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Debate House Prices


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Properties with the biggest drops in prices

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Comments

  • Typhoon2000
    Typhoon2000 Posts: 1,173 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Of the 3 properties I have sold I have always added 10% on my desired sale price and accepted an offers at -5% to asking price. Its all in the mind, does anyone actually list at the price they hope to sell?
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    Another HPC foray that doesn't seem to have gone as planned.

    I don't pay asking prices for houses, holidays, new cars, Sky, Broadband mobiles etc. In fact, I try and get money knocked off pretty much everything I buy. Where this isn't possible I try and minimise use instead.
  • Rota
    Rota Posts: 167 Forumite
    edited 9 August 2014 at 10:45AM
    Ahh, I know whats going on here. That sageuk1234 chap is either pras or damik on HPC. They started a thread, in January called "Is prime London Crashing".

    Since then, supply has increased massively as owners have thought "Geez, houses are selling quick, I'll chance my arm here and cash in". As we all know London has been hot over the last 18 months.

    As MMR has come in banks have really tightened up on lending restrictions which is cooling the market. I personally view this as a welcome breather. 20% increases YOY are not sustainable.

    Anyway, he started that thread over there where all the crash trolls see the last of the chancers reducing the asking price by 10-15% and equating that to the start of a 50-70% apocalyptic crash.

    When it's really just the last of the chancers either trying to cash in a little bit less than hoped for or will withdraw from the market. The fact its also the middle of summer seems to get lost too.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Rota wrote: »
    Ahh, I know whats going on here. That sageuk1234 chap is either pras or damik on HPC. They started a thread, in January called "Is prime London Crashing".

    Since then, supply has increased massively as owners have thought "Geez, houses are selling quick, I'll chance my arm here and cash in". As we all know London has been hot over the last 18 months.

    As MMR has come in banks have really tightened up on lending restrictions which is cooling the market. I personally view this as a welcome breather. 20% increases YOY are not sustainable.

    Anyway, he started that thread over there where all the crash trolls see the last of the chancers reducing the asking price by 10-15% and equating that to the start of a 50-70% apocalyptic crash.

    When it's really just the last of the chancers either trying to cash in a little bit less than hoped for or will withdraw from the market. The fact its also the middle of summer seems to get lost too.


    Chiswick in the spotlight today. Great thread.


    http://www.housepricecrash.co.uk/forum/index.php?/topic/195761-is-prime-london-crashing/page-95
  • Rota
    Rota Posts: 167 Forumite

    Oh Crashy, this is whole reason you are in the position you are in. Thinking about "today" instead of long term. Next thing you will be quoting Foxtons shareprice then trying to correlate that back to the housing market on a tick by tick basis. :rotfl::rotfl:
  • System
    System Posts: 178,374 Community Admin
    10,000 Posts Photogenic Name Dropper
    Chiswick up 13% YoY.

    Someone pass me some clean pants, terrifying stuff.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • Rota
    Rota Posts: 167 Forumite
    Joeskeppi wrote: »
    Chiswick up 13% YoY.

    Someone pass me some clean pants, terrifying stuff.

    So to put that into perspective to get back to Jan 2013 levels there would need to be a 20% drop.

    The last driver for a 20% drop was a catastrophe in the global financial system so bad it bought down investment banks and countries. It was hard times all round. We were all scared of losing our jobs I'm sure.

    We all remember the G.F.C, it's well documented with several movies and docos on youtube.

    Now look at where we are now. Unemployment is getting smaller by the day, GDP stronger by the day, people feeling more confident every day. As much as some people aren't getting them pay-rises are happening.

    Sure you can find bad news in the papers but a rational person would see we aren't in 2008-9 anymore.

  • Remember, this poster has asserted that rental prices have gone down over the last 17 yrs, so you may want to take what she says with a pinch of salt.:rotfl:
  • saguk1234 wrote: »
    Properties prices seem to be tumbling especially in London.

    http://www.rightmove.co.uk/property-for-sale/property-45716785.html

    Anyone got anymore examples?

    (You need to install Property Bee addon to see price drops in Rightmove)

    I disagree. Examples as requested:

    Can only really speak for West London (near Heathrow), where I have 2 properties:

    1 Bed Flat: worth c£130K 2 Years ago, now cannot find anything similar in same area for less than £175-£180K.

    3-Bed semi: worth c£275K 2 Years ago. Neighbour recently sold his similar place for £375K.

    ...It's boom-time again as far as I'm concerned. Heard something on the news recently about the 'ripple effect', ie: Malaysian tycoons and Russian Oligarch's aside, people cannot afford C.London any more, thus further increasing demand further out. No extra supply = prices increase.

    Simple economics.
  • I disagree. Examples as requested:

    Can only really speak for West London (near Heathrow), where I have 2 properties:

    1 Bed Flat: worth c£130K 2 Years ago, now cannot find anything similar in same area for less than £175-£180K.

    3-Bed semi: worth c£275K 2 Years ago. Neighbour recently sold his similar place for £375K.

    ...It's boom-time again as far as I'm concerned. Heard something on the news recently about the 'ripple effect', ie: Malaysian tycoons and Russian Oligarch's aside, people cannot afford C.London any more, thus further increasing demand further out. No extra supply = prices increase.

    Simple economics.

    Congratulations on making such a savvy investment.:T

    Best of luck.
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