£100,000 price drop!

lostinrates

I fel VERY contraversial posting in here! I'm not taking sides. :cool:

OK, so a property I love had a recent price drop of £100,000. It dropped another £100,000 in the last quarter of last year! Its now a cool £1million.

I really wish I were a millionaire so I could buy this house, here's the link!
http://www.rightmove.co.uk/viewdetails-7829115.rsp/svr/1005?pa_n=1&tr_t=buy

Oh and BTW, the details are slightly misleading because although the bit thats habitable was designed as a three bed it was BUILT as a one bed. It could be stunning when finished though.

m00m00

I've seen a few 6 figure drops on property bee

m00m00

from last weeks stats in SE1 (yes I've been slacking with this weeks)

Price changed: £1,100,000 to £975,000 -£125,000 -11.36%

Price changed: £1,250,000 to £1,150,000 -£100,000 -8.00%

lostinrates

Still, these big drops are on houses well out of my league anyway. *sigh*.

budget_counsellor_shaz

lostinrates wrote: »

I fel VERY contraversial posting in here! I'm not taking sides. :cool:

OK, so a property I love had a recent price drop of £100,000. It dropped another £100,000 in the last quarter of last year! Its now a cool £1million.

I really wish I were a millionaire so I could buy this house, here's the link!
http://www.rightmove.co.uk/viewdetails-7829115.rsp/svr/1005?pa_n=1&tr_t=buy

Oh and BTW, the details are slightly misleading because although the bit thats habitable was designed as a three bed it was BUILT as a one bed. It could be stunning when finished though.

My husband would love this too.......

especially as it comes with a cider farm :beer:

SouthCoast

I have just found a £75k drop in........................

Portsmouth.:rotfl:

merlinthehappypig

Huge drops in what were, lets be honest, hugely optimistic asking prices are not, in themselves, significant. It simply means that buyers are being less stupid and can't expect HPI to cover up rash financial decisions.

Over the last 6 months we have seen a number of very large price drops. The top house on here http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=WESTERN+LANE&locality=MINEHEAD&town=MINEHEAD&cCode=EW&year=All&house_style=All&house_age=All&search_radius=15&outcode=TA24&incode=8BZ&eastingToSearch=29650&northingToSearch=14630 was originally on at £649950 and sold for £499000. We had an offer of £560000 turned down last September (thank goodness).

This top house on this link http://www.nethouseprices.com/index.php?con=sold_prices_street_detail&street=999999&locality=HEMYOCK&town=CULLOMPTON&cCode=EW&year=All&house_style=All&house_age=All&search_radius=&outcode=EX15&incode=3PDwas also on at £649950 when we first viewed it and sold for £490000.

Both of these reductions are significantly greater percentages than the example quoted in the OP.

I'm not saying that prices aren't reducing - they are - simply that we shouldn't get carried away. When sellers have to take less than they paid, that's a different matter. We've only seen one of those so far, from an original sale in Spring last year and a new build. Obviously I'm not counting new BTL flats here - they are a totally different kettle of fish.

Elliesmum

You know it's a posh property when they state what private schools are available in the local area :rotfl:

Like it though................ esp the Cider Farm.

EM xx