comment
Share on other sites

This isn't a big drop but classes as multiple - significantly though it is a help to buy new build. £25k off of £450k is 5.5% off the original price. Why take out an equity loan when you can just wait for the price to come down (and still probably take an equity loan!) Not the first HTB I have seen reduced recently. Also, small scale housebuilders seem to be leaving new-builds on rightmove a long time with multiple drops.

Link to comment
Share on other sites

A 3 bedroom student BTL in Sheffield "with potential to let fourth room."

https://www.zoopla.co.uk/for-sale/details/46709714

Price history

Sold prices provided by Land Registry
25th Oct 2018 £190,000 Price reduced by £5,000
20th Sep 2018 £195,000 Price reduced by £10,000
15th Aug 2018 £205,000 Price reduced by £10,000
26th Apr 2018 £215,000 Price reduced by £5,000
22nd Feb 2018 £220,000 First listed
3rd Jul 2007 £195,000 Last sold

Across Yorkshire, I've noticed quite a few 2007/8 buyers starting to accept a loss. Forced sellers you could say, @Smiley George

Link to comment
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...
 Share





×
×
  • 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.