Saturday, May 24, 2008

The Reality of House Prices May 2008

May 7th Auction results

Lot 18, 22 Cambell Close,Chelmsford Sold at Auction for 165k.This is nearly 50% below very similar properties, on the market in the same small cul de sac.The Crash gathers momentum.

Posted by sold out @ 03:00 PM (1378 views)
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9 thoughts on “The Reality of House Prices May 2008

  • Here is the link to the house for sale
    http://www.rightmove.co.uk/viewdetails-17050792.rsp?pa_n=1&tr_t=buy
    Sorry folks its on the market now at 280k (it was 299k last week) so it isn,t nearly 50% as i claimed in the initial comment.
    Even so the differance is 115k which is massive.Sends a clear message to sellers that peak 2007 bubble asking prices WILL NOT SELL.

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  • I don’t follow- the guy who bought at auction put it for sale again?

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  • I notice that at the same postcode, there is a 3 bed semi (similar to the one sold at auction) that is sold subject to contract at £320. Even allowing for a probable difference in condition, if that sale goes through, the buyers are in for a bit of a shock later on.

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  • The Rightmove property is not actually the same place. Using the wonders of Google maps you can pick out the distinctive rear terrace, showing it to be No.11 (which is terraced) as opposed to No. 22 which is a semi. The Hair listing notes that the property is in need of modernising, whereas the Rightmove property looks reasonably sound.

    Looking up the sale price history for this street, you can see there is absolutely no consistency, which suggests that the properties were previously council houses or private regulated tenancies.

    That said, if this property was a vacant freehold, without any strings attached, it looks quite a modest price.

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  • once surveyors get these type of comparables they will start to down value property to protect themselves and the lender

    and so it waterfalls

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  • I’m not sure it’s that big a drop. If you look at http://www.houseprices.co.uk/e.php?q=CM2+9BE, you’ll see number 19 (also a semi) sold for £168k less than a year and a half ago. It’ll take a while yet for price falls to filter through.

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  • drewster,

    Look at the spread of prices in that street, and the timeline. The person who bought no. 19 was either a council tenant exercising right to buy, or an invester buying the property complete with a tenant who enjoys a regulated tenancy.

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  • Yeh but No but…we must consider who may have moved into the street

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