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Debate House Prices


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

24

Comments

  • beingjdc wrote: »
    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...

    I felt that London and the South East might be the worst places affected as they had the highest ratio of house prices - earnings
    Since the crunch, everywhere has been lowering that ratio but strangely in the last quarter, Greater London was the only area which showed an increas in Ratio

    HBOS figures shown here
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • jamtart6
    jamtart6 Posts: 8,302 Forumite
    interesting to see all the replies. There has been one house I've seen where they were obviously desperate to sell and dropped the asking price by 20% (don't know what it sold for yet) but I do think sellers (and estate agents!) are still in denial. An EA called me up the other day to inform me it was the best possible time to buy (err why??). I'm in the Merseyside region, so I expect the house prices haven't got as far to fall here as London/South East. The larger and higher priced houses have seen price decreases of 25k, which sounds a lot but in % terms is still only around 10%.


    huntersc - I'd love to put some cheeky offers in but I would never get a mortgage at the moment so I wouldn't like to mess people around!

    :ABeing Thrifty Gifty again this year:A

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    it would be much more fun if this thread would be renamed to "House Valuations not moving down too quickly".

    it would then maybe show that those House Prices that people say are dropping 50% aren't really happening unless they're a repossession or a terrible new-build...

    in my area there are some proeprties that have good discounts but the norm is that they have moved between 5% and 10% as an incentive to attract attention from buyers. those that don't need to sell won't move they're asking price, sorry i mean estate agent valuation :)
  • Lotus-eater
    Lotus-eater Posts: 10,789 Forumite
    10,000 Posts Combo Breaker
    In my area, the only prices that are coming down a great deal is the ones that obviously have to sell quickly.
    Most obvious are the newly built houses, I'm talking about very nice detached houses in villages here, not NB flats. Max of 5 houses in a development.
    Almost all of these have dropped 20%, some very rapidly indeed, looks like the developer is in trouble.
    Freedom is not worth having if it does not include the freedom to make mistakes.
  • chucky wrote: »
    did it sell?

    Not yet - here is the house, originally @ £2 million, now £1.5 million. Been on since May, and the price drop was a week ago.

    http://www.rightmove.co.uk/viewdetails-17820664.rsp?pa_n=3&tr_t=buy&mam_disp=true
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    must be something wrong with it or it was originally way over-valued by the estate agent ;)
  • 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.

    In the Land Registry info - there have been price drops in Newcastle, North Tyneside and Tyne and Wear.

    The LR lags behind the Nationwide and Halifax because it is based on actual completed sales and not mortgage approvals, so the falls will probably be worse than they appear on the LR at the moment.

    Go to the Land Registry and click on house prices and then click on search the index. You will get a surprise if you think prices are not falling in your area. Bear in mind it is 2 or 3 months out of date and prices are not going up anywhere.
  • Of course, I reckon it's all over-valued (-:

    But the original £2 million wasn't out of line with 2007 prices.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • Bear in mind it is 2 or 3 months out of date and prices are not going up anywhere.

    According to Nationwide, Durham City went up 2% in the last quarter
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
  • Of course, I reckon it's all over-valued (-:

    But the original £2 million wasn't out of line with 2007 prices.

    Do you think a £2million property dropping to at least £1.5million will vastly skew the UK average house prices?
    :wall:
    What we've got here is....... failure to communicate.
    Some men you just can't reach.
    :wall:
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