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Forget The Vi Propoganda This Is Whats Really Happening

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We have just bought a flat for my Father in Law ( tried to talk him out of it but he just wants to get on and move and doesnt want to rent ). Mrs B did the negotiating and research. Asking was £140K . Mrs B offered £110K - cash yesterday. EA rang back this morning to say that they are keen but would like another £5K , Mrs B said they can have another £1K take it or leave it and never hear from her again. EA rang back 5 minutes later to say they'd take the offer. So by my reckoning thats about 21% off asking price - not bad. Although to be honest I expect it to be worth another 20-30% less in a few years.

The 20% is also coincidentally just a little higher than the average 'discount' Mrs B had been seeing on the latest transactions through her office ( she works for a local EA). It is also coincidentally the same figure told to her by a local surveyor just before christmas for the likely drop in prices by this summer. 20% is also the figure we have heard that banks are chopping off from mortgage offers. So its pretty consistent. So whilst the offical data may be showing falls in single figures the reality is that the falls are already much bigger at least in our area/experience - we are based in the South East - where of course there will be no falls atall because demand is so strong and everyone is minted due to working in financial services !

Father in Law has a flat to sell in London - will let you know how it goes. ( of course I don't expect prices to fall there at all, afterall we are talking London where prices are still reasonable and the streets really are paved with gold and everyone has really secure jobs in financial services which wont be impacted by the global credit crunch atall).

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YES !

I should probably point out that this is not a new build or city centre flat - I would regard getting a mere 20% off one of those as a failure. This is a period property ( Edwardian I think) in a very nice location.

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There's probably a thread on MSE on this somewhere 'cheeky soandsos offd uz 21 pur cent off we said NOWAY are property is worth wot we are arsking if not more a howse down the rode went 4 £800k last summer' etc

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Asking was £140K . Mrs B offered £110K - cash yesterday. EA rang back this morning to say that they are keen but would like another £5K , Mrs B said they can have another £1K take it or leave it and never hear from her again. EA rang back 5 minutes later to say they'd take the offer. So by my reckoning thats about 21% off asking price - not bad. Although to be honest I expect it to be worth another 20-30% less in a few years.

You shouldn't talk like this, you could start a housing crash!

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Mrs B was talking to the solicitors and surveyors today , all very candid - apparently nothing happening - sureyors all sitting round scratching backsides wondering what to do with themselves. Surveyor is able to drop round tommorw and will submit report by Friday - clearly not very busy then.

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We have just bought a flat for my Father in Law ( tried to talk him out of it but he just wants to get on and move and doesnt want to rent ). Mrs B did the negotiating and research. Asking was £140K . Mrs B offered £110K - cash yesterday. EA rang back this morning to say that they are keen but would like another £5K , Mrs B said they can have another £1K take it or leave it and never hear from her again. EA rang back 5 minutes later to say they'd take the offer. So by my reckoning thats about 21% off asking price - not bad. Although to be honest I expect it to be worth another 20-30% less in a few years.

The 20% is also coincidentally just a little higher than the average 'discount' Mrs B had been seeing on the latest transactions through her office ( she works for a local EA). It is also coincidentally the same figure told to her by a local surveyor just before christmas for the likely drop in prices by this summer. 20% is also the figure we have heard that banks are chopping off from mortgage offers. So its pretty consistent. So whilst the offical data may be showing falls in single figures the reality is that the falls are already much bigger at least in our area/experience - we are based in the South East - where of course there will be no falls atall because demand is so strong and everyone is minted due to working in financial services !

Father in Law has a flat to sell in London - will let you know how it goes. ( of course I don't expect prices to fall there at all, afterall we are talking London where prices are still reasonable and the streets really are paved with gold and everyone has really secure jobs in financial services which wont be impacted by the global credit crunch atall).

Nice to see such huge falls this early in the crash cycle. Starts to make my estimate of 50-60% dpwn look abit on the low side perhaps?

Thanks for the post. This is the REAL data as opposed to the VI cobblers which would lead the sheeple to believe prices only dropped 0.3% because the Halifax said so. 0.3%? :lol::lol::lol:

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Hmmmm - the office your wife works in "knows" prices prices are being reduced by 20% to get a sale.

Mysteriously your seller accepts a selling price 20% below the original (dare I say it 20%) inflated asking price.

Surely not.

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  • 293 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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