EmpiricalBear Posted July 17, 2008 Share Posted July 17, 2008 Is it just me? I monitor three or four areas on Property Bee and now the number of changes to details and prices is becoming far more widespread. There appear to be many wider price reductions than a month ago. If my intuition is born out, then the next set of Rightmove figures will be really interesting to see. As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. I'm more convinced that this is becoming a proper embedded crash and that the average statistics are nowhere yet representing what is starting to happen on the ground. Quote Link to comment Share on other sites More sharing options...
TopTaff Posted July 17, 2008 Share Posted July 17, 2008 As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. absolutely what i see in the Cornwall area - offer 10k below asking gets you treated like a leper - but nvm lets drop price by a quid and change description - Quote Link to comment Share on other sites More sharing options...
cheshiredoc Posted July 17, 2008 Share Posted July 17, 2008 As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. When house prices were going up, people did not even bother to read their property details in the websites. Busy in showing the house, planning on big holidays and buying expensive cars etc. Now they and their EAs have all the time in the world to do these changes. Stupidity isn't it. Quote Link to comment Share on other sites More sharing options...
Bubble&Squeak Posted July 17, 2008 Share Posted July 17, 2008 Now they and their EAs have all the time in the world to do these changes. Stupidity isn't it. I think you've hit the nail on the head there, you can imagine all those spivs trying to look busy so as not to be the next that gets the bullet Quote Link to comment Share on other sites More sharing options...
cheshiredoc Posted July 17, 2008 Share Posted July 17, 2008 absolutely what i see in the Cornwall area - offer 10k below asking gets you treated like a leper - but nvm lets drop price by a quid and change description - Friend of mine put an offer on a property in Cardiff 15K below the asking price (House was on 250K) in Oct 07. The EA and the House owner literally laughed at him. In March 08 he had a call from EA to say that the owner has accepted the offer. My friend replied ' ring me when you have dropped the price to 150K.' I do not think the house has been sold yet. Quote Link to comment Share on other sites More sharing options...
6538 Posted July 17, 2008 Share Posted July 17, 2008 (edited) Is it just me? I monitor three or four areas on Property Bee and now the number of changes to details and prices is becoming far more widespread. There appear to be many wider price reductions than a month ago. If my intuition is born out, then the next set of Rightmove figures will be really interesting to see. As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. I'm more convinced that this is becoming a proper embedded crash and that the average statistics are nowhere yet representing what is starting to happen on the ground. I have to say that I'm not seeing all that many price reductions round here - North East. Certainly very few, if any, large ones. What is interesting though is that if you go on aboutmyplace.co.uk and click around for actual sold prices then you see that virtually nothing, and I mean sweet f*ck all is actually moving. Look at Newcastle city centre and there have been a tiny handfull of sales this year and we're 7 months in. To all intents and purposes there seems to have been so significant number of sales since December or earlier. Edited July 17, 2008 by 6538 Quote Link to comment Share on other sites More sharing options...
darwin Posted July 17, 2008 Share Posted July 17, 2008 Is it just me? I monitor three or four areas on Property Bee and now the number of changes to details and prices is becoming far more widespread. There appear to be many wider price reductions than a month ago. If my intuition is born out, then the next set of Rightmove figures will be really interesting to see. As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. I'm more convinced that this is becoming a proper embedded crash and that the average statistics are nowhere yet representing what is starting to happen on the ground. I've been seeing more price reductions via Property Bee, but the long and the short of it is, the reductions still aren't great enough. Tweaking won't cut it, that's just making themselves look ridiculous. Also, I think the crash, in reality, has already happened, but most refuse to entertain the idea. In one of the areas I look at, a house went on today priced at £140,000. Land Registry figures show a house a few doors down, same type of build, sold as in May for £75,000. Yeah, why even bother? Quote Link to comment Share on other sites More sharing options...
Ah-so Posted July 17, 2008 Share Posted July 17, 2008 My part of south London, most of the houses seem to have been marked down 5-10% since my first use of PB at the end of April. Not much seems to have actually broken through the 10% barrier. It funny how the prices are being reduced in tiny stages as though a cut from £260k to £259k will make a difference in this market. But the cuts are getting bolder - a sure sign that desperation is beginning to kick in: 17th Jul 2008 * Price changed: from '£220,000' to '£209,950' 7th Jun 2008 * Price changed: from '£227,950' to '£220,000' 18th Apr 2008 * Price changed: from '£235,000' to '£227,950' This is a nice one - obviously after a quick sale: 17th Jul 2008 * Price changed: from '£299,950' to '£250,000' And from looking at the house, £299,950 seemed to be "correctly" priced relative to other properties. Quote Link to comment Share on other sites More sharing options...
6538 Posted July 17, 2008 Share Posted July 17, 2008 I've been seeing more price reductions via Property Bee, but the long and the short of it is, the reductions still aren't great enough. Tweaking won't cut it, that's just making themselves look ridiculous. Also, I think the crash, in reality, has already happened, but most refuse to entertain the idea. In one of the areas I look at, a house went on today priced at £140,000. Land Registry figures show a house a few doors down, same type of build, sold as in May for £75,000. Yeah, why even bother? You have to be careful with the figures. Very low figures can originate from a divorce settlement because if the house gets split it technically gets sold as part of the settlement to one partner so may show an unnaturally low figure. Quote Link to comment Share on other sites More sharing options...
Not Long Now Posted July 17, 2008 Share Posted July 17, 2008 Is it just me? I monitor three or four areas on Property Bee and now the number of changes to details and prices is becoming far more widespread. There appear to be many wider price reductions than a month ago. If my intuition is born out, then the next set of Rightmove figures will be really interesting to see. As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. I'm more convinced that this is becoming a proper embedded crash and that the average statistics are nowhere yet representing what is starting to happen on the ground. Im getting loads of reductions etc etc. Its getting messy out there. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted July 17, 2008 Share Posted July 17, 2008 Is it just me? I monitor three or four areas on Property Bee and now the number of changes to details and prices is becoming far more widespread. There appear to be many wider price reductions than a month ago. If my intuition is born out, then the next set of Rightmove figures will be really interesting to see. As well as the price drops there are no end of people tweaking the descriptions of the property as if somehow making a minor change to the description will suddenly get the buyers flooding in. I'm more convinced that this is becoming a proper embedded crash and that the average statistics are nowhere yet representing what is starting to happen on the ground. A lot of the properties I have been monitoring have now had several agent changes and new pictures. The normal pattern is sole agency, sack sole agent , get a new sole agent, go multi agency with similar pictures, sit on the market for another 4 months, change the pictures showing the inside of the house first rather than the exterior. Quote Link to comment Share on other sites More sharing options...
darwin Posted July 17, 2008 Share Posted July 17, 2008 You have to be careful with the figures. Very low figures can originate from a divorce settlement because if the house gets split it technically gets sold as part of the settlement to one partner so may show an unnaturally low figure. Sorry, I should have given better information. It was originally on the market at £115,000 at the start of this year. The price dropped bit by bit, down to £90,000, as I recall - I didn't know about Property Bee then! I took a peek at the Title, the owner is now Gateway Homes. I wonder what the deal is, maybe they're renting it back to them? I don't think I like the look of them. Quote Link to comment Share on other sites More sharing options...
dirtyrottenscoundrel Posted July 17, 2008 Share Posted July 17, 2008 I think you've hit the nail on the head there, you can imagine all those spivs trying to look busy so as not to be the next that gets the bullet I walked past several EAs today, all in the same street. Not one had any customers though the staff were all trying their hardest to look busy, most sitting at their desks shuffling papers with faux expressions of focused concentration on their faces, whilst others (the managers?) were walking purposefully with papers in hand. The tension and desperation was almost palpable. I have to say that I'm not seeing all that many price reductions round here - North East. Certainly very few, if any, large ones.What is interesting though is that if you go on aboutmyplace.co.uk and click around for actual sold prices then you see that virtually nothing, and I mean sweet f*ck all is actually moving. Look at Newcastle city centre and there have been a tiny handfull of sales this year and we're 7 months in. To all intents and purposes there seems to have been so significant number of sales since December or earlier. I was in the Tyne and Wear area in March. I was staying in Tynemouth for a few days and one night I went to an Indian Restaurant in North Shields. Whilst waiting for a table, I started up a conversation with a well dressed and confident man. He bragged he was an estate agent, and began to promote his project of the redevelopment of the Quayside in North Shields. He went on about how there would be 'luxury apartments' and restaurants and spaces for artists, and how the increase in the price of fuel was a problem for a Bentley Turbo driver like himself, and how it was getting more expensive to heat his seven bedroom abode. What a *****. I asked whether, in light of the impending economic crisis, he believed that his Quayside development would be completed. His reply was typical of the EA: "Of course, everything will be fine. This is Tynemouth. We're a microcosm and we're not affected by the wider economy." I'd love to know how he's getting on! Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted July 17, 2008 Share Posted July 17, 2008 (edited) Just checked out the bee for york. Hadn't checked it out for about three weeks. They are really dropping fast here now. Most of the properties that were marketed from 3 or 4 months back, have naturally not sold. Drops are typically in the range of from mid 140s to about mid 120s. The really big drops appear to have occured in the last week or so. Bullish sentiment is beginning to collapse....fast We are entering the panic phase folks Edited July 17, 2008 by Steve Cook Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 17, 2008 Share Posted July 17, 2008 There appear to be many wider price reductions than a month ago. If my intuition is born out, then the next set of Rightmove figures will be really interesting to see. How do they monitor their figures? EAs in my area have been deserting RM in their droves. Quote Link to comment Share on other sites More sharing options...
buzzardo Posted July 17, 2008 Share Posted July 17, 2008 Carnage on P-Bee in Surrey / Hants border area folks.... Drops of £100-250K far from uncommon; £50-100K everyday occurrences pretty much - represents 18-24% in some of the upper end cases. Noice! Won't repost stuff here, but if you check out some of my other posts on "House Prices in Your Area" and "Fleet/Farnborough/Aldershot" you'll see some tantalising morsels. Except of course we're now going to borrow our way into bankruptcy, so maybe it doesn't really matter any more :angry: B Quote Link to comment Share on other sites More sharing options...
6538 Posted July 17, 2008 Share Posted July 17, 2008 I was in the Tyne and Wear area in March. I was staying in Tynemouth for a few days and one night I went to an Indian Restaurant in North Shields. Whilst waiting for a table, I started up a conversation with a well dressed and confident man. He bragged he was an estate agent, and began to promote his project of the redevelopment of the Quayside in North Shields. He went on about how there would be 'luxury apartments' and restaurants and spaces for artists, and how the increase in the price of fuel was a problem for a Bentley Turbo driver like himself, and how it was getting more expensive to heat his seven bedroom abode. What a *****. I asked whether, in light of the impending economic crisis, he believed that his Quayside development would be completed. His reply was typical of the EA: "Of course, everything will be fine. This is Tynemouth. We're a microcosm and we're not affected by the wider economy."I'd love to know how he's getting on! You say he was an EA - was he actually a developer and was the Bentley actually an Aston? If so, I can make a guess who it was. Immune, indeed. If that's the case then he should have a click around www.aboutmyplace.co.uk and see how many sales there's been this year in Tynemouth - f*ck all will be the answer, even though it's a seriously desirable place to live round this way. Quote Link to comment Share on other sites More sharing options...
6538 Posted July 17, 2008 Share Posted July 17, 2008 How do they monitor their figures? EAs in my area have been deserting RM in their droves. The biggest EA round here, Pattinsons, has recently just started using RM. Must be getting desperate. Quote Link to comment Share on other sites More sharing options...
WaitingToUpsize Posted July 18, 2008 Share Posted July 18, 2008 I am seeing 10-15% drops in SE London for around half the properties on the market, i guess these are vendors genuinely interested in selling. Still very few 20% reductions. Asking prices for around a quarter of the properties are unchanged. I also see a lot of properties being offered to let as some vendors still cant come to terms with property prices falling and think HPC is going to stop soon. And there are quite a few properties being taken off the market completely. I suspect these vendors were just attracted by large price increases and are not sellers are current prices. Quote Link to comment Share on other sites More sharing options...
chichi Posted July 18, 2008 Share Posted July 18, 2008 It's interesting now one ea has left the rightmove, and one let and came back. The one who came back only updates every 3 days now, but they seem to be going through and editing something on everything. Quote Link to comment Share on other sites More sharing options...
Freeholder Posted July 18, 2008 Share Posted July 18, 2008 My local sample in North Kent. 11th April 103 houses for sale 27 at reduced prices. 17th July 163 houses for sale 91 at reduced prices. Drops of £10 to £30 K now common on houses priced at less than £200,000 Quote Link to comment Share on other sites More sharing options...
Driver Posted July 18, 2008 Share Posted July 18, 2008 You have to be careful with the figures. Very low figures can originate from a divorce settlement because if the house gets split it technically gets sold as part of the settlement to one partner so may show an unnaturally low figure. And that would be classed as a transfer subject to a court order and would not form part of the Land Registry's price paid data. Quote Link to comment Share on other sites More sharing options...
6538 Posted July 18, 2008 Share Posted July 18, 2008 And that would be classed as a transfer subject to a court order and would not form part of the Land Registry's price paid data. Only if the Court had approtioned the assets because the party's couldn't agree. If it had been decided between the couple the Court wouldn't have been involved other than for making the divorce declaration. Quote Link to comment Share on other sites More sharing options...
dirtyrottenscoundrel Posted July 18, 2008 Share Posted July 18, 2008 You say he was an EA - was he actually a developer and was the Bentley actually an Aston? If so, I can make a guess who it was.Immune, indeed. If that's the case then he should have a click around www.aboutmyplace.co.uk and see how many sales there's been this year in Tynemouth - f*ck all will be the answer, even though it's a seriously desirable place to live round this way. No, he said he was an estate agent and I remember him talking about the drive up from London he'd made in his Bentley. I remember seeing an Aston parked in Tynemouth, outside the Blue Lounge. I also heard various accusations made by locals against the driver of the aforementioned Aston, and which I won't go into here. Quote Link to comment Share on other sites More sharing options...
6538 Posted July 18, 2008 Share Posted July 18, 2008 No, he said he was an estate agent and I remember him talking about the drive up from London he'd made in his Bentley. I remember seeing an Aston parked in Tynemouth, outside the Blue Lounge. I also heard various accusations made by locals against the driver of the aforementioned Aston, and which I won't go into here. Ooh...erm... ....were these accusations being chucked about by three well lubricated chaps who were in Blue Lounge about 1am on a Friday night? Quote Link to comment Share on other sites More sharing options...
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