Guardian: Proportion of UK house sellers cutting asking price reaches ‘highest in over a decade

[Smith]

https://www.theguardian.com/money/2023/sep/18/uk-house-sellers-cutting-asking-price-rightmove

[Smith]

Over 36% of properties currently listed on Rightmove have had their price reduced, by an average of 6.2%.

[Trampa501]

I'd seen reductions on the place we were looking at, so good to see it's widespread now. Looks like the panic is starting to build in.

[Lucando]

And thats just showing asking prices. Factor in agreed prices and likely to be down 10% or more by now.

[staintunerider]

FOOP is kicking in....Fear of Over Paying

Which is preferable to POOP  "P***ed Off Over Paid"

Edited September 18, 2023 by staintunerider

[msi]

10 minutes ago, staintunerider said:

FOOP is kicking in....Fear of Over Paying...

Wait til you hear the anecdotes of dinner party conversations...

'You paid..how much...we got our house for 15% less than the other guy....'

[Smith]

1 hour ago, Lucando said:

And thats just showing asking prices. Factor in agreed prices and likely to be down 10% or more by now.

Was thinking the same. If you factor in the likelihood of having a low offer accepted now, compared with the need to pay at least full asking price (often more) last year, this means prices are already 10+% down for some properties.

[Dames]

Be interesting to see if RM follow Zoopla in actually showing the reduction %.

 

D

[Smith]

32 minutes ago, Dames said:

Be interesting to see if RM follow Zoopla in actually showing the reduction %.

 

D

Do you mean on individual listings? Didn't know Zoopla do that.

[MerchantNavy]

58 minutes ago, Dames said:

Be interesting to see if RM follow Zoopla in actually showing the reduction %.

 

D

You will have to download the  property log extension on Chrome.

[70PC]

 

https://www.rightmove.co.uk/properties/131674592#/?channel=RES_BUY

[Dames]

2 hours ago, Smith said:

Do you mean on individual listings? Didn't know Zoopla do that.

You can even list in order of biggest reduction 👍

D

[Dames]

2 hours ago, MerchantNavy said:

You will have to download the  property log extension on Chrome.

Unfortunately it doesn't work on android and these days i only turn my pc on once a month to do an invoice. Zoopla is good enough for now . 👍

 

D

[HousePriceTooHigh]

48 minutes ago, 70PC said:

 

https://www.rightmove.co.uk/properties/131674592#/?channel=RES_BUY

Wonder what happened here?

Young couple decide to buy a doer-upper, but then split after arguing in a Wickes and have to sell? 🤣

[Jinxed]

Average house price today is around 12x salary or £300k /25k 

In 1997 that very same house cost 3.3x salary or £55k /16.6k

But the base rate is about the same 5.25%

Thats a £245,000 or 445% increase. 

The (sickening) Guardian have been one of the biggest cheerleaders for HPI for 25 years. Probably even more so than the Times or the Telegraph.

They're despicable really arent they? But hey, so long as the various sub editors house prices have tripled, quadrupled, sextupled, they can afford to be libertarians right? Doesnt matter that it was due to outright Fraud. The Guardian did their bit, they published one article about it once.

Now we know the truth. The financial meltdown wasn't a mistake – it was a con

They deserve a round of applause really. 👏

🖕

 

Edited September 18, 2023 by Jinxed

[70PC]

1 hour ago, HousePriceTooHigh said:

Wonder what happened here?

Young couple decide to buy a doer-upper, but then split after arguing in a Wickes and have to sell? 🤣

Doubtless we will see a lot more of these. Buyers who over reached themselves in the belief that higher interest rates were a blip. 

[winkie]

Notice all the planning applications, improvements and extensions......agreed but on hold.......a) will the improvements and cost of improvements add to value......b) can no longer afford to do the improvements c) can selling with permissions be an advantage for a sale? Or does nobody really care, option to extend into a loft space is not an advantage to buy a house with a loft, handy extra storage space, great to pack with insulation and boards maybe.......

[msi]

9 minutes ago, winkie said:

Notice all the planning applications, improvements and extensions......agreed but on hold.......a) will the improvements and cost of improvements add to value......b) can no longer afford to do the improvements c) can selling with permissions be an advantage for a sale? Or does nobody really care, option to extend into a loft space is not an advantage to buy a house with a loft, handy extra storage space, great to pack with insulation and boards maybe.......

Most common extension options are already covered under 'Permitted Development'.  If you were going to have some work done, I'd go with some signed off foundations laid and ready.

[winkie]

2 minutes ago, msi said:

Most common extension options are already covered under 'Permitted Development'.  If you were going to have some work done, I'd go with some signed off foundations laid and ready.

Yes, few breeze block foundations ready to put the greenhouse on.

[scottbeard]

1 hour ago, Jinxed said:

Average house price today is around 12x salary or £300k /25k 

In 1997 that very same house cost 3.3x salary or £55k /16.6k

But the base rate is about the same 5.25%

Thats a £245,000 or 445% increase. 

The (sickening) Guardian have been one of the biggest cheerleaders for HPI for 25 years. Probably even more so than the Times or the Telegraph.

They're despicable really arent they? But hey, so long as the various sub editors house prices have tripled, quadrupled, sextupled, they can afford to be libertarians right? Doesnt matter that it was due to outright Fraud. The Guardian did their bit, they published one article about it once.

Now we know the truth. The financial meltdown wasn't a mistake – it was a con

They deserve a round of applause really. 👏

🖕

 

Your basic point on the increase is valid but I’m not sure the numbers are right for now: 

more like 289k house and 28k median salary so 10x not 12x

[steve99]

8 hours ago, Smith said:

Over 36% of properties currently listed on Rightmove have had their price reduced, by an average of 6.2%.

A massive crash then.  Houses in my estate/neighbourhood Are still asking peak prices and dropping by circa 5% to get a sale. Was stalemate a few months ago but now everyone is used to higher interest rates and obviously the banks are still over-lending into the market then it appears things are back to obscene house price normal. 

[Bear Necessities]

8 hours ago, msi said:

Wait til you hear the anecdotes of dinner party conversations...

'You paid..how much...we got our house for 15% less than the other guy....'

Then further down the line, the "dinner party" will be six people rooting around in a bin round the back of the KFC

[msi]

26 minutes ago, Bear Necessities said:

Then further down the line, the "dinner party" will be six people rooting around in a bin round the back of the KFC

No doubt drooling alongside our usual loon squad here about how they woz robbed, innit....

[Armus]

6 hours ago, 70PC said:

 

https://www.rightmove.co.uk/properties/131674592#/?channel=RES_BUY

Could go on the "most overpriced shit-hole" thread quite comfortably (at either price).  Looks like a probate sale?

[Armus]

5 hours ago, Jinxed said:

Average house price today is around 12x salary or £300k /25k 

In 1997 that very same house cost 3.3x salary or £55k /16.6k

But the base rate is about the same 5.25%

Thats a £245,000 or 445% increase. 

The difference is back then the mortgage income multiple was 4/4.5x 'main' income plus 1x second income.  Now it's 4.5x BOTH incomes so £60k x 4.5 = £270k isn't unexpected as an average price.  I wouldn't want to borrow at that level but many people do.