house prices continue to drop ....

Eyeballs99

harrup wrote: »

With all due respect.....HOW do you know this? That your house is worth "top value again", I mean?

Unless you have people approaching you via cold calling trying to buy your house and offering you ££££, HOW would you posssibly know?

Or is your house on the market and every viewer offered you the asking price or even above your asking price?

I'm confused.....

Simple really, nothing to be confused about.

I have seen what houses were selling for during the recession and what they are currently selling for.

Sure there are other issues to consider but it gives you a pretty good idea

Maybe I'm seeing this too simply but I think its a good base, I certainly am not saying there is a house slump again and being wishful.
I see that from a lot of buyers, they are just too desperate for house prices to come down that they srart actually believing they are without the facts.

At the end of the day nobody really knows, you buy and you sell for the amount your happy with.

silverjunky999

I think we will only see falls of 0.something for a while.

But after next April when housing benefit is capped rents will fall in London.

The government said its going to keep cutting housing benefit every year along with all the other painful cuts.

Rents falling have a knock on house prices and they fall at a faster level.

If and when interest rates really start to go up it will add fuel to the fire.

luckymannn

Prices are suddenly falling loads around here!

I've been observing the local market for about 5 months now using property bee, etc.
1 month ago I looked at a 2 bedroom maisonette for 140k, now I'm seeing a 3 bedroom house in the same area for 145k!
I know it's all depends on the condition of the propertys but for an extra 5k now I would be getting a whole house, extra bedroom, front and back gardens, etc.

I'm seeing loads of relistings with 5k off, 10k off or 15k off.

and these propertys were only first listed a month ago!

These are the biggest drops i've noticed since i've started looking.

gagahouse

luckymannn wrote: »

Prices are suddenly falling loads around here!

I've been observing the local market for about 5 months now using property bee, etc.
1 month ago I looked at a 2 bedroom maisonette for 140k, now I'm seeing a 3 bedroom house in the same area for 145k!
I know it's all depends on the condition of the propertys but for an extra 5k now I would be getting a whole house, extra bedroom, front and back gardens, etc.

I'm seeing loads of relistings with 5k off, 10k off or 15k off.

and these propertys were only first listed a month ago!

These are the biggest drops i've noticed since i've started looking.

Same here, seeing 5-10% price drops in Essex / London borders on all types of properties. Tools like property bee help you cut through the crap of EA's and property rampers like the BBC and Daily Express.

Credit is contracting, money supply growth is decelerating and the velocity of money is falling. All these + savage cuts kicking in Apr 11 make this buyer happy to wait.

silverjunky999

gagahouse wrote: »

Same here, seeing 5-10% price drops in Essex / London borders on all types of properties. Tools like property bee help you cut through the crap of EA's and property rampers like the BBC and Daily Express.

Credit is contracting, money supply growth is decelerating and the velocity of money is falling. All these + savage cuts kicking in Apr 11 make this buyer happy to wait.

Can you post some RM links to these 5-10% price drops?

This buyer is very happy to wait as well, silver is going up quicker than house prices are falling, but HP will catch up after April 11th:T

doire_2

Eyeballs99 wrote: »

Mine went down during the peak of the recession however my house is now back to nearly its top value again and properties are selling well.

How do you know? have you sold it?

gagahouse

silverjunky999 wrote: »

Can you post some RM links to these 5-10% price drops?

This buyer is very happy to wait as well, silver is going up quicker than house prices are falling, but HP will catch up after April 11th:T

well I tried to but as a new user it won't let me post links

search for property added last 7 days within a mile of RM16 - of the ones that have dropped you will see a couple of flats going from 90 to 80K

there is a semi detached thats gone from 200k to 185K in the last 3 weeks

I've watched this area a very long time and supply has increased markedly in last few weeks and am beginning to see that translate into some price falls

nearlynew

chucky wrote: »

i'm sure that it's getting exciting for you but you're not exactly going to see many asking prices rising on PB...

You do see price rises on PB sometimes. Very rarely though.

The point I'm making is that whereas before you'd maybe get 2 or 3 reductions per page, now there are whole pages of them.

And some big reductions too.

Pimperne1

nearlynew wrote: »

Another full page of dropping prices within the the last 3 days using PB.


This is gettig awfully exciting.

That's like getting excited by the behaviour of the crowd at a football match while your team are getting stuffed on the field. Good on you though if most of the indices showing rising prices still allows PB to convince you that prices are dropping on average.

nearlynew

Pimperne1 wrote: »

That's like getting excited by the behaviour of the crowd at a football match while your team are getting stuffed on the field. Good on you though if most of the indices showing rising prices still allows PB to convince you that prices are dropping on average.

I trust what I see with my own eyes more than I trust the published figures of a bunch of liars and thieves.