How far will house prices fall [volume 4]
Discussion
Cardiff here. Lots of anicdotal evidence from friends buying and selling that things have really quietened down. A few reductions coming through on rightmove but mainly properties that were over priced over the summer. Personally I’m not sure what the reasoning is, could be fears for the economy but it could just as much be the 40k new homes promised to be built over the next few years in Cardiff. It surely must have an effect on price. The comments about 70’s 80’s and 90’s decor being top whack pricing is what we see all the time whilst browsing for the next home. So although I can’t really see myself in a new build property, I expect the prices to be realistic to what’s on offer. Currently the large sites are all in early stages. From what I can gather the first wave on a new site are the spacious detached 4 or 5 bedroom properties that seem high spec high price. Wether the smaller two and three beds will follow at better pricing I don’t really know. But you can’t really throw 1000 new build 3 bedders on a market the size of Cardiff and it not effect the price of a 1950’s ex council semi that hasn’t been touched since 1990.
mike74 said:
That BBC calculator is total s
te, even taking into account the adjustment for inflation.. houses are selling in my area for 2007+15% yet according to the BBC prices are 23% down in my postcode.
Ours is showing +64% which seems realistic but it also says Raynes Park is up by only 6.1%. Which is not. te, even taking into account the adjustment for inflation.. houses are selling in my area for 2007+15% yet according to the BBC prices are 23% down in my postcode. Currently looking at doer-uppers in Telford Park/Streatham Hill. Seemingly nothing moving because owners are utterly convinced that their house that hasn't had more than a lick of paint since 1985 and, realistically, is going to take north of £500k to bring up to a decent standard and £750k to make special is worth £2m.
Got an offer in on one at the moment where the vendor refuses to take it off the market and is deliberately slow-timing the transaction because they believe the mythical full asking price, no chain buyer is just round the corner. Lots of idiotic, big-boy "we're having very positive conversations with developers who are better placed than you to proceed, so we won't be rushed" type conversations.
Crack on then guys but, here's a thing, you've been on the market since August 2016 and I know at least one of the developers you've spoken to because he's a mate. I also know that his offer would best be described as 'a savage kick in the nuts'; about 40% off asking and conditional on securing a very sporty planning consent to extend the existing house and get another one in the garden
Got an offer in on one at the moment where the vendor refuses to take it off the market and is deliberately slow-timing the transaction because they believe the mythical full asking price, no chain buyer is just round the corner. Lots of idiotic, big-boy "we're having very positive conversations with developers who are better placed than you to proceed, so we won't be rushed" type conversations.
Crack on then guys but, here's a thing, you've been on the market since August 2016 and I know at least one of the developers you've spoken to because he's a mate. I also know that his offer would best be described as 'a savage kick in the nuts'; about 40% off asking and conditional on securing a very sporty planning consent to extend the existing house and get another one in the garden
lemmingjames said:
Thing in the evening standard yesterday about london prices crashing, one house slashed £1m off over a year(?)
I saw that too. The house they featured was a 1990's estate-type house that looked nothing special in Winchmore Hill.It has been reduced from £2m to £1m in about seven steps over the past two years.
It didn't look anything like a house that had ever been worth £2m to me, but I don't know the area.
At least the owner was fairly honest, his quote could have been paraphrased as 'I know I've been taking the p**s, but now I actually want to sell it.'
The issue is not that the market has locked up per se, even at that price point - well done, genuinely wanting for nothing houses in that area are moving even in the £3-5m mark.
The issue is lower quality/compromised/needing work properties with the owners in denial about what people will actually spend on a house that needs an immediate £500k spending on it
The issue is lower quality/compromised/needing work properties with the owners in denial about what people will actually spend on a house that needs an immediate £500k spending on it
I think the reality is that at the 3-5 £million mark (Esher/Oxshott/Cobham) the market is as flat as a pancake.
Of course there will be sales but they will be really few and far between regardless of condition.
Why?
To much uncertainty, too much choice, too few people selling in Chelsea and Kensington who want to re locate to "The country".
Of course there will be sales but they will be really few and far between regardless of condition.
Why?
To much uncertainty, too much choice, too few people selling in Chelsea and Kensington who want to re locate to "The country".
z4RRSchris said:
Next house on the list. search continues.
nice 2 bed cottage, good spot
bought £850k in June 14
was on for £1,050,000 earlier in the year
bought 2nd agent on in october and dropped to £1,000,000
new agent i know, owner would look at anything starting with a 9.
£99,950 ?nice 2 bed cottage, good spot
bought £850k in June 14
was on for £1,050,000 earlier in the year
bought 2nd agent on in october and dropped to £1,000,000
new agent i know, owner would look at anything starting with a 9.
Rovinghawk said:
I'm currently refurbing a place & think £75k will be a high quality job.
Accepting you're talking about London pricing, what on earth do you do that leads to the £350-500k figures I see here?
75k is a kitchen, and not a showstopper at that. Accepting you're talking about London pricing, what on earth do you do that leads to the £350-500k figures I see here?
Edited by Justayellowbadge on Tuesday 24th October 13:45
Rovinghawk said:
anonymous said:
[redacted]
I'm currently refurbing a place & think £75k will be a high quality job.Accepting you're talking about London pricing, what on earth do you do that leads to the £350-500k figures I see here?
That scale though is way outside the 'flip' zone, to do something like this you'll want to be living in it too, just wanting to max sale once you need to move.
Justayellowbadge said:
Rovinghawk said:
I'm currently refurbing a place & think £75k will be a high quality job.
Accepting you're talking about London pricing, what on earth do you do that leads to the £350-500k figures I see here?
75k is a kitchen, and not a showstopper at that. Accepting you're talking about London pricing, what on earth do you do that leads to the £350-500k figures I see here?
Edited by Justayellowbadge on Tuesday 24th October 13:45
anonymous said:
[redacted]
For every pound that goes into things that you can see (new kitchens & bathrooms/extensions/doors/windows) there is £2 going into things that you don't see. For example;New skirting boards to match - and I mean exactly match - the originals
Everything that is painted stripped back to wood/metal/plaster, filled, prepped and repainted to look indistinguishable from when new
Any period moulding our plasterwork replicated
Plaster repairs and new walls with lathe and plaster to match original so you don't wind up with a sizeable period house that looks like a Barratt box
And so it goes on...
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