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jpidding

Real Price Falls In East Sussex

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I monitor 45 properties for sale about once every 2 weeks.

Have been doing it since september and noticed the odd reduction or two, but nothing massive.

Just been through and noticed these reductions:

Was 150k, now 125k (17% off)

http://www.rightmove.co.uk/viewdetails-106...pa_n=1&tr_t=buy

Was 229950, now 219950 (4.5% off)

http://www.rightmove.co.uk/viewdetails-106...pa_n=2&tr_t=buy

Was 280k, now 275k (2% off)

http://www.rightmove.co.uk/viewdetails-524...pa_n=2&tr_t=buy

Was 335k, now 275k (18% off)

http://www.rightmove.co.uk/viewdetails-108...pa_n=2&tr_t=buy

The last one is especially interesting!

J.

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I monitor 45 properties for sale about once every 2 weeks.

Have been doing it since september and noticed the odd reduction or two, but nothing massive.

I'm going to follow your example. But instead of sticking with properties, I'm looking at 3 or more bed properties for sale within half a mile of my current location. There are 57 of these. I've registered with Rightmove. Hopefully they will send me updates on price changes as well as new properties and sales. In any case, it's not going to be hard to keep a spreadsheet updated.

The reason I went for properties in a small area is because the longer properties are on the market, the more likely they are to be reduced. So if I have a fixed list of properties that I don't add to, any eventual price changes would be less and less representative of actual market conditions.

Billy Shears

Edited by BillyShears

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I was talking to a guy last night who has just relocated from Kent. He's renting at the moment because he says that he can't sell his house. He said that he has already priced it £30k below the value of a house that sold two years ago on the same street :ph34r:

The market certainly ain't very bouyant.

Edited by karhu

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I was talking to a guy last night who has just relocated from Kent. He's renting at the moment because he says that he can't sell his house. He said that he has already priced it £30k below the value of a house that sold two years ago on the same street :ph34r:

The market certainly ain't very bouyant.

So much for Rightmove's claim that prices are rising due to a shortage of properties that are "flying off the shelf."

When are the lies going to stop? They didn't stop in the Great Crash* so I guess they will all continue with the Baghdad Bob farce!

___________________________________

*1989-96

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I monitor 45 properties for sale about once every 2 weeks.

Have been doing it since september and noticed the odd reduction or two, but nothing massive.

I've been monitoring properties in my area (NW) since last September too. About 40,000 of them. Here's some of the reductions.

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These properties in Sussex still have a lot of room below.

Take another 50% off, and you start to get a little closer to where they should be.

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I monitor 45 properties for sale about once every 2 weeks.

Have been doing it since september and noticed the odd reduction or two, but nothing massive.

Just been through and noticed these reductions:

Was 150k, now 125k (17% off)

http://www.rightmove.co.uk/viewdetails-106...pa_n=1&tr_t=buy

Was 229950, now 219950 (4.5% off)

http://www.rightmove.co.uk/viewdetails-106...pa_n=2&tr_t=buy

Was 280k, now 275k (2% off)

http://www.rightmove.co.uk/viewdetails-524...pa_n=2&tr_t=buy

Was 335k, now 275k (18% off)

http://www.rightmove.co.uk/viewdetails-108...pa_n=2&tr_t=buy

The last one is especially interesting!

J.

I've been monitoring properties in my area (NW) since last September too. About 40,000 of them. Here's some of the reductions.

jpidding and Jon

You should post your data on the Rightmove average asking price thread- this is sttrong statistical evidence undermining Rightmove's calculations. Very persuasive and impressive stuff.

Edited by Baz63

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So much for Rightmove's claim that prices are rising due to a shortage of properties that are "flying off the shelf."

When are the lies going to stop? They didn't stop in the Great Crash* so I guess they will all continue with the Baghdad Bob farce!

___________________________________

*1989-96

Ref. shortage of properties, last week I posted about the shortage of properties in Putney and Mortlake and that some levels of property are flying off the shelves. It also seems to be the case in Caterham, Surrey, that

ftbs are back, few investors, and agents complaining that they can't get enough sub £250k property. The mid range in this area over the stamp duty mark is however sticky. £500k plus market is healthy, but having to take offers.

I've read some other threads about other areas and I don't doubt them. But to be sure, there's no crash climate in the air in some areas. These may well be unrepresentative pockets. I still think a major correction is a necessary medicine, but then I thought the same over a year ago.

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I'm going to follow your example. But instead of sticking with properties, I'm looking at 3 or more bed properties for sale within half a mile of my current location. There are 57 of these. I've registered with Rightmove. Hopefully they will send me updates on price changes as well as new properties and sales. In any case, it's not going to be hard to keep a spreadsheet updated.

The reason I went for properties in a small area is because the longer properties are on the market, the more likely they are to be reduced. So if I have a fixed list of properties that I don't add to, any eventual price changes would be less and less representative of actual market conditions.

Billy Shears

Billy, that is EXACTLY what I do. All properties listed by rightmove within a half mile radius of a given location. Keep the links and price history in an Excel sheet. Update every 2 weeks.

Watch out for the fact that when a property is removed from sale (but not sold) that when it is re-listed it will be under a new link. Just keep an eye on the pictures and take an occasional look at old ones to compare.

I tried to start a link suggesting that lots of people do this and we all put our numbers into a common database, but no one seemed interested so I went it alone.

JP.

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I was talking to a guy last night who has just relocated from Kent. He's renting at the moment because he says that he can't sell his house. He said that he has already priced it £30k below the value of a house that sold two years ago on the same street :ph34r:

The market certainly ain't very bouyant.

2 recent anecdotals:

1. House in Wiltshire/Dorset borders .... was valued by chinless Estate Agent at height of silly boomtime - 2003-4 - at - £850K; owner tried to sell - but then took it of market thinking he'd wait and sell it for more!!! Would you believe it? Yes.......

It is now languishing on the market for £550k -- has been for months - absolutely no offers at all. Owner really upset he missed out . HA HA HA !!!

2. House on Sussex/Hants border - same - valued at £890k in summer 2003 --- has been on market for £650k for many many months -- unsold.

And they try and tell us all is "ok" - market "buoyant" / "recovery" "strong" etc etc. What a load of codswallop......

Edited by eric pebble

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These properties in Sussex still have a lot of room below.

Take another 50% off, and you start to get a little closer to where they should be.

Totally agree with you. They all look absolutely rank, not saying that I'm a chooser, cause I'm a beggar more than most, but lets face it, if my life amounted to working for 20 years to pay the inflated mortgage on those properties, I'd rather become a celebate monk...

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Guest Winners and Losers

Billy, that is EXACTLY what I do. All properties listed by rightmove within a half mile radius of a given location. Keep the links and price history in an Excel sheet. Update every 2 weeks.

Watch out for the fact that when a property is removed from sale (but not sold) that when it is re-listed it will be under a new link. Just keep an eye on the pictures and take an occasional look at old ones to compare.

I tried to start a link suggesting that lots of people do this and we all put our numbers into a common database, but no one seemed interested so I went it alone.

JP.

And I thought I was bad!! Good for you guys, at least someone is keeping watch! :):)

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Totally agree with you. They all look absolutely rank, not saying that I'm a chooser, cause I'm a beggar more than most, but lets face it, if my life amounted to working for 20 years to pay the inflated mortgage on those properties, I'd rather become a celebate monk...

Fact is.... all the VI spun meedja just ignores the REAL story that is sitting out there. House Prices Have ALREADY SUNK hugely since Summer 2004!!!!!!!!!

Edited by eric pebble

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cracking idea about creating an excel database for your area

gonna start doing this now at the start of the crash

Thanks guys! :)

I would have thought that "fight the financial establishment" HPCers would plump for a free open source spreadsheet program rather than a commercial one.

http://www.openoffice.org

Billy Shears

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Pluto, your comment of 50% overvalued propmted me to start a separate link...

http://www.housepricecrash.co.uk/forum/ind...showtopic=25134

I do think that 175k would be a fair price for my folk's place.

JP.

Which takes me back to my main message as of last year -- which STILL applies -- hold on to your money people!! ......or else....! - http://www.housepricecrash.co.uk/forum/ind...showtopic=12762

Edited by eric pebble

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Bedfordshire ...

Two 4 bed detached House at the end of my road - both for sale since June 2005 at £280k. One of them was bought in June 2004 for £250k ... so apparent increase of 30k (approx 10%) in a year. I felt the increas was unjustified due to no work being done on the house and HP inflation was going down.

Anyway, a house in the middle (appears exactly the same) has come on the market at £252k. So there are now 3 houses for sale in a row ...

So, I think the latest one on will sell for <£250k to avoid the stamp duty increase ... therefore I would guess that the person that bought in June 2004 will make a loss as I guess <£250k is now the going price for this type of house.

Seen similar in my road (4 bed detaches) ... June 2003 neighbour bought for £204k, then between then and now a number of similar houses have gone on sale for £260k, and have drifted down to £230k - AND HAVE NOT sold over the 2 year period.

However houses now coming onto the market are being priced at £215k. But one is now on for £210k, which has driven the £215k one down to £209k.

I know I have rambled on, but I reckon new prices are now down at 2004 levels ... and as they have gone up and came down over 2 years, then whats stopping them going down more - I doubt they will just stop at 2004 prices. Also, seems like people want to sell and are pricing down to get the sale.

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  • 302 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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