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Examples of big & multiple drops


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20 minutes ago, Roman Roady said:

29.5% off of a 3 bed semi in Hartlepool

https://www.rightmove.co.uk/properties/88960180#/

Price Change History
15/04/2021 Price changed from £145,000 to £120,000
08/03/2021 Price changed from £160,000 to £145,000
23/02/2021 Price changed from £170,000 to £160,000
10/02/2021 Initial entry found: £170,000

overdeveloped! it appears to have a porthole and various other nautical references:

29376_HSS153850_IMG_03_0000.jpeg

 

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3 minutes ago, Roman Roady said:

Yes its not good is it...the thing that got my attention was the double doors to the front.

is that a very long narrow bed or just a wide angle lens in a small bedroom?

29376_HSS153850_IMG_09_0000.jpeg

 

Edited by Si1
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18 hours ago, Roman Roady said:

Yes its not good is it...the thing that got my attention was the double doors to the front.

Love the two purple baubles hanging off the front porch.

Garden looks a bit grim and overlooked though.

Shows you don’t get much for £145k these days even in Hartlepool!

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21.5% off of a 3 bed apartment on the Albert Embankment London

https://www.rightmove.co.uk/properties/64399170#/

Price Change History
09/04/2021 Price changed from £3,250,000 to £3,000,000
10/08/2020 Price changed from £3,500,000 to £3,250,000
26/02/2020 Price changed from £3,825,000 to £3,500,000
15/08/2019 Initial entry found: £3,825,000
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On 19/04/2021 at 13:26, Roman Roady said:

26% off of some BTL T0$$3rs "portfolio" in SW1

https://www.rightmove.co.uk/properties/98536076#/

Price Change History
08/04/2021 Price changed from £4,908,000 to £3,633,000
16/10/2020 Initial entry found: £4,908,000

Aggregate gross yield 4.5%?!  You'd have to be mad, surely?  What are you going to be left with after letting agent fees, maintenance, insurance, void periods.  3% if you were lucky?

I hold some shares in Warehouse REIT.  Currently yields 4.84%.  Instant liquidity if I need the cash.  Nice capital appreciation (they own distribution warehouses for ecommerce).  I know where my money will be staying.

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20% off of a 4 bed detached house in Sunderland...complete with sex pond and giant clock.

https://www.rightmove.co.uk/properties/84750328#/

Price Change History
15/04/2021 Price changed from £450,000 to £399,950
11/11/2020 Price changed from £475,000 to £450,000
21/10/2020 Price changed from £499,950 to £475,000
13/09/2020 Initial entry found: £499,950

 

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14 hours ago, Confusion of VIs said:

Here is a cracking doer upper for anyone with a bit of DIY experience. You clearly get a lot of house for your money in this bit of Wales.

https://auctions.allsop.co.uk/lot-overview/vacant-a-freehold-historic-grade-1-listed-building-in-nr-abergele/r210504-066

What a wonderful building - facing a very sad end in the near future, I fear.  I cannot see anything other than demolition is viable for something like this.

There are several late Victorian houses in that part of the world (although I am aware of none as big as this) that were built for the industrial barons of the Manchester. One that I stayed in back in the 80's when it was a private school of accountancy is Caer Rhun Hall. (See https://www.hotels.com/ho614998  - the standard of accommodation when it was a school was far lower!) It became a 'wedding venue' hotel at some time and transferred hands for a million in 2015. But even an already finished hotel was apparently not viable and it went into administration and was closed down even before Covid hit. https://www.business-live.co.uk/retail-consumer/administrators-closed-historic-north-wales-17557464 

 

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On 19/02/2021 at 14:28, Roman Roady said:

25% off of a 2 bed flat in Darlington...for over 55/60s.

https://www.rightmove.co.uk/properties/68763192#/

Price Change History
09/11/2020 Price Changed: £50,000 £45,000
11/09/2020 Price Changed: £55,000 £50,000
12/06/2020 Price Changed: £59,950 £55,000
02/03/2020 Initial entry found.

 

   
   
   
   

From a multiple post on page 71, a 25% drop in asking now down to a 33% drop.

Price Change History
08/04/2021 Price changed from £45,000 to £39,950
09/11/2020 Price changed from £50,000 to £45,000
11/09/2020 Price changed from £55,000 to £50,000
12/06/2020 Price changed from £59,950 to £55,000
02/03/2020 Initial entry found: £59,950

 

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I did get some feedback from RM about an agent continually increasing and reducing price in order to game the new listings order. I think that it may be similar to previous responses from RM:

"You recently got in touch with us regarding a concern that (###EA####) are incorrectly changing property prices. We have carried out an investigation and found that, on this occasion, there was activity that needed to be addressed. 

 Following our investigation, we have contacted the branch to explain our findings, and the potential consequences should this activity reoccur, which include their properties or branch being made invisible. 

 We will continue to work closely with the branch and ensure we offer our full support to prevent this issue from happening again.

 To resolve this matter we have stopped the email alerts from going out and changed the reduced date. "

I have challenged RM to run some SQL queries to root out the problem across the board, and develop some simple detection logic. Wont hold my breath.

 

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20 hours ago, micawber said:

We will continue to work closely with the branch and ensure we offer our full support to prevent this issue from happening again

No will.  All RM need to do is centralise updates, removing access from individual agents.

It's amazing how difficult and time consuming a task becomes when the assignee sees it as against their interest.

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Not really sure what to write about this....So I shall just re-iterate the EA bumf.

"End of terrace"

20% off.

Thank the Lord that they dont quote the number of bedrooms...there are limits to EA creative writing after all.

image.png.1670da233ab9ae97754d8d210e3c29a7.png

https://www.rightmove.co.uk/properties/103247654#/

Price Change History
07/04/2021 Price changed from £45,000 to £40,000
30/03/2021 Price changed from £50,000 to £45,000
23/02/2021 Initial entry found: £50,000

Key features

  • Barn, Gardens and Garage
  • Development Potential
  • Viewing Essential
  • EPC Exempt
  • For Sale By Conditional Auction
  •  

 

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30% drop at least gives hope that it's not all madness out there.

Until you consider this is a starter home requiring a six figure salary to mortgage.

2 bedroom flat for sale

Pump House Crescent, Brentford
84788_29918378_IMG_01_0000.jpg
 
Price Change History
23/04/2021 Price changed from £750,000 to £700,000
29/03/2021 Price changed from £799,950 to £750,000
27/11/2020 Price changed from £825,000 to £799,950
06/10/2020 Price changed from £875,000 to £825,000
14/09/2020 Price changed from £999,950 to £875,000
18/08/2020 Initial entry found: £999,950
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58 minutes ago, Price doubt said:

30% drop at least gives hope that it's not all madness out there.

Until you consider this is a starter home requiring a six figure salary to mortgage.

2 bedroom flat for sale

Pump House Crescent, Brentford
84788_29918378_IMG_01_0000.jpg
 
Price Change History
23/04/2021 Price changed from £750,000 to £700,000
29/03/2021 Price changed from £799,950 to £750,000
27/11/2020 Price changed from £825,000 to £799,950
06/10/2020 Price changed from £875,000 to £825,000
14/09/2020 Price changed from £999,950 to £875,000
18/08/2020 Initial entry found: £999,950


Here’s its Zoopla listing as that shows its previous sold price. Assuming he accepts an offer of say 650 (if he’s lucky) then that’s quite an investment he made back in 2015 😂

https://www.zoopla.co.uk/for-sale/details/55929176?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api

Last sold 21 July 15 - £800,000

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5 minutes ago, dirtysteve said:


Here’s its Zoopla listing as that shows its previous sold price. Assuming he accepts an offer of say 650 (if he’s lucky) then that’s quite an investment he made back in 2015 😂

https://www.zoopla.co.uk/for-sale/details/55929176?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api

Last sold 21 July 15 - £800,000

"18/08/2020    Initial entry found: £999,950"

Oh dear

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IMO lucky to get that. 

2015/2016 were probably the peak years of new apartments in London, been downhill ever since.

https://www.rightmove.co.uk/properties/73475577#/ probably equal to it considering distance to station, that is £625k and not sold.

I'd imagine that only slightly worse ex-new builds, still 2-bath, 2-bed but 600-700sqft could be had for around £400k in this area, for not new builds, even less.

Seen this replayed in quite a lot of London places built around this time. Overpaid at the start, then tried to flip it a few years later for 20% more. The drop seems huge in % terms but only because the initial asking price was disconnected from any reality.

Another factor working against these are service charges, I can bet these will be large and consistently increasing. For instance I know some people whose charge has gone from a little under £200 to a little under £300 in the space of 5 years. For a flat that may sell at £400k that monthly charge is pretty significant.

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10 hours ago, dirtysteve said:


Here’s its Zoopla listing as that shows its previous sold price. Assuming he accepts an offer of say 650 (if he’s lucky) then that’s quite an investment he made back in 2015 😂

https://www.zoopla.co.uk/for-sale/details/55929176?utm_source=v1:5bWFDybfWx7C7AGpeagt7mP3PgcqjuqJ&utm_medium=api

Last sold 21 July 15 - £800,000

It's not pretty

image.thumb.png.566bb2793d607df76ab6bf52aaa3a47c.png

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