House sales slump 53% across UK ..

confused31_2

Annpan wrote: »

Confused31,
I'm getting very CONFUSED with your posts. I understood you to mean that your area (quite expensive by the looks of it for the midlands) is maintaining high asking prices. NDG has proved they're dropping at a dribble and I expect not selling much. Hold on because they will drop more when people get used to the idea that the only way to sell is to undercut to make a sale in this market where buyer's confidence is nil.

They may be dropping at a dribble, but why in some areas there are massive drops ? and by me only small drops that are hardly noticible, especially as we are getting it thrown in our faces from the media, houses to crash by between 30 to 50%.

Maybe its just the area i live in im not saying i dont want them to come down, but im starting to think maybe the houses are not going to fall that much.

I think i will take your advice ann and just chill, with the way things are i dont think im in a position to sell, im lucky i never sold straight away as i would have been in a bit of a mess now, ill just let my hip run out and then take it off the market.

Or can i leave it on the market so i dont have to buy a hip again and just have the searches updated when needed?

confused

huntersc

confused31 wrote: »

They may be dropping at a dribble, but why in some areas there are massive drops ? and by me only small drops that are hardly noticible, especially as we are getting it thrown in our faces from the media, houses to crash by between 30 to 50%.

Maybe its just the area i live in im not saying i dont want them to come down, but im starting to think maybe the houses are not going to fall that much.

I think i will take your advice ann and just chill, with the way things are i dont think im in a position to sell, im lucky i never sold straight away as i would have been in a bit of a mess now, ill just let my hip run out and then take it off the market.

Or can i leave it on the market so i dont have to buy a hip again and just have the searches updated when needed?

confused

I'm seeing plenty of drops in your area, you're limiting yourself to a very specific price bracket as well. On top of that until you have an offer on the table you don't know what someone will accept.

This one here: http://www.rightmove.co.uk/viewdetails-18175472.rsp

Started at £600k is now on at £495k. Betcha they'd take £450k. This one looks okay too: http://www.rightmove.co.uk/viewdetails-21922043.rsp

Dropped the price by £100k already, probably get it down by another £50k-£75k.

Here's another, started at £800k now at £700k, you could easily get another 10% off current asking. That's a £170k drop. http://www.rightmove.co.uk/viewdetails-18529814.rsp

I can find you very specific places and price ranges where prices are increasing, but, if you take an overall look at the market the drops are there.

confused31_2

huntersc wrote: »

I'm seeing plenty of drops in your area, you're limiting yourself to a very specific price bracket as well. On top of that until you have an offer on the table you don't know what someone will accept.

This one here: http://www.rightmove.co.uk/viewdetails-18175472.rsp

Started at £600k is now on at £495k. Betcha they'd take £450k. This one looks okay too: http://www.rightmove.co.uk/viewdetails-21922043.rsp

Dropped the price by £100k already, probably get it down by another £50k-£75k.

Here's another, started at £800k now at £700k, you could easily get another 10% off current asking. That's a £170k drop. http://www.rightmove.co.uk/viewdetails-18529814.rsp

I can find you very specific places and price ranges where prices are increasing, but, if you take an overall look at the market the drops are there.

Are you taking the micky? the first house is a new build, and the second two houses when you work it out have only dropped by about 13%.

As for the price bracket i will only buy a house i can afford, i will not by a house for a million pounds because someone as knocked 150,000 pounds of it.

Thats why people are in a mess now they look at things they cant afford and then strtch themselves to get it, im not prepared to do that, like i said earlier the houses between 250,000 and 150,000 pounds do have drops but percentage wise there are not many over 10% in the price bracket i was looking at.



Yeah like i said im looking at about the 250,000 pound tops, your looking at houses that are nearly half a million pounds.

To be honest people who can afford them sort of houses can knock of 50,000 to 100,000 pound and it would be like a drop in the ocean, but when it comes to houses 250,000 or below the drops are minimal.

you will get the odd house with a 10% drop, but to be honest they were over priced at the begining.

Oh i liked the houses you picked, but for me to afford one of them i would need to win the lottery and then i wouldnt really be bothered about the odd 100,000 pound.

Thats the thing you see all the FTB's think house prices are going to drop nearly 50%, and they are going to pick up a bargain, when in reality the properties they are going to be after will be dropping the least, and most the properties with big drops will be the ones at higher prices, and this shows on property snake and property bee.

confused

hethmar

huntersc wrote: »

Started at £600k is now on at £495k. Betcha they'd take £450k. This one looks okay too: http://www.rightmove.co.uk/viewdetails-21922043.rsp



Here's another, started at £800k now at £700k, you could easily get another 10% off current asking. That's a £170k drop. http://www.rightmove.co.uk/viewdetails-18529814.rsp

.

You do tend to quote the very high priced houses dont you? (Does that come from living in Notting Hill where nice roads like Clarendon or Lawrence Mews cost a fortune) In which case there is a lot more likelihood of large drops. Out of interest, do you actually own your house in Notting Hill or are you hoping to buy when this holocaust is at its worse? Is that why you get a bit over the top when people say they havent seen massive drops yet?

huntersc

hethmar wrote: »

You do tend to quote the very high priced houses dont you? (Does that come from living in Notting Hill?) In which case there is a lot more likelihood of large drops. Out of interest, do you actually own your house in Notting Hill or are you hoping to buy when this holocaust is at its worse? Is that why you get a bit over the top when people say they havent seen massive drops yet?

I suppose I'm just used to high prices living in London. My first flat which I bought at 22 cost £285k.

As for my house, well I own one in the Cotswolds but my mum lives in that so I'll be keeping that for some time I hope. It's probably lost about 50% of it's value but I own it outright and my mum lives in it so I don't care too much.

I also have a little place just outside Frankfurt which I rent out, I used to live in it but moved back to the city so no longer need it but it's nice and worth keeping as a holiday place. I do have a mortgage on it but only about £100k.

I sold the house in London at the start of the year, I was a bit worried about prices so I thought it best to get rid.

I'm now looking for a new place and of course the cheaper the better but I'm going to be buying without a mortgage so I'm in a nice position. Still not sure where to buy really. It's unlikely to be in London, the costs here for a good sized family house are far too high, anywhere between £1.5m and £3m for a nice place in a nice area. You can get the same for £900k in some other places I've been looking outside. However I do still need access to London, ie within an hour by train so I'm a bit stuck really.

If you have any ideas let me know because right now I'm totally stuck

So I don't really need house prices to drop bt I would like them to. The cheaper the price the more I can spend on other things

As for the other fella and his assertion that prices aren't dropping, they are. Sure if one restricts themselves to a specific small town in a very specific price range then of course you'll get anomilies. But in general prices are on a downward trend. If things hadn't of changed then the houses at £250k now that might take offers at £220k would have been on at £300k with offers at £290k.

hethmar

huntersc wrote: »

I suppose I'm just used to high prices living in London. My first flat which I bought at 22 cost £285k.

As for my house, well I own one in the Cotswolds but my mum lives in that so I'll be keeping that for some time I hope. It's probably lost about 50% of it's value but I own it outright and my mum lives in it so I don't care too much.

I also have a little place just outside Frankfurt which I rent out, I used to live in it but moved back to the city so no longer need it but it's nice and worth keeping as a holiday place. I do have a mortgage on it but only about £100k.



I'm now looking for a new place and of course the cheaper the better but I'm going to be buying without a mortgage so I'm in a nice position. Still not sure where to buy really. It's unlikely to be in London, the costs here for a good sized family house are far too high, anywhere between £1.5m and £3m for a nice place in a nice area. You can get the same for £900k in some other places I've been looking outside. However I do still need access to London, ie within an hour by train so I'm a bit stuck really.

If you have any ideas let me know because right now I'm totally stuck

.

SO, do you think may be you arent totally in touch with the run of the mill, hoi poloi battling to keep their heads above water then hunter?

Id recommend our hotspot for your next million quid purchase, as it does have an above average number of millionaires now, but as you know, prices arent dropping heavily here. :rotfl: Of course you could always buy that entire empty block of Pinnacle flats at Thamesmead, do a bit of refiguring, knock about hundred walls down to ensure the play room is big enough and oh, with your own riverside docking aswell?

Annpan

confused31 wrote: »

I think i will take your advice ann and just chill, with the way things are i dont think im in a position to sell, im lucky i never sold straight away as i would have been in a bit of a mess now, ill just let my hip run out and then take it off the market.

Or can i leave it on the market so i dont have to buy a hip again and just have the searches updated when needed?

confused

I think I remember that you can take your house off the market for up to 12 months without renewing you HIP if you then put it back on the market before the 12 months is up. I think the energy efficiency doodah lasts 10 years. Searches last 6 months and then the purchaser's solicitor will do another if a sale hasn't been achieved by then. (not likely!!!) Maybe you could do a search and confirm this? It wouldn't be so bad if anybody took any notice of the HIP would it? Early days I suppose.

Cannon_Fodder

Can I point out a possible anomaly in using Rightmove and PropertyBee, when trying to justify/deny % drops...?

Especially, when trying to ascertain the long-term drops, that may well occur in a prolonged crash, i.e the 90s was 4-6 years, depending on whose stats you use.

This crash, depending on whose figures you use, the first downwards price movements were around "Autumn" 2007 - October/November generally.

On the examples provided, with great effort by NDG, that others are then trying to pull apart, may I suggest that you consider the fact that many of them were only added to Rightmove in March, April, even July...

So, a canny Estate Agent or Vendor wishing to see their sale progress, may well have factored in 6 months or so of the reductions that had ALREADY been seen in the real world, say 5-8%, into their prices.

They do not, generally, put the 2007 peak as the asking price, then immediately reduce to Spring 2008 asking price, just so that PropertyBee can be accurate!

So, seeing, say, a 13% reduction on PropertyBee, could well be a 18-21% total reduction on the peak prices.

Does that make sense?

MrDT

Cannon_Fodder wrote: »

Can I point out a possible anomaly in using Rightmove and PropertyBee, when trying to justify/deny % drops...?

Especially, when trying to ascertain the long-term drops, that may well occur in a prolonged crash, i.e the 90s was 4-6 years, depending on whose stats you use.

This crash, depending on whose figures you use, the first downwards price movements were around "Autumn" 2007 - October/November generally.

On the examples provided, with great effort by NDG, that others are then trying to pull apart, may I suggest that you consider the fact that many of them were only added to Rightmove in March, April, even July...

So, a canny Estate Agent or Vendor wishing to see their sale progress, may well have factored in 6 months or so of the reductions that had ALREADY been seen in the real world, say 5-8%, into their prices.

They do not, generally, put the 2007 peak as the asking price, then immediately reduce to Spring 2008 asking price, just so that PropertyBee can be accurate!

So, seeing, say, a 13% reduction on PropertyBee, could well be a 18-21% total reduction on the peak prices.

Does that make sense?

Makes sense to me.

Another thing is that some EAs have found ways of getting round preopertybee it seems (either that or my propertybee is broken )

I viewed a house around March-ish of this year, it was on for 92,500 at that time iirc. It has reduced slowly but surely (chasing the market down), and is now marketed at 74,950. Propertybee shows it as starting initially at 87,950, not the price it was at when I first tracked the house in March. No idea if that price in March had already been reduced.

Result is the house is showing a drop of ~15% as opposed to the drop that I know of that is closer to 19%.

Here's the link - http://www.rightmove.co.uk/property/19310683

For what it's worth the place is tiny. They'd be lucky to get an offer of 50k for the place, so a prime candidate for ~50% falls in my area. I think people here have always seen these little houses as invincible buy to lets due to the increasing student population - but HUGE developments of trendy flats and halls recently leaves them surplus to requirements!