West London asking prices are finally turning!!!

happinessfactory

Those of you who've seen my earlier thread from a couple of weeks ago might be interested to know that THINGS ARE CHANGING even at the so-called 'premium' end of the market.

House that was £925k in February is today £875k; the house has been on the market for 10 months with no offers. The first cut was made "unofficially" to £899k two weeks ago. £780k might get them some interest...

House that was on for £925k in Spring is now £850k (in my opinion £775k is more realistic). They had just 9 viewings at £925k but it took them 8 months to reduce the price???

House that was £845k and supposedly "attracting a lot of interest" has gone multi-agency - the new agent, who I've got quite matey with over the past few months, asked me what I'd guess was a fair price. I said £765k and he laughed and said "That's bang-on what we told her, but she wants asking price or nothing". Hmmm, think this is called "chasing the market down".

Everything sensibly priced in top-notch streets is still going very quickly and indeed marginally over asking price (+2% or 3% - though this is a lot of cash in real terms at these sorts of prices). Absolutely zero interest on everything else, including FTB (actually BTL) flats.

BUT there is virtually nothing to sell on the best streets so people can still be very bullish with their asking prices.

Although having said that, there is a professionally developed house on a very nice (though not the best) street priced at £405k *over* the highest price ever achieved on that street, and though it's a spectacular house, they've had just 12 viewings despite a 4 month pre-marketing period. Are they willing to consider offers at all? NO!!!

My guess is that it will take at least another six months for vendors to wake up to reality. And in the meantime, I've lost my ERP because no-one will take an offer :rolleyes:

Jonbvn

Any links from Rightmove to the properties in question? Or is it a case of "One refusing to use RM?"

SquatNow

Property Snake would be better than RightMove

movilogo

My guess is that it will take at least another six months for vendors to wake up to reality.

I think it is better. Later the sellers wake up, more panic will be in the market. More panic, more price cut.

:T Seems crash is finally going to be a reality!

I'm closely watching few houses in my area (Luton). Their asking prices have been reduced by £2-£3k (on £150-£160k range) in last couple of weeks.

happinessfactory

http://www.rightmove.co.uk/viewdetails-7682958.rsp?pa_n=1&tr_t=buy

http://www.rightmove.co.uk/viewdetails-16730834.rsp?pa_n=3&tr_t=buy

http://www.rightmove.co.uk/viewdetails-9188265.rsp?pa_n=3&tr_t=buy

Hope that helps.:)

My parents live in Cheshire and cannot imagine why £1.2m only buys a 15 ft yard to call a garden, no off-street parking, in an area as dirty and poor as this one, with no good state schools at all...

tr3mor

happinessfactory wrote: »

My parents live in Cheshire and cannot imagine why £1.2m only buys a 15 ft yard to call a garden, no off-street parking, in an area as dirty and poor as this one, with no good state schools at all...

Neither can I!

nollag2006

Sheperds Bush is a bit grubby. Do the premium parts of West London (Kensington, Chelsea or even Richmond a bit further out) have the same patterns ?

happinessfactory

10 minutes to Kensington, 20 minutes to Oxford Circus, 25 minutes to the City.And if you can afford the school fees on top of the mortgage, the two best private day schools in London.

But yes, I agree, they aren't £1.2m worth of reasons.

Our plan is to work our @rses off for another 5 years in London (we've done 10 so far) and then cash up and buy a big mortgage-free gaff in Cheshire or Yorkshire (where OH is from).

We won't be buying this house though - being Northern meanies we're looking for somewhere that needs a lot of work so we can build up some 'sweat equity'. There are a lot of people in London who think financing debt is a lot easier than supervising builders, and will pay well over the odds for a tarted up place.

happinessfactory

We used to live in Kensington - sold our flat in the Spring. I try not to look at the prices there in case we've made a terrible mistake:o

Kez100

Not just West London. A house down the road from us was put on at 425 in early September...then 399 three weeks later...today dropped to 375. Not showing on Propertysnake for some reason.

do_it_today!

Propertysnake is useful but doesnt show everything - I track property in my local area through the local papers -this is more reliable same pictures of house yet lower price - also when the property goes from sole agency to multi agency - propertysnake doesnt always pick up that the same house has already been hanging around on the market for months. So your best bet is definitely to keep eyeing up the local property papers every week (if they are available)