How far will house prices fall [volume 4]

How far will house prices fall [volume 4]

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GlenMH

Original Poster:

4,947 posts

207 months

Wednesday 7th November 2012
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spikeyhead

12,364 posts

161 months

Wednesday 7th November 2012
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23.8%

jonny70

1,268 posts

122 months

Wednesday 7th November 2012
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how far will they fall by the time we get to page 500?

Lotusevoraboy

937 posts

111 months

Wednesday 7th November 2012
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They've stopped and are on their way back up. End of thread.

Fer

7,496 posts

244 months

Wednesday 7th November 2012
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In on the first page, and can I just say I haven't a clue, but wtf, I needed somewhere to live, anyway.

groak

3,254 posts

143 months

Thursday 8th November 2012
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Lotusevoraboy said:
They've stopped and are on their way back up. End of thread.
Don't agree. Every time a 'BMV' property is bought, a new low benchmark of MV price gets set. ie today's 'BMV' sets tomorrow's 'MV'. If you read many a PH thread there's no end of BMV buying going on or being contemplated or being advised, and personally I'm finding it easier and easier to get cheaper and cheaper property on all quality levels.

The jiffle king

6,064 posts

222 months

Thursday 8th November 2012
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I´m currently looking at a property which is on for around 600k. It´s been on for 9 months and to me is over-priced and 30 people have looked at it and said it´s overpriced. It´s just gone on with another agent at 660k. So for 9 months it did not sell at 600k, so they increase the price!! This property was last sold 25 years ago, so no idea on increase, but incredible to think peopel still don´t get the market.

People seem to be staying put at the minute where I live with large increases in asking prices and very small/stagnant changes in actual selling prices

Where will it go? I think prices will bumble along for a few years

Pork

9,452 posts

198 months

Thursday 8th November 2012
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Lotusevoraboy said:
They've stopped and are on their way back up. End of thread.
hehe

tonker

60,653 posts

212 months

Thursday 8th November 2012
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The jiffle king said:
I´m currently looking at a property which is on for around 600k. It´s been on for 9 months and to me is over-priced and 30 people have looked at it and said it´s overpriced. It´s just gone on with another agent at 660k. So for 9 months it did not sell at 600k, so they increase the price!! This property was last sold 25 years ago, so no idea on increase, but incredible to think peopel still don´t get the market.

People seem to be staying put at the minute where I live with large increases in asking prices and very small/stagnant changes in actual selling prices

Where will it go? I think prices will bumble along for a few years
I presume you have £499,999 in your head....

jonny70

1,268 posts

122 months

Thursday 8th November 2012
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The jiffle king said:
I´m currently looking at a property which is on for around 600k. It´s been on for 9 months and to me is over-priced and 30 people have looked at it and said it´s overpriced. It´s just gone on with another agent at 660k. So for 9 months it did not sell at 600k, so they increase the price!! This property was last sold 25 years ago, so no idea on increase, but incredible to think peopel still don´t get the market.

People seem to be staying put at the minute where I live with large increases in asking prices and very small/stagnant changes in actual selling prices

Where will it go? I think prices will bumble along for a few years
I don't get why it has gone priced higher nwhats the logic if it doesn't sell at x nit for sure isn't gona sell for x+10 percent of x.

What's the logic?

That they will factor in giving a discount of 10 percent hence the higher asking price.

Though wouldn't it be the same people looking at the house so that logic doesn't work as they will see it taken off the market and put on with a different agent at a higher price so ? I'm confused as people will know so it won't result in higher price.

At the end of the day you can holld of the sale till you get what you want however evenitably you will have to sell it , and it will sell for what its worth rather than the sellers inflated perception of what its worth , seems the next 5 years will bring a lot of people back to relity.

Deva Link

26,934 posts

209 months

Thursday 8th November 2012
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jonny70 said:
I don't get why it has gone priced higher nwhats the logic if it doesn't sell at x nit for sure isn't gona sell for x+10 percent of x.

What's the logic?
Wild guess, especially if it's correct that 30 people have looked at it; they're sending a message to people not to make low offers. Perhaps they're hoping that people will think they missed it at £600K so they'll come back and beg to be allowed to buy the house.

Digga

32,754 posts

247 months

Thursday 8th November 2012
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tonker said:
The jiffle king said:
I´m currently looking at a property which is on for around 600k. It´s been on for 9 months and to me is over-priced...
I presume you have £499,999 in your head....
FWIW and judging from local examples of (what I beleive are) overpriced listings, some of which I posted on the previous volume [in on the first page... biggrin ] tonk's rough rule of thumb looks about right.

essayer

7,075 posts

158 months

Thursday 8th November 2012
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Granny-special 3 bed bungalow near me ..

sold 11/07/12 for £270k
done up in about a week
sold 31/10/12 for £390k (based on the Rightmove asking price)

clearly the Hertfordshire property market is doing well !


Edited by essayer on Thursday 8th November 11:55

alfaman

6,354 posts

198 months

Thursday 8th November 2012
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essayer said:
Granny-special 3 bed bungalow near me ..

sold 11/07/12 for £270k
done up in about a week
sold 31/10/12 for £390k {asking price}

clearly the Hertfordshire property market is doing well !
bargain probate sale with some time pressure to cash in ?

Deva Link

26,934 posts

209 months

Thursday 8th November 2012
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essayer said:
clearly the Hertfordshire property market is doing well !
It must be - my Son-In-Law tried to do that in the NorthWest and only just got his money back. In my opinion he did the refurb all wrong though - internally it looked like an executive apartment which probably terrified all the Grannies who came to see it.

essayer

7,075 posts

158 months

Thursday 8th November 2012
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alfaman said:
bargain probate sale with some time pressure to cash in ?
It must have been, I walked past that house every day and it was near abandoned, blocked from view by a huge overgrown garden. Then a team of builders came in and completely blitzed it in a week, and just as they were laying the drive the sold sign went up and someone had moved in. I hadn't even seen it go on Rightmove..




Deva Link

26,934 posts

209 months

Thursday 8th November 2012
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alfaman said:
bargain probate sale with some time pressure to cash in ?
If it was then somebody messed up with the valuations.

My wife's late Godparents bungalow which was basically untouched since it was built in the mid-50's sold last year. I was gobsmacked by how hight the valuation was and the EA held an open day which was apparently pandemonium. It sold for full asking price, about 15% less than other similar properties where sitting unsold for.

Similar happened with an almost derelict (roof fallen in etc) semi-detached bunglaow in our village - sold at auction for £166K. In good nick it wouldn't break £200K.


essayer said:
sold 31/10/12 for £390k {asking price}
That was only a few days ago - are you sure the info is accurate?



Edited by Deva Link on Thursday 8th November 11:10

essayer

7,075 posts

158 months

Thursday 8th November 2012
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Yes, as far that it sold and someone moved in; it will be interesting to see what it actually sold for.
But I guess bungalows aren't a normal market.

The jiffle king

6,064 posts

222 months

Thursday 8th November 2012
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Digga said:
tonker said:
The jiffle king said:
I´m currently looking at a property which is on for around 600k. It´s been on for 9 months and to me is over-priced...
I presume you have £499,999 in your head....
FWIW and judging from local examples of (what I beleive are) overpriced listings, some of which I posted on the previous volume [in on the first page... biggrin ] tonk's rough rule of thumb looks about right.
Yes I have that in my head, but I said that I would not offer as I did not want to insult them. They came back with... give us an offer anyway and I said 450..... they rejected this and are thinking on their next steps.....

Why 660? no idea, just crazy thinking, but we´ll see where this pans out to

alfaman

6,354 posts

198 months

Thursday 8th November 2012
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Deva Link said:
essayer said:
clearly the Hertfordshire property market is doing well !
It must be - my Son-In-Law tried to do that in the NorthWest and only just got his money back. In my opinion he did the refurb all wrong though - internally it looked like an executive apartment which probably terrified all the Grannies who came to see it.
maybe there is a market for time-warp refurbs then... looks like 1970s but brand new fit out complete with swirly carpet smile
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