Jump to content
House Price Crash Forum
Sign in to follow this  
Mikhail Liebenstein

High End House Falling Fast In Surrey

Recommended Posts

This is turning into a massacre in Surrey. Having already found a £400k fall in Kingswood, I have now come across this £500k reduction in Bletchingley (on a much more expensive house).

The only conclusion I can draw from this is related to a panic by city workers. I know one guy locally who os selling up having lost his job in banking, but I think even those still working are dumping their high end homes for fear of losing money in the property collapse that has already started.

Bletchingley, Surrey

14 bedroom detached

Guide Price £3,500,000

An exceptional Grade II Listed country mansion

Marketed by Jackson-Stops & Staff, Dorking.

Telephone 0845 338 5102. (BT 4p/min)

Jackson-Stops & Staff, Dorking logo

History

date event

21st Mar 2008 11:08:31

* Price changed: from 'Guide Price £4,000,000' to 'Guide Price £3,500,000'

5th Mar 2008 17:58:55

* Price found: Guide Price £4,000,000

* Brief Description found: An exceptional Grade II Listed country mansion

* Agent found: Jackson-Stops & Staff

* Agents Location found: Dorking

* Status found: Available

Share this post


Link to post
Share on other sites
This is turning into a massacre in Surrey. Having already found a £400k fall in Kingswood, I have now come across this £500k reduction in Bletchingley (on a much more expensive house).

The only conclusion I can draw from this is related to a panic by city workers. I know one guy locally who os selling up having lost his job in banking, but I think even those still working are dumping their high end homes for fear of losing money in the property collapse that has already started.

Bletchingley, Surrey

14 bedroom detached

Guide Price £3,500,000

An exceptional Grade II Listed country mansion

Marketed by Jackson-Stops & Staff, Dorking.

Telephone 0845 338 5102. (BT 4p/min)

Jackson-Stops & Staff, Dorking logo

History

date event

21st Mar 2008 11:08:31

* Price changed: from 'Guide Price £4,000,000' to 'Guide Price £3,500,000'

5th Mar 2008 17:58:55

* Price found: Guide Price £4,000,000

* Brief Description found: An exceptional Grade II Listed country mansion

* Agent found: Jackson-Stops & Staff

* Agents Location found: Dorking

* Status found: Available

Just thought you might like to know that these are appreciated, by me at least. :)

The only thing here is I don't know how easy these houses are to price.

Had a conversation with CharlieTheTramp a couple of weeks ago, and it really is a different world when the uber rich buy. by the same token, it could be that a million is neither here nor there if they are going off to the next world party (probably Switzerland).

Of course, you may have had city boys plunging their bonuses into a house that could only go up in value. only to find that the bonus disappears and they can't make the mortgage so easily.

Share this post


Link to post
Share on other sites

A further big plunge, this time in Horley. Bob, I do think you are right, these homes are hard to value. So yes definite overpricing going on initially, but they I would think buyers would also be nervous at overpaying unless it is a clear and absolute bargain. Th

£1,000,000 (DOWN 23% from £1,300,000)

Burstow, Horley (rh6)

8 bedroom house

Last updated 26 Mar 2008.

Event Historydate event

06 Oct 2007 First day listed (price £1,300,000)

03 Mar 2008 Status changed from listed to delisted

26 Mar 2008 Price changed from £1,300,000 to £1,000,000 Status changed from delisted to listed

Link to property snake

And Find A Property

Share this post


Link to post
Share on other sites
A further big plunge, this time in Horley. Bob, I do think you are right, these homes are hard to value. So yes definite overpricing going on initially, but they I would think buyers would also be nervous at overpaying unless it is a clear and absolute bargain. Th

£1,000,000 (DOWN 23% from £1,300,000)

Burstow, Horley (rh6)

8 bedroom house

Last updated 26 Mar 2008.

Event Historydate event

06 Oct 2007 First day listed (price £1,300,000)

03 Mar 2008 Status changed from listed to delisted

26 Mar 2008 Price changed from £1,300,000 to £1,000,000 Status changed from delisted to listed

Link to property snake

And Find A Property

Bob/Mike.... Been for a long old drive today, covered Hinchley Wood, Thames Ditton, Esher, Oxshott and Cobham and Claygate. I did this drive when we first STR back in August...This time there seems lots more available.

Bob, we finally got round to looking at the reduced 815k in Embercourt Road... Was not impressed even after the drop in prices...In fact was more impressed with the images the estate agents manage to get from some of these buildings.

Everything we really like is still between 150-200k over the top. Not sure they will drop that much,even in a crash... You never know though.

Cobham was a bit cheaper than we imagined so our net will widen now... Not in no rush and we are prepared to wait for another 3 years. Sounds like forever :( At least the fund will keep growing :rolleyes:

Anyway, Bob.. Off to the Red Rose in Chessington tonight. First curry in a month :o

Share this post


Link to post
Share on other sites
Bob/Mike.... Been for a long old drive today, covered Hinchley Wood, Thames Ditton, Esher, Oxshott and Cobham and Claygate. I did this drive when we first STR back in August...This time there seems lots more available.

Bob, we finally got round to looking at the reduced 815k in Embercourt Road... Was not impressed even after the drop in prices...In fact was more impressed with the images the estate agents manage to get from some of these buildings.

Everything we really like is still between 150-200k over the top. Not sure they will drop that much,even in a crash... You never know though.

Cobham was a bit cheaper than we imagined so our net will widen now... Not in no rush and we are prepared to wait for another 3 years. Sounds like forever :( At least the fund will keep growing :rolleyes:

Anyway, Bob.. Off to the Red Rose in Chessington tonight. First curry in a month :o

Hi Bosh,

Didn't reply earlier, been a bit busy with son's birthday this weekend, seems like birthday's extend a bit further than one day nowadays.

Also getting a bit busier at work, so not so much time for this atm.

That enbercourt road house probably needs to drop another few quid to get some real interest.

We were speaking to some very good friends, in fact went over there at easter and they were pleasede that they have had an offer on their house, which was the same as the offer they had a year ago. They had also put in an offer on a place in E Horsley (which apparently hasn't experienced any slowdown).

Anyway, Mrs Bob spoke to them the other day and it turns out that their buyers may not actually have a buyer themselves. Back to the drawing board, but anecdotally, on the basis of a statistically invalid sample of 1 - no HPI in the last year. I ought to point out that they previously accepted an offer around 45k higher in the summer (not sure exact date), but didn't find a place and didn't want to rent.

Hope the curry was good. Young Bobbling decided to go to TGI Fridays yesterday and I ended up eating all the chillies off his nachos and am currently regretting it, at least 3 times so far today. :(

Share this post


Link to post
Share on other sites

And now a big drop in Guildford thanks to property bee:

This one has dropped twice. Down from £1.7m to £1.5m and now to £1.375m.

History

date event

1st Apr 2008 15:48:28

* Price changed: from '£1,500,000' to '£1,375,000'

6th Mar 2008 22:51:50

* Agents Address found: First House, Park Street, Guildford, GU1 4XB

5th Mar 2008 19:12:09

* Price changed: from '£1,700,000' to '£1,500,000'

* Brief Description changed: 4/5 bedrooms - 2 3/4 reception rooms - 3 bathrooms (2 en suite) bath/shower rooms - Driveway parking - Enclosed gardens

25th Feb 2008 19:41:09

* Price found: £1,700,000

* Brief Description found: 4/5 bedrooms - 2 reception rooms - 3 bathrooms (2 en suite) - Driveway parking - Enclosed gardens

* Agent found: Savills

* Agents Location found: Guildford

* Status found: Available

Share this post


Link to post
Share on other sites

Do you think that these are actual genuine reductions or just taking off the p1sstaking prices that they were up for before. Sadly for a number of people, the price falls are only in the daft asking price bracket (at the moment).

I would agree there is more for sale, a lot of it is substandard for the money asked though - I've been looking in Esher, Oxshott and Cobham too..... - but prices tanking - nope.

Share this post


Link to post
Share on other sites
Do you think that these are actual genuine reductions or just taking off the p1sstaking prices that they were up for before. Sadly for a number of people, the price falls are only in the daft asking price bracket (at the moment).

I would agree there is more for sale, a lot of it is substandard for the money asked though - I've been looking in Esher, Oxshott and Cobham too..... - but prices tanking - nope.

I agree with sub-standard, as mentioned in a previous post, I feel that some of those soon to be job seeking EA`s could probably do well in photography in the future.

Regarding p1ss-taking prices, Is that not the case everywhere? I don`t think prices are tanking anyway yet, but the signs are good.

I can appreciate falls in these areas will not be the same as others but for decent pickings, a 20% slump would give me a good choice of home.

I am in no rush

Fingers crossed

Edited by boshdadosh

Share this post


Link to post
Share on other sites
Do you think that these are actual genuine reductions or just taking off the p1sstaking prices that they were up for before. Sadly for a number of people, the price falls are only in the daft asking price bracket (at the moment).

I would agree there is more for sale, a lot of it is substandard for the money asked though - I've been looking in Esher, Oxshott and Cobham too..... - but prices tanking - nope.

The market is tanking overall though. I am not sure I have seen more than one actual completed sale, at least round my "patch".

It is so difficult to judge as bosh said, but we can certainly see things have softened, in fact, there has been a house just gone under offer that wasn't bad and had been on for 825 before going under offer this week at an asking price of 750. And I also think the 825 was priced for what the owner (who bought in August '06 for 595 and spent quite a bit developing it) thought was a quick sale. It was certainly better value than other houses on the same road.

Prices may be tanking, but we don't know because there aren't that many examples of actual sales.

Share this post


Link to post
Share on other sites

Not quite your patch (Purley) but I do give believe the overpricing problem - by this I mean "Stick it on at that +10% and see what happens".

A place around the corner from us went up about a month ago at 720 (definatly a piss take), one week later down to 699 and now sitting at 660. That would take care of the 10% "bonus".

Edited by herbert_goon

Share this post


Link to post
Share on other sites
Not quite your patch (Purley) but I do give believe the overpricing problem - by this I mean "Stick it on at that +10% and see what happens".

A place around the corner from us went up about a month ago at 720 (definatly a piss take), one week later down to 699 and now sitting at 660. That would take care of the 10% "bonus".

Purley used to be near my patch, I was brought up in Banstead and my sister lives in Coulsdon.

Some really nice houses round that way. I thought it was really posh till I came across Esher. Man they think they're "it" round here. <_<

Share this post


Link to post
Share on other sites

Very interesting link off the news blog:

Hometrack article

Across the country...

The latest survey shows that prices were down across 28.8% of postcodes, the majority of which were in London and the South East where values have been slowing off a high base.

This is a trend that could continue in London as the supply of homes for sale here is rising faster than levels of demand. London saw a further increase in the supply of homes for sale n March rising by +8.4%, while demand only grew by 2% this month.

This really does back up what I am seeing on property bee for Surrey and London with falls appearing quite widely. Partly this is due to a retraction of the last wave of optimism last summer before the credit crunch kicked off. I am guessing a lot of city workers now realise the situation they are in. Although the top people always do well, 90% of city workers end up burnt out husks by the time they are 45, so if they lose money now they won't get it back into the game by the time this recession is over. They'll be considered too old for the job (illegal of course) and lifesyle of a banker. So perhaps those who see the end in sight, or who were going to sell up and retire are trying to exit now.

The one thing I do know is, that if I had just spent anything between £800k and £5m on a house in Surrey and I'd borrowed a lot of the money, I'd be dead worried. 40% of £1m is £400k!!!!

Share this post


Link to post
Share on other sites
Do you think that these are actual genuine reductions or just taking off the p1sstaking prices that they were up for before. Sadly for a number of people, the price falls are only in the daft asking price bracket (at the moment).

In most cases it's just cming down in price from a vastly inflated daft price to what it should have been in the first place. so whilst the price has come down in the region of 20%, it is not fair to say that the value has fallen 20% as it was never worth £1.7m in the first place!

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.

  • 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%



×
×
  • 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.