where exactly are these houses dropping in price?

ds1980

Rang 7 estate agents today on 7 different properties. All sold or under offer. Yes they are undervalue and need work but theyre still selling. We're looking in north london and hertfordshire and prices certainly aint dropping here! Prices go up on houses sold prices not what they are on the market at and prices may look inflated but doesn't mean they sell for that though. If house prices are being marketed with inflated prices which most are then if they sell for less this doesn't mean they are decreasing it just means buyers are being more realistic as well as sellers.

People don't think about the houses that sell cheaply ie to family members or estate agents taht manage to get property on the cheap (if you don't think they exist then believe me they do).

Im still to be convinced that house prices are dropping and will remain that way all the hopefuls out there unfortunately youll be priced out for the rest of your lives if you carry on waiting. Sorry thats the way it is.

dannyboycey

ds1980 wrote: »

Im still to be convinced that house prices are dropping and will remain that way all the hopefuls out there unfortunately youll be priced out for the rest of your lives if you carry on waiting. Sorry thats the way it is.

I started to write out an articulated response but then deleted it as you're clearly a fool. Don't have the time to waste. 'Sorry, that's the way it is' as you'd say.

Kez100

You have said it yourself then contradicted yourself......'Yes, they are at undervalue'


......that's a lower price!

Grab a thesaurus!

BenL

www.propertysnake.co.uk will show you house price reductions in your area.

MissMoneypenny

The op is keen to talk the market up as they have a vested interest.

"my property portfolio that see's me good for the rest of our life."
http://forums.moneysavingexpert.com/showthread.html?p=8157347#post8157347

m00m00

using property bee in the areas I'm looking at

in a dataset of 800 properties or so I'm seeing at LEAST one 5k drop a day, with some properties having multiple reductions in the 2 week I've been tracking them.

ds1980 has a track record of being a HPI cheerleader, but there is a point that in some areas properties will hold up better than others, but this is a purely relative situation. Prices are going to come down everywhere, in real terms. The main arguments now, are as to how much, and for how long.

mlz1413

I just did the propertysnake link and will say that in my area the houses have reduced in price, but most were on at top whack (or over) and have reduced after weeks/months on the market.

I had experience of this before xmas, asked an estate agent to value a flat that had had a lick of paint, new kitchen and carpet. Agent over valued it by £10,000 and said that would be a good start price!!!

I think that market is currently having a bit of a stand off, sellers seem to be prepared to wait to get a 'decent' offer and buyers are prepared to wait until the sellers are desperate.

I think it will be an interesting market this spring / summer to see who is prepared to wait the longest.

boinging_2

Okay. Real life examples of house price drops:

http://www.rightmove.co.uk/viewdetails-15898837.rsp?pa_n=1&tr_t=buy

This was put on at £439,950. Has dropped to £425,000, will be dropping further I'd bet by end of this month. EA has had open house and all sorts to try and get interest. It's a nice house in a sought after part of a affluent town.

subjecttocontract

A 3.5% drop in the asking price on a sample of 1 property is nothing to get very excited about.

I should imagine the £12750 bill for SDLT is also a major stumbling block for a buyer.

boinging_2

subjecttocontract wrote: »

A 3.5% drop in the asking price on a sample of 1 property is nothing to get very excited about.

I should imagine the £12750 bill for SDLT is also a major stumbling block for a buyer.

I could list 20 properties from the area, but honestly don't have the time.

If you don't want to believe that prices are coming down, it matters not to me. I'm living in an area where I can see prices coming down weekly and new instructions being put on at much lower levels than 2007. Maybe I'm lucky, maybe your not in an area like this, who knows, who cares... I just know I can buy a house cheaper today than I could in August 2007 when I was last looking to buy.

Property prices being lower are a good thing.

subjecttocontract

Property prices being lower are a good thing.

Your entitled to your opinion but whats good for some is bad for others.

I wouldn't consider 3-5% significant.

If prices and sentiment fall further then tenants might not agree with your comment when their rents start to rise.