And house prices coming back down again...

PasturesNew

JonnyBravo wrote: »

Rightmove reports sale prices?

Yes
http://www.rightmove.co.uk/house-prices.html

doire_2

carolt wrote: »

In my area, anyway, after a summer of gradually rising prices, asking prices are now back to almost peak levels, in many cases...but, of course, interest rates for those entering the market are higher, and mortgages harder to come by, than in 2007.

So, now that (nearly) all the properties which had lowered their prices after not selling for yonks have finally sold - at the lowered prices, obviously - we're left with a supply of pricier properties, not been on the market long, imagining that the headlines are true and they can ask peak prices again.

Except...news appears to be filtering down to those who are serious sellers that this isn't working. Suddenly seeeing new property offered at low, low prices again. (None of the higher price stuff is shifting, of course.)

How long will it take until all the sellers of properties put on at over-ambitious prices in the last few months realise that actually the market was only there for the reduced prices - not for the peak-priced properties?

How long till we repeat the big reductions we saw last winter?

Should be an interesting few months..... :rolleyes:

Anyone else spotted this trend in their area?

Yes i looked at various EA websites lastnight and saw new builds for £130,00 with turnkey kitchens (choice of kitchen with oven, cooker, freezer ,fridge and washing machine all included). Very nice houses!

Then i saw council houses going for £140,000 to £150,000!!!! in really dodgy areas. Are these people for real?

JonnyBravo

PasturesNew wrote: »

Yes
http://www.rightmove.co.uk/house-prices.html

Thanks PN.

Unfortunately seems to be same data as houseprices dot co dot uk.
The stuff I'm waiting for still isn't on there.

Idonex

I haven't seen anything of the sort. Terrace houses where we are in Hackney go on for the same price as they cost in 2007 and sell for that price or more. Of the 5 houses we've seen and tried to afford, all went for round about the 2007 price, except for one which went for 15k more than any house has ever sold for in that road (was a sale in Q2 2007). I'm putting it down to supply and demand. The fact is round our way there are no houses for sale. few a month maybe. There's thousands of flats, no houses though. I guess partly down to the low interest rates so people are choosing to sit tight and pay money off. Alright for some i guess..

From what i can tell from researching, house prices round here have come down at most 5%. And that's being generous, i would say it's probably less.

The only stuff that's really come down is crap newbuild 1 bedroom flats of which there's astronomic over supply, council flats which are in bad shape or people trying to sell houses with Foxtons who've been convinced their houses are worth peak + 50%.

The "average" house price might be 160k odd according to Halifax and Nationwide, but that's utterly irrelevant in a city where you can barely buy a 1 bed shoebox for that price.

penguine

There seem to be lots of sold or under offer properties in our area that were on the market at around £250k-£275k. These are mostly 3 beds. A few years back there were hardly any houses on the market around here for under £300k. I don't know actual sold prices yet as I haven't been watching that carefully, just traipsing around the EAs' windows on a Sunday.

Flats don't seem to be selling that well and many houses at the upper end of the market (£400k+) are just sitting there.

We're in a safe but boring part of greater London -- not really scruffy, but not that picturesque either. I'm hoping that prices are falling quicker here than in the more sought-after areas.

purch

Anyone else spotted this trend in their area?

No

Memo to self: Must take more interest in other peoples business

b0rker

JonnyBravo wrote: »

How are you finding this out so fast?

My best guess?

Making it up.

carolt

JonnyBravo wrote: »

How are you finding this out so fast?

I'm still waiting to play nosey neighbour with 2 houses that sold a few doors from me in the spring and their sold prices STILL aren't on housepricesdotcodotuk.

Is there somewhere else I should look?
Anyone?

All the local houses I was watching that sold in the spring bounce have had prices come up now - it is mid-September! and it should take no more than 3 months to see them on the sold prices websites.

Why have yours not shown up?

Very mysterious.

Or are you making it up?

vivatifosi

carolt wrote: »

Why have yours not shown up?

Very mysterious.

Or are you making it up?

If I recall correctly, if a property is sold to a commercial entity rather than a private individual, the sale value does not need to be recorded on the public registers, or there may be a time lag, something to do with commercial confidentiality. Can anyone else confirm this?

PasturesNew

vivatifosi wrote: »

If I recall correctly, if a property is sold to a commercial entity rather than a private individual, the sale value does not need to be recorded on the public registers, or there may be a time lag, something to do with commercial confidentiality. Can anyone else confirm this?

Yes, quite a few of the amateur/starter people on Homes under the Hammer say they've set up a Ltd company to go into property development together - and theirs are never on LR.

Once a company owns it, rather than an individual, it disappears off the radar. Shame.

Having said shame, let's not forget how far we've come. Back in 2000 if you wanted to buy a house you didn't have Rightmove or land registry figures. You had to physically go into each estate agent's office and get onto their physical mailing list ... a process which meant that unless you weren't working (e.g. a couple with one at home) you couldn't really even get to find out about most places for sale as they were viewed/sold before they got onto the monthly or fortnightly mail out (a few sheets of photocopied paper).

I even remember when each set of house details actually had a real photograph glued to the details.

And there was an estate agent in St Agnes, Cornwall back in the late 90s who was a lady in her 70s. No web presence, if you sold your house through her she literally typed the details up on pieces of card, on her manual typewriter and put them in her window. If she wanted them in the window twice, she typed them twice. She didn't even have a mailing list.

As for how much any house sold for, you just didn't have any way at all of ever knowing.