where exactly are these houses dropping in price?

merlinthehappypig

We've agreed a purchase on a house for £500000 where the seller wanted £585000. I believe that is a drop. IMO it wasn't too badly overvalued either.

It's taken us months to find a decent house at the right price, though. Most sellers aren't prepared to take a reduction, yet, unless they absolutely have to sell.

Give it six months and it might be a different story.

boinging_2

subjecttocontract wrote: »

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.

Depends what it's 5% of? In the price range I'm currently looking at it's about £25K.

Why will my rent rise if prices fall?

Turnbull2000

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.

What a twa...twit :rotfl:

TD5

My house went on the market in March 2006 for £625k, the Estate Agent being confident that he could get £600k for it. Morris Dibben in Southampton who have been selling houses in Chilworth for abosolutely ages.

After 3 months he reduced it to £600k and after a further 6 months we took it off the market with them. During this time we had no interest at all.

We changed agents (to Pearsons this time) and had a few people through the door and eventually an offer for £530k. Eventually we accepted the offer and finally moved out in July 2007.

It was a nice house in a nice area and we had spent a lot of money over the years on kitchen etc.

So bottom line is, the house was advertised for £625 and sold for £530 a year later.

Not sure what this goes to show but it is a real life experience.

Peter

cells

your all crazy, crazy CRAZYYYYYY


house prices only ever go up, they never ever fall, NEVERRRRRRERERRRR




and that place called america, its imaginary, its made up, its not really there. So their houses falling 10% or more a year doesnt count


:beer:

scope

BenL wrote: »

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

Property snake is well dodgy.. I have seen this on other properties before, the data is crap:

An example:
http://www.propertysnake.co.uk/site/detail/4319722

Do you seriously think they have changed the price like that? Well, in which case no wonder they havent sold.

Kez100

What it shows is that it was overpriced originally.

In the experience of the last few years what would have happened is the market would have risen to that slightly inflated level and you would have, eventually,sold for 630 to someone who probably had to raise a lot from a mortgage company. However, sentiment has changed, people are unable to the secure the high levels of borrowings they were able to and surveys arecoming back lower than they were. As a result you had to drop and achieved 530.

On property snake some of the first page properties are really odd and I am sure it is just people messing about to get free advertising by being on the front page os a website. However, do a proper search on a local postcode to you, and they are more likely actual reductions. A few months back my postcode had one page of reductions. Today there are five pages. Most around the 5% mark.

nobblyned

Individual reductions in asking prices aren't the same as house prices coming down.

House prices coming down are when a similar (or indeed 'average') house sells for a lesser price than it has before.

Even when house prices were increasing, asking prices were frequently cut as they were often over-ambitious to begin with.

I'm not saying house prices aren't falling, I honestly have no idea what the data will show until it comes out. But reductions on property snake or rightmove of 10% on individual properties doesn't mean that the market is falling by similar amounts.

nobblyned

Not really comparable - I consume food and fuel, but not houses.

Not saying you are wrong, but poor comparatives do you no favours.

nobblyned

Mrs._Vita wrote: »

But people use the perceived rise in value of their house to buy other consumables.

That's probably why they see it as a good thing

But seriously, houses are effectively assets, you can be long or short. That's why some people like rises, others don't.

Fuel and food however are consumables, most people are long term short and hence prefer prices not to rise.

i'm not saying HPI is good for the economy, but you have to be able to see why some people would like it.