'We've reached a tipping point' Signs of house price weakness

ukcarper

gallygirl wrote: »

SHUT UP ALL OF YOU .

I know this street. House massively overpriced - well over the ceiling price for that bit of the area - even with the reductions. There are very expensive houses in the area but not that street. It's a 3 bed house from the 80's with large side extension. Massive garden - would have been far better building another house there.

Look at other large houses in the NN8 area. A few prices down, a few up, a few up and down.

There may well be dropping prices but this was just a massively overpriced property. Have a look at other 5 bed houses in a 5 mile radius - there are better for the money (there are also a few with quite big drops which would be better examples of HPC - but again I know at least one of the streets and think was overpriced .........)

Who are you to tell us to shut up.

gallygirl

ukcarper wrote: »

Who are you to tell us to shut up.

Oh dear, it was a joke

ukcarper

gallygirl wrote: »

Oh dear, it was a joke

You could have giving us a clue.

Bubble_and_Squeak

gallygirl wrote: »

SHUT UP ALL OF YOU .

I know this street. House massively overpriced - well over the ceiling price for that bit of the area - even with the reductions. There are very expensive houses in the area but not that street. It's a 3 bed house from the 80's with large side extension. Massive garden - would have been far better building another house there.

Look at other large houses in the NN8 area. A few prices down, a few up, a few up and down.

There may well be dropping prices but this was just a massively overpriced property. Have a look at other 5 bed houses in a 5 mile radius - there are better for the money (there are also a few with quite big drops which would be better examples of HPC - but again I know at least one of the streets and think was overpriced .........)

the dynamics of a bubble
prices reach a ridiculous level then drop
once they start to drop they don't stop

gallygirl

Bubble_and_Squeak wrote: »

the dynamics of a bubble
prices reach a ridiculous level then drop
once they start to drop they don't stop

But don't you think that in any one market there will be houses simply priced wrong? If you look at that area on Zoopla and sort by most reduced there are 3 pages with drops but all much smaller - the next biggest drop is 1/2 of the 25% drop - and it doesn't go into positive figures whereas I know from rightmove/property bee there are houses in that area which have increased prices. Just picking one house and saying that is proof of HPC is disingenious.

If you do a Zoopla search for price drops in Leicester there's a much bleaker picture (or more positive, depending on your view!). Discount the non-standard refurb as being out of kilter and there are still lots over 15% down. But if you look on Rightmove there are 1000's of properties in Leicester so no way from that of gauging the market overall (and there is a property increased from 250k to 650k which I'm claiming as evidence of HPI!). There are a few very large drops in houses (over 25k, up to 75k) in properties over 500k. Then looking at cheaper properties, quite a few drops from 325k to 300k. That presents a more accurate overall picture of a market off the boil > falling than picking out THIS one and saying it's evidence of a massive overall drop (and maybe more than 3 pictures would have helped!)

lisyloo

You could have giving us a clue.

The huge big smiley worked for me :-)

Bubble_and_Squeak

Crashy_Time wrote: »

Well the bit about "high end" is. It is a poorly constructed new build with a driveway that looks like it was done by Gypsies on the make.

you shouldn't stereotype

Bubble_and_Squeak

gallygirl wrote: »

But don't you think that in any one market there will be houses simply priced wrong? If you look at that area on Zoopla and sort by most reduced there are 3 pages with drops but all much smaller - the next biggest drop is 1/2 of the 25% drop - and it doesn't go into positive figures whereas I know from rightmove/property bee there are houses in that area which have increased prices. Just picking one house and saying that is proof of HPC is disingenious.

If you do a Zoopla search for price drops in Leicester there's a much bleaker picture (or more positive, depending on your view!). Discount the non-standard refurb as being out of kilter and there are still lots over 15% down. But if you look on Rightmove there are 1000's of properties in Leicester so no way from that of gauging the market overall (and there is a property increased from 250k to 650k which I'm claiming as evidence of HPI!). There are a few very large drops in houses (over 25k, up to 75k) in properties over 500k. Then looking at cheaper properties, quite a few drops from 325k to 300k. That presents a more accurate overall picture of a market off the boil > falling than picking out THIS one and saying it's evidence of a massive overall drop (and maybe more than 3 pictures would have helped!)

fair play
you got me
i don't know the area

gallygirl

Bubble_and_Squeak wrote: »

fair play
you got me
i don't know the area

Trust me - keep it that way (with apologies to folk from Leicester :rotfl:).

I think one of the problems on here is that HPC'ers find one house with a big drop and say 'there's the evidence' but in all too many cases it can be explained as an anomaly - especially if someone knows the area. Then the whole argument is debunked. Finding a load of properties with 10-15% drops in one area is far more compelling evidence to me that something is happening.

Bubble_and_Squeak

gallygirl wrote: »

Trust me - keep it that way (with apologies to folk from Leicester :rotfl:).

I think one of the problems on here is that HPC'ers find one house with a big drop and say 'there's the evidence' but in all too many cases it can be explained as an anomaly - especially if someone knows the area. Then the whole argument is debunked. Finding a load of properties with 10-15% drops in one area is far more compelling evidence to me that something is happening.

this is actually happening in N4, N8, N15, N22, E12, E15 and lovely lovely walthamstow E17 (everybody in the house of love!)
seems to be happening less the further out you go but all the post codes i'm following have more price drops than increases