How far will house prices fall [volume 4]

[V6Alfisti]

Hitch said:

Builders and banks taking a kicking on the markets today.

Talk about a kicking !

Berkley Group was down 20+ % on Friday and has today fallen another 11%, let alone Barratts which has dropped from 570p to 370p
Foxtons was 30% down on Friday, and another 22% right now
Barclays and RBS fell so quickly today that trading was suspended

[walm]

Hitch said:

Fair cop! Seems a very specific kicking though.

100% UK consumer exposed with leverage - (both operating and financial) - BOOM!

Whereas say, AZN is mostly selling to USD with some nice GBP costs. No probs...

It's specific because there are specific changes going on.

[NomduJour]

anonymous said:

[redacted]

Maybe just me, but I'd be sticking an offer like that in anyway if I was seriously interested and something had been on the market for a bit.

[walm]

NomduJour said:

anonymous said:

[redacted]

Maybe just me, but I'd be sticking an offer like that in anyway if I was seriously interested and something had been on the market for a bit.

Or you could read a bit and notice he is selling!!

[V6Alfisti]

walm said:

Or you could read a bit and notice he is selling!!

I may be wrong but I think he is saying if he was a potential buyer, then he would be looking to offer 18-20% off, thus it matches the view of the poster/seller that the figure is about right.

[walm]

V6Alfisti said:

walm said:

Or you could read a bit and notice he is selling!!

I may be wrong but I think he is saying if he was a potential buyer, then he would be looking to offer 18-20% off, thus it matches the view of the poster/seller that the figure is about right.

Ah OK. Sorry.

[okgo]

Could be looking at half price by the time someone has lowballed you on your new price then

[Thankyou4calling]

I was looking in Tonkers area on Saturday (I don't think his castle though) and the first thing the agent asked was why I'm looking now as if to say nobody else much was.

[okgo]

Thankyou4calling said:

I was looking in Tonkers area on Saturday (I don't think his castle though) and the first thing the agent asked was why I'm looking now as if to say nobody else much was.

A mate of mine runs an agent in the village in question, he's not reported anything untoward yet.

[walm]

okgo said:

A mate of mine runs an agent in the village in question, he's not reported anything untoward yet.

He's too busy making sure existing chains don't fall apart.

[V6Alfisti]

Just had a call from the developer for the plot I reserved, lets just say the price is laughably high and I think the lady calling felt a little ashamed.

The asking price definitely won't be paid and we are mulling over a flat refusal/more realistic price to offer in return that reflects the current risks.

[Al U]

Just to give an update on our position. We are going ahead with our purchase, we have thought long and hard about pulling out and decided we would be happier carrying on with the purchase than not.

[z4RRSchris]

Had lunch with some agents, lots of deals falling out.

The American guy on the table next to us went to Woking yesterday to spec his 675LT spider .... Lucky bd

[Sheepshanks]

anonymous said:

[redacted]

Shouldn't the agent be screening those out?

I don't know your house other than what you've written about it on here, but does the tech stuff put people off?

[Burwood]

z4RRSchris said:

Had lunch with some agents, lots of deals falling out.

The American guy on the table next to us went to Woking yesterday to spec his 675LT spider .... Lucky bd

And a good friend, partner at a firm who does a lot of conveyancing. One first time buyer pulled out. How would I know it would be a newbie buyer. Fair enough though, it's their decision. I'm not interested in new build central london, I'd never buy such a thing. I'm more traditional but happy to go on record that the index will show no sign of negative over brexit. Interest rates are likely to fall as well.

[V6Alfisti]

thelittleegg said:

I got my Rightmove property alert this morning, it normally has 1 - 2 properties on it. Today there were three and all of them were price reductions.

Slow changes, but something is happening from my searches as well.

Seems like a doubling up of the usual £20-25k discounts. One just before the referendum and one after.

[okgo]

Those agents must be rare.

All the ones round me just take the property off and re-list it as new with another price rather than reducing.

[Matt p]

okgo said:

Those agents must be rare.

All the ones round me just take the property off and re-list it as new with another price rather than reducing.

The second point describes exactly my local Connells branch. Utter wkers.

[V6Alfisti]

okgo said:

Those agents must be rare.

All the ones round me just take the property off and re-list it as new with another price rather than reducing.

There are quite a few that are, but I must admit I haven't specifically looked at agent's that do or don't.

Ha yes, I have seen that as well (i.e pull and relist).

Interestingly of my tracked shares (mainly banks and property related), it seems like today the banks are levelling off/climbing very slightly.

Whilst property related shares have dropped again, Foxtons dropping as far as 97p and now around 98p down from around 175p pre-brexit. Markets do of course fluctuate, but interesting to see they haven't followed the banks small gains of the days.

I am guessing most people use Property Bee to see/track changes to individual properties on rightmove? http://www.property-bee.com/

Edited by V6Alfisti on Tuesday 28th June 10:57

[Mark Benson]

V6Alfisti said:

Whilst property related shares have dropped again, Foxtons dropping as far as 97p and now around 98p down from around 175p pre-brexit. Markets do of course fluctuate, but interesting to see they haven't followed the banks small gains of the days.

I suspect that's probably just a reflection of the different environments those businesses operate in. Both are subject to sentiment, but houses aren't bought or sold in hours or even days usually.