How far will house prices fall [volume 5]

[robbieduncan]

FocusRS3 said:

I think different price points here is the key.

Most in the S/E around the 1.5mln mark are hanging around for long periods where as in the S/E in similar areas the up to 1mln mark is shifting.

Downsizing is the name of the game

We managed to shift at a little over 1M (but below that 1.5M) mark but were lucky to find the perfect buyers who were highly motivated to complete the purchase. Other properties around where we used to live that listed at the same time and same level are still on the market with much larger reductions that we accepted (we listed at 1.25 and completed sale at 1.125)

[FocusRS3]

robbieduncan said:

We managed to shift at a little over 1M (but below that 1.5M) mark but were lucky to find the perfect buyers who were highly motivated to complete the purchase. Other properties around where we used to live that listed at the same time and same level are still on the market with much larger reductions that we accepted (we listed at 1.25 and completed sale at 1.125)

That sounds a result.

I've noticed again today properties in my old road being reduced again which tells me they have been unlikely to have had much foot traffic.

There are some that need to buy especially for continued financing reasons too but i think they are putting this back into cheaper properties and keeping the cheap borrowing

[anonymous-user]

p1stonhead said:

Yep 2013 and 2014 was absolutely INSANE round my way. Would often see people queuing out the door of ‘open days’ on the weekend and some went way over asking. Batst.

Agreed, I was looking at the end of 2013 and every property would be an open house inspection. Once you got inside you realised there were 25 other couples in the house all looking at each other and thinking the same thing "If we don't buy soon we are never going to be able to get anywhere". The estate agent would then stand in the middle of the front room and announce he had already had an asking price offer from someone who had not even seen it yet. Every house went to sealed bids.

I looked at a 2 bedroom house in Reading that was up for £230k and viewed it on the first day. As I left I told the agent I would offer the asking price and he said he would come back to me on Monday. Turns out three people had offered full asking that day so it was going to sealed bids. I offered £242k, got it but the sale subsequently fell through as I think the old lady selling got cold feet. Saw it for sale again a couple of years later for £100k more.

I am currently looking in Surbiton and it appears that people think flats have gone up £50k every year since 2013. They now believe that a 2 bedroom flat they paid £250k for in 2013 is currently worth £500k. Personally I am going to keep saving and maybe submit some cheeky offers next year once reality starts to hit the sellers.

[V6Alfisti]

okgo said:

I sold for 31% up on summer 2013 purchase, are people really losing out much if they bought then? I\d agree if you bought in last 3 years, but not 5...

This again comes down to areas, but the majority of the sub £1m stuff I was looking at in the North/West of London was selling at about its 2013/14 sold numbers.

I suspect if you bought in the south/east of the country in that same price bracket, then these are holding up a little more because they started from such a low point.

However there are nuances/very local specific factors that go against the above trends that I have articualted. As often said, some streets can be up and an adjacent street down.

Some sold values ...

Address: Flat 273, Lauderdale Mansions, Lauderdale Road,
London, W9 1LZ

21 Aug 2018 £1,400,000
06 Sep 2013 £1,375,000


Flat 4, 12 Sutherland Avenue,
London, W9 2HQ

20 Aug 2018 £425,000 -3.8% down with inflation accounted for
01 Feb 2013 £385,000

Address: Flat 9, Farthing Court, 33, Langstone Way,
London, NW7 1GQ

17 Aug 2018 £350,000 Just a 50k spread, over 10k years, down near 11% with inflation
06 Aug 2008 £300,000


Address: Flat 29, Elizabeth Court, 47, Milmans Street,
London, SW10 0DA

17 Aug 2018 £795,000 'Only' £95k up on 2010 numbers, near 10% down with inflation accounted for
05 Oct 2010 £700,000

Edited by V6Alfisti on Thursday 25th October 11:28

[Dindoit]

I've noticed this kind of thing happening more recently. https://www.rightmove.co.uk/property-for-sale/find...

Original bungalow sold for £400k in 2014 https://www.rightmove.co.uk/house-prices/detailMat...

[FocusRS3]

Dindoit said:

I've noticed this kind of thing happening more recently. https://www.rightmove.co.uk/property-for-sale/find...

Original bungalow sold for £400k in 2014 https://www.rightmove.co.uk/house-prices/detailMat...

Multi Agency i always feel is a bad move and stinks of desperation especially when every advert stated 'REDUCED'.

Race to the bottom......

[FocusRS3]

anonymous said:

[redacted]

Tonker, within 'your area' as you say are these reductions in properties around the 1.5mln mark ? are sub 1mln selling ?

[FocusRS3]

Dindoit said:

Bracknell (Warfield, hactually) isn't on the CR line. In fact it's one of the worst rail line options for a London commute with only a stopper which takes over an hour to get into town. However with people being priced out of the CR towns the effects have rippled out. The guy who bought our old place had come from Maidenhead having made a huge wedge on his place.

CR fully priced in now i think.

Shenfield which is the start of CR has seen house price reductions and lots for sale now.

There will always be demand there but some have tried to cash in on the CR effect

[muffinmenace]

FocusRS3 said:

Multi Agency i always feel is a bad move and stinks of desperation especially when every advert stated 'REDUCED'.

Race to the bottom......

[p1stonhead]

Lots of people in for rude awakenings as they will have spent way more on refurbs than the house can handle sale price wise and now won’t make it back.

‘Property development’ is easy when you think you’ll make half the money on a rising market and don’t really have to worry about the spend too much. It’s going to hurt.

[FocusRS3]

muffinmenace said:

Says it all

[kingston12]

p1stonhead said:

Lots of people in for rude awakenings as they will have spent way more on refurbs than the house can handle sale price wise and now won’t make it back.

‘Property development’ is easy when you think you’ll make half the money on a rising market and don’t really have to worry about the spend too much. It’s going to hurt.

Absolutely. The only people that can do it now are the semi-pros who can do most of the work themselves. If you have to hire a tradesman for more than small jobs, it is totally uneconomical now.

People have been paying astronomical rates for trades and, as you say, it has all been hidden in the 'profit' that has been made in a fast rising market.

[DaveCWK]

Dindoit said:

I've noticed this kind of thing happening more recently. https://www.rightmove.co.uk/property-for-sale/find...

Original bungalow sold for £400k in 2014 https://www.rightmove.co.uk/house-prices/detailMat...

Is squeezing the only bath in the house into a downstairs toilet yet giving all bedrooms an en-suite a thing now?

[FocusRS3]

This place took over 2yrs to sell and been mentioned on here before-

https://www.rightmove.co.uk/property-for-sale/prop...

Got reduced a fair bit too

[FocusRS3]

Some recent sales in my area-

https://www.rightmove.co.uk/property-for-sale/prop...

https://www.rightmove.co.uk/property-for-sale/prop...

https://www.rightmove.co.uk/property-for-sale/prop...

https://www.rightmove.co.uk/property-for-sale/prop...

https://www.rightmove.co.uk/property-for-sale/prop...

So some are shifting seemingly but taking a good while

[FocusRS3]

anonymous said:

[redacted]

Not clear on all of them but somewhere circa 5% under the asking worse case but then had already been reduced .

Good commuter belt so will always have demand

[NickCQ]

FocusRS3 said:

This place took over 2yrs to sell and been mentioned on here before-

https://www.rightmove.co.uk/property-for-sale/prop...

Got reduced a fair bit too

You'd have to really hate going outdoors to buy that for >£1 mm.
Tiny scrap of NW facing garden.

[emicen]

I can’t figure out how to get Rightmove to show me the previous listing prices, it just tells me on the app there’s been a reduction. Can anyone tell me what this was reduced from:

http://www.rightmove.co.uk/property-for-sale/prope...

[FocusRS3]

NickCQ said:

You'd have to really hate going outdoors to buy that for >£1 mm.
Tiny scrap of NW facing garden.

Yup and right on a bend so you get the full noise of traffic too plus the bend is partially blind. Not a winner in my book

Still he's finally got rid of it

[number2]

muffinmenace said:

How do you get the price change history?