House sales slump 53% across UK ..

confused31_2 · 22 October 2008 at 1:55AM

hethmar wrote: »

Hi, only just seen this - bit nervous about putting too much personal info on here. What sites are you using and Ill check them out with my post code. But certainly no reduced signs on any of the houses in the local paper nor in the estate agents window. House up the road just gone on for £210k and its a 3 bed terrace - up about £20k on last year for same type of property. Im not arguing this, if there have been decreases, they have not been noticeable. Can you give me the site urls for checking it out please?

Hey, silly as it sounds, I hadnt tried property snake for my own area. Well, its very interesting, though the drops are very low - highest was 6%. (We are in a property "hot spot" apparently) Amazing how different houses look in the estate agents pics, I was thinking, Oh, thats a good buy - lol and then realising its the doss house that I pass on the way to the shops right on the corner of a busy road opposite a cafe. How disappointing it must be for people who dont know an area when they see the photos and then the real thing. Lovely, I shall spend a bit of time looking at that now

Oh oh, just found one 15% down but ridiculously overpriced in the first place, completely out of synch with the other houses in that road - new buildish too. Its very interesting - seems like the houses built on a new "executive" estate about 4 years back and the ex LA semis are the ones that are being reduced. The more mature or indeed historic ones dont seem to have hardly budged. Shall spend ages on this now.

I know what hes saying its the same by me my post code is b76 walmley sutton coldfield, ive also looked at houses, it just seems no ones dropping their prices.

confused

neverdespairgirl · 22 October 2008 at 2:49AM

confused31 wrote: »

I know what hes saying its the same by me my post code is b76 walmley sutton coldfield, ive also looked at houses, it just seems no ones dropping their prices.

confused

confused31_2 · 22 October 2008 at 3:15AM

neverdespairgirl wrote: »

Just did a quick property bee look at b76, houses only, not flats.

147 up for sale (some may be listed with more than 1 agent, meaning fewer unique houses)

(1) 5 bed detached, down from £525k to £550k

http://www.rightmove.co.uk/viewdetails-16555924.rsp?pa_n=1&tr_t=buy&mam_disp=true

(2) 5 bed detached, down from £465k to £450k

http://www.rightmove.co.uk/viewdetails-10008690.rsp?pa_n=1&tr_t=buy&mam_disp=true

(3) 5 bed detached down from £420k to £385k

http://www.rightmove.co.uk/viewdetails-20306954.rsp?pa_n=2&tr_t=buy&mam_disp=true

(4) 4 bed detached down from £395k to £380k

http://www.rightmove.co.uk/viewdetails-16629121.rsp?pa_n=2&tr_t=buy&mam_disp=true

(5) 4 bed detached down from £390k to £370k

http://www.rightmove.co.uk/viewdetails-18480359.rsp?pa_n=2&tr_t=buy&mam_disp=true

(6) 3 bed detached down from £385k to £365k "offers invited"

http://www.rightmove.co.uk/viewdetails-9301464.rsp?pa_n=2&tr_t=buy&mam_disp=true

(7) 4 bed detached down from £375k to £360k

http://www.rightmove.co.uk/viewdetails-17851720.rsp?pa_n=2&tr_t=buy&mam_disp=true

(8) 3 bed bungalow down from £365k to £355k

http://www.rightmove.co.uk/viewdetails-21358736.rsp?pa_n=2&tr_t=buy&mam_disp=true

(9) 2 bed down from £380k to £355k

http://www.rightmove.co.uk/viewdetails-20918165.rsp?pa_n=2&tr_t=buy&mam_disp=true

(10) 4 bed detached down from £370k to £340k "quick sale wanted"

http://www.rightmove.co.uk/viewdetails-19736102.rsp?pa_n=3&tr_t=buy&mam_disp=true

(11) 4 bed detached down from £365k to £330k

http://www.rightmove.co.uk/viewdetails-17522183.rsp?pa_n=3&tr_t=buy&mam_disp=true

(12) £377.5k to £330k "priced to sell"

http://www.rightmove.co.uk/viewdetails-21272624.rsp?pa_n=3&tr_t=buy&mam_disp=true

(13) £360k to £330k

http://www.rightmove.co.uk/viewdetails-19183478.rsp?pa_n=3&tr_t=buy&mam_disp=true

(14) £350k to £325k

http://www.rightmove.co.uk/viewdetails-6419586.rsp?pa_n=3&tr_t=buy&mam_disp=true

(15) £340k to £325k

http://www.rightmove.co.uk/viewdetails-21755159.rsp?pa_n=4&tr_t=buy&mam_disp=true

(16) £335k to £320k

http://www.rightmove.co.uk/viewdetails-20875745.rsp?pa_n=4&tr_t=buy&mam_disp=true

(17) £330k to £320k

http://www.rightmove.co.uk/viewdetails-18055796.rsp?pa_n=4&tr_t=buy&mam_disp=true

(18) £330k to £315k

http://www.rightmove.co.uk/viewdetails-21868865.rsp?pa_n=4&tr_t=buy&mam_disp=true

(19) £340k to £310k

http://www.rightmove.co.uk/viewdetails-5073246.rsp?pa_n=4&tr_t=buy&mam_disp=true

(20) £340k to £310k

http://www.rightmove.co.uk/viewdetails-10492272.rsp?pa_n=4&tr_t=buy&mam_disp=true

I got bored. That was only the first 4 pages, so only 40 houses. And exactly half have price drops noted. So when you say no-one's dropping asking prices, you aren't right.

Nice list and it does show reductions of about 10% at most, and thats only a couple of houses the rest are about 5-6% which is nothing in this so called crash. plus the houses i am looking at are about the 200,000 pounds mark, which have even less drops.

Infact if you search for houses from 250,000 to 150,000 in walmley i think the most one as been reduced is just under 10%

Like i said there isnt no massive drops people are going on about houses dropping upto 50% and even in a normal market if you had a house on the market for over 6 months you would drop it anyway by between 5 and 10 percent.

House sales may be down 53% but house prices arent falling 20,30,40 or even 50 percent, maybe 10% at the most and thats only a few, well at least by me anyway.

confused

maryotuam · 22 October 2008 at 4:42AM

Maybe buyers putting in serious offers would get a further reducton on the asking price? The sellers presently reduced price might not reflect the real amount they are prepared to accept because every buyer likes to feel they have personally bagged a bargain!

confused31_2 · 22 October 2008 at 5:22AM

maryotuam wrote: »

Maybe buyers putting in serious offers would get a further reducton on the asking price? The sellers presently reduced price might not reflect the real amount they are prepared to accept because every buyer likes to feel they have personally bagged a bargain!

Your probably right but ive searched on poperty snake at places in coventry and they have dropped over 30 percent , i think it just shows most people by me are not that desperate to sell.

I think they need to lower the prices to get the buyers to look, i know i wouldnt look at a house that i couldnt afford.

confused

moanymoany · 22 October 2008 at 8:12AM

The current figure must include those chains that were started back in Feb/March/April that have finally concluded.

It will be interesting to see how big the fall is come the next quarter.

IveSeenTheLight · 22 October 2008 at 9:07AM

pioneer wrote: »

House prices are an illusion; grossly overinflated in order to keep you working from the cradle to the grave. House price deflation is a good thing as I consider it money that I never had and don't treat my home as an investment. Why do you think governments around the world are spitting blood for pnces not to go down; why are they insistant on lending;lending keeping people in perpetual debt, their carrot is gradually eroding as people are waking up to the fact that they have been living the American/UK Nightmare & not the dream. I personally don't want future generations to be born into mortgage slavery and a barron planet left to us by greedy baby boomers & corporations & hedge funds . Even the Stock markets/gold/commodities have had the stuffing knocked out of them; it was all just a load of frofth anyway; now your starting to see a glimse of what the world really looks like; lets hope It all goes south and then goes sideways for a decade or two as it would be lovely to live in reality again !
But be sure we are only human and some greedy ba**tards will spoil it; and its impossible to fight the fed;mervin;gordo & the illuminarty hell bent on hu
man farming.

THOUGHT over but I hope it strikes a chord; with some anyhow.

Very rousing post, however......

Home ownership is not a right, many years ago it was extremely difficult to own a property, its really only in the last 20 - 30 years that mortgages were easy to obtain.
Prior to that, you had to have an extremely good credit rating, an extremely large deposit and even then that may not have been enough to gaurantee a mortgage. It came down to the bank manager assessing your risk personally and working out whether your job was safe in the long term.
I know my father-in-law changed jobs, earning less in order to be in more stable employment.

I don't have the facts but I would hazzard a guess that the UK is at present very high in the scale of owner occupiers.
I think the same could be applied accross Europe.

Why is this? Why is there the desire or belief that it is an entitlement to own your own home?

Dont get me wrong, I fully subscribe to being a home owner. The benefits far outweigh renting over a lifetime.

I wonder how many people in todays age would be able to get a mortgage if the same restrictions of say pre 1980 applied.
My guess is that many would be laughed out of the bank / building society

neverdespairgirl · 22 October 2008 at 9:32AM

IveSeenTheLight wrote: »

its really only in the last 20 - 30 years that mortgages were easy to obtain.
Prior to that, you had to have an extremely good credit rating, an extremely large deposit and even then that may not have been enough to gaurantee a mortgage. It came down to the bank manager assessing your risk personally and working out whether your job was safe in the long term.

I'm not sure it was all that hard. Harder than now, certainly.

My parents bought their first place, a 3 bed maisonette in Blackheath, when they married in 1974. My Dad was a 25 year old newly qualified barrister, my mother was a teacher. So while my mother's job was safe long-term, my Dad's certainly wasn't! Nor did they have a vast deposit.

IveSeenTheLight · 22 October 2008 at 9:52AM

neverdespairgirl wrote: »

I'm not sure it was all that hard. Harder than now, certainly.

My parents bought their first place, a 3 bed maisonette in Blackheath, when they married in 1974. My Dad was a 25 year old newly qualified barrister, my mother was a teacher. So while my mother's job was safe long-term, my Dad's certainly wasn't! Nor did they have a vast deposit.

Like I said, it came down to a decision by a bank manager assessing the risk.
They obviously assessed that a barrister and teacher were pretty safe proffessions. Not your typical average jobs are they.
They both are jobs requiring advanced education qualifications. Back then this was certainly not the norm.
I'm sure they would have had a very good credit rating as well, no credit card debts, no loans etc

Regarding a deposit, they must have had one. 100% or 125% mortgages weren't available back then.

So im comparrisons with people today, they would have been in a very good position

neverdespairgirl · 22 October 2008 at 9:54AM

confused31 wrote: »

Nice list and it does show reductions of about 10% at most, and thats only a couple of houses the rest are about 5-6% which is nothing in this so called crash. plus the houses i am looking at are about the 200,000 pounds mark, which have even less drops.

Infact if you search for houses from 250,000 to 150,000 in walmley i think the most one as been reduced is just under 10%

Debate House Prices

House sales slump 53% across UK ..

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