Prices ARE falling!

fimonkey

Ok it's another one of those threads, feel free to add your "Yawns" and "Whatevers" ...but this is merely a report of TWO seperate phone calls I received yesterday.

I'm a potential FTB in Bournemouth/Poole/Christchurch, deposit, AIP, solicitors all sorted and been looking for a while now so on first name terms with most EA's in the area.

Yesterday two EA's called me, one re a property I'd veiwed which was a 1 bed flat at 150K. The venodrs had dropped their price by 10K!! was I interested now? ("no", as it happens) The second re: a flat I hadn't viewed cos it didn't fit my criteria, but EA asked if I'd view it anyhow, and the vendors had dropped their price by 5K.

Add to this the fact that the EA's are now beginning to call me the minute a property comes onto their books, whereas just 3 months ago I was having to chase them and they never returned my calls etc......

I know what this all says to me, it looks like vendors are beginning to get nervous. Is this happenig anywhere else??

Woby_Tide

in Christchurch the bigger properties have definitely stalled, though as yet the prices aren't changing, just the properties not moving as quickly

hearts

on the other side. My m8 just bid 140k for a flat in a block where another had sold 2 months ago for 136k. He never got it, it went for 142k.

It's area specific ;-)

...and I forgot to mention the first one was in far better nick than the second.

fimonkey

It's the smaller properties I can (almost) afford to buy at the moment. the 1 and almost 2 bed places. .... A 'stagnation' of these would suit me fine, gimme chance to get a better deposit together (a fall even better but I wish no malice or financial difficulties on anyone).

Badger_Lady

Regional market fluctuations happen, and this is a particularly slow time of year (now until January) to sell a house.

If they hadn't managed to sell before now, but are keen to get out before Christmas, they need change tack by dropping prices and marketing more aggressively in order to get the "quick sale" they need.

As an FTB, you are their prime target, because you could enable them to move quickly. If you hang on until Spring, you may find it all reverses back again - new properties come on the market, more people searching for homes, and it's back to the sellers' advantage.

At the moment, you are in a very good position to get a bargain!

And yes, there's always the risk that your property's value could go down as well as up bla-bla-bla... but the examples you've given above are not unusual in October and, if you want to buy, now could be a good time.

Wig

Round here, dropping by 5K is the norm. If you see a house with "reduced" on it you know it has likely been reduced by 5K. Further afield I saw a house in an estage agents was 150K now something like 110K- I forget exactly but the drop was in that sort of order, and it still not selling.

dmg24

Add to this the fact that the EA's are now beginning to call me the minute a property comes onto their books, whereas just 3 months ago I was having to chase them and they never returned my calls etc......

I bought just under two years ago, and was constantly being called by EA's. I would just say that is a change of sales tactic by the agent.

fimonkey

booo, so I shouldn't get exited then? .. but why have the EA's changed sales tactics? I've been consistent with chasing them when a property I'm interested in comes onto the market, they know I'm a sucker for returning their calls so no need to chase me.

Ah well. That's my bonfire well and truly extinguished with urine. ;-)

skilful

Your examples don't demonstrate prices falling as the flats didn't sell at the higher value. So they never were worth that amount, now or then.

flaura

House prices are dropping in South Oxfordshire in the commuter belt !! - I've had my eye on an already cheap flat for about two months and they have just dropped the price by 5 k today !! i've been furiously saving for months now and now i'm considering leaving work early to go home and ask my parents to lend me the deposit ... it's even under the stamp duty threshold now !

Panic Panic Panic !!!!

blue_monkey_2

Something the same happening around here. We have to EA that sell in the village, one gives an overinflated price as this area is apparently 'sought after' and so everyone chooses him to sell for them (his quote on my friends place was 100k MORE than the other EA) so everyone goes with him. Well, a good few of the For Sale boards have been up for a long time, houses around here (2, 3 and 4 beds) would be gone within the week but there are far more boards up from the cheaper EA now because people just can't afford the over-inflated prices this other guy was pricing at. We are on the Herts/Essex border, a huge new estate of 3, 4 and 5 bed places went up about 6 months ago, still 30% remain unsold, people are now extending their houses and families are choosing to live together. Definatley an air of change. A few people I know are having money troubles and are thinking about downsizing. Sure makes me wonder how many people are in difficulty but do not choose to share these problems.