Northamptonshire

[echo3]

Not the whole of the county, but here are a few examples, just on my estate in Desborough.

This house was bought for £300,000 in Dec 2004, and is now for sale for £285,000 (I didn't buy an identical NEW property for £249,950 back in Feb, so doubt it will sell at £285!).

This house was bought for £190,000 in Oct 2005, and is now for sale for £199,950 - I doubt anyone will offer more than £190, so this could be a fall.

This house was bought for £170,000 in Dec 2004, and is now for sale for £169,995.

This House was bought for £169,950 in May 2006, and is now for sale for £185,000 - go figure!. will be interesting to see what is gets, but it was bought at a very competitive price.

This house was bought for £159,995 (I think) in Jul 2005, and is now for sale for £169,950.

If you take into account the high transaction costs in relation to how long these people have lived in their homes, they are set to lose a lot of money - close to what it may have cost them to rent.

These were all new build houses when bought - is there a premium on new build that explains the falls?

Edited December 11, 2006 by echo3

[ChinaReader]

Not necessarily a premium, though possibly a bribe. New builds tend to come with "offers" like £99 down to move in, 75% ownership ("making your [bit of] house affordable"!), your choice of fixtures and fittings and so on. Individual resellers aren't in a position to put gimmicks into the package.

But no gimmick explains the £15k drop of the first one!

[echo3]

A 3 month update;

first one is still for sale at £285, but with new agents.

second one is still on at £200.

third one sold for £170 according to nethouseprices.com - a break even price over two years. Interestingly Halifax House price calculator says prices in East Mids went up 10.4% in this period. Given the high transaction costs of buying and selling this person obvioulsy lost money.

fourth is still on the market at £185.

Last one is listed as Sold STC - we'll see what it got when data hits LR.

As for new house prices;

This New House is £10,000 cheaper than last year on the same estate, as is This One

And yet everywhere I read that house prices are still rising.

Not the whole of the county, but here are a few examples, just on my estate in Desborough.

This house was bought for £300,000 in Dec 2004, and is now for sale for £285,000 (I didn't buy an identical NEW property for £249,950 back in Feb, so doubt it will sell at £285!).

This house was bought for £190,000 in Oct 2005, and is now for sale for £199,950 - I doubt anyone will offer more than £190, so this could be a fall.

This house was bought for £170,000 in Dec 2004, and is now for sale for £169,995.

This House was bought for £169,950 in May 2006, and is now for sale for £185,000 - go figure!. will be interesting to see what is gets, but it was bought at a very competitive price.

This house was bought for £159,995 (I think) in Jul 2005, and is now for sale for £169,950.

If you take into account the high transaction costs in relation to how long these people have lived in their homes, they are set to lose a lot of money - close to what it may have cost them to rent.

These were all new build houses when bought - is there a premium on new build that explains the falls?