Friday, April 25, 2008

Property Snake gets a Mention!

Website lists bargains as prices slither downwards

The standard talks about bargain hunters using propertysnake to monitor prices, but what's more significant I believe, is that 27-30% price drops seem to be quite frequent and are affecting all values of property across London - all within a few months. I therefore, think that price reductions over the next 12-18mths will be in the 50-60% range for real bargains.

Posted by layers @ 09:26 AM (1452 views)
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17 thoughts on “Property Snake gets a Mention!

  • Hello layers..

    Funny how you only seem to appear when there’s a piece about Propertysnake to advertise.

    It’s a good site, and a smart idea – but do you work for them by any chance??

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  • Yep 160,909 on there at the moment and rising!!

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  • mark wadsworth says:

    Does it matter if layers works for them (it?). PS is a top website, hours of fun. The software must be really clever (except for this delisted/listed hiccup).

    60% fall, that’ll do me.

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  • “Does it matter if layers works for them ”

    No – I’m just curious!

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  • …and most of these are just ASKING prices.

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  • I reckon that when EAs start to ‘open’ their listings to property snake so that you can click through to the EAs will be the signal that the EAs have finally accepted that there is a longterm downturn in house prices.

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  • It used to be a good site and pinpoint all of the reduced properties in my area accurately. Sadly it is not the case now, loads of properties in my area are not being listed. It got off to a great start last year and then ran into problems I know, tis a shame. Will there be any kind of improvement over the coming months?

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  • Most of the properties listed on the snake, in my area anyway, are not actually that cheap. They are just properties that were previously listed at considerably more than market value, and now listed at a bit over market value.

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  • I don’t find propertysnake lists all the drops in prices either, but I think the estate agents and websites do their best to prevent their reductions appearing. Managing information till the bitter end.

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  • layers, we have converted lurker from firstrung.co.uk and damien from moneyweek here, and they both regularly post links to articles from their publications – nothing wrong with that, and we welcome their input.

    If you do have a professional interest in propertysnake, then welcome! I think we’d all value your contributions and links.

    We do like folks to be upfront about these things, so please let us know either way.

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  • the snake is a pointless website, most of the reductions are about £500…and anyway with the knowledge of more rate cuts to come, and LIBOR soon to be tamed by exactly the same menthods used by special friends across the pond, the serious buyers are wisely biding their time. There is also however, about 70 dreamers who think they will soon get on the ladder at about 50% of todays prices. Also bear in mind there are no bargains caught by the snake, as equally dreamy sellers merely come in line with other advertised properties.

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  • I know of a seller of a 2 bed flat in a desirable building in Bayswater London W2 who inflated the asking price by 10% when listing in Dec 2007, in the hope that a buyer may offer at a price she ‘could’ achieve (just as the agent had advised). Last 5 months – no offers at all. Asking price is now 15% off the start – yet no offers coming.

    Propertysnake is a great site…but is only a fraction of a larger falling market…. Go on the streets if you want to buy…be a brick hunter not a click hunter. And never trust agents and mice!

    All buyers are not all idiots:)=

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  • Am looking to buy…and thus know of a seller of a 2 bed flat in a desirable building in Bayswater London W2 who inflated the asking price by 10% when listing in Dec 2007, in the hope that a buyer may offer at a price he could ‘achieve’ (that the agent had advised). Last 5 months – no offers. Asking price is now 15% off the start – yet no offer in sight. Am waiting………

    If looking to buy..get on the street and make cheeky offers of 30% below asking…never know.

    Be a brick huter not a click hunter and trust (property) snakes rather than agents and mice!

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  • Interesting that the ES article missed the bit about Estate Agencies getting upset about putting links
    to their ads on the snake. I bet they’re kicking themsleves now.

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  • @Uncle T, Mark W, Paul – For the record, no I don’t work for or have any affiliation with Propertysnake – I was just amazed to read about it in last night’s Standard, and that no-one else had posted the article! I haven’t posted much recently because I have been too busy.

    Regards,

    Layers

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  • BTL rules – FYO the US interbank lending rate is rising and is almost a % point higher than the FED’s ridiculously low interest rate. So rate cutting is doing nothing over there either.

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  • BTL Rules, I don’t know why on earth you’re still here.

    layers, understood. Like I say, we don’t like it when folks pretend to things, so we have to ask.

    That Evening Standard article was a good find – ES is so middle-aged-property-owner biased that its quite a rare thing.

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