Price drop in East Croydon??

rramaswa

Hiya,

Does anyone know if property prices have fallen significantly in East croydon? Am in the middle of a buying process for a property where we agreed on the price in late Aug 08 but the process has taken so long. Am unsure about how much the value has fallen now (property in £160 - £170K range) and am asking for money off. Also, have already spent around £800 in surveys and lawyers fees, so cant get them back. Can you please help!

Paley71

What has held up the sale for this length of time?

rramaswa

My lawyer had requested various details about the property, most of which have ben answered except for property indemnity insurance, which the sellers are not willign to pay for. Hence, the negotiations. However, i dont know how much the property value might have fallen as offer was accepted before the Lehmann bros and other banks collapse.

Paley71

Whoops, I read it as late August 07, I thought it was a long time!.sorry no idea how much the price might have dropped, it probably depends on what price you paid and how that compared to other properties at the time of your offer.

hethmar

Have a look at property snake for the post code and see what drops there have been.

greenerleaf

You can also check the http://www.nethouseprices.com or other free house price data sites.

PasturesNew

I've no idea where east croydon is. It would need to be defined by you in postcode format ideally. First part of the postcode is most helpful to us.

rramaswa

The first part of post code is CR0.

Running_Horse

Did you not understand that prices were falling when you bid, and that sometimes delays happen in the buying process? If not, you should definitely pull out and wait for a rising market where you can count your "profits" during any delays. Might be a long wait though.

lovethymini

I think this is known as gazundering...

What did the surveyor value the property at?
If they valued it at less and advise that the price should be dropped, fair enough.

However if the surveyor has not done this, then you risk annoying the vendor and appearing selfish and greedy, thus losing the property and destroying the chain for however many people there are on it.

As buying a property is usually a lengthy business there is always the question of what the property has gained or lost during that time.

D&DD

This isn't far from us and I had a look on propertysnake :eek: Those are big drops.
There are lots of properties near to us that have been up for ages,some now are showing signs of being empty so not sure if they've been repo'd or not.
Lots of for sale signs appearing on some of the really lovely streets in which property is usually snapped up.No sold signs yet.