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Finally seeing house prices drop?

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  • I think the ones that are being reduced were severely overpriced in the first place.

    3 Bed Semis are going SSTC around here for £320k-£370k ish but I saw one recently list for £390k-£410k. Nothing special about it, 10-15 year old bog standard 3 bed semi with a drive and small garage. 

    Two weeks later is was reduced to £380k which is probably still top end so even if they get an offer, its likely to be down valued.

    The ones that quickly go SSTC round here are ones that have the fewest compromises. With any property there are likely to be compromises but if you are trying to flog a 100 year old house that needs a new kitchen/bathroom, is on a main road and have no parking.....don't be surprised if its not snapped up as quickly as a 5 year old house with off road parking and a garage.


    Give me a 100 year old house over a new one any day of the week 👍. Most new houses are between 3 main roads, overhead power cables, no trees and unbuilt roads. In normal circumstances they lose value like secondhand cars.

    so for many, the compromise is a new build as they can't afford older houses.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Right move pick a post code/city etc. and see what's happening
    toggle the any, 7, 14 days and inc SSTC


    I have a link that does whole UK start with that

    days total for sale SSTC %SSTC
    Any 610,946 217,250 393,696 64.44%
    14 72,232 60,279 11,953 16.55%
    7 37,487 34,810 2,677 7.14%
    7-14 34745 25469 9,276 26.70%

    how about the southeast around Kent/London taking in Cambridge, oxford Swindon Southampon 
    RM link
    days total for sale SSTC %SSTC
    all 242,618 98,046 144,572 59.59%
    14 28,586 24,584 4,002 14.00%
    7 14,826 13,886 940 6.34%
    7-14 13,760 10,698 3,062 22.25%



    Then say bristol+40
    Any total for sale SSTC %SSTC
    all 47,248 12,996 34,252 72.49%
    14 5,184 4,115 1,069 20.62%
    7 2,717 2,470 247 9.09%
    7-14 2,467 1,645 822 33.32%



    then Britol+10
    Any total for sale SSTC %SSTC
    all 12,651 3,035 9,616 76.01%
    14 1,358 1,082 276 20.32%
    7 723 649 74 10.24%
    7-14 635 433 202 31.81%


    lets try Newcastle upon tyne+0
    days total for sale SSTC %SSTC
    all 2,909 1,051 1,858 63.87%
    14 363 304 59 16.25%
    7 189 179 10 5.29%
    7-14 174 125 49 28.16%

    Can do if for any area.

  • onylon
    onylon Posts: 210 Forumite
    100 Posts Name Dropper First Anniversary
    I think the ones that are being reduced were severely overpriced in the first place.

    3 Bed Semis are going SSTC around here for £320k-£370k ish but I saw one recently list for £390k-£410k. Nothing special about it, 10-15 year old bog standard 3 bed semi with a drive and small garage. 

    Two weeks later is was reduced to £380k which is probably still top end so even if they get an offer, its likely to be down valued.

    The ones that quickly go SSTC round here are ones that have the fewest compromises. With any property there are likely to be compromises but if you are trying to flog a 100 year old house that needs a new kitchen/bathroom, is on a main road and have no parking.....don't be surprised if its not snapped up as quickly as a 5 year old house with off road parking and a garage.


    Give me a 100 year old house over a new one any day of the week 👍. Most new houses are between 3 main roads, overhead power cables, no trees and unbuilt roads. In normal circumstances they lose value like secondhand cars.

    so for many, the compromise is a new build as they can't afford older houses.
    And you get to put in a new kitchen/bathroom that fits your own requirements. I can't bring myself to pay for a new kitchen when the "old" one was only put in a few years ago. 

    I don't see any sign of prices dropping here in Scotland. There's very little stock coming onto the market and even less desirable properties are being snapped up in days.
  • Ramouth
    Ramouth Posts: 672 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    Ramouth said:
    Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...
    If the general population believe that prices are likely to fall in the foreseeable future they will hold off buying, reducing demand in the shot term, and therefore putting downward pressure on prices.
    I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".
    Perhaps it would be different if houses were like say iPhones where there was practically unlimited supply and you could buy the same thing from pretty much anywhere.
    Houses people want though are in short supply and people don't just move house on a whim; they have very specific needs such as a new location, bigger size or better environment - only the HPC zealots will sacrifice all those things for ever and a day just to try and get something cheaper.
    I think I mostly agree with you.  Which is why long term I can only see prices going up. But possibly have less faith in the general population making sensible decisions based on the numbers in the short term.  I have always thought that if enough people think that a slowdown is coming, it will come.  It definitely felt like that was part of the driver in 2008.  Perhaps there is more pent up demand now though and it just won’t happen.  Who knows.  I have been surprised by every vote and election for the last 10 years so perhaps am not representative of the general population and therefore shouldn’t be making a guess!
  • I'm surprised people are still looking to move and the market is buoyant when we could be on the precipice of war.
    Even if we were "on the precipice of war" wouldn't that encourage a lot of people to want to move from urban to more rural areas if they could thus keeping the market buoyant?
    Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...
    Who would buy the urban properties, and why would the people moving be any safer? I think a lot of people were caught out by the WFH mania, many will have lost promotions even jobs by moving too far from the office, people won`t be in a hurry to repeat the mistake IMO.
  • Ramouth said:
    Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...
    If the general population believe that prices are likely to fall in the foreseeable future they will hold off buying, reducing demand in the shot term, and therefore putting downward pressure on prices.
    I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".
    Perhaps it would be different if houses were like say iPhones where there was practically unlimited supply and you could buy the same thing from pretty much anywhere.
    Houses people want though are in short supply and people don't just move house on a whim; they have very specific needs such as a new location, bigger size or better environment - only the HPC zealots will sacrifice all those things for ever and a day just to try and get something cheaper.
    A large number of potential FTB`ers have never seem sustained price falls in their lifetime, nor have they seen rising interest rates, it is nearly impossible to predict what they will do IMO, however as most will be looking to take on mortgage debt it is what the mortgage lenders do that is most important.
  • Noneforit999
    Noneforit999 Posts: 634 Forumite
    Seventh Anniversary 500 Posts Name Dropper Combo Breaker
    edited 4 March 2022 at 1:01PM
    Thumbs_Up said:
    Give me a 100 year old house over a new one any day of the week 👍. Most new houses are between 3 main roads, overhead power cables, no trees and unbuilt roads. In normal circumstances they lose value like secondhand cars.

    so for many, the compromise is a new build as they can't afford older houses.

    Horses for courses I suppose. Like to know how much it costs you to heat your 100 year old home especially with the bills going through the roof (no pun) this year.






    Indeed, we also have no power overhead power cables and quite frankly I wouldn't want any trees close to my house after the recent storm.

    My in laws have a 60 year old house that is costing £140pm in gas and electric and they are on a tariff for another 8 months, I think they are going to be in for a shock once they end up on the standard tariff. Ours barely drops below 20 degrees, even without the heating on in the dead of winter so my gas bills are tiny compared to most others. 

    Like you said, horses for courses but new builds have several upsides that older houses often do not have. They are usually better insulated, the heating system inc boiler is fairly new, the electrics are usually up to the latest code or at least not far off it. 

    We are actually selling our 7 year old house and buying one build in the 60's.

    I am having to budget for a new kitchen, new consumer unit, new bathroom and every wall is wallpapered so worst case every one needs skimming. Unless you can DIY or have mates in the trade, the cost of getting work done these days is expensive and I can't see how adding a things like a new kitchen is breaking even value wise, let alone adding value. 
  • MobileSaver
    MobileSaver Posts: 4,343 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I'm surprised people are still looking to move and the market is buoyant when we could be on the precipice of war.
    Even if we were "on the precipice of war" wouldn't that encourage a lot of people to want to move from urban to more rural areas if they could thus keeping the market buoyant?
    I think a lot of people were caught out by the WFH mania, many will have lost promotions even jobs by moving too far from the office, people won`t be in a hurry to repeat the mistake IMO.
    Hmm, yes, if we go to war then lose your chance of a promotion by staying in the countryside or lose your life when your city work or home is bombed - it's a dilemma isn't it?
    What percentage of the hundreds of thousands of people who moved to rural homes last year unexpectedly lost promotions or jobs by WFH?
    I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".
    A large number of potential FTB`ers have never seem sustained price falls in their lifetime
    What percentage of buyers (whether FTB or not) have ever seen sustained price falls in their lifetime?
    Every generation blames the one before...
    Mike + The Mechanics - The Living Years
  • RelievedSheff
    RelievedSheff Posts: 12,691 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    In our local market there are certainly signs that properties are taking a little longer to sell and there have been some reductions in prices but these are properties that were put on the market for far too much money in the first place and were never going to sell for the asking prices.

    There has been a gradual increase in the number of properties coming to the market but the numbers are still well below what they were a few years ago.

    Well presented properties that are sensibly priced are still selling within days of coming onto the market. Other stuff is selling but more slowly. Over priced stock, much as it always has done just sits on the market going nowhere.
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