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I'm poised for big reductions over the next 6-9 months though, as property is still extremely expensive in the Reading area.

I am with you, and would think this happens even sooner.

BTW, I am considering to make an offer on a property valued at 200k (by Ro.).

I dont know, if I offer at stampduty threshold will it be accepted or not?

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If you have a secure job and are sure that this economic downturn will not affect you (or your parner) and if you feel that you can cope with house prices falling even more than no harm in making an offer. I agree with you - reduce atleast 15-20% from the asking price straightaway.

In the current scenario only those sellers which desperately need to move/or are in trouble will reduce their prices. Personally I would suggest just to wait till the end of this year and let the recession take its course on house prices :)

I am with you, and would think this happens even sooner.

BTW, I am considering to make an offer on a property valued at 200k (by Ro.).

I dont know, if I offer at stampduty threshold will it be accepted or not?

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If you have a secure job and are sure that this economic downturn will not affect you (or your parner) and if you feel that you can cope with house prices falling even more than no harm in making an offer. I agree with you - reduce atleast 15-20% from the asking price straightaway.

In the current scenario only those sellers which desperately need to move/or are in trouble will reduce their prices. Personally I would suggest just to wait till the end of this year and let the recession take its course on house prices :)

Thanks ReadingRabbit, for your response.

Job is as (not) secure as one gets these days. I hope my savings should take care (in addition to 25% depoist) of my mortgage payment for about 6-9 months, if I was to loose my job.

Personally I would think unless some major international finance events (e.g. Lehman Bankruptcy etc.) happens, house prices will not drop more than 15-20% from now on (although I believe it is still way over-priced).

The real trouble is finding the fair vale of a house. Can I just go back to previous sale (Say 2003/04 on nethouseprices.co.uk) date to figure out a fair price should be today?

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Thanks ReadingRabbit, for your response.

Job is as (not) secure as one gets these days. I hope my savings should take care (in addition to 25% depoist) of my mortgage payment for about 6-9 months, if I was to loose my job.

Personally I would think unless some major international finance events (e.g. Lehman Bankruptcy etc.) happens, house prices will not drop more than 15-20% from now on (although I believe it is still way over-priced).

The real trouble is finding the fair vale of a house. Can I just go back to previous sale (Say 2003/04 on nethouseprices.co.uk) date to figure out a fair price should be today?

Yes offer the same prices as they were in the year 2004 - that's more or less where we are now currently. Always remember it is a buyers market and negotiate accordingly :)

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Yeah but look what those places were selling for in 1997. Typically £40-50K. They are still way overpriced.

bear in mind, that 1997 prices were still undershot from the average. Then take into account around 25-30% inflation since then.

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Did anyone here had the experience of dealing with EA's in Reading? If yes then it would be helpful if you guys could share the info :)

As mentioned above, Prospect, White Knights & Romans are all reknown for overpricing. I also thing that Atlantis are in cloud cukoo land. Sansome & George are so far up their own ass they are chewing their tonsils. I quite like Davis Tate.

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As mentioned above, Prospect, White Knights & Romans are all reknown for overpricing. I also thing that Atlantis are in cloud cukoo land. Sansome & George are so far up their own ass they are chewing their tonsils. I quite like Davis Tate.

The property that seem to appeal me (solely looking at the details on website), is all been marketed by the above BIG 3.

I guess sooner or later, I would have to deal with these guys.

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Most houses are for sale with the agents that overprice. I am looking elsewhere but now fed up with the process of seeing asking prices 20% higher than sale prices in 07, I'm just going to sit tight and wait for interest rates to rise. The three named above for Reading are exactly who I would expect to pull together the most ambitious asking prices. I suppose they can use the high prices on property that will never sell to shift the houses that are correctly priced.

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Here I am, back to the forum... B)

ReadingRabbit asked about experiences in dealing with EAs in Reading so here is our most recent one.

We went to see a house a few days ago, in our opinion it was too expensive (house was not bad but needed work to make it more modern) and paying the full price in our opinion was risky since unlikely to get the refurbishment money back in case of emergency sale.

When I asked if the vendor would accept a lower offer the EA told me that 10% off was already too much because prices are rising. I said "good for them", what could I do? :rolleyes:

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Here I am, back to the forum... B)

ReadingRabbit asked about experiences in dealing with EAs in Reading so here is our most recent one.

We went to see a house a few days ago, in our opinion it was too expensive (house was not bad but needed work to make it more modern) and paying the full price in our opinion was risky since unlikely to get the refurbishment money back in case of emergency sale.

When I asked if the vendor would accept a lower offer the EA told me that 10% off was already too much because prices are rising. I said "good for them", what could I do? :rolleyes:

What I don't understand is, when we are in the middle of worst recession since WWII, how can EAs say the prices are rising? The desirable property in reading are still over priced. Only time will tell, how wrong EAs are.

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Hi nnj10,

I don't know how they can say that prices are rising, I agree with you. However, if vendors are not accepting lower offers and if EAs are detached from reality, it is difficult to buy for the ones like us who think that properties are overpriced.

I assume other people are playing the property game better than us. Maybe they have a higher deposit, maybe they are willing to take more risks, maybe they know they will be here in Reading for a long time and they see a house as an investment and want to take advantage of low interest rates... who knows!

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I spoke to one of the EA(a small agency based in Woodley) today and he accepted that prices have fallen by 20% but he says that the sellers are not in a hurry to accept that because of the lower interest rates i.e the cost of maintaining the property has come down so they can wait. I suspect the real carnage will begin once the rates start to go up. Just hangon to your deposits folks its just a matter of time ;)

Hi nnj10,

I don't know how they can say that prices are rising, I agree with you. However, if vendors are not accepting lower offers and if EAs are detached from reality, it is difficult to buy for the ones like us who think that properties are overpriced.

I assume other people are playing the property game better than us. Maybe they have a higher deposit, maybe they are willing to take more risks, maybe they know they will be here in Reading for a long time and they see a house as an investment and want to take advantage of low interest rates... who knows!

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Hi nnj10,

I don't know how they can say that prices are rising, I agree with you. However, if vendors are not accepting lower offers and if EAs are detached from reality, it is difficult to buy for the ones like us who think that properties are overpriced.

I assume other people are playing the property game better than us. Maybe they have a higher deposit, maybe they are willing to take more risks, maybe they know they will be here in Reading for a long time and they see a house as an investment and want to take advantage of low interest rates... who knows!

Even the most optimistic forecasters are saying prices still have further 10-15% to fall.

If we see even 1% price fall every month till end of summer, and if the interest rates starts rising (lets say even 2% from current 0.5%), that will force many Investors to sell in a further leg down.

The general employment situation does not seem too bad in reading, that seem to support the current (inflated) price levels.

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I was looking at one of the three bed detached houses last year in lower earley but got the shock of my life when I saw its sold price, have a look:

2009-01-14 6 Waring Close, Lower Earley, Reading, Wokingham, RG6 4JE Detached, Freehold add details... £120,000

2003-09-26 6 Waring Close, Lower Earley, Reading, Wokingham, RG6 4JE Detached, Freehold add details... £249,950

2001-05-25 6 Waring Close, Lower Earley, Reading, Wokingham, RG6 4JE Detached, Freehold add details... £210,000

Looks like a staggering loss :unsure:

Edited by ReadingRabbit
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Hi, just found out that a very nice terraced house in my road was sold in January 09 for £175k. Consider that at the peak in 2007 similar 3 bed terraced houses were sold for up to £240k!!!

Luckily now we can see the most recent sales on www.houseprices.co.uk - hopefully people will take these prices as a basis for their offers.

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I was looking at one of the three bed detached houses last year in lower earley but got the shock of my life when I saw its sold price, have a look:

2009-01-14 6 Waring Close, Lower Earley, Reading, Wokingham, RG6 4JE Detached, Freehold add details... £120,000

2003-09-26 6 Waring Close, Lower Earley, Reading, Wokingham, RG6 4JE Detached, Freehold add details... £249,950

2001-05-25 6 Waring Close, Lower Earley, Reading, Wokingham, RG6 4JE Detached, Freehold add details... £210,000

Looks like a staggering loss :unsure:

OMG, This is unbelievable, more than 50% loss on 2003 sale price.

To me it seems like house conversion to flat or something, as I cant believe this price.

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OMG, This is unbelievable, more than 50% loss on 2003 sale price.

To me it seems like house conversion to flat or something, as I cant believe this price.

This kind of thing happens a lot - they may have sold the property to a relative for half price or something. Sales prices on the site do not always reflect fair market value.

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Hi all,

I am new to the forum and I wanted to share some opinions on the Reading area.

We have been living in Reading for almost 10 years and we have looked around to buy a house several times, but really don't seem to get the hang of it (well, we are foreigners....).

We thought that lately it would have been easier but I don't know if the house price crash has really materialised in Reading, as houses seem to sell quite quickly.

Today I called an estate agent to view a house at the border with one of the worst areas in Reading and the EA pracxtically grilled me to understand how much we could spend and then she said: " Well, because if you cannot afford it I won't waste the vendor's time". I am still fuming, I mean, how rude is this, houses are selling but they are not really flying off the shelf, are they?

Also, we used to check the sale prices on www.houseprice.co.uk but they haven't updated the information for ages and now we don't know how the market is moving and what a reasonable offer might be. Does 10% less than asking price sound like a reasonable approach? Personally I would offer 20% less, but that is me.

Any views on what is really going on in Reading?

Many thanks! ;)

The agent is obliged to put all offers to the vendors!

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  • 2 weeks later...

Until now, I was looking at houses in south and south-eaest reading (RG2 and RG6 Post codes).

Just broaden my search on Rightmove, and came across a couple of good and desirable homes in calcot.

I wonder, if any one can suggest how good or bad this area is?

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FWIW I sold my House in Burghfield Common a few months back. It went on the market in October 08 when my job (and I) moved to East Anglia. So I put it on at the bottom of the prices EAs quoted rather than the top, with the aim of trying to sell in a price fall. I had three viewings Oct-Feb, and then offers from a BTL landlord. It sold in the end for 12% below asking. From what I could see and based on conversations with the EA handling the sale, things were very quiet. He claimed he was selling 1 property a month and things were grim.

From my perspective on the good side this has made me a cash buyer, and at least I sold with a profit rather than a loss on the place and don;t have to pay council tax, mortgage, utilities, etc for a place I can't live in.

On the down side the market I am trying to buy into is currently more expensive and stalled.

I have seen houses I would like to buy if I stretch as far as I can, but the vendors have found nothing to move to and (at least as far as houses I actually like and can afford) are unwilling to consider moving into rented.

Some days I fret that I did the wrong thing and should have held out for more (am I mad, in this market?), others I'm just pleased to be able to start to move on. I'm hoping that I did the right thing and the house price correction will continue so I can eventually find somewhere broadly similar in size and area to my old place. In the mean time I'm in a small rented place with a load of stuff in storage, getting itchy feet and wanting to get settled.

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Hi all,

after a short holiday, I came back to Reading to find that the house we went to see had been reduced by 10k, more or less a week after the EA told me that prices were rising. I would have liked so much to call her back and ask if it was still the case... :D

Anyway, the house seems to have been sold and I am looking forward to seeing the price on houseprices.co.uk.

Have a nice week!

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