Tester Posted December 29, 2004 Share Posted December 29, 2004 I was wondering how low prices will go in the Maidenbower (Crawley), Horsham, Southwater areas of West Sussex. I started looking to buy last Spring but quickly realised how over inflated prices were. Looking at Rightmove, there are lots of properties around that are just not selling. I saw a two bed on the market for £189,950 in April. It was sold STC in about August. Now, it's back on the market (presume sale fell through) for £184,950 (see: http://www.rightmove.co.uk/property/4474247). Anyone out there living in these areas care to comment? Ta. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 29, 2004 Share Posted December 29, 2004 I can beat that... there is a new house, not yet even completed, on sale in a Gorseinon EA in Swansea that is advertised for 320K.... Problem is, they recently put up a new ad for the same property at a fiver short of 290K and have both ads still in the window... Quote Link to comment Share on other sites More sharing options...
Pakard Posted January 1, 2005 Share Posted January 1, 2005 Last month reductions in Crawley. It started 1 bed flat 129,950 to 124950 126750 to 119950 5.6% 139,950 to 136,950 2 bed Flat 126950 to 124950 149,950 to 144950 3.4% 149950 to 145000 174,950 to 169,950 2 bed terraced 159950 to 156950 169,950 to 159,950 6.2% 189,950 to 187,950 189,950 to 185950 and than to 179950 199,950 to 197,950 3 bed terraced 166950 to 164950 167,950 to 164950 169,950 to 164,950 179,950 to 174,950 184,950 to 182,950 184,950 to 179950 189,950 to 185,000 196,950 to 192,500 199,950 Sold for 2 weeks and than reduced to 192500 3.8% 199,950 to 196950 204,950 to 199,950 212,000 to 207,950 2 bed semi 191,950 to 186950 205,000 to 197,950 3.5% 3 bed semi 194,000 to 189,995 199,950 to 196,950 201,950 to 197,950 204,950 Sold for 2 weeks and than reduced to 199,950 205,000 to 197,950 219,950 to 214,950 224,500 to 220,000 224,950 to 219950 234,950 to 229,995 234,950 to 229,995 249,950 to 239,950 4.1% 279,950 to 275,950 3 bed detached 264,950 to 259,950 275,000 to 269,950 279,950 to 269,950 3.7% 295,000 to 285,000 295,000 to 285,000 314,950 to 295,000 325,000 to 297,500 9.2% 335,000 to 329,000 349,950 to 329,950 419,950 to 399,950 485,000 to Sold for a week and then reduced to 440,000 10.2% 4 bed detached 375,000 to 360,000 380,000 to 375,000 425,000 to 415,000 489,950 to 469,950 625,000 to 595,000 5% 625,000 to 600,000 695,000 to 675,000 5 bed detached 435,000 to 399,950 550,000 to 499,950 10% Quote Link to comment Share on other sites More sharing options...
Uriah Heap Posted January 3, 2005 Share Posted January 3, 2005 I too gave up last Spring, but I am looking seriously now and will be driving a hard bargain. My job is in Horsham so that is my top target but I will consider a 15 mile radius around. The Franklin Road one still doesn't look like much building for your money, even with the reduction. I am really after 3 beds, but I may view that one and perhaps offer my idea of a realistic value. Looking at the pictures I might stretch to £130K. Quote Link to comment Share on other sites More sharing options...
sneaky_snookems Posted January 14, 2005 Share Posted January 14, 2005 January sale signs up in Connels in Horsham (Do estate agents usually have sales?). Spanish only EA has massive banners up all over building about sales and exhibitions. My sisters bloke sold his in Chichester house for asking price in October (below valuation). Sale fell through in December due to FTB's getting cold feet at price falls. Quote Link to comment Share on other sites More sharing options...
Warwickshire Lad Posted January 14, 2005 Share Posted January 14, 2005 Sale fell through in December due to FTB's getting cold feet at price falls. And a good example there of how the psychology of the FTB is shifting - who wants to buy now when you think the price will fall soon ? Given that prices have been rising for so long that the psychology of people is "prices can only go up" this is going to come as a shock to sellers. Prices will continue to fall but most FTBs won't re-enter the market until they're convinced prices won't fall much further. Like I said - who wants to buy when you know prices are going down ? As an FTB I'm refusing to join this market right now. And because I have no house to sell I can wait. People with houses can't afford to wait - personal circumstances will eventually force them to sell at increasingly lower prices. At the moment, the psychology of house sellers is "I won't drop my price much because no-one else is". No-one wants to be the first to drop their price. I suspect this will change. The most desperate sellers will make the first moves - word will then get around as to falling prices and a downward spiral will be created. So, as others have said - bring it on ! Quote Link to comment Share on other sites More sharing options...
Tester Posted January 14, 2005 Author Share Posted January 14, 2005 Is the market picking up? The two bed shoebox on the market for £184,950 that I referred to at the beginning of this thread is now sold STC! It would be very interesting to find out the agreed price. Monthly rents for the same type of house are around the £750 therefore the numbers look bad for a BTL. But, I'd be equally stunned if it was a FTB. I've just compared my Rightmove shortlisted properties from early December to now. Then I had 71. Now I have 93. Thats a 31% increase in properties that meet my specifications. However, 3 of those are now STC in the past few days. Quote Link to comment Share on other sites More sharing options...
Warwickshire Lad Posted January 14, 2005 Share Posted January 14, 2005 But, I'd be equally stunned if it was a FTB. My guess is that there will definitely be a proportion of FTBs out there who may be going along with the media line of the moment "prices are bottoming out" and have seen prices falling so are jumping in now. Another factor in them jumping in is probably because they are still subject to the long-held psychology of "prices will always go up" drummed into them by the media and their smug home-owning peers, and so they're rationalising their purchase by feeling that after a small fall over the next few months prices will start going up yet again. Quote Link to comment Share on other sites More sharing options...
VacantPossession Posted January 15, 2005 Share Posted January 15, 2005 Another factor in them jumping in is probably because they are still subject to the long-held psychology of "prices will always go up" drummed into them by the media and their smug home-owning peers, and so they're rationalising their purchase by feeling that after a small fall over the next few months prices will start going up yet again.<{POST_SNAPBACK}> Yes, that and the additional perceived pressure of "buy now or you'll never get on the housing ladder. This kind of pressure is in my view almost as epidemic as assumptions of perpetual rises in value. FTB's are literally bulldozed by friends, relations, and the media into thinking that buying is the only option. Only a tiny percentage of the UK population are fully aware of what is going on and fewer still are aware that sites like this exist. Look at the number of property make over programmes still peddling the tired old myth. To watch them you'd think nothing was going on! VacantPossession Quote Link to comment Share on other sites More sharing options...
Tester Posted January 15, 2005 Author Share Posted January 15, 2005 I telephoned the local Ch**ces Estate Agents today and spoke to a very pleasant young lady. After some chit chat I asked her directly how busy they were in residential sales... "Well I think things are really picking up, it's a good time to buy, especially if interest rates go down." Do you think interest rates will go down? I asked. "Well they might, but it's a good time to buy" Given the prospects for US interest rates and their impact on the global economy I don't think they will go down, I said. "Err ... well, err.. yes... but it is a good time to buy" I got the impression she had been programmed with the message by her boss. I felt sorry for the poor lass. If the prices do tumble I'm sure there will be a few gullible punters who truly believed what she said and may come back to discuss it. Quote Link to comment Share on other sites More sharing options...
zzg113 Posted January 15, 2005 Share Posted January 15, 2005 From an estate agents' point of view NOW is always a good time to buy a house (just as for a car salesman now is always a good time to buy a car, for a double-glazing salesman now is always the time to buy double-glazing, etc etc);.....................................................good for their bank accounts, that is. Quote Link to comment Share on other sites More sharing options...
Pakard Posted February 20, 2005 Share Posted February 20, 2005 I am tracking around 1200+ properties in Crawley and I am going to give you a big, big . All of you wanted a proof. Now U can have it. Here is a graph! House prices from £250,000 to £350,000 price range for the last 16 weeks (from 01.11.04). Quote Link to comment Share on other sites More sharing options...
bearly holding up Posted February 20, 2005 Share Posted February 20, 2005 I am tracking around 1200+ properties in Crawley and I am going to give you a big, big . All of you wanted a proof. Now U can have it. Here is a graph! House prices from £250,000 to £350,000 price range for the last 16 weeks (from 01.11.04). <{POST_SNAPBACK}> Maybe I'm being thick, but I don't really understand this graph Packard mate! Quote Link to comment Share on other sites More sharing options...
Pakard Posted February 21, 2005 Share Posted February 21, 2005 week 1 = 30.10.02 week 2 = 07.11.02 week 3 = 14.11.02 Any line going downwards means a reduction in a price. e.g. The first yellow line starts at £350,000 for 3 weeks and than the asking price is reduced by £10,000 in week 4. Simple … only 220 properties in this one. Quote Link to comment Share on other sites More sharing options...
bearly holding up Posted February 21, 2005 Share Posted February 21, 2005 Thanks Pakard, I think I understand it better now. Quote Link to comment Share on other sites More sharing options...
BufferBear Bitcoin Bull Posted February 21, 2005 Share Posted February 21, 2005 Wow. And there was I thinking I was obsessed with house prices. Good stuff. Quote Link to comment Share on other sites More sharing options...
Uriah Heap Posted February 26, 2005 Share Posted February 26, 2005 One of the EAs in Horsham has taken to texting me property details. I always reply, but I am running out of ways to say "Way too expensive" - any suggestions welcome. Quote Link to comment Share on other sites More sharing options...
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