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House Prices May Be Tumbling...


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I don't look at house prices very often (given that I'm not expecting to be in the market to buy one for at least a couple of years), but, having looked on Rightmove for the first time in ages, the houses for sale in the same area as the house I sold and moved out of around January time are still on the market[1] for more than I sold mine!

I wish the HPC would actually start to show itself in asking prices! :(

[1] QED, you might say.

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I don't look at house prices very often (given that I'm not expecting to be in the market to buy one for at least a couple of years), but, having looked on Rightmove for the first time in ages, the houses for sale in the same area as the house I sold and moved out of around January time are still on the market[1] for more than I sold mine!

I wish the HPC would actually start to show itself in asking prices! :(

[1] QED, you might say.

Same here in Essex

SS6 :angry:

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I don't look at house prices very often (given that I'm not expecting to be in the market to buy one for at least a couple of years), but, having looked on Rightmove for the first time in ages, the houses for sale in the same area as the house I sold and moved out of around January time are still on the market[1] for more than I sold mine!

I wish the HPC would actually start to show itself in asking prices! :(

[1] QED, you might say.

Quite.

Prices are, of course, falling where forced sales are concerned. Those who don't cut asking prices to get ahead of the (downward) trend will be waiting a loooong time to find a buyer...

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It's because you get old bankers like Sir Brian on the BBC (see other thread) telling people to the effect "don't sell now or you'll get a fire sale price, wait until the market recovers" with no mention that I could detect of "now" prices being bubble prices.

Instead almost encouraging the notion that the bubble prices were the right prices.

Then you get Huw saying "Thank you for your expertise".

If the Gallery had told me to say that, I'd tell them to shove it up their ar[censored].

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I fully expect that when the Lang Reg data and the likes of nethouseprices etc... Get updates in a few months time with the *market* value of the sold prices 6/12 months prior. Then this will be enough evidence to let EA's rip with the culling of vendors. Because by then there should be enough pain for those EA's that have weathered so far that they will be forced to remove any pie in the sky vendors for fear of cutting into their seriously lean margins.

I would probably say that Rightmove and most EA's will see a fairly large drop in adverts when this happens. At the moment though there's too much noise and not everyone has "really" felt the recession and inflation dig in hard & deep (It won't happen to us mentality).

You can also add into the mix the unemployment and forced sellers with the above and right now will seem like a right good jolly.

edit: Atrocious spelling & grammer.

Edited by Ursus
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I'm not so sure it is coming our way in Kent.

I picked up a Kent Messenger property suppliment last week and the prices haven't changed at all from 2007. Odd one here and there with a discount strip across the picture but always a bombsite that needs loads of money spent on it. No nice places cheap.

2 bed semi's around £175,000.

3 bed semi's. £220,00.

3 bed detatched. £250,000+.

Anything more expensive is out of my price band so I can't say.

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At the risk of repeating REP013, go to Berkshire or Surrey.

Don't worry, it's coming your way soon...

I was born, bred and lived most of my life in the Channel Islands. The last slump seemed to have very little no effect on properties in Jersey. However this time it seems very different, a couple looking to buy my mums house have just had to pull out of the sale due to not being able to get a mortgage. The estate agent said not much is moving at the moment, so we reduced the price £75k from the initial EA's valuation, which I always thought excessive, we now have a firm offer.

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I was born, bred and lived most of my life in the Channel Islands. The last slump seemed to have very little no effect on properties in Jersey. However this time it seems very different, a couple looking to buy my mums house have just had to pull out of the sale due to not being able to get a mortgage. The estate agent said not much is moving at the moment, so we reduced the price £75k from the initial EA's valuation, which I always thought excessive, we now have a firm offer.

Without sounding insulting to otters. This is precisely why it will affect everywhere. You only need to have one home reduced in an area "75K" to make it the new *market* value. All others are then overpriced.

Let the spiral begin!

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I'm not so sure it is coming our way in Kent.

I picked up a Kent Messenger property suppliment last week and the prices haven't changed at all from 2007. Odd one here and there with a discount strip across the picture but always a bombsite that needs loads of money spent on it. No nice places cheap.

2 bed semi's around £175,000.

3 bed semi's. £220,00.

3 bed detatched. £250,000+.

Anything more expensive is out of my price band so I can't say.

Have a look on Rightmove at the Dartford, Gravesend and Medway areas. Some big drops in asking prices.

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Have a look on Rightmove at the Dartford, Gravesend and Medway areas. Some big drops in asking prices

With all due respect Dartford, Gravesend and Medway have always been cheap areas. They are horrific. Same as Isle of Sheppy. Great if you want to live next door to a crack dealer.

Nobody who lives on the other side of Bluebell hill ie Maidstone, West Malling, Kings Hill or surrounding villages would dream of moving to Medway.

Please don't think I'm being snobbish as I'm only an average working bloke but that's the truth.

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I don't look at house prices very often (given that I'm not expecting to be in the market to buy one for at least a couple of years), but, having looked on Rightmove for the first time in ages, the houses for sale in the same area as the house I sold and moved out of around January time are still on the market[1] for more than I sold mine!

I wish the HPC would actually start to show itself in asking prices! :(

[1] QED, you might say.

Have you got PROPERTY BEE loaded on your computer?

Load it on then go into RIGHTMOVE and it will show any actual drops in prices its BRILLIANT.

Just google it then upload it (its free!).

May surprise you! It did me.

I thought prices hadn't dropped much, but according to PROPERTY BEE they had.

The average in my area (ROMFORD) is between 10 and 30 grand in some cases. ;)

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With all due respect Dartford, Gravesend and Medway have always been cheap areas. They are horrific. Same as Isle of Sheppy. Great if you want to live next door to a crack dealer.

Nobody who lives on the other side of Bluebell hill ie Maidstone, West Malling, Kings Hill or surrounding villages would dream of moving to Medway.

Please don't think I'm being snobbish as I'm only an average working bloke but that's the truth.

No offence mate, I don't live there.

But prices tell to fall in shitty areas first, which drags prices down in the surrounding areas, as it becomes increasingly difficult to justify the price differential. I'm looking at a lot of places in the south east and denial seems to last longer in middle class surburbia, but it can't last forever ;)

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mortagage lending / unemployment / wage drops are some of the things that will help bring the prices down, you just have to bide your time

I'm not being a doom and gloom monger here.

Yes, 2 months ago the house price crash was good news. Now I'm worried about my job a lot more. I'd be happy for things to go back to normal. Starting to really worry me.

No good houses being cheap if you can't get a mortgage or any work to pay one with.

Houses that were £200,000. If we could pick one up for £160,000 now and things went back to normal I'd be a happy man. That would do me.

If a £200,000 house drops to say £100,000 what will the situation job wise be like?

No thanks. Not for me.

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As I mentioned on some thread yesterday it's a mixed bunch by me (Islington). Lots of 6-9 months on and no budge on price, lots of 5%-7% off on new build places (there's loads of new build flats around here) and then a handful amount of 10%-12.5% off for places that have hung arund for 6 months and so been dropped. Admittedly that still leaves you looking at £250k to £400k for a nice one-bed flat though.

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Have you got PROPERTY BEE loaded on your computer?

Load it on then go into RIGHTMOVE and it will show any actual drops in prices its BRILLIANT.

Just google it then upload it (its free!).

Or if you're running Firefox with GreaseMonkey, you can also install PropertyChimp to find sale-on-sale drops through www.houseprices.co.uk.

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I'm fanatical in monitoring house prices in Brentwood/Billericay Essex & I figure there arent that many prices reducing (according to PB) but what I feel is happening is that EA's are leaving prices high on RM, but when you go into an agent & talk to them face to face, they are telling you where the deals are i.e. My budget of 250K & I was offered a viewing on a property at 330K. EA said if I liked the house, he would share the discount out down the chain & this was all before I had viewed.

Anyway, Im having great fun monitoring - after this weeks tele, hopefully more bargains out there too :P

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I think EA's round my area in SW London are perversely becoming the bear's best friend.

They are encouraging vendors to drop prices. This of course allows them to get a commission which they are truly missing.

They are starved of sales...and their 'patter' now is similar to the posting on here. Drop 50K now and get a sale before all will be 50K lower in one months time...

It's amazing how fast the world turns !

That and the now massmedia jumping on the panic wagon...we're seeing a complete turnaround from hysteria on the way up to now 'new' hysteria on the way down !! I guess its the way we all like it now, everything has to be sensational or record breaking.

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  • 439 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%



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