Surrey Longest Listings - Seller Must Be Stubborn On Price

[Mikhail Liebenstein]

Here are two further interesting Surrey properties:

Dorking

Epsom

Both have been on the market 317days, I assume they are new builds.

Anyway, the first has been dropped £159,950 to £157,000.

The second from £419,950 down to £399,950.

It is interesting that someone would hold out that long. Will they change their minds when they get to 365 days?

Presumably somewhere interest is either being paid or forgone, so rather than wait a year wouldn't it make sense to just drop the price a 8% which is probably equivalent to a commercial loan.

Actually I do remember one property that has been on longer, its is the infamous Updown Hall, but the price is still £70m and so it won't feature on property snake.

Edited March 16, 2008 by mikelivingstone

[faloos]

Here are two further interesting Surrey properties:

Dorking

Epsom

Both have been on the market 317days, I assume they are new builds.

Anyway, the first has been dropped £159,950 to £157,000.

The second from £419,950 down to £399,950.

It is interesting that someone would hold out that long. Will they change their minds when they get to 365 days?

Presumably somewhere interest is either being paid or forgone, so rather than wait a year wouldn't it make sense to just drop the price a 8% which is probably equivalent to a commercial loan.

Actually I do remember one property that has been on longer, its is the infamous Updown Hall, but the price is still £70m and so it won't feature on property snake.

The Epsom flat is just a box and at 400000 they have been had ! its no wonder it wont sell, ask yourself would you pay that amount for a box ?

[Mikhail Liebenstein]

The Epsom flat is just a box and at 400000 they have been had ! its no wonder it wont sell, ask yourself would you pay that amount for a box ?

Hi Faloos

Yes, from www.houseprices.co.uk I can see some interesting past action in this part of Epsom:

1 16/11/2004 £196,000 Flat L No Map 3a, The Quadrant, Epsom, Surrey, KT17 4RH

2 11/10/2002 £350,000 Semi F No Map 5, The Quadrant, Epsom, Surrey, KT17 4RH

3 01/12/2000 £123,500 Flat L No Map 3a, The Quadrant, Epsom, Surrey, KT17 4RH

My guess is that the property is perhaps classified as 4 bed semi town house, so probably comparable to number 2 in the sales list.

If these were going for £350k in 2002, clearly the sellers will be struggling to sell at the profit they think they should be making over a 5 year period.

Were these new build back then? Just shows how overpriced new build stuff is and was.

<edit for spelling.

Edited April 4, 2008 by mikelivingstone

[freemarket]

I have been looking for a while now - prices at agents are being held. but agents start by telling you of a 10% flexibility! By telling of deals which have 'unexpectedly' fallen through - this is followed by enthiusiasm and apparently other bidders.

I saw some houses today which are where I would have thought a dustman or road worker might end up - probably priced at 20 times the salary of such a worker. This is incredible - I reckon prices could fall by a huge magnitude once the recession bites. Few houses are selling; landlords are giving notice in order to sell, others not selling are offering for rental at discount rents - there is no shortage of rentals.

there is only one way out of this - high inflation and massive price falls

my money is not going anywhere near the property market in this country for at least two years unless there is an 'off the cliff' type of crash. But even at 50% - what dustman can afford a house at 10 times earnings? and who would lend to him if prices dropped that much?

[bobthe~]

snip

Hi Mike,

We have a few that we have noticed from over a year ago.

A lot of them were on 2 years ago and couldn't sell at their inflated prices, but obviously the reason for that was they weren't on for enough.

house in courtlands avenue, esher that wouldn't sell for 850k, came off the market and went on for 1.1million. It was off the market for a while but is back on for 1.1million.

One on Oaken Lane that has steadily been going up and up and now is around 950.

Funnily enough both on with foxtons, maybe the other agents won't touch them.

Of course there is the one that we had an offer accepted on at 925k in Hersham, right at the top of the market, but just after we paid the 600 quid for the mortgage they decided not to sell.

6 months later it was back on the market at 975, and there it sits to this day, when you can get equivalent houses in Esher for around 900.

I should thank them really, cos they saved our lives.

[Rachman]

Hi Faloos

Yes, from www.houseprices.co.uk I can see some interesting past action in this part of Epsom:

1 16/11/2004 £196,000 Flat L No Map 3a, The Quadrant, Epsom, Surrey, KT17 4RH

2 11/10/2002 £350,000 Semi F No Map 5, The Quadrant, Epsom, Surrey, KT17 4RH

3 01/12/2000 £123,500 Flat L No Map 3a, The Quadrant, Epsom, Surrey, KT17 4RH

My guess is that the property is perhaps classified as 4 bed semi town house, so probably comparable to number 2 in the sales list.

If these were going for £350k in 2002, clearly the sellers will be struggling to sell at the profit they think they should be making over a 5 year period.

Were these new build back then? Just shows how overpriced new build stuff is and was.

<edit for spelling.

The Quadrant is the estate agent's address !!!!

The house is on Buxton Close - on the new estate......

fill yer boots

http://www.houseprices.co.uk/e.php?q=buxton+close+epsom

[Mikhail Liebenstein]

Hi Mike,

A lot of them were on 2 years ago and couldn't sell at their inflated prices, but obviously the reason for that was they weren't on for enough.

house in courtlands avenue, esher that wouldn't sell for 850k, came off the market and went on for 1.1million. It was off the market for a while but is back on for 1.1million.

One on Oaken Lane that has steadily been going up and up and now is around 950.

Funnily enough both on with foxtons, maybe the other agents won't touch them.

Mike, I love it. Either the sellers are totally deluded, think other people are very stupid or perhaps they have changed currency. Let's try Euros first and if that doesn't work let's go for Zim Dollars.

House of sale, Zm$ 500,000,000,000,000.

[Mikhail Liebenstein]

Hi Mike,

A lot of them were on 2 years ago and couldn't sell at their inflated prices, but obviously the reason for that was they weren't on for enough.

house in courtlands avenue, esher that wouldn't sell for 850k, came off the market and went on for 1.1million. It was off the market for a while but is back on for 1.1million.

One on Oaken Lane that has steadily been going up and up and now is around 950.

Funnily enough both on with foxtons, maybe the other agents won't touch them.

Mike, I love it. Either the sellers are totally deluded, think other people are very stupid or perhaps they have changed currency. Let's try Euros first and if that doesn't work let's go for Zim Dollars.

House of sale, Zm$ 500,000,000,000,000.

[bobthe~]

Mike, I love it. Either the sellers are totally deluded, think other people are very stupid or perhaps they have changed currency. Let's try Euros first and if that doesn't work let's go for Zim Dollars.

House of sale, Zm$ 500,000,000,000,000.

Actually a correction to my original post. The offer we put in was for 825 not 925.

Putting a 925 back on the market at 975 doesn't seem too greedy, but an 825 house, that took 5 weeks to sell in the frenzy (round our way) of May'07 is just hilarious.

[parachikkachlorates]

Asking prices in my area seem to have bottomed out now. Drops of 15/20% have been seen, in the last 9 months

but a far higher proportion of property is under offer now, than was the case 3 months ago. That's if you believe

Rightmove. But why not !

[Icantbelieveitsnotbutter]

Transactions don't stop in a crash.

If you are seeing a rapid buy up of the for sale inventory that might be meaningful. If you are seeing more deals, but still a huge inventory, then supply still exceeds demand.

Where I am, about 10% of the listings show under offer. If an average transaction shows as under offer/SSTC for 3 months, this implies there is 27 months of supply at current volumes. (90 / 10 * 3 months = 27 months).

[eastleighfan]

It depends on what you mean by "Southampton" . Some people consider the New Forest as "Southampton , even tho it lies outside the city boundry .

I have noticed a gradual fall in the SO19 area ,with some property being on the market for over a year . One house was on the market in April '07 , for £155,000 . it is now advertised as "Offers above £100,000 . It's a 2 bed ,older house ,in a reasonable area .

I reckon the crash is well on it's way

[Yoss]

House on the market round the corner from me has been reduced originally up for £379K now £299K

http://www.rightmove.co.uk/viewdetails-213...p;mam_disp=true

It only went on the market 6 months ago after a huge extension and tart up.

[mrpleasant]

£299k is at least starting to look realistic. £379k is simply INSANE! The staggering thing is how the population of the UK (with the exception of HPC forumites) blindly signed away their financial wellbeing on bubble prices for so many years. Who was it who said recently, "The credit crunch is not the problem, it's the start of the solution." How very true.

[Jadoube]

House on the market round the corner from me has been reduced originally up for £379K now £299K

http://www.rightmove.co.uk/viewdetails-213...p;mam_disp=true

It only went on the market 6 months ago after a huge extension and tart up.

£379k was silly money in the first place. For £299k you could probably get a 4 bed detached within walking distance of a top notch school in Fleet only a mile or two away. I'd say its still over priced even before allowing for future drops in the market.

[Yoss]

£379k was silly money in the first place. For £299k you could probably get a 4 bed detached within walking distance of a top notch school in Fleet only a mile or two away. I'd say its still over priced even before allowing for future drops in the market.

You might get a house in Pondtail area of Fleet for that, but that's because PRUPIM are about to build a dirty great 24/7 distribution depot there! Nice parts of Fleet you might find the odd distressed seller, but nothing in the 299K range (Deffo not for detached)

£299k more realistic ROFLMAO..... until you drive past the place at 20:00 hours and realise the little dream is plonked right between to nasty HA estates. and the local hoodies congregate outside your front door.

[Jadoube]

You might get a house in Pondtail area of Fleet for that, but that's because PRUPIM are about to build a dirty great 24/7 distribution depot there! Nice parts of Fleet you might find the odd distressed seller, but nothing in the 299K range (Deffo not for detached)

£299k more realistic ROFLMAO..... until you drive past the place at 20:00 hours and realise the little dream is plonked right between to nasty HA estates. and the local hoodies congregate outside your front door.

Mmm. Perhaps not in terms of current asking prices.

I'm close to courtmoor 4 bed detached. My job is moving me to Scotland and after researching property bee I don't expect to actually get £300k . But I'm very pleased you think I might.

And I'm under no pressure - they'll wait for me to move in my own time even if it takes over a year. I am even free to decide not to move if I find things not working out. If the pace were forced I'd expect even less.

[Mikhail Liebenstein]

Surrey seems to be falling apace now (see JPEG from Property Snake)

I can just see the sellers who have been on 475 days and have dropped 34-39% wondering what to do next.

I think I know the answer.

[Pellet]

Data from Rightmove, courtesy of Property Bee, suggests that price reductions in SO19 have accelerated slightly over the past few months. I have recorded each day (for houses, all types, excludes flats, bungalows, etc):

Total number of houses available that day, number of reductions that day, average % reduction that day.

I have done this for just over three months and using my own dodgy maths come up with the following figures:

Aug -0.72%

Sep -1.08%

Oct -1.21%

However I manipulate the data it shows the same trend.

The average number of properties available over that period has dropped from 426 to 368.

Figures are averaged over all house types; terraced, semi, detached.

Reductions were originally concentrated in the lower price bands, but more recently they have taken there toll on a growing number of the more expensive properties.

There has been some peculiar activity on behalf of some agents; prices that go up and down by a fixed amount for three or four days before settling at the lower figure.

Yesterday, a large number of properties for sale off North East Road, that have been on the market for months were all increased in price by approx 2% (not included in my figures)

A bungalow (not included in my figures), has appeared for sale in Julian Road that would have sold for £180 - 190K last year is up for £152.5K. I lived in Julian Road for 16 years and sold up last year. It is a repo.

A number of reductions that occur when properties move between agents get missed. I have noticed a few of these, in which case they are included in my figures.

Some properties are up with a ridiculous number of agents. I always make sure I don't record the same property dropping with alternative agents.

Largish detached house in Weston Lane? Original asking price £250K, went to auction 22nd Oct guide price £160 - 170K. Still being advertised at that price.

My own opinion mirrors that of HPC prices to continue falling at a decaying rate for a number of years, dipping to around the previous (late eighties) peak. Time will tell...

[shirleygirl]

Pellet, maybe you should add that info to other Southampton thread (the big one) so more people will see it. Interesting stuff!

ETA: this one here http://www.housepricecrash.co.uk/forum/ind...?showtopic=2206

Edited October 29, 2008 by shirleygirl

[Now or never]

Asking prices in my area seem to have bottomed out now. Drops of 15/20% have been seen, in the last 9 months

but a far higher proportion of property is under offer now, than was the case 3 months ago. That's if you believe

Rightmove. But why not !

I know of a couple of FTBs who have just purchased in and around southampton, and this is because of two reasons:-

1) They have seen drops from 210K to 175K and assumed not much discount left in price.

2) They are stupid!

[PerfectStorm]

This house in Redhill sold for £333k in 2004:

http://www.housepricecrash.co.uk/forum/ind...w_post&f=23

Has just been put on the market for £695k:

http://www.houseprices.co.uk/e.php?q=1+rid...road%2C+redhill

Will be interesting to see how long it takes before they start dropping the price - given the location I think they'd be lucky to get £450k

[TeddyBear]

your first link isn't working, it's opening a reply thread in this website

[Agentimmo]

£333k in 2004. Maybe was priced at 300K in 2003 then ?

In that case the current seller better braced himself for a large drop on the current AP

La-la land indeed.

[swissy_fit]

This house in Redhill sold for £333k in 2004:

http://www.housepricecrash.co.uk/forum/ind...w_post&f=23

Has just been put on the market for £695k:

http://www.houseprices.co.uk/e.php?q=1+rid...road%2C+redhill

Will be interesting to see how long it takes before they start dropping the price - given the location I think they'd be lucky to get £450k

Unless he's built a whole other house in the garden and is including that in the price, or if he's lucky and finds a mug, if it went for 333k in 2004 it'll fetch about 300k max now. Surrey is dropping fast in that kind of price-range, lots of people work in banks in London.