Is London bucking the trend?

hethmar

Hi, Im having probs with downloading the property bee - any advice please? Im getting page error every time.

huntersc

hethmar wrote: »

Hi, Im having probs with downloading the property bee - any advice please? Im getting page error every time.

Down at the moment, rarely happens, will be back later I'm sure.

Tank

Prices are falling but it seems that owners are reluctant to drop the prices too fast too soon. One property I know was on the market at £1.1 million in january, price changed to £950k in July and now the place next door is for sale for £795k.

Notlob

SquatNow wrote: »

No-where will "buck the trend".

Some places will fall faster than the average, some will fall less.

All will fall at a rate currently unimaginable to most people.

No-one has experienced this situation before in history.

The word "bad" doesn't cover it.

You don't work for BBC Breakfast News do you?

Woodyrocks

huntersc wrote: »

Down at the moment, rarely happens, will be back later I'm sure.

It's the MSE effect; a site gets mentioned and it gets flooded. I have never heard of it myself until now and I am sure that is the same for others. Sounds like a really useful monitoring tool though, especially if it works as it should. I live in SE London and walking past the estate agents leaves me wondering at the best of times if prices are really falling because everything still seems out of reach.

lynzpower

You need to run it on firefox, if you are trying to run it on IE it wont work ( says the bitter voice of experience who tried for far too long on IE)

Woodyrocks- you wanna have a look whats going unsold at auction- I saw a ex la in Peckham unsold for around 50k iirc last month. Check out barnard marcus past auctions- to see whats coming up next month

noisysaver

Nope, figures released today:

Cluttons EA reduce price of house by half a million! From £3m to £2.5m.

£500,000 is one hell of a drop!

The average house price in London is £17,500 lower than this time last year. Source NAEA Sep 2008.

"You can't buck markets, they do what they do" Margaret Thatcher.

geoffky

Yes Property Bee Only Runs On Firefox(which Is Better Than Internet Explorer )

chewmylegoff

noisysaver wrote: »

Nope, figures released today:

Cluttons EA reduce price of house by half a million! From £3m to £2.5m.

£500,000 is one hell of a drop!

The average house price in London is £17,500 lower than this time last year. Source NAEA Sep 2008.

"You can't buck markets, they do what they do" Margaret Thatcher.

one example of an EA dropping a house from £3m to £2.5m could mean nothing other than that the house was stupidly valued in the first place.

however, i've been looking at 2 beds in SW12 and quite a few of them have been aggressively cut in value. they were all lunatically overpriced in the first place but the ones that have gone under offer are generally the ones where they have cut the price by £20k a month for 3-4 months in a row. the odd one has come down by £80-90k, and still remains unsold (albeit they started out at ~£470k when most are listed for £100k less).

that said, the prices are still well in excess of previous years. e.g. i looked at a flat on for £320k which the vendor bought for for £240k in 2005 (no renovation or extension done since). We put in an offer for £290k which was very reluctantly accepted after about 2 weeks, by which time we had decided to withdraw it. even allowing for general inflation this is still well above its 2005 level.

i am interested to see what will happen early next year, the time when city people would normally be getting a fat bonus but are getting a p45 instead.

lynzpower

i am interested to see what will happen early next year, the time when city people would normally be getting a fat bonus but are getting a p45 instead.

I expect "not a lot"