Check out how much house prices are dropping in your area ;)

Guy_Montag

RabbitMad wrote: »

I was going to say what a load of rubbish but then I realised that if the majority of people think house prices are falling and believe what rubbish they read in the papers they will not want to buy creating a crash.

*snip*

In the end it looks like the market in my area is moving up as I sold for just below the asking price.

I guess from a buyers pov, it would allow me to target those who have dropped their asking price several times with lowball offers (what I think their place is worth).

RabbitMad

but they might not sell.

Did you watch colin & justin's million pound property experiment?

one of their houses was on for (lets say) 200K. They got an offer of 185K, said no. 12 weeks later they drop to 180 get an offer of 170 say no. 16 weeks later they drop to 165 get an offer of 158 and finally accept.

sometimes people are just unrealistic about what the property is worth so even if they've dropped a couple of times doesn't mean to say they are going to accept a realistic offer.

And as a previous poster said - lots of these properties that have dropped 20%+ off their asking prices are in areas that you wouldn't want to drive through let alone own a property in!

lockdown

I would presume the reason they are "dropping" according to that site is because they are priced too ambitiously in the first place!

Guy_Montag

RabbitMad wrote: »

but they might not sell.

Did you watch colin & justin's million pound property experiment?

one of their houses was on for (lets say) 200K. They got an offer of 185K, said no. 12 weeks later they drop to 180 get an offer of 170 say no. 16 weeks later they drop to 165 get an offer of 158 and finally accept.

sometimes people are just unrealistic about what the property is worth so even if they've dropped a couple of times doesn't mean to say they are going to accept a realistic offer.

And as a previous poster said - lots of these properties that have dropped 20%+ off their asking prices are in areas that you wouldn't want to drive through let alone own a property in!

Of course they might not, all it does is help me target those that might sell.

saunaboy

just looked at Newcastle city centre.

one property valued at 300k in March, now selling at 220k.

there's one unhappy developer somewhere.

still, maybe this is the end of the plague eh ? houses should be bought to live in & any cash you make from em should be a bonus, not something you bank your life on...

irnbru_2

RabbitMad wrote: »

I'm not quite sure what this website is showing - is it porperties that have had their asking price reduced?

Yes.

RabbitMad wrote: »

If so its fairly meaningless data on its own. It is what a property sells for that is important.

Ultimately true. However: if you're told

• demand outstrips supply
• a property is worth only what the buyer pays

then a site showing you the date and reductions gives one indication of market sentiment. It needs to ultimately show the properties that have been sold (removed from the source data) so that any prospective purchaser can see what's really happening.

In addition, I believe the site owner has the Land Registry (LR) data. The existing data does not have the house numbers so it's not practical to tie up the two as yet. However, if they analyse the LR, they will be able to publish which properties (and types) are actually falling. In a market driven by sentiment (not speculation) that would have a bigger impact IMHO e.g. whether new builds really do depreciate ......

alanfp

Almost identical houses in my road changing hands for £280k last October- £310k this April. (~20% pa). N.E.London/Essex border.

Though I think prices are static (or 5% pa?) further into Essex.

ginger_nuts

it was on local tele (UTV) this week that house prices are expected to rise here by up to 40% over the next 3 years .
Considering house prices increased 100 % last year ,anything is possible .

nelly_2

Excellent the one I got my eye on has just dropped 5 grand

lady123_2

i'm trying to buy another house in north east london/essex boarders and there just flying upwards, i may have to look into essex as they have really rocketed in the last year, wasnt the most expensive part of london to begin wth, but its getting unaffordable for me a few of my friends who are looking around Chingford and woodford areas.