Monday, September 14, 2009

This won’t show up in the official statisics

Auction 'dip suggests house price falls'

First saw this in the Western Daily Press Business page. Apparently there is now a 30% difference between prices at auction and "open market value" whatever that is. It all goes to prove a house is only worth what someone is prepared to pay for it.

Posted by tenyearstogetmymoneyback @ 05:03 PM (991 views)
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6 thoughts on “This won’t show up in the official statisics

  • it’s an indication that the last of the gullible have been sucked in.

    There were plenty of BTL entrepreneurs that saw teh fall in prices as a buying opportunity rather than a wake up call. They have now run out of cash/finance and – mortgaged up to the hilt as always – are about to get the full force of deleverage.

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  • This will show up in Land Registry Figures.

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  • mark wadsworth says:

    I ought to start taking a bigger interest in local auctions, I suppose. Thirty per cent off current asking prices would do me just fine.

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  • From what I’ve seen of auctions recently, most houses are poor quality in poor areas (this is how come they’ve ended up at auction) lets face it if a seller be it bank or anyone else could sell via normal avenues for just 15% more they would never mind nearly 50% more (which would equate to 30% off at auction).

    Anything half reasonable fetches what it would anyway sometimes more, but with no opportunity to pull out if there’s a problem.

    I’m sure there’s the odd thing that goes through that’s ok but in my experiece very much in the minority.

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  • What beats me is the debate in the opening comments (on the page) about the semantics of ‘30% off open market’ etc. – I wanted to shout at them –

    “THEY SOLD FOR 100% OF OPEN MARKET VALUE – THAT’S WHAT AN AUCTION IS ALL ABOUT!”

    Time these fools woke up to the reality.

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