where exactly are these houses dropping in price?

loulou41

Saw a house at 400k, above my budget, phoned the EA and he told me unless I am prepared to offer 390k+. I will be wasting my time to ask for a viewing. Where I am looking, the houses are not coming down. Been looking to buy for a while now.

boinging_2

loulou41 wrote: »

Saw a house at 400k, above my budget, phoned the EA and he told me unless I am prepared to offer 390k+. I will be wasting my time to ask for a viewing. Where I am looking, the houses are not coming down. Been looking to buy for a while now.

Is this new to market? Can you promise me something....

Can you post a) when the house sells b) what it sells for (if EA will tell you).

Also a rightmove link to the house would help get a feel for it / the area?

Lips

Although I'll almost certainly get flamed for saying it, I'm with the OP; there is still no sign of any drop in Glasgow/environs.

I've 'property-snaked' my target postcodes - G82/G84/G11/G12 etc - and, other than a couple of flats at each, there are no listings of houses reducing in price.

Also, I've bid on two properties over the last couple of weeks, bidding each time around 10% over the 'offers-over' price, and both were immediately rejected as 'miles away' from the vendors expectations. One property has been listed since the beginning of November, and it's an estate property (ie the owner is deceased), but, it seems that they'd rather have it lying empty for months on end than come and go a bit on price

I've bid fair money on these properties (at least according to comparibles via nethouseprices.com), but vendors' confidence is high. Last week, I phoned an agent about a property in Dumbarton ON THE DAY it appeared on Rightmove, and was told that it was already sold STCM. I did a drive-by the next day and spotted another house in the street up for sale with a different agent. When I called to enquire, I was told it was already under offer - it didn't even make it to Rightmove.

So, hopefully you'll understand my frustration when I keep hearing about price drops in the national press; why the heck is Glasgow bucking the trend?


- Lips

m00m00

there is NO national property market, that's something the tabloids can't grasp

it is a series of interconnected micro markets, where local factors are the primary element of relative pricing.


these micro markets can be as small as 1 or 2 streets in a town.

Turnbull2000

Lips, is this the same Glasgow where prices have fallen 4.9% in three months?

I'm surprised this has happened to quickly. Scotland always seemed to be behind England's house price trends by a year or so.

Lips

@tb2000, that's an excellent example of the national press I was referring to in my post. I am desperately keen to start seeing examples of this type of price drop - I've expanded my search criteria in terms of location and house type to try and get something at a reasonable price, but everything seems to be selling too quickly to allow vendors to get cold feet and drop their prices. I'm not happy paying 20% over the 'offers-over' price at the moment, in case a crash is indeed around the corner, but 10% just isn't cutting it.

It's a scunner....

- Lips

PasturesNew

My answer to anybody that asks this is:
Load Firefox as your browser
Go to http://www.property-tools.co.uk
Install the Firefox Add on (one click)

Then go to RightMove - and go through 500 houses in your local area
Then do the same search once a week for 4-5 weeks.
Then say you've had no drops

tomstickland

There are properties for sale within my estate and they all look overpriced to me. I'll keep an eye on them.

TTMCMschine

My grandmother's house has shown reductions of 9% on property snake. However it has been reduced even more since bing updated. I like property snake - it was the first site which seemed to do anything. Please also remember the guy who set it up did it as an exersize for himself. I think fair enough if it isn't updated to the minute. It is still a very useful tool. My grandma's updates apart from the last one (because it isn't there yet) are accurate.

ashm1

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.

Demand is falling off a cliff (see the mortgage approval numbers)

Not sure about supply. Need to look for indicators of stock building up on estate agents books.

‘The decline in lending appears to be driven more by funding constraints than lower consumer demand,' said CML director general Michael Coogan.

http://www.manchestereveningnews.co.uk/news/business/s/1036212_property_market_takes_a_hit