We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
This so called rise in house prices...
tomstickland
Posts: 19,538 Forumite
This so called rise in house prices over the last year.
Looks a bit thin on the ground when looking in my local area on Rightmove with Property Bee. I'd say that 90% of the properties I've looked at (under £150K) have a series of price reductions showing. Some by 25%.
Looks a bit thin on the ground when looking in my local area on Rightmove with Property Bee. I'd say that 90% of the properties I've looked at (under £150K) have a series of price reductions showing. Some by 25%.
Happy chappy
0
Comments
-
Well there's a lot sold in my old area, just south of you, but only those pricing realistically. Quite a dearth of decent 3-4 bed family homes of fair quality.
For example, this would have been substantially higher in early '08 and I'd expect it to go pretty quickly at this price:
http://www.rightmove.co.uk/property-for-sale/property-26395349.html?locationIdentifier=POSTCODE%5E1419754&sortByPriceDescending=true&minPrice=240000&maxPrice=350000&minBedrooms=3&maxBedrooms=5&radius=1.0&pageNumber=2&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E1419754%26sortByPriceDescending%3Dtrue%26minPrice%3D240000%26maxPrice%3D350000%26minBedrooms%3D3%26maxBedrooms%3D5%26radius%3D1.0%26index%3D10
Whereas this old chestnut, which started at £340k is languishing at its new price and still needs work:
http://www.rightmove.co.uk/property-for-sale/property-13646658.html?locationIdentifier=POSTCODE%5E1419754&sortByPriceDescending=true&minPrice=240000&maxPrice=350000&minBedrooms=3&maxBedrooms=5&radius=1.0&pageNumber=1&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E1419754%26sortByPriceDescending%3Dtrue%26minPrice%3D240000%26maxPrice%3D350000%26minBedrooms%3D3%26maxBedrooms%3D5%26radius%3D1.0
And this one, which I'm sure was bought by a couple who rejected mine, is also OTT for where it is and seems 'stuck':
http://www.rightmove.co.uk/property-for-sale/property-26304728.html?locationIdentifier=POSTCODE%5E1419754&sortByPriceDescending=true&minPrice=240000&maxPrice=350000&minBedrooms=3&maxBedrooms=5&radius=1.0&pageNumber=1&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E1419754%26sortByPriceDescending%3Dtrue%26minPrice%3D240000%26maxPrice%3D350000%26minBedrooms%3D3%26maxBedrooms%3D5%26radius%3D1.0
Serves them right!!!:p0 -
tomstickland wrote: »This so called rise in house prices over the last year.
Looks a bit thin on the ground when looking in my local area on Rightmove with Property Bee. I'd say that 90% of the properties I've looked at (under £150K) have a series of price reductions showing. Some by 25%.
When will people realise that asking prices mean nothing?
As a purely hypothetical example.
A property could have been bought for £90k a few years ago.
The buyer tries his hand and markets it for £150k.
It doesn't sell.
The seller then reduced the price, markets it and sells at £120k
Now has this property reduced by 20% i.e. a drop from the initial asking price of £150k to £120k
or
has the property increased by 33% from £90k to a sold price of £120k?:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
To me it seems fairly obvious (and that many did not test the water last year)
Even though asking prices were higher last year people were ready to take bigger discounts as they wanted to bail out or needed to sell.
Much like the "supply and Demand" argument (please graham not again).
When stock is at it's highest and demand is at it's weakest should be the best time to get a massive discount (can't think of anyone who did that:o:))
So yes asking price may be lower but instead of people accepting 25% below asking price they are now accepting 0-5%.
Price drops or increase are against like for like sales not what they are marketed at.0 -
IveSeenTheLight wrote: »When will people realise that asking prices mean nothing?
I've lost the will to educate on this one.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
More house price falls forecast
The recovery in UK house prices could be punctuated by a 6.6% drop in values next year, property group Savills has forecast.
http://news.bbc.co.uk/1/hi/business/8345131.stm
more falls
The Savills' report suggests that there is a 50% probability of prices falling 6.6% next year, followed by a return to price rises thereafter.
Prices will rise by 2.7% in 2011, 5.5% in 2012, and 8% in 2013, according to the forecast.:jYou can have everything you wont in lfe, If you only help enough other people to get what they wont.:j0 -
So Feb will be the bottom then.(according to savills)0 -
Pretty weird circumstances we have at the moment, hugely cheap mortgage borrowing which is very difficult to actually get your hands on. A huge under supply of housing (i seam to remember reading something like a 2 million house shortfall) made worse by many people unsure of there job security going into batten down the hatches mode and a million plus extra people out of work.
There is also some over seas investment on the back of the devalued pound.
So the market is all over the place, but area does seam to be more important than ever.
I personally think things will get a lot worse over the next few years as the imperative 100+ mill in government spending cuts kick in (which will prob add another million to the unemployment line) and taxation rises sharply to find the other 100+ million a year we are currently in deficit to.
Then there's the potential inflation time bomb with money being printed like it grows on trees devaluing the pound by up to 30% which should in theory at some point mean all our imported goods cost 30% more which is not good when we import most things.
So who knows where the markets will go.0 -
I've lost the will to educate on this one.
You do wonder what the point is in discussing or debating in here anymore.
There hardly seems to be any new points, just going round and round the same old ones.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
The Savills' report suggests that there is a 50% probability of prices falling 6.6% next year, followed by a return to price rises thereafter.
Prices will rise by 2.7% in 2011, 5.5% in 2012, and 8% in 2013, according to the forecast.
I guess they just bought a new random number generator and thought they'd better show it off.
I don't believe for a minute that anyone can forecast that far ahead, with that degree of precision, and expect to be taken seriously.What goes around - comes around0 -
tomstickland wrote: »This so called rise in house prices over the last year.
Looks a bit thin on the ground when looking in my local area on Rightmove with Property Bee. I'd say that 90% of the properties I've looked at (under £150K) have a series of price reductions showing. Some by 25%.
some people do not have the capability to understand do they... there are just some men that you cannot reach... :rolleyes:
the price increases have been on the Halifax, Nationwide and Land Registry indexes these do not work off asking price.
if you want to look at an index for asking prices have a look at Rightmove.
that index has increased also - how do you explain that one?
maybe it's the bank of mum and dad increasing the asking price on every property in the UK... :rolleyes:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards