acceleratorhams Posted October 14, 2008 Share Posted October 14, 2008 http://news.sky.com/skynews/Home/UK-News/U...200810215120469 Alex Watts, Sky News Online Some houses in the UK have nearly halved in value as markets plummet in the storm of the global financial crisis, a Sky News Online investigation reveals. 40 % price drop One bedroom flat in Folkestone has been slashed by 40% One flat in Folkestone, Kent, went on the market on January 28 this year at £125,000, and has now been reduced to £75,000. The one bedroom lower ground floor property lies in an upmarket area of the coastal town, and is in need of refurbishment. When Sky News Online posed as cash buyers, the estate agent Fell Reynolds confirmed the flat had been slashed from £125,000 to £99,950 and then to £75,000 because of the housing slump. "We felt that because of the lack of interest and the market conditions, £75,000 would be a realistic price," the agent added. "It's a nice little flat in a good area." Other properties in the UK have fallen even more sharply, according to Propertysnake, a website which measures price reductions. One two bedroom house near Worthing, West Sussex, was first advertised last October at £319,950 - but is now down a staggering 53% to £149,995. House prices seem poised to fall substantially further as the fundamentals remain largely. But Howard Archer, chief UK and European economist at Global Insight. A similar home in Cardiff, Wales, has been slashed by 45% from £184,950 to £100,000 in less than a year. The news comes as new figures out this morning show estate agents are selling only one house a week. The Royal Institution of Chartered Surveyors (RICS) said its members sold an average of just 11.5 homes during the three months to the end of September - the lowest level since its survey first began in 1978. The situation is even worse in London, where estate agents have made an average of just eight sales during the period. Some London homes on the market are down 20% from original asking prices, taking them back to levels seen in 2005 and 2006. And completion prices are even lower because of 'gazundering' in the capital, where buyers cut their offer at the last minute. A five-bedroom house in Herne Hill has been cut by 37% from £1,275,000 to £795,000 as the number of homes sold in London falls to its lowest level since records began 30 years ago. One London agent said: "We're 20% down. There are some very, very keen sellers out there." In other figures out today, the number of first-time buyers getting on to the property ladder slumped to a record low during August. An RICS spokesman said he hoped this week's bail-out of three high street banks would help the housing market and restore buyer confidence. //////////////////////////////////////////////////////////// Where has Wrigglesworth gone???? To the moon?????????? Quote Link to comment Share on other sites More sharing options...
jp1 Posted October 14, 2008 Share Posted October 14, 2008 ////////////////////////////////////////////////////////////Where has Wrigglesworth gone???? To the moon?????????? Er. He's dining on Hat's n Eggs with Elvis Quote Link to comment Share on other sites More sharing options...
roblpm Posted October 14, 2008 Share Posted October 14, 2008 These are asking price cuts though. Totally meaningless. Quote Link to comment Share on other sites More sharing options...
grey shark Posted October 14, 2008 Share Posted October 14, 2008 (edited) The news comes as new figures out this morning show estate agents are selling only one house a week. Sad isn't it ....................................... ............................................. ............................................... Edited October 14, 2008 by grey shark Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted October 14, 2008 Share Posted October 14, 2008 When Sky first came about my father was very hostile as he disliked Murdoch, News International and its affinity for Thatcher. Twenty years later with the advent of digitial terrestrial I tend to use Sky as a second opinion to the BBC (which Murdoch hates) but I still remain cautious. However when Sky run reports like this they are doing the public a favour, so well done them. The general public needs to understand the extent to which property had been overpriced and what - despite the bailouts - is still to come namely continued property price falls for a long time yet. Ironically last year I was working in York on a contract with a guy from Cardiff - this was just before I discovered this site. He was hugely enthusiastic about buying his first home in a good area of Cardiff for about £230,000. I politely suggested that we were at the top of the market and that he might wish to reconsider his plans but alas my words fell on deaf ears. Quote Link to comment Share on other sites More sharing options...
acceleratorhams Posted October 14, 2008 Author Share Posted October 14, 2008 When Sky first came about my father was very hostile as he disliked Murdoch, News International and its affinity for Thatcher. Twenty years later with the advent of digitial terrestrial I tend to use Sky as a second opinion to the BBC (which Murdoch hates) but I still remain cautious. However when Sky run reports like this they are doing the public a favour, so well done them. The general public needs to understand the extent to which property had been overpriced and what - despite the bailouts - is still to come namely continued property price falls for a long time yet. Ironically last year I was working in York on a contract with a guy from Cardiff - this was just before I discovered this site. He was hugely enthusiastic about buying his first home in a good area of Cardiff for about £230,000. I politely suggested that we were at the top of the market and that he might wish to reconsider his plans but alas my words fell on deaf ears. I`m renting in a new block of flats on W-s-M sea front. My flat was purchased in Dec 2007 for £250k by the landlord with the intention of flipping it. The last 3 sold here went for between £140-160k. Quote Link to comment Share on other sites More sharing options...
Telometer Posted October 14, 2008 Share Posted October 14, 2008 This was £156k in 2003, and now for sale at auction for 65k+ Allsop's forthcoming sale, lot 468 http://www.auction.co.uk/residential/LotDe...amp;S=C&O=A Quote Link to comment Share on other sites More sharing options...
tommyboy Posted October 14, 2008 Share Posted October 14, 2008 I would have expected some reporting of the 69% falls at auction yesterday These are actual losses from purchase Quote Link to comment Share on other sites More sharing options...
moonriver Posted October 14, 2008 Share Posted October 14, 2008 I note that the Sky article mentions Cardiff. The Barnard Marcus auction followed on here yesterday, (thanks to Tommyboy) backed up the big drops going on not only in flats, but also houses in that area. eg here are some examples..... lot 350 Sold for £90k. http://www.eigroup.co.uk/auctioneers/templ...rn&l=516369 Last sold £160k March 2007. http://www.nethouseprices.com/index.php?co...&incode=3EN Lot 322 Sold for £161k. http://www.eigroup.co.uk/auctioneers/templ...rn&l=516388 Last sold £299k April 2005. http://www.nethouseprices.com/index.php?co...&incode=6BE Lot 321 sold £125k http://www.eigroup.co.uk/auctioneers/templ...rn&l=516387. Last sold £175k December 2004.. http://www.nethouseprices.com/index.php?co...0&curPage=2 Lot 211 Sold £83.5k http://www.eigroup.co.uk/auctioneers/templ...rn&l=516431 Last sold £130k Jan 2004. http://www.nethouseprices.com/index.php?co...&incode=1AA Quote Link to comment Share on other sites More sharing options...
detached Posted October 14, 2008 Share Posted October 14, 2008 I note that the Sky article mentions Cardiff. The Barnard Marcus auction followed on here yesterday, (thanks to Tommyboy) backed up the big drops going on not only in flats, but also houses in that area. eg here are some examples..... lot 350 Sold for £90k. http://www.eigroup.co.uk/auctioneers/templ...rn&l=516369 Last sold £160k March 2007. http://www.nethouseprices.com/index.php?co...&incode=3EN Lot 322 Sold for £161k. http://www.eigroup.co.uk/auctioneers/templ...rn&l=516388 Last sold £299k April 2005. http://www.nethouseprices.com/index.php?co...&incode=6BE Lot 321 sold £125k http://www.eigroup.co.uk/auctioneers/templ...rn&l=516387. Last sold £175k December 2004.. http://www.nethouseprices.com/index.php?co...0&curPage=2 Lot 211 Sold £83.5k http://www.eigroup.co.uk/auctioneers/templ...rn&l=516431 Last sold £130k Jan 2004. http://www.nethouseprices.com/index.php?co...&incode=1AA The last 3 lots (322, 321 and 211) were sold by order of HBOS at a total loss of £234,500 !! I wonder how much HBOS will end up losing just on these three repos ....... Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted October 14, 2008 Share Posted October 14, 2008 When Sky News Online posed as cash buyers, the estate agent Fell Reynolds confirmed the flat had been slashed from £125,000 to £99,950 and then to £75,000 because of the housing slump."We felt that because of the lack of interest and the market conditions, £75,000 would be a realistic price," the agent added. "It's a nice little flat in a good area." I rather suspect he said the same thing at £125k and £100k. Quote Link to comment Share on other sites More sharing options...
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