house prices starting to drop in devon

mindovermatter

We are actively looking for a house to buy and have definitely noticed prices coming down in Devon since the start of the year.
for example - house priced at £495,000 dropped overnight to £445,000 and another from £400,000 to £380,000.
Lots of overpriced property down here which are not moving.
My opinion is that as we get more houses coming into the market then Estate Agents are advising to price keenly although there are some greedy people who expect to get top price and in for a shock when offers are placed. For example - a farm valued by one agent at around £750,000 by one agent at on the market with another for £850,000 (and hasn't sold)
We looked at 2 last week and were advised by the Agent to put in low offers - he is desperate to move them on as houses which have been in their window for 8 months dosn't look good.
Estate agents are always talking up the market but I spoke to my solicitor who stated to me that whatever the Agents say not a lots of houses are selling down here and she could do with more work on the conveyancing side.
I suspect prices to adjust quite nicely this spring but it is up to the Valuers to be realistic.
Yours - Mindovermatter.

MJMum

We have been looking in Devon for over a year and, ummmm, I guess we must be looking in a different area 'cos we have seen prices shoot UP over that time! But I agree that the top end of the market shows quite a lot of variation in price, but I guess that's because there are so many unique properties which must be difficult to value in the first place.

DawnW

I live in the west too, and have noticed that the upper end of the market seems static or dropping slightly, but the bottom of the market seems to be going up a bit, and tend to get sold quite quickly. I don't think there is a single 'housing market' as people refer to it, but a much more local thing. Also, the prices differ considerably from one smallish local town to another just a few miles apart round here, for no obvious reason. If Devon is the same, this may well be why the two posters above have found different situations.

hearts

Dawn summed it up. The top of the market can suffer a slowdown but the lower end which matters to most stays boyant. What happens at the top end isn't really an indicator to what is happening in the market overall. When looking for a slowdown look to the bottom.
In my opinion there are always properties available from the midlle to the top. The things that keep prices high are happening at the bottom. People talk of price drops but when you think of it if you spent 100k on your first house you aint gonna move for less unless personal circumstances force a move. You will just sit and wait.

Gorgeous_George

It is February folks. Properties, especially in places as eaytiful as Devon, do not look their best until April. My guess is that prices always level off/drop slightly at this time of year.

However, rising IRs will cause prices to fall. The problem is that no-one knows what IRs should be or will be over the next few years. So, no-on knows if house prices are too low (because rates will fall in the future) or too high (because rates are too low at the moment).

You can look at history but looking to the future would be more accurate.



GG

peterg1965

I work in Devon. Property has been overvalued in the Westcountry for a long time. The slight price correction is a reality check in my view.

Alan_M_2

Add to that the over £500K market is a little bit odd. Mainly because there are often no genuine comparisons Unlike a row of semis or terraced houses etc.

So you'll often find that opinion will vary on value tremendously.

bazzzz

mindovermatter wrote:

We are actively looking for a house to buy and have definitely noticed prices coming down in Devon since the start of the year.
for example - house priced at £495,000 dropped overnight to £445,000 and another from £400,000 to £380,000.
Lots of overpriced property down here which are not moving.
My opinion is that as we get more houses coming into the market then Estate Agents are advising to price keenly although there are some greedy people who expect to get top price and in for a shock when offers are placed. For example - a farm valued by one agent at around £750,000 by one agent at on the market with another for £850,000 (and hasn't sold)
We looked at 2 last week and were advised by the Agent to put in low offers - he is desperate to move them on as houses which have been in their window for 8 months dosn't look good.
Estate agents are always talking up the market but I spoke to my solicitor who stated to me that whatever the Agents say not a lots of houses are selling down here and she could do with more work on the conveyancing side.
I suspect prices to adjust quite nicely this spring but it is up to the Valuers to be realistic.
Yours - Mindovermatter.

Prices in Devon are not falling. The evidence proves they are rising, just as they are countrywide.

This is a typical example of the intellectually vacuous HPC drivel you see trolling so many forums. Look at the evidence and get a grip.

We are in the middle of a property boom and HPC wasters insist prices are crashing. I'm dumbfounded. A couple of houses appear not to be selling in Devon and we are told houses prices are 'coming down'.
Look at the evidence and judge for yourself:

http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/counties/html/county29.stm

Graham_Devon

DawnW wrote:

I live in the west too, and have noticed that the upper end of the market seems static or dropping slightly, but the bottom of the market seems to be going up a bit, and tend to get sold quite quickly. I don't think there is a single 'housing market' as people refer to it, but a much more local thing. Also, the prices differ considerably from one smallish local town to another just a few miles apart round here, for no obvious reason. If Devon is the same, this may well be why the two posters above have found different situations.

There is a massive difference in prices in different places of devon depending on where it is. Some places are not classed as the 'devonian' type and are more a living type place instead of a natural beauty type of place, if that makes and sense at all.

I know there is a massive difference between where I bought and 15 miles down the road. The 15 mile down the road place has sea views...

mindovermatter

What I am pointing out is that prices are highly negotiable downhere at the moment - the market has ground to a halt in some areas and what with more properties coming onto the market and with IR rising then there are some deals to be done.
The estate agents can talk up the market all they like but I know that its becoming a buyers market and getting better all the time.
However - its all to do with location and some properties will still fetch a huge price because of their situation - eg house which went for tender with guide price of £450000 sold for £650000 - madness.
But I'm in favour of a HPC and I can see it coming.
Mindovermatter

sarkin

house prices droped 2.9pc in London over the last 3 months as you can see from this link. http://uk.biz.yahoo.com/070208/323/gyhrc.html. So Its time to strap in, its going to get rough.