Allsops latest auction results

chucky

hethmar wrote: »

Well, the significance is that there have been several threads about auctions not selling one property - let alone over 600 - or that the prices had plummetted.

I thought it would be of genuine interest to everyone to get a balanced view.

thanks - interesting post for those who live in the real world, i guess not for the doom mongers

hethmar

Oh, I got a bit excited about the Lot 70 NDP listed above but its not actually Blackheath, just a Blackheath post code and only 70 years lease

dopester

chucky wrote: »

thanks - interesting post for those who live in the real world, i guess not for the doom mongers

There is still some optimism and people with money or access to finance - whoopie do. Makes no difference. The future losses are just passed of on to some other mug. A full-scale crash like this plays out slowly, and you can't stop the crash.

When the market turns down, the dynamic goes into reverse. Only a very few owners of a collapsing financial asset trade it for money at 90 percent of peak value. Some others may get out at 80 percent, 50 percent or 30 percent of peak value. In each case, sellers are simply transforming the remaining future value losses to someone else. In a bear market, the vast, vast majority does nothing and gets stuck holding assets with low or non-existent valuations.

chucky

makes a lot of difference to me - some people unfortunately only see and only believe what's on this forum. to me they don't live in the real world.

the internet is their only way to communicate with their 'friends' - those people lacking the social skills aren't for me sorry. the internet gives these people too much power to their projected personalities.

your quote to me is a sweeping statement that doesn't change my view. however, i don't reject it totally as there will be cases where indivduals will get desperate and it will happen, but not on the large scale. ersonally, i hope that they get through to the other side.

to me analysis of the markets, the regional and even the local markets are more important than posting on this forum about 80% price drops - i leave that to the doom mongers...

dopester

chucky wrote: »

to me analysis of the markets, the regional and even the local markets are more important than posting on this forum about 80% price drops - i leave that to the doom mongers...

If all professional analysis was so much more reliable and accurate an outlook, then I'm sure many a bank and blue-chip company had access to the best analysis money could buy these past few years. That didn't stop many of them from making stupid and reckless decisions in a credit-fuelled boom that many believed was a new paradigm - with only the Government and BoE or Arab money to ward off their complete insolvency.

Maybe I am one of those saddos to some extent, for reading unconventional views & opinion on forums, but one with savings and no debt.

poppysarah

One near me on that auction sold - 22k over guide price estimate - but still 50k less than others sold for earlier this year on the same street.
Wouldn't need a lot doing to it to move in - if you could put up with the dodgy decor.
I still think it went for more than it should have done - but I suspect there's still several landlords buying in this area.

thegibdog

Anyone know how you'd find out a price for a lot that's sold after? I ask because a ground floor flat where I used to live was bought at auction with a guide price of £80-85k but listed as sold after. The buyer tried to rent it out at £500pcm (around £100 more than similar flats rented for) and seems to have now given up and put it up for sale at £98k. Considering the near identical upstairs flat is up for £95k and has been unsold for the last year or so I think that's a bit optomistic.

Still, better to have tried and failed than to have never tried.

PasturesNew

chucky wrote: »

the internet is their only way to communicate with their 'friends' - those people lacking the social skills aren't for me sorry.

There's nothing wrong with that! One can't help not having social skills.

poppysarah

thegibdog wrote: »

Anyone know how you'd find out a price for a lot that's sold after?.

If they don't list it then you have to wait until it hits the land registry figures - there are sites that show them and on rightmove they have a house prices bit.

MrDT

poppysarah wrote: »

One near me on that auction sold - 22k over guide price estimate - but still 50k less than others sold for earlier this year on the same street.
Wouldn't need a lot doing to it to move in - if you could put up with the dodgy decor.
I still think it went for more than it should have done - but I suspect there's still several landlords buying in this area.

I've posted on the other thread, but a three bed terraced ex council house near me sold for 55k. That's 15k over guide price, 20k under the recent EA marketing price, and 30k under what I believe to be the initial asking price.

55k for a modest home sounds like a fantastic deal to me, but I'm very much aware that my parents huge four bed house with a 100ft garden etc in a better area only cost 48k 7 years ago - so I guess the place could still be considered overpriced.

Affordable, yes, but these 'cheap' houses still have further to fall. Sounds insane? A mate of mine bought a 2 bed house in the middle of town for 36k in 2002. Thirty-six thousand pounds. I wonder how close to those 2002 figures we'll get when recession really starts to hurt, repos go through the roof, credit cards are withdrawn etc.