50% house price falls

googler

Take your pick from anywhere between EH21 and EH42.

Some of the new-build sites are showing double figures of 10 - 12%, but can't find any pre-owned houses at this level. I'm not looking too hard, though.

mbga9pgf

googler wrote: »

Take your pick from anywhere between EH21 and EH42.

Some of the new-build sites are showing double figures of 10 - 12%, but can't find any pre-owned houses at this level. I'm not looking too hard, though.

Do you use firefox internet browser? If you do, there is a fantastic Add-in you can get called property-bee (www.property-bee.com)

Shows all price moves as well as description changes locally. Great, because you can see EAs get increasingly desperate when you read some descriptions!

Wig

Originally Posted by harryhound
Getting a bit off topic but, I would recommend, especially in the present climate, accessing the Land Registry BEFORE going to view a potential purchase. For 3 GBP you get a plan showing the extent of the property and for another 3 GBP the register entries

Soon to be £4 each

googler

mbga9pgf wrote: »

Do you use firefox internet browser? If you do, there is a fantastic Add-in you can get called property-bee (www.property-bee.com)

Shows all price moves as well as description changes locally. Great, because you can see EAs get increasingly desperate when you read some descriptions!

I don't use Firefox, but I betcha PB doesn't show all of them for the EH21 to EH42 areas.....

mbga9pgf

googler wrote: »

I don't use Firefox, but I betcha PB doesn't show all of them for the EH21 to EH42 areas.....

If someone has been searching in the area, it will do. Its phenomenal. It sucks up ALL the data spat out as you search on Rightmove.

Some have automated it so it runs automatically searching a large area looking for changes.

mbga9pgf

Wig wrote: »

Originally Posted by harryhound
Getting a bit off topic but, I would recommend, especially in the present climate, accessing the Land Registry BEFORE going to view a potential purchase. For 3 GBP you get a plan showing the extent of the property and for another 3 GBP the register entries

Soon to be £4 each

Most of which is COMPLETELY FREE is you go on nethouseprices.com or www.ourproperty.co.uk (goes back to 2005). You can see the extent of the property at viewing, for free!

All that matters is prices attained in the local area. Remember though Land Reg data has a significant delay, so dont ignore the trend!

rozeepozee

I've been looking at Aberystwyth house prices for a while now and there seem to be a couple of biggies here at 20% http://www.propertysnake.co.uk/site/postcode/sy23. I've also been watching moves on property bee. Most have been reduced by a few thousand but there have been one or two big ones there. Question is, these are just asking prices, right? So the question is, were they just wildly priced in the first place - and how much further will they drop?

Up the road in Dolgellau seems to be fairing even worse with a 28% drop but are these private sales with hopelessly unrealistic sellers getting more real by the week?

mbga9pgf

I look at the land reg site, take a pick of recently sold properties in the area and see when they last sold and what for. You can then convert this into a percentage drop. I THEN factor a further drop in for the lag in the Land reg Data, plus an extra little bit for negotiation. I am currently starting with at least 15% off, up to 20% off if the seller is dillusional on price.

Most importantly, know your sellers. Probate sales in particular are interested in rapid sales. In a dead market, cash/large deposit buyers can gain another few % off as a result of lack of faff factor and a quick move.

Futher falls? Who knows. I said 35% off peak since early 2005, I am sticking by that. I think at this point, it would be naieve to assume anything other than further significant falls. It all depends on your area. Areas with increasing unemployment and high increases over previous years are going to fall far more than your bijou chocolate box cottages. They will still fall though.

googler

mbga9pgf wrote: »

If someone has been searching in the area, it will do. Its phenomenal. It sucks up ALL the data spat out as you search on Rightmove.

Some have automated it so it runs automatically searching a large area looking for changes.

That's the problem. Rightmove doesn't have all of the property for sale in the area, only a small subset.

harryhound

mbga9pgf wrote: »

I look at the land reg site, take a pick of recently sold properties in the area and see when they last sold and what for. You can then convert this into a percentage drop. I THEN factor a further drop in for the lag in the Land reg Data, plus an extra little bit for negotiation. I am currently starting with at least 15% off, up to 20% off if the seller is dillusional on price.

Most importantly, know your sellers. Probate sales in particular are interested in rapid sales. In a dead market, cash/large deposit buyers can gain another few % off as a result of lack of faff factor and a quick move.

Further falls? Who knows. I said 35% off peak since early 2005, I am sticking by that. I think at this point, it would be naive to assume anything other than further significant falls. It all depends on your area. Areas with increasing unemployment and high increases over previous years are going to fall far more than your bijou chocolate box cottages. They will still fall though.

Zoopla does a pretty good job for a blind calculating engine, at showing post code trends. You have to realise in the present false market that the volume has dropped
by more than 50%. What would those houses sell for if they were forced sales?
Zoopla links through to Street View and the birds eye views so that stops futile visits to "bargains" backing onto the sewage works and also allows one to evaluate the "curb appeal" from the office chair. .
Probate and bankruptcy (living death) give chain free prompt exchanges. My last two were those reasons for sale, the only drawback is the need to chat up the neighbours, as you cannot chat up the previous owners:eek: But the neighbours are usually relieved to learn that the squatter magnet next door, is going to be put back into use.

My point about reading the Land Registry BEFORE viewing is that the modest expenditure puts you one up on the vendor. These days the HIP has a lot of this information.
In the example above a bit of armchair research and a further investment revealed that the lovely rear view over orchards was no longer owned by the local farmer. The land had been sold to a local speculator but was protected against development by a private covenant until 2010. So there was a danger of moving in to a view of a building site in a year or two. I wonder if the conveyancer for the current owners discovered that and factored it into the price negotiations ? Somehow I doubt it. :rolleyes: