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VeryMeanReversion

First 50% Off Seen For Character Property

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This is just an anecdote but such a huge drop in a non-flat seen I've seen so far using Property bee, I got a bit keen and thought I'd post in the main forum

http://www.rightmove.co.uk/viewdetails-183...=5&tr_t=buy

My Mrs liked this house when it came on at £600/625K last year and friends of ours went to view (well out of our price range). Their neighbour got all enthusiastic and also put their similar property on at £625K. (hasn't sold either, now looking embarassingly expensive)

The first price drop was around 6 months ago from £600/625K to £450K. (Property bee history lost for some reason several months ago). Nice to see they are dropping fast.

28th Jul 2008

* Price changed: from 'Guide Price £450,000' to 'Guide Price £325,000'

So ~50% off in a year for a fairly interesting house that has already been done-up. (too many stairs for me, I like bungalows).

I guess they can't pay their mortgage.

For some reason, Cheffins EA is leading the charge on price drops around here (South Cambs). I guess they want some transactions to happen.

VMR.

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This is just an anecdote but such a huge drop in a non-flat seen I've seen so far using Property bee, I got a bit keen and thought I'd post in the main forum

http://www.rightmove.co.uk/viewdetails-183...=5&tr_t=buy

My Mrs liked this house when it came on at £600/625K last year and friends of ours went to view (well out of our price range). Their neighbour got all enthusiastic and also put their similar property on at £625K. (hasn't sold either, now looking embarassingly expensive)

The first price drop was around 6 months ago from £600/625K to £450K. (Property bee history lost for some reason several months ago). Nice to see they are dropping fast.

28th Jul 2008

* Price changed: from 'Guide Price £450,000' to 'Guide Price £325,000'

So ~50% off in a year for a fairly interesting house that has already been done-up. (too many stairs for me, I like bungalows).

I guess they can't pay their mortgage.

For some reason, Cheffins EA is leading the charge on price drops around here (South Cambs). I guess they want some transactions to happen.

VMR.

Looks like its original price was in dreamland for what it is.... I wonder if these were converted and then sold at extreme prices into a hyped market originally.. doesn't say when the conversion was originally done. problem with the house as you say, its got so many stairs so will be of limited appeal... its be interessting to see if they sell at £325,000.

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This is just an anecdote but such a huge drop in a non-flat seen I've seen so far using Property bee, I got a bit keen and thought I'd post in the main forum

http://www.rightmove.co.uk/viewdetails-183...=5&tr_t=buy

My Mrs liked this house when it came on at £600/625K last year and friends of ours went to view (well out of our price range). Their neighbour got all enthusiastic and also put their similar property on at £625K. (hasn't sold either, now looking embarassingly expensive)

The first price drop was around 6 months ago from £600/625K to £450K. (Property bee history lost for some reason several months ago). Nice to see they are dropping fast.

28th Jul 2008

* Price changed: from 'Guide Price £450,000' to 'Guide Price £325,000'

So ~50% off in a year for a fairly interesting house that has already been done-up. (too many stairs for me, I like bungalows).

I guess they can't pay their mortgage.

For some reason, Cheffins EA is leading the charge on price drops around here (South Cambs). I guess they want some transactions to happen.

VMR.

The entire housing market in the UK is hyped this far. That is why I suggested long ago that prices will fall 50-60% from the peak. Such drops will only bring houses back to a reasonable relationship to affordability. Not bargain territory. With the crash so much worse than most of us thought it would be a couple of years ago we may see drops in excess of 70% in the most hyped areas.

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For some reason, Cheffins EA is leading the charge on price drops around here (South Cambs). I guess they want some transactions to happen.

That's really clear on PB isn't it. In fact I was just commenting the very same at the weekend...

Tucker are doing a little of the running but it's definitely Cheffins leading the reality pack. You'd think the other's didn't WANT any money.

I guess 10 years of HPI and 'easy' sales can make a firm sleepy and slow on it's feet.

WATCH OUT!! It's Brown's clunking fist...BAM...doh, too late...up you get...now, duck and weave and get LOWER!!

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This is my 1st post despite lurking for a quite while :D

If you follow the link to cheffins brochure the 1st paragraph states

"For sale by public auction on 1st October 2008 (unless sold prior)"

so poss an element of distressed selling going on there..... It's about time these added some petrol to the flames of HPI.

KG

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This is my 1st post despite lurking for a quite while :D

If you follow the link to cheffins brochure the 1st paragraph states

"For sale by public auction on 1st October 2008 (unless sold prior)"

so poss an element of distressed selling going on there..... It's about time these added some petrol to the flames of HPI.

KG

Happy unlurking. Can you post the link, I only saw up to July 2008 catalogues on the site.

My Mrs has just been for a walk with the kids this morning and went past the house. The road is closed for the removal van to get down which is now parked outsite. Distress sale indeed.

VMR (your HPC reporter from the front line).

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This is the sort of property I'm looking for, a characterful, period property with three or four bedrooms, ideally with a bit more land but it's in the right ballpark. The trouble is I'm looking on the south coast, put this property in a good postcode in say Lymington or Lewes and it would be £700k+.

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Happy unlurking. Can you post the link, I only saw up to July 2008 catalogues on the site.

My Mrs has just been for a walk with the kids this morning and went past the house. The road is closed for the removal van to get down which is now parked outsite. Distress sale indeed.

VMR (your HPC reporter from the front line).

Thank you. I thought it was about time I actually started posting :D

Here is the link...

http://www87.vebra.com/cgi-win/vebra.cgi?d...amp;prop=146262

enjoy...

KG

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* Price changed: from 'Guide Price £450,000' to 'Guide Price £325,000'

I'd consider offering 70% of the latest price...

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I'd consider offering 70% of the latest price...

If it goes to auction, you will have your chance.

All the other decent houses for sale in the village have now been made to look embarassingly overpriced.

Once the first sellers break ranks and establish new pricing levels, the rest will need to follow them down. If this one sells, the local surveyors must take that into account when valuing other properties.

Price discovery enlightenment beckons.

VMR.

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I'd consider offering 70% of the latest price...

Tbh if I was serious about buying at the mo i'd go in at 50% of the latest price. I have no doubt it would be turned down but i'd leave my contact details and tell them to call me before it went to auction. It'd give them 2 months to think about it before taking chances at an auction....

This is only hypothetical tho as i'm keeping my cash safely tucked up and away from property for the foreseeable future.

KG

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Tbh if I was serious about buying at the mo i'd go in at 50% of the latest price. I have no doubt it would be turned down but i'd leave my contact details and tell them to call me before it went to auction. It'd give them 2 months to think about it before taking chances at an auction....

My guess would be that it has already been repossessed and the bank has set in the price in line with EA advice and how much equity was left so they can get their money back.

In this case, I think you would be told to attend the auction.

I've made written offers as you suggest. I expect to be turned down but maybe get a call one day.

My Uncle did this on a property he used to own. He wanted to buy it back after a messy divorce meant he was forced to sell. He got the call 15 years later!! Admittedly, that's a long time to wait....

VMR.

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All the other decent houses for sale in the village have now been made to look embarassingly overpriced.

Once the first sellers break ranks and establish new pricing levels, the rest will need to follow them down. If this one sells, the local surveyors must take that into account when valuing other properties.

True, but only to a point.

I was talking to a cab driver last week who had just sold a house. He did the smart thing and cut his asking price by 20% in May, and then sold within four weeks. He says that his neighbours, especially the ones currently trying to sell, now regard him as the anti-christ! However, they've not cut their asking prices. Astonishingly he says the local EA's have told other sellers in the area that this was a one-off, a distress sale, and now that it's off the market they stand a better chance with their properties at the previous higher price! Nonsense of course, but it'll take a more than one house sale to break the mind set and get prices falling faster. It needs widespread and sustained distress sales.

Divorces, except I'm reading reports that the property logjam is causing a fall in the divorce rate.

Job moves, except that more and more people seem prepared to rent out their current house then rent or buy in their new location.

Debt and bankruptcy, possible, but unknown territory, this wasn't really a major factor in previous crashes so we'll have to wait and see.

Deaths, on balance yes. I know one or two very well healed beneficiaries that have kept an inherited property and rented it out, but death duties normally force a sale.

Redundancy, sadly this is the big one. I think the speed of property price falls will largely be determined by how fast unemployment rises.

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My guess would be that it has already been repossessed and the bank has set in the price in line with EA advice and how much equity was left so they can get their money back.

In this case, I think you would be told to attend the auction.

I've made written offers as you suggest. I expect to be turned down but maybe get a call one day.

My Uncle did this on a property he used to own. He wanted to buy it back after a messy divorce meant he was forced to sell. He got the call 15 years later!! Admittedly, that's a long time to wait....

VMR.

Ahh ok, i had wondered if there was some colusion between the banks and EAs to set a price after repossesion. At least I now know :D

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Has the price really been so drastically reduced?

I cant afford it but if these kinds of reductions keep up i might have to afford it!

This one really was £600K+ to start with. The reason I remember it is that the neighbour put theirs on shortly after at a similar price and I thought they were both mad. At the time, I thought the new sellers couldnt believe their luck that an EA had valued their place at such a high price. I bet they are not so pleased now.

It's been up for sale for over 6 months but the property bee and hometrack history is much shorter (just 22 days for HT). I dont know why PropertyBee lost track, maybe the property reference number changed. Our friends went to see it only after it dropped to £450K.

Does PropertyBee keep track of properties that have disappeared from Rightmove? I could check the data that way.

VMR.

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Is it in the area that gets flooded? That and being listed might have rendered it uninsurable/unmortgageable.

It's very close, its a mill building after all. I know there's a Ferrari in the garage block opposite and thats get moved to higher ground when it rains a lot.

I dont think it got his in the recent flood that affected the high street.

VMR.

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For once I`m impressed, all the shots of the house look good, and much as I surprised myself, the 600k tag is almost (not quite, but almost) plausible. If stuff like this needs to drop 50% a lot of recent buyers are in big big trouble.

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Here's a real drop in price.

Bought for £201,000 in 2006. Currently on Rightmove asking £95,000. What a tw@t! :lol::lol::lol:

http://www.houseprices.co.uk/e.php?q=25+CV1+3RW&n=10

http://www.rightmove.co.uk/viewdetails-219...=1&tr_t=buy

And if number 35 is anything to go by:

http://www.houseprices.co.uk/e.php?q=35+Be...1+3RW&n=100

Sale..........Date..........................Price

1..............20/12/2007.................£116,000 Flat

2..............12/05/2006................£201,000 Flat

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now its making more sense......

Mill building, known as a flood area and that part of the country is sinking and then there is the ice melting!

Even so how bad can the flooding be?

Seems like a doable challenge!

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For once I`m impressed, all the shots of the house look good, and much as I surprised myself, the 600k tag is almost (not quite, but almost) plausible. If stuff like this needs to drop 50% a lot of recent buyers are in big big trouble.

This is the next door property still on at £599K (part of same mill complex). Any doubt left now?

http://www.rightmove.co.uk/viewdetails-218...=2&tr_t=buy

VMR.

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  • 395 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% +
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      • Even
      • up 2.5%
      • up 5%



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