Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Detached Houses In W Midlands Seeing 100k Drops - Times

Recommended Posts

http://property.timesonline.co.uk/tol/life...icle2064737.ece

From The TimesJuly 13, 2007
Why can’t we sell our home?
Answer: you don’t live in a fashionable postcode, says Susan Emmett
..../
Their five-bedroom detached house in Coventry may be on a pretty tree-lined road near the city centre, good schools and a railway link to London, but the property has languished on the shelf for more than six months. A change of estate agent and a
£100,000 drop
in the asking price to £799,950 in May brought one viewing and no offers. For the Martins, this is hardly what you would call a sellers’ market. Top-end Central London prices might well be stoked by wealthy Russians taking advantage of tax breaks, but this is hardly the reality across the country, where buyers are constrained by rising interest rates and onerous stamp duty.
“When we decided to drop the price we thought that would have a significant effect, but it hasn’t,” said Kevin Martin, a solicitor and former president of the Law Society. “The market has been much quieter than we anticipated.
I see a lot of ‘For Sale’ signs around the area, but not many ‘Sold’.
There seems to be a shortage of people willing and able to proceed in this sort of price range.”

Nice to see a dose of reality in my neck of the woods. I have always felt the reports showing prices rising in the W Midlands were inaccurate given the dire state of employment and debt levels. 100k off will just be the opening round. These kinds of homes could well see 50-60% of their "value" wiped out in a short space of time.

Edited by Realistbear

Share this post


Link to post
Share on other sites
http://property.timesonline.co.uk/tol/life...icle2064737.ece
From The TimesJuly 13, 2007
Why can’t we sell our home?
Answer: you don’t live in a fashionable postcode, says Susan Emmett
..../
Their five-bedroom detached house in Coventry may be on a pretty tree-lined road near the city centre, good schools and a railway link to London, but the property has languished on the shelf for more than six months. A change of estate agent and a
£100,000 drop
in the asking price to £799,950 in May brought one viewing and no offers. For the Martins, this is hardly what you would call a sellers’ market. Top-end Central London prices might well be stoked by wealthy Russians taking advantage of tax breaks, but this is hardly the reality across the country, where buyers are constrained by rising interest rates and onerous stamp duty.
“When we decided to drop the price we thought that would have a significant effect, but it hasn’t,” said Kevin Martin, a solicitor and former president of the Law Society. “The market has been much quieter than we anticipated.
I see a lot of ‘For Sale’ signs around the area, but not many ‘Sold’.
There seems to be a shortage of people willing and able to proceed in this sort of price range.”

Nice to see a dose of reality in my neck of the woods. I have always felt the reports showing prices rising in the W Midlands were inaccurate given the dire state of employment and debt levels. 100k off will just be the opening round. These kinds of homes could well see 50-60% of their "value" wiped out in a short space of time.

£0.8M house won't sell eh? Boo hoo. :angry: Hope they hang on until the "value" is 5-600k :lol:

Share this post


Link to post
Share on other sites

You know you're definitely in a bubble when rich people are moaning like this. There would seem to be a shortage of idiots prepared to pay these silly prices. Greed doesn't sell houses. If they don't price it right then they won't be moving. It's an easy choice to make but no point in bitching about it because 95% of the population couldn't care less if the former president of the law society cannot sell his house for a premium figure.

I've had such a tiresome week too. I've been trying to sell dog turds at 200 quid a shot but got no takers.

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

New tactic by EAs in my area, reduce the price but don`t stick a reduced sticker on the property. :rolleyes:

Share this post


Link to post
Share on other sites
http://property.timesonline.co.uk/tol/life...icle2064737.ece
From The TimesJuly 13, 2007
Why can’t we sell our home?
Answer: you don’t live in a fashionable postcode, says Susan Emmett
..../
Their five-bedroom detached house in Coventry may be on a pretty tree-lined road near the city centre, good schools and a railway link to London, but the property has languished on the shelf for more than six months. A change of estate agent and a
£100,000 drop
in the asking price to £799,950 in May brought one viewing and no offers. For the Martins, this is hardly what you would call a sellers’ market. Top-end Central London prices might well be stoked by wealthy Russians taking advantage of tax breaks, but this is hardly the reality across the country, where buyers are constrained by rising interest rates and onerous stamp duty.
“When we decided to drop the price we thought that would have a significant effect, but it hasn’t,” said Kevin Martin, a solicitor and former president of the Law Society. “The market has been much quieter than we anticipated.
I see a lot of ‘For Sale’ signs around the area, but not many ‘Sold’.
There seems to be a shortage of people willing and able to proceed in this sort of price range.”

Nice to see a dose of reality in my neck of the woods. I have always felt the reports showing prices rising in the W Midlands were inaccurate given the dire state of employment and debt levels. 100k off will just be the opening round. These kinds of homes could well see 50-60% of their "value" wiped out in a short space of time.

700k to live in Coventry! I'd expect a whole road for that price.

Feck 'em. Greedy b@stards.

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
change of estate agent and a £100,000 drop in the asking price to £799,950

I thought a £100,000 drop seemed a bit much, until I saw the asking price.

agree- if you had 800k-surely you wouldnt live in coventry
Edited by Bart of Darkness

Share this post


Link to post
Share on other sites

There are no rich bastards in Togo, Ivory Coast, Benin, Nigeria, DRC, Russia, China, India, Faroe Islands,Cook Islands, Andorra...WHO WANT TO LIVE IN COVENTRY. Do you understand ?

Share this post


Link to post
Share on other sites
I thought a £100,000 drop seemed a bit much, until I saw the asking price.

I did wonder how the the lack of FTB's would change the dynamic of the housing market. The only people who could afford £700k in Coventry would be people further down the ladder using the "monopoly money" in their existing house.

But who do the people further down sell to? Fewer "FTB's" means fewer people trading up.

Share this post


Link to post
Share on other sites
There are no rich bastards in Togo, Ivory Coast, Benin, Nigeria, DRC, Russia, China, India, Faroe Islands,Cook Islands, Andorra...WHO WANT TO LIVE IN COVENTRY. Do you understand ?

Probably not. There are however legions of poor people from the delightful places that you list that do live in Coventry. Thats why it aint selling.

Share this post


Link to post
Share on other sites
Probably not. There are however legions of poor people from the delightful places that you list that do live in Coventry. Thats why it aint selling.

Well, that's true I suppose. But give 800k to the poor bastards from assorted countries who live in Coventry...and the first thing they will do is get on their horse and head out of town.

Rich bastards and poor bastards think alike given equality of opportunity.

Only Coventry council workers think differently.

Share this post


Link to post
Share on other sites
There are no rich bastards in Togo, Ivory Coast, Benin, Nigeria, DRC, Russia, China, India, Faroe Islands,Cook Islands, Andorra...WHO WANT TO LIVE IN COVENTRY. Do you understand ?

That's quite an impressive geographical list. Can you explain what connection the poor bastards who live in these places have with Coventry. The list seems somewhat esoteric in nature e.g. Nigeria and Andorra. Am I missing the point here? Are they all twinned with Coventry. It would be quite a big sign to write though i.e. "Coventry greedy bastards - twinned with poor bastards in Togo, Ivory Coast, Benin, Nigeria, DRC, Russia, China, India, Faroe Islands,Cook Islands, Andorra".

Share this post


Link to post
Share on other sites
But give 800k to the poor bastards from assorted countries who live in Coventry...and the first thing they will do is get on their horse and head out of town.

Rather depressingly i expect that over time, the UK taxpayer does give this level of cash to many of the scroungers that flock to this country.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 356 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.