House prices not moving down too quickly in my area...

jamtart6

I've been watching prices in my area since Jan/Feb and haven't seen too many of the major reductions that seem to have been seen elsewhere. I've been checking original asking price, reduced asking price and actual sold price and in most cases there seems to be 7-10% difference between original asking price and sold price even on the bigger houses (which started life at £250k, still sell for £225k easily).

I just thought it was an interesting observation as I think 10% reduction is a reasonable and probably happened often long before the "credit crunch/HPC" and would expect them to be selling for a lot less... especially the bigger houses.

I will be interested to keep my eye on it. Anyone found similar in their area?

confused31_2

Same by me, i think the main thing is sellers are in denial, eventually though if they want to move in the next 2 years they will have to drop their prices.

Im looking to sell and move on, and im willing to drop mine whatever it takes to sell, but only if i can afford the next property.

confused

neverdespairgirl

What area are you in, OP?

beingjdc

Seeing big falls in my area on Property Bee, and that's "Inner London" which was meant to be "Insulated against any falls" even though there "weren't going to be any falls anyway". Oh yes. Proximity to the City, that'll save us...

MRSTITTLEMOUSE

Prices don't seem to have dropped here(Newcastle area)and I 've noticed quite a few locally that were on sale for around two years have started to sell,which is surprizing.
Mind you we're not like the south where house prices are realy out of control and tended to rise in jumps in the past.I have a daughter lives down south and she lives in a tiny flat that cost her almost twice the price of my home which has over four times the space.

lynzpower

Mrs tittlemouse, do you have property bee installed? Someone here has it installed on in your area and has seen quite dramatic falls

friar

Hi,I'm in Canterbury and prices are down 5% at present,approx.I think that it's a case of if you don't need to sell you don't drop prices.
Something will happen and the tide will come in!

ad9898_3

Sellers are in denial for sure, however the housing market is very slow moving because of its size, we are never going to go on Property Bee and see wholesale 15% slashes in house prices.

We mustn't forget that when a house sells for say 15% off asking price in a particular street, that then becomes the new value of that street (like for like houses of course).

Sellers who are not forced hang on thinking they will get a better price, unfortunately for them if they do get a buyer, that surveyor will use the house that sold for 15% off as the new basis leaving the non forced seller with a face like this:(, and the new buyer with a face like this:D.

The information on the internet as for sure accelerated the drops so far because information is so freely available. Unfortunately for the seller, the internet doesn't speed up the process of a recession, so it will play out over the same time scale as usual, which is about 4 years

huntersc

With the low sale rates we have no idea what real price drops are. We aren't seeing enough completions to give us an accurate picture. What we do know is that the prices that houses are currently being marketed at are too high because no one is buying.

If you want to get an idea of the drops in your area, go see some houses and make offers. You might find that people are willing to take less than you think.

neverdespairgirl

ad9898 wrote: »

Sellers are in denial for sure, however the housing market is very slow moving because of its size, we are never going to go on Property Bee and see wholesale 15% slashes in house prices.

I agree - but I did post a 25% drop in WC1 recently!

chucky

neverdespairgirl wrote: »

I agree - but I did post a 25% drop in WC1 recently!

did it sell?