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Debate House Prices
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Sky News find 40% drops...
WTF?_2
Posts: 4,592 Forumite
http://news.sky.com/skynews/Home/UK-News/UK-House-Prices-Slashed-By-A-Half-As-Credit-Crunch-Continues/Article/200810215120469
Interesting times ahead.
British House Prices Down by 40%
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When Sky News Online posed as cash buyers, the estate agent Fell Reynolds confirmed the flat had been slashed from £125,000 to £99,950 and then to £75,000 because of the housing slump.
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One two bedroom house near Worthing, West Sussex, was first advertised last October at £319,950 - but is now down a staggering 53% to £149,995.
A similar home in Cardiff, Wales, has been slashed by 45% from £184,950 to £100,000 in less than a year.
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Some London homes on the market are down 20% from original asking prices, taking them back to levels seen in 2005 and 2006.
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A five-bedroom house in Herne Hill has been cut by 37% from £1,275,000 to £795,000 as the number of homes sold in London falls to its lowest level since records began 30 years ago.
One London agent said: "We're 20% down. There are some very, very keen sellers out there."
Interesting times ahead.
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Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.
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Comments
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40% falls - are you mad, you doomster - they'll never happen! Shortage of land, rising population, huge pent-up demand, blah blah.
What do you mean? It already has?
Bug ger.0 -
Falls from asking prices are not exactly good indicators though... I could (if I owned a house) put my house on the market for £2 million, when it is only really worth £100,000. I could then drop the price to £200,000.
Would it be a bargain?0 -
Falls from asking prices are not exactly good indicators though... I could (if I owned a house) put my house on the market for £2 million, when it is only really worth £100,000. I could then drop the price to £200,000.
Would it be a bargain?
That's kind of the point - current asking prices (based on the 2007 peak) don't reflect what the market will pay. Hence large drops in asking price.
It's all about prices dropping to what is sensible, not what people think they are worth based on last year's crazy peak.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
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I think when most suggest 40-50% drops are madness they are talking averages. The odd house/flat falling that much doesnt mean anything, some prices are in lala land.
I don't think anyone will deny property prices will lose 'upto' 50%. probably higher in fact...0 -
Falls from asking prices are not exactly good indicators though... I could (if I owned a house) put my house on the market for £2 million, when it is only really worth £100,000. I could then drop the price to £200,000.
Would it be a bargain?
As a sign of the times, I'll sell you my stapler for £15, down from £250,000 last week. That's an ummm (oh you calculate it!)% drop in just a week.No reliance should be placed on the above! Absolutely none, do you hear?0 -
out of interest - what do people that live in London on this forum think of Herne Hill?0
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As a sign of the times, I'll sell you my stapler for £15, down from £250,000 last week. That's an ummm (oh you calculate it!)% drop in just a week.
Hey, as a second thought, to avoid making a loss on the stapler, perhaps we could do a stapler swap? What sort of staplers do you have?No reliance should be placed on the above! Absolutely none, do you hear?0 -
out of interest - what do people that live in London on this forum think of Herne Hill?
I thimk London homes will fall the most. Prices are just stupid here and the most overvalued. Now the city is collapsing we are going to see big falls. Any one on a good average wage can't afford any property unless they go for 5 times their salary. So there is a huge scope to fall especially where every house in Fulham seems to be a million plus.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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