First Propertybee results for my local area.

izzybusy23

tomstickland wrote: »

I've been looking every few days.
Tonight I've spotted some properties that have dropped 20% in asking price.
Just found a £25K drop on this:
http://www.rightmove.co.uk/viewdetails-20409146.rsp?pa_n=17&tr_t=buy

Price drops are very common in the few weeks I've been looking.

I am sure that place is literally around the corner from where I work, up from the docks.

If its where I am thinking then its right by a busy shopping island roundabout, near to where older terraces really flooded last year and by lots of LA housing. Not somewhere I would sink £100k into.

I can't get property bee... any chance you can have a look for the churchdown/longlevens area for me???

jamtart6

ive seen about 10 of the usual lot I scan go from £130'00 to "offers in the region £130'000"...its obviously the tactic to make people offer without reducing the asking price. thats in the last 2 weeks

jamescredmond

had a quick scoot around the EA's in market harboro', leics. yesterday and a good 25% showed falls of @5% (according to my dodgy maths) since march.

and it's a bit silly of the EA's to just slap the revised asking price stickers over the old ones - I can still see the originals!!!

Nenen

jamtart6 wrote: »

ive seen about 10 of the usual lot I scan go from £130'00 to "offers in the region £130'000"...its obviously the tactic to make people offer without reducing the asking price. thats in the last 2 weeks

A fairly common 'trick' in the area I've been watching is to market a property at £x and then, when it doesn't sell for several weeks/months, to change this to 'offers in excess of £x-5,000 .

Personally, if I didn't want to view a property priced at £x, I'd be even less likely to view it at 'offers in excess of £x-5000' ..... mainly due to the fact that I'd assume that when it was on for £x I could probably negotiate to £x-10,000 at least!

I really don't think that dropping a price by £5,000 on a property valued at between £220-£350,000 (even without the 'offers in excess of' ) is going to make one jot of difference to getting people through the door.... unless they were stupid enough to have put it on for £255,000!

jamtart6

offers in excess puts me off, offers in the region does sound more enticing !!

clobber_2

House we looked at twice was on for 255k. Decided against it (although it is a very very nice house) and it has now dropped to 250k. I can't see what this is going to achieve, drop of 2% to what is probaby the highest offer they would ever have got anyway.

Suppose it may make it onto the RM searches for those who put 250K as their maximum.

m00m00

250k is a stamp duty threshold

many people will cap their search at this level as a 250,001 property has an extra 5k in stamp duty to pay (7500 vs 2500)

clobber_2

Well that was kind of my point, actually - would never have considered paying 255k for anything, really, regardless of asking price.

Guess they are aiming to get more viewings.

jamtart6

I've been checking Property Bee for about 8-9 weeks and am monitoring approx. 150 properties from £160'000 to £65'0000 (mostly above £120k are the ones I am interested in).

The general pattern has been that if the sellers are holding out for a fast buck they will just reduced by £1000 here and there, or knock 3% off the property, so I've kind of disregarded these as I don't think they are significant enough to be in the HPC really, they are probably the same sort of reductions as would have happened when the market was increasing.


Good areas
Old 3 bed semi's were £170k have been dropping to £160k *
Newer 3 bed semis were £160k have been dropping to £150k*

* This pattern is occuring on at least 15% of the properties I've monitored

Pretty good areas
3 bed semi's that were £150k dropping to £145k so less of a drop but not as far to fall. This again seems to be probably general falls in prices

Houses that need modernising in any price range
These tend to drop £10k at a time, up to now the biggest reduction I've seen is £10k which is about 7%.....

what is really interesting though, and ok it might just be one example (I'll keep my eye out) is there is a house I've been to see which is dorma style, needs modernising (basically a 3 bed semi) which was up for £150k, now is £140k which is quite good when the more modernised houses in this area are still up for £150k.

A house has come on the market today (a 3 bed semi, same size as the dorma style) in the same road, has a decent kitchen, decent bathroom, same size as the other one, same garden etc. so only needs decorating not modernising PLUS has a conservatory and it has come on for £140k, whereas this type usually start at £150k. I'll be watching this one with interest. Edit: the 2 main differences are the first house has more sun in the garden, the second house has less sun and a conservatory, so overall the 2nd house is still better value!



Alternatively you could argue house prices are rising....:rotfl:what a bargain, its gone up from £90k to £99k
22nd May 2008

• Price changed: from '£90,950' to '£99,950'

11st May 2008

• Price changed: from '£93,950' to '£90,950'

5th May 2008

• Initial entry found.

merlinthehappypig

This is the largest single drop I have seen on Rightmove since using Propertybee - almost 17% - £480000 to £400000. Still very overpriced IMO.

http://www.rightmove.co.uk/viewdetails-20445128.rsp?pa_n=30&tr_t=buy