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Plenty Of Reductions In Worcester

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A very quick update on area around Worcester. I'm monitoring Rightmove in the £150 - £650k range.

Within 10 miles of Worcester city centre - in the last 7 days ONLY:

70 Properties reduced in asking price.

Average reduction: £11200 :)

Examples:

210 - 180

220 - 200 (new builds)

225 - 200

365 - 330

410 - 365 (Malvern)

555 - 525 (Barnt Green)

I saw plenty of houses in the sub £300k range with £20k reductions. This was just 7 days worth!

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A very quick update on area around Worcester. I'm monitoring Rightmove in the £150 - £650k range.

Within 10 miles of Worcester city centre - in the last 7 days ONLY:

70 Properties reduced in asking price.

Average reduction: £11200 :)

Examples:

210 - 180

220 - 200 (new builds)

225 - 200

365 - 330

410 - 365 (Malvern)

555 - 525 (Barnt Green)

I saw plenty of houses in the sub £300k range with £20k reductions. This was just 7 days worth!

Thanks for your information

I'm watching two areas, West Midlands and Cornwall where I have business and home respectively

IMHO Prices in WM are not holding well your information helps to confirm this

Regards

CS

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A quick summary of the changes in Worcester during the last week. The following changes on Rightmove listed properties in the £150-650k range took place in the last 7 days:

65 Properties had their asking prices changed.

4 Increased their asking price :lol:

61 Reductions :D

Overall average asking price: £284k

Average reduction (including increases): £10957

Some examples:

218 - 200 Great Witley

225 - 200 Worcester (new builds)

210 - 180 Stourport

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A quick summary of the changes in Worcester during the last week. The following changes on Rightmove listed properties in the £150-650k range took place in the last 7 days:

65 Properties had their asking prices changed.

4 Increased their asking price :lol:

61 Reductions :D

Overall average asking price: £284k

Average reduction (including increases): £10957

Some examples:

218 - 200 Great Witley

225 - 200 Worcester (new builds)

210 - 180 Stourport

definatly goes againt what i am seeing, over the past year prices seem to have been level/falling, prices seem 5-10k up over spring, but seem to have dropped slightly again after easter. Agents put houses to market at higher prices and drops happen all the time. The average accross the area against time would be a better indicator.

There are now couple of cheaper properties on the market, but they all have open days im guessing in the hope of prducing a bidding war...

ISV : two years ago a new 3 bedroom house was about 170k, these are now on the market for 230, nut have been recently selling for about 190.. rightmove price is slightly up.. Alot of new property appearing this week after easter with a lower price, but prices upto easter seemed to be slightly higher.... (perhaps caused by those silly flats in diglis)

Edited by moosetea

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Another quick summary of the asking prices changes in Worcester (10 miles from WR1) from just the last 7 days based only on Rightmove asking prices in £150-650k range.

64 Reductions in Asking Price

2 Increases in Asking Price

Average reduction: £10,526

Average Asking Price: £270k

A selection of the reductions this week:

550 - 499 Stourbridge

550 - 499 Mosely

495 - 450 South Birmingham

375 - 355 Newbridge Green

365 - 335 Alfrick

325 - 299 Tibberton

240 - 230 Redditch

220 - 199 Malvern

200 - 185 Worcester city

180 - 170 Bromsgrove

Despite these reductions I'm still finding lots of stuff that has been on the market for well over a year without a single reduction in asking price...

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I heard that Berkley had queues on their opening day for their canalside development in Worcester and sold 8 'off-plan'

Seems like Worcester is the next big thing ?

Buckers

Dunno why anyone would queue up for any of the canalside developments - reductions are possible on the 2nd hand stuff down there already.

In only the last 7 days I've counted 84 properties having reduced asking prices within 10 miles of the city centre. Here's the latest lot of examples:

795 - 750k

750 - 675

795 - 770

675 - 650

675 - 625

585 - 565

575 -550

545 - 520

565 - 520

550 - 499

495 - 450

365 - 330

...

250 - 230

225 - 199

Average reduction across all 84 properties is £13407...

Why queue and buy off-plan for anything when patience seems to pay such good dividends???

According to the latest Halifax House Price Index the average property price in Worcester has FALLEN 9% during the last year...

"Worcester has seen a slowdown in its housing market over the past year. Prices have fallen 9% to £172,887. However, on a five year view there has been a healthy 56% increase. Worcester has convenient commuter links into Birmingham and is well position for access to the M5 motorway."

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looked round the canalside development, 35 have sold without reductions, 10 left, two beds are 190->200 k, they are going to go onto phase 2 sooner and are planning on putting prices up...

Terraces have asking prices at 140->150k now, before christmas they were selling for about 125->130, a three bedroom terrace in digles now has an asking price of 189k. Its aspirational pricing but there selling, looked round a terrace wreak on at 125, there were 6 couples looking round the place when i was there with the gf. The house accross the street over looking the canal sold before christmas for 127k. Its all very overpriced in relation to the selling prices....

The odd thing is even though the sale prices are heavliy inflated, the lowest priced stuff which si still over inflated is still selling.

ISV - I agree the average price did fall last year, but looking at the data prices are back up again to late 2004 early 2005 prices this spring...

As for the albian mill in digles, that Berkley is still developing, looking at the housing data 8 sold in 2005. Looks like these flats first have been sold off very cheaply though.... The open day for the mill is in a couple of weeks....

http://www.berkeleyhomes.co.uk/index.cfm?articleid=1230

20/01/2006 56 Portland Street, Worcester, Worcestershire, WR1 2NW £135,000

* Terraced

* Freehold

* Established Property

14/12/2005 76 Portland Street, Worcester, Worcestershire, WR1 2NW £136,000

* Terraced

* Freehold

* Established Property

28/11/2005 Flat 52, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £44,707

* Flat

* Leasehold

* New Build

28/11/2005 Flat 53, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £44,707

* Flat

* Leasehold

* New Build

23/11/2005 Flat 47, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £50,571

* Flat

* Leasehold

* New Build

23/11/2005 Flat 50, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £50,571

* Flat

* Leasehold

* New Build

23/11/2005 Flat 49, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £50,571

* Flat

* Leasehold

* New Build

23/11/2005 Flat 48, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £50,571

* Flat

* Leasehold

* New Build

23/11/2005 Flat 51, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £50,572

* Flat

* Leasehold

* Established Property

23/11/2005 Flat 41, Albion Mill Portland Street, Worcester, Worcestershire, WR1 2NL £53,148

* Flat

* Leasehold

* New Build

21/07/2004 7 Portland Street, Worcester, Worcestershire, WR1 2NL

@ buckers : any more info on this development, and why the first 8 were sold for 50k? especially when the other flats in digles are about 190k!

Edited by moosetea

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There are still plenty of asking price reductions coming through. I'm tracking changes each week and there are usually anywhere between 50 - 80 price reductions each week within 10 miles or so of Worcester city centre.

There has been an increase in the % reduction seen on the average house. Single reductions of 5-10% or more are quite common. Here's a few from just the last 7 days:

Reduced from £795 - £695k (13%)

http://www.rightmove.co.uk/viewdetails-12054326.rsp

Reduced from £550 - £485k (12%)

http://www.rightmove.co.uk/viewdetails-11938121.rsp

Reduced from £220 - £200k (9%)

http://www.rightmove.co.uk/viewdetails-6667576.rsp

Reduced from £425 - £395k (7%)

http://www.rightmove.co.uk/viewdetails-6190633.rsp

Reduced from £425 - £395k (7%)

http://www.rightmove.co.uk/viewdetails-6597739.rsp

Reduced from £325 - £300k (7%)

http://www.rightmove.co.uk/viewdetails-7222327.rsp

Reduced from £280 - £255k (9%)

http://www.rightmove.co.uk/viewdetails-5843635.rsp

Reduced from £220 - £200k (9%)

http://www.rightmove.co.uk/viewdetails-6667576.rsp

I suspect that the size and rate of reductions may speed up once we get towards the end of Spring...

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There are still plenty of asking price reductions coming through. I'm tracking changes each week and there are usually anywhere between 50 - 80 price reductions each week within 10 miles or so of Worcester city centre.

There has been an increase in the % reduction seen on the average house. Single reductions of 5-10% or more are quite common. Here's a few from just the last 7 days:

Reduced from £795 - £695k (13%)

http://www.rightmove.co.uk/viewdetails-12054326.rsp

Reduced from £550 - £485k (12%)

http://www.rightmove.co.uk/viewdetails-11938121.rsp

Reduced from £220 - £200k (9%)

http://www.rightmove.co.uk/viewdetails-6667576.rsp

Reduced from £425 - £395k (7%)

http://www.rightmove.co.uk/viewdetails-6190633.rsp

Reduced from £425 - £395k (7%)

http://www.rightmove.co.uk/viewdetails-6597739.rsp

Reduced from £325 - £300k (7%)

http://www.rightmove.co.uk/viewdetails-7222327.rsp

Reduced from £280 - £255k (9%)

http://www.rightmove.co.uk/viewdetails-5843635.rsp

Reduced from £220 - £200k (9%)

http://www.rightmove.co.uk/viewdetails-6667576.rsp

I suspect that the size and rate of reductions may speed up once we get towards the end of Spring...

a reduction on an overvalued property isnt a reduction. You need to relate it to sale prices in the area, the last property is still seriously over priced.

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