bumblebeeandboy Posted March 4, 2009 Share Posted March 4, 2009 I doubt you'll find much difference down the A3 - if anything the supply tightens until you get past Hindhead but that will be a nightmare for the next few years at least until the tunnel is finished. I'm looking in North Farnham and there is virtually nothing coming on to the market and those which are generally around 07 prices or just below. There are lots of houses that haven't changed price is over a year - and need to drop at least 100k to catch up with the distressed sales that have finalised. Quote Link to comment Share on other sites More sharing options...
jimj Posted March 4, 2009 Share Posted March 4, 2009 For those interested in the lower end of the market, here is a semi-detached house on hilltop close that is on the market for 242,000 http://www.rightmove.co.uk/property-for-sa...on%26index%3D10 Interestingly, this particular house sold for 231,000 in November 2005. An identical semi on the same road sold for 239,000 in July 2004 An identical semi on the same road sold for 205,000 in May 2001. With several detached houses on the market in Northwest Guildford on the market at the 250,000 mark, I think semidetached homes like this one will go for about 220. As far as this part of Guildford is concerned, I really think will hit 2001 prices by the end of the year. Quote Link to comment Share on other sites More sharing options...
jimj Posted March 29, 2009 Share Posted March 29, 2009 And now in the Northwest side in Guildford, the lowest price I've seen for detached house for years. £234,950 3 bedroom detached house for sale. This would have been on the market for at least 300 K and probably a bit more 12 months ago. http://www.rightmove.co.uk/property-for-sa...on%26index%3D30 Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted March 29, 2009 Share Posted March 29, 2009 And now in the Northwest side in Guildford, the lowest price I've seen for detached house for years.£234,950 3 bedroom detached house for sale. This would have been on the market for at least 300 K and probably a bit more 12 months ago. http://www.rightmove.co.uk/property-for-sa...on%26index%3D30 I have been keeping a glancing eye on Guildford. It does seem clear prices are collapsing faster than the rest of Surrey, which will then get dragged down with it. A lot of homes on for £1.3-1.5m are selling for £900k, anything that was just over £500k is now £350k. Homes that were £350k might be down to £280k on the asking price, but I suspect will only sell for under £250k. Quote Link to comment Share on other sites More sharing options...
Mildura Posted March 31, 2009 Share Posted March 31, 2009 I have been keeping a glancing eye on Guildford. It does seem clear prices are collapsing faster than the rest of Surrey, which will then get dragged down with it. A lot of homes on for £1.3-1.5m are selling for £900k, anything that was just over £500k is now £350k. Homes that were £350k might be down to £280k on the asking price, but I suspect will only sell for under £250k. Do you have any examples of a house that would have been £1.5m two years ago that is now selling for £900k? I have yet to see falls of this size. Quote Link to comment Share on other sites More sharing options...
Mildura Posted March 31, 2009 Share Posted March 31, 2009 (edited) Double post! Edited March 31, 2009 by Mildura Quote Link to comment Share on other sites More sharing options...
Mildura Posted March 31, 2009 Share Posted March 31, 2009 (edited) Double post! Edited March 31, 2009 by Mildura Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted March 31, 2009 Share Posted March 31, 2009 I have been keeping a glancing eye on Guildford. It does seem clear prices are collapsing faster than the rest of Surrey, which will then get dragged down with it. A lot of homes on for £1.3-1.5m are selling for £900k, anything that was just over £500k is now £350k. Homes that were £350k might be down to £280k on the asking price, but I suspect will only sell for under £250k. This one was on at £1.3m, changed agent to £1.1m, now £899k. I don't have the £1.3m listing in Property Bee. http://www.rightmove.co.uk/property-for-sa...auction%3Dfalse 21 March 2009 15:41:30 * Brief Description changed: Steeped in history and blessed with boasting fabulous architectural features features, this seven bedroomed Victorian home offers a true taste of 19th century indulgence with contemporary benefits such as great gardens and garaging. is ideally located in Worplesdon, close to Guildford town centre. * Price changed: from '£949,950' to '£899,950' 27 December 2008 20:41:53 * Price changed: from '£999,950' to '£949,950' 30 May 2008 20:22:41 * Agents Address found: 1-2 Trinity Gate Epsom Road Guildford GU1 3JT 27 May 2008 07:30:07 * Price changed: from '£1,045,000' to '£999,950' [Found by furan] 29 April 2008 12:44:15 * Price changed: from '£1,095,000' to '£1,045,000' [Found by dohrayme] 02 April 2008 20:42:11 * Agent found: Foxtons * Agents Location found: Guildford * Brief Description found: Steeped in history and blessed with fabulous architectural features this seven bedroomed Victorian home offers a true taste of 19th century indulgence with contemporary benefits such as great gardens ... * Price found: £1,095,000 * Status found: Available * Subtitle found: 7 bedroom house Also this one, though I don't have the listing was on at £1.2m, however, only sold for £730k in the end. http://www.houseprices.co.uk/e.php?q=coach...alford&n=10 Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted March 31, 2009 Share Posted March 31, 2009 Also this one is very interesting. Started off at £1,790,000, now reduced to £1,350,000, but I have been told by someone I know in Guildford that they will be lucky to get £1m for it. http://www.rightmove.co.uk/property-for-sa...auction%3Dfalse History date event 31 March 2009 20:39:58 * Agents Address found: 255 High Street, Guildford, GU1 3BS 17 February 2009 08:18:19 * Status changed: from 'Available' to 'Premium Listing' 18 December 2008 20:07:25 * Brief Description changed: A beautifully presented six double bedroom detached Victorian family home with great views across the Hogs Back. Ideally located for the amenities of Guildford. The accommodation is spacious and laid out over three floors. (contd...) [Found by aop27] * Price changed: from '£1,350,000' to '£1,499,995' [Found by aop27] 16 December 2008 20:08:48 * Brief Description changed: MARKETING AT A REDUCED PRICE FOR THE 11TH, 12TH AND 13TH DECEMBER ONLY SALE, OFFER ENDS CLOSE OF BUSINESS WED 17TH AT 5.00PM. A beautifully presented six double bedroom detached Victorian family home with great views across the Hogs Back. Ideally located for the amenities of Guildford. (contd...) [Found by aop27] 14 December 2008 14:11:44 * Brief Description changed: MARKETING AT A REDUCED PRICE FOR THE 11TH, 12TH AND 13TH DECEMBER ONLY A beautifully presented six double bedroom detached Victorian family home with great views across the Hogs Back. Ideally located for the amenities of Guildford. The accommodation is spacious and laid out over three floors. (contd...) [Found by StefV] * Price changed: from '£1,625,000' to '£1,350,000' [Found by StefV] 06 December 2008 08:57:48 * Subtitle changed: from '6 bedroom detached' to '6 bedroom detached house ' [Found by SaintJay] 28 November 2008 23:53:56 * Agent found: Gascoigne-Pees * Agents Location found: Guildford 19 November 2008 12:20:29 * Price changed: from '£1,790,000' to '£1,625,000' [Found by aop27] 29 October 2008 09:29:22 * Brief Description found: A beautifully presented six double bedroom detached Victorian family home with great views across the Hogs Back. Ideally located for the amenities of Guildford. The accommodation is spacious and laid ... [Found by d179] * Price found: £1,790,000 [Found by d179] * Status found: Available [Found by d179] * Subtitle found: 6 bedroom detached [Found by d179] Quote Link to comment Share on other sites More sharing options...
Mildura Posted March 31, 2009 Share Posted March 31, 2009 Both of them were WAY over the top asking prices to begin with. Foxtons & Gpees are hardly well known for their accurate pricing locally. Neither have much of a sales track record at this price level, so have a need to overprice to gain the more expensive instructions. However, The first one looks a pretty special place, not many of them around! On a bit of a busy road which has probably been the main issue (as well as the initial price ). Point proved i think. But, the second, should never have been £1.5m absolute max to begin with. and I would be surprised if it didn't end up going for between £1.1-1.2m. Your Guildford contact is selling it a bit short imho. Interesting there was a 2-bed Victorian semi on the same road that sold for about £410k roughly 2 yrs ago - I wouldn't want to be them! This one went recently for over £1m recently: http://www.rightmove.co.uk/property-for-sa...on%26index%3D10 Better road but needing a lot of work. Will have to keep an eye these to see what price they end up at. Guildford has fallen in line with many other areas but recently things have picked up with a lot of buyers in rented, a surprising number not needing a mortgage. I expect to see further falls but would really have no idea how far - the recent spate of sales has been somewhat of a surprise! Idon't think it unreasonable to say that it's a town that will probably fair better than most. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted April 4, 2009 Share Posted April 4, 2009 Both of them were WAY over the top asking prices to begin with. Foxtons & Gpees are hardly well known for their accurate pricing locally. Neither have much of a sales track record at this price level, so have a need to overprice to gain the more expensive instructions.However, The first one looks a pretty special place, not many of them around! On a bit of a busy road which has probably been the main issue (as well as the initial price ). Point proved i think. <SNIP> Carrying on the topic of massive falls in the Guildford area. This one in GU4, seems to have plunged massively, down from £2.75m to £1.25m. It was first listed in December 2008, and the price has been changed in April. http://www.rightmove.co.uk/property-for-sa...y-23543966.html It was posted in this thread http://www.housepricecrash.co.uk/forum/ind...howtopic=110370 by Luckyone. 04 April 2009 17:21:28 * Agents Address found: 3 High Street Cobham * Price changed: from 'Guide Price £2,750,000' to 'Guide Price £1,250,000' 27 December 2008 19:26:30 * Agent found: Gascoigne-Pees * Agents Location found: Cobham * Brief Description found: An ideal opportunity to acquire a Grade II Listed farmhouse set in an elevated position with superb views and backing onto a neighouring golf club. (contd...) * Price found: Guide Price £2,750,000 * Status found: Available * Subtitle found: 5 bedroom detached house Quote Link to comment Share on other sites More sharing options...
FirstTimeBear Posted April 4, 2009 Share Posted April 4, 2009 What are your thoughts on the lower-end Mike? I've been looking at a lot of Victorian semis - 2 up, 2 down - the 'standard' central Guildford house. Before Christmas I'd say the average asking price was around £280k, now it seems to be up to £300k if not more with no sense of wider reality appearing to bring it down. I'd say we're definitely in a bull trap but I'm wondering how effected Guildford will be. I can't believe we'll see the 50% from peak falls that people are talking about over in the other bull trap threads. Thoughts? Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted April 4, 2009 Share Posted April 4, 2009 What are your thoughts on the lower-end Mike?<SNIP> I think the reductions are a bit harder to spot at low end, just because the volume is higher than the high end and properties do seem to sell a bit quicker. At the high end you see the same old stale properties on for 12-18month, but at the lower end people tend to be a bit more willing to cut and sell just because the market tells them what the price is. As a result you need to use property bee to store the data else you'll lose track. Anyway, here are some asking price reductions, but remember average selling price is now 88% of asking, so I'd expect to see these drop another 12% once finally sold. I found a few examples for you: http://www.rightmove.co.uk/property-for-sa...0%26index%3D250 04 April 2009 21:22:33 * Price changed: from 'Guide Price £305,000' to '£285,000' 07 December 2008 20:27:40 * Price changed: from 'Offers in Excess of £305,000' to 'Guide Price £305,000' 11 June 2008 18:51:30 * Price changed: from '£319,950' to 'Offers in Excess of £305,000' [Found by hpcuk08] 21 May 2008 19:27:55 * Price found: £319,950 [Found by hpcuk08] http://www.rightmove.co.uk/property-for-sa...0%26index%3D260 04 April 2009 21:27:29 * Price changed: from '£299,950' to '£279,950' 07 December 2008 20:28:57 * Price found: £299,950 Quote Link to comment Share on other sites More sharing options...
FirstTimeBear Posted April 4, 2009 Share Posted April 4, 2009 So selling for around roughly 20% of 2008 prices - I can totally believe that. Which brings us to the next question of how Guildford will fare in the long-run. Say we're down 20-30% from peak now, even up to 50% looking at some of million plus properties you've cited, how low can Guildford go? I've only really been looking since last year and it already seems a pretty unique market with a lot of money floating around and thus a smaller reliance on mortgage-approval rates. How cheap can a 2-bed, Victorian townhouse in Guildford really get?!? Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted April 4, 2009 Share Posted April 4, 2009 So selling for around roughly 20% of 2008 prices - I can totally believe that. Which brings us to the next question of how Guildford will fare in the long-run. Say we're down 20-30% from peak now, even up to 50% looking at some of million plus properties you've cited, how low can Guildford go?I've only really been looking since last year and it already seems a pretty unique market with a lot of money floating around and thus a smaller reliance on mortgage-approval rates. How cheap can a 2-bed, Victorian townhouse in Guildford really get?!? I'd say about £160-180k for a quality victoran townhouse. 2 bed flat used to be in £160-180k range, but I expect they'll be down to £120-130k. Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted April 5, 2009 Share Posted April 5, 2009 Found another that provies my "death zone" theory for prices between £1m and £1.3m, and possibily upto £1.5m. This time in GU5, close to Wotton which is between Dorking and Guildford. It started off life at £1.295m, but has now dropped to an asking price of £895k. Right now there are almost no houses acaully worth £1-1.3m, the reason is that if the owners think they are worth that, they are only really worth £800-900k as that is all anyone will pay for them. http://www.rightmove.co.uk/property-for-sa...0%26index%3D150 05 April 2009 12:35:54 * Agents Address found: 6 Quarry Street, Guildford, GU1 3UR 21 March 2009 15:43:36 * Price changed: from '£950,000' to '£895,000' 15 December 2008 13:21:30 * Price changed: from '£1,175,000' to '£950,000' [Found by furan] 07 December 2008 09:59:40 * Subtitle changed: from '4 bedroom detached' to '4 bedroom detached house ' [Found by mikelivingstone] 31 May 2008 11:49:12 * Price changed: from '£1,295,000' to '£1,175,000' [Found by dohrayme] 25 February 2008 23:33:38 * Agent found: Hill Clements * Agents Location found: Guildford * Brief Description found: Close to the centre of this popular village in the Surrey Hills, an attractive Edwardian family house set in secluded grounds of 0.52 acre backing onto rolling fields * Price found: £1,295,000 * Status found: Available * Subtitle found: 4 bedroom detached Quote Link to comment Share on other sites More sharing options...
Mildura Posted April 6, 2009 Share Posted April 6, 2009 Mike, No doubting the change in asking prices in the examples that you have shown. However, I would comment that the asking prices that were initially quoted were over the top even at the very peak of the market, particularly the E Clandon one. It is more the case that actual sales price in Q1 2009 is aprox 20-25% down on actual sales price from Q2 2007, despite the fact that asking price drops show a greater fall. I suppose it's only fair that if we ignore much of Rightmove's data as it's based on asking price, we shouldn't attach too much weight to massive falls from asking prices that were hugely unrealistic, even at the peak of the market. Quote Link to comment Share on other sites More sharing options...
Mildura Posted April 6, 2009 Share Posted April 6, 2009 I'd say about £160-180k for a quality victoran townhouse.2 bed flat used to be in £160-180k range, but I expect they'll be down to £120-130k. to add my two-penneth worth on the lower end, there was a time not that long ago where you'd struggle to secure a decent 1 bed flat in the 160-180k range, and decent 2 beds started from early £200k's. the standard 2-up, 2-down (+basement), Guildford town house was regularly selling for early £300k's, with a few rare examples selling for close to £400k. They had started to go for around £250k, but the last couple seem to have crept up a bit, closer to £280-290k, which has come as a bit of a surprise. I think the reason could be that these homes have always proved popular, and a lack of them available for sale on the market has added some scarcity value. To get a quality Victorian townhouse, in the centre of Guildford, for £160k you'll need to wait a while, imho. That would represent a 50% fall from peak in many cases, possibly more for some of the larger ones in the better roads. I reckon the good ones won't drop that far from £250k, with the poorer ones dropping to around £200k. Quote Link to comment Share on other sites More sharing options...
Mildura Posted April 6, 2009 Share Posted April 6, 2009 Local rumour has it that this one has gone under offer at £285k, only a couple of weeks after coming to the market. Guildford house Time will tell whether it eventually exchanges at this figure. Quote Link to comment Share on other sites More sharing options...
IwanttobutIcant Posted April 6, 2009 Share Posted April 6, 2009 Apologies if this is out of area but I think it is relevant. I have been looking at the £1-2m properties in South Farnham for over a year and it is true that this really is a dead zone. Nothing is selling and until recently asking prices have not been coming down at all, although I suspect actual selling prices may be. The stalemate seems to come from perceived value rather than actual value. This house has recently come down from £2 to £1.75 and although it is hard to tell what has been added in the last 6 years, I cannot see why it is worth £550k more than it was in October 2003 when it sold for £1.2m. Personally I would be happy to pay the 2003 price but I cannot bring myself to pay more than that. Fortunately I am renting until August 2010 so we will see House in Churt Quote Link to comment Share on other sites More sharing options...
Mikhail Liebenstein Posted April 6, 2009 Share Posted April 6, 2009 Apologies if this is out of area but I think it is relevant.I have been looking at the £1-2m properties in South Farnham for over a year and it is true that this really is a dead zone. Nothing is selling and until recently asking prices have not been coming down at all, although I suspect actual selling prices may be. The stalemate seems to come from perceived value rather than actual value. This house has recently come down from £2 to £1.75 and although it is hard to tell what has been added in the last 6 years, I cannot see why it is worth £550k more than it was in October 2003 when it sold for £1.2m. Personally I would be happy to pay the 2003 price but I cannot bring myself to pay more than that. Fortunately I am renting until August 2010 so we will see House in Churt This is a reasonable assertion. The key thing is that a lot of these properties were owned by City types or small business owners. This group is on average making less profit than it did in 2003, so its not suprising the prices are not staying up. Quote Link to comment Share on other sites More sharing options...
IwanttobutIcant Posted April 7, 2009 Share Posted April 7, 2009 This is a reasonable assertion.The key thing is that a lot of these properties were owned by City types or small business owners. This group is on average making less profit than it did in 2003, so its not suprising the prices are not staying up. And these are the groups that have been hit hardest in the last 12-18 months. That said I know a few bankers who are not exactly running out of cash Quote Link to comment Share on other sites More sharing options...
SaintJay Posted April 8, 2009 Share Posted April 8, 2009 the other thing I found recently is the number of properties that are for rent as well as for sale. Guildford had over 100 properties added in the last 7 days in the rental section - many of which have been in the sale section a lot longer. Quote Link to comment Share on other sites More sharing options...
IwanttobutIcant Posted April 22, 2009 Share Posted April 22, 2009 Again, this is Farnham but I think Farnham/Guildford are so similar it hardly matters. This house has been steadily dropping in price. I do not have property bee so I cannot give exact details but this house was on for over £1m initially and has now come down to £850K. This is a really encouraging sign. Obviously this person actually needs to sell rather than some of the dross coming on at made up prices! http://www.rightmove.co.uk/property-for-sa...y-21992359.html Quote Link to comment Share on other sites More sharing options...
Emlyn Posted April 24, 2009 Share Posted April 24, 2009 Again, this is Farnham but I think Farnham/Guildford are so similar it hardly matters.This house has been steadily dropping in price. I do not have property bee so I cannot give exact details but this house was on for over £1m initially and has now come down to £850K. This is a really encouraging sign. Obviously this person actually needs to sell rather than some of the dross coming on at made up prices! http://www.rightmove.co.uk/property-for-sa...y-21992359.html Jumps road actually started off at £1.2 million on 23/07/08. This represents a drop of nearly 30% Quote Link to comment Share on other sites More sharing options...
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