where exactly are these houses dropping in price?

Geenie

scope wrote: »

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.

Never heard of this site till now, but it is amazing what they are stating on there. Just seen a 5 bed house in Plymouth which started at £510,000 and now at £359,950!!!!!

backtomum

Can I name a couple of places, Manchester, Liverpool - partcularly new build flats. The housing market is dead and it's not just that time of the year...... Due to the credit crunch people will soon need massive deposits - and loans will revert to the norm of 3-3 1/2 times salary - hence forcing prices down even further IMO!

space_rider

My house is on a new build estate. I`m the 2nd owner. I bought for £145 Nov 06, previous owner bought for £185,500 sept 05. There are many houses for sale at around £20,000 below the price they paid. They have been up since I moved here and very few are selling, the ones that do sell tend to be the ones that have been repossessed so have gone to auction. My house was well over priced in the beginning as it is one of the most expensive semi`s on this estate that was bought from new. No way would I have bought at that price, but I guess they bought it at the peak of the housing market price wise.

lethal0r

where I live prices are not dropping yet either. but when you consider home loans are down by 35% and there are no less properties on the market, something has to give soon. prices are barely changing because most people are just waiting to see what happens to the market.

buyer - i'll wait, prices will drop soon
seller - i'll leave it on at this price, someone will buy it soon

loulou41 wrote: »

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.

would an EA ever tell you otherwise?

i also think this thread should be merged with the main house price crash one

lynzpower

my sister has dropped her price by 20k

my freind is about to drop by about 25 i think

ds1980

just wanted to point you all to the rightmove monthly report

i thank you!

Jorgan_2

ds1980 wrote: »

just wanted to point you all to the rightmove monthly report

i thank you!

The RM monthly report is based on asking prices, not achieved sale prices. Personaly I don't think its worth the paper its printed on.

ixwood

Supply got hit due to the HIPS coming in. Strange coincidence that....

It's a funny one to call this time... People aren't generally struggling financially (so far) ,people with half decent credit ratings haven't felt the credit crunch yet and there's an awful lot of previously priced out, desperate wannabe FTBs out there waiting to snap up "bargains".

I think the FTBers will shoot their load at a 10% discount and not be able to help themsleves. Prices will rally for a little while, the "bulls" will gloat and say "I told you, I told you, I told you" and then the crash will really start. A bull trap.

Toto

I've got to be honest, but I'm in hertfordshire too and as much as I'd love to see prices coming down, they're not. Houses are still going on the market way overpriced and yes, quite a few are sticking and not selling but sellers just don't seem to want to drop in price. Property snake shows around 1% reduction but there are hardly any properties on there *sigh*

it's frustrating and I do hope in 6 months or so prices do start to become much more realistic.

mr.broderick

lynzpower wrote: »

my sister has dropped her price by 20k

my freind is about to drop by about 25 i think

They are good drops, they will alert the propertysnake groupies and it might generate some interest.
They were overvalued, good houses in good areas will always sell at market value, they have done the right thing, reduced and forced the issue.
I wish them luck.