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Guest muttley

Spectacular Crash....strs Win The Day

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Guest muttley

We went for a walk around Macclesfield town centre today, and found this property.

New Build

The bit that interested me was at the bottom. It read Guide Price £940,000 £600,000. That's a £340,000 reduction, or 36.2% if you prefer.

Here it is again at the new price Same New Build

Sign of the times?

Edited by muttley

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Guest muttley

Muttley you're a hero.

Aw.Shucks!

If just found the property on Rightmove and modified the second link. It now reads "Offers in the region of £600,000"

Maybe they'll accept £400,000. After all, they seem to think that £600,000 is in the region of £940,000!

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Guest muttley

When we enquired about it with the EA she said that the house had not been completed, but was in the process of being built. The link on the Rightmove site at £600,000 takes you back to the EAs link at £940,000.

Both prices refer to the completed house.

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A drop in asking price cannot be taken as evidence of a crash, because the original asking price may just have been totally off the mark.

Say 2 houses sell in a street for 350K one year. Next year, an ambitious seller puts his house on the market for 425K. No takers. He drops to 375K and it sells. Now you might want to portray that as a 'massive' 50K fall, 'the crash is under way! Yipee!' etc. etc. but in actual fact it is a 25K rise on last year's sale prices.

Sold prices are what matters, for both prices rises and falls, IMHO.

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I saw this often in the last crash (late 80s).

The builder half-completes a house, the market turns and he comes under terrific pressure from his bankers because he has borrowed heavily to finance the build costs. No chance of holding out for the £900K price now because he is under severe pressure.

We are going to see much more of this....

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Guest muttley

A drop in asking price cannot be taken as evidence of a crash, because the original asking price may just have been totally off the mark.

Say 2 houses sell in a street for 350K one year. Next year, an ambitious seller puts his house on the market for 425K. No takers. He drops to 375K and it sells. Now you might want to portray that as a 'massive' 50K fall, 'the crash is under way! Yipee!' etc. etc. but in actual fact it is a 25K rise on last year's sale prices.

Sold prices are what matters, for both prices rises and falls, IMHO.

You are absolutely right. In fact, it is even harder to gauge the price when the property is individually built, like this one.

However, a 34% reduction would suggest a severe lack of interest.

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Guest

Not when we're always being told by bears that SALE prices are the only ones that matter, not ASKING prices.

You can't have it both ways.

Agreed.

When asking prices go UP, you need to see if they are achieved, so SALE prices matter, not ASKING.

When asking prices go DOWN, it rather suggests a problem of sorts, so maybe asking prices can be compared in this situation. But comparing the sale price would strictly be necessary since there might be a lice of 100 buyers all gazumping each other back up to £940,000. :lol:

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We went for a walk around Macclesfield town centre today, and found this property.

New Build

The bit that interested me was at the bottom. It read Guide Price £940,000 £600,000. That's a £340,000 reduction, or 36.2% if you prefer.

Here it is again at the new price Same New Build

Sign of the times?

That proposition has been going on for over 12 months now, it was supposed to be built 6 months ago I`m sure <_<

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Guest Winners and Losers

Still wont make Brunos list though because hes gotta REALLY hate you. :lol:

Easy in your case. :rolleyes:

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Easy in your case. :rolleyes:

Too easy, I am surprised I wasnt number 1. :rolleyes:

Edited by shakerbaby

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Guest Winners and Losers

Too easy, I am surprised I wasnt number 1. :rolleyes:

You're my number 1. :rolleyes:

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Guest muttley

That proposition has been going on for over 12 months now, it was supposed to be built 6 months ago I`m sure <_<

Is this your region CL?

The original post says "With construction due to commence August/September 2005,there is an anticipated 12 month build period before completion"

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Guest Winners and Losers

If you had to rate me out of 10 you would give me 1 too! :rolleyes:

You flatter yourself, I've already given you a minus 5 for bad behaviour. :rolleyes:

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You flatter yourself, I've already given you a minus 5 for bad behaviour. :rolleyes:

Nice avatar WAL

did you know Sinead O'Connors 'Nothing compares to you' was about giving up fags.

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Guest Winners and Losers

Nice avatar WAL

did you know Sinead O'Connors 'Nothing compares to you' was about giving up fags.

Gay boys? Oh, yeah, I've given up Shaker :rolleyes: . Somebody once thought I was Sinead - is that good or bad?? :unsure:

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Is this your region CL?

The original post says "With construction due to commence August/September 2005,there is an anticipated 12 month build period before completion"

No not my area, just been aware of the project now for over 12 months ;)

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Gay boys? Oh, yeah, I've given up Shaker :rolleyes: . Somebody once thought I was Sinead - is that good or bad?? :unsure:

Guys, why don't you young folks just go somewhere private and get it out of your system and let us grown ups drink our cups of tea and talk about the housing conundrum. (I would suggest the behind a shed or the back seat of a car at a drive in movie show - do they exist anymore?) and while your at it, smoke a few naughty cigarettes!

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Guest Winners and Losers

Guys, why don't you young folks just go somewhere private and get it out of your system and let us grown ups drink our cups of tea and talk about the housing conundrum. (I would suggest the behind a shed or the back seat of a car at a drive in movie show - do they exist anymore?) and while your at it, smoke a few naughty cigarettes!

Well, he has been rather persistent - OK, I give up. Thanks Elizabeth - are you jealous?? ;)

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  • 301 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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