How far will house prices fall [volume 5]

[princeperch]

I saw one developer out in Hertfordshire is offering some incentives which would indicate desperation at worst , or at best that they are slightly worried..


Fantastic incentives: Mortgage paid for 6 months** + Legal fees paid* or £5,000 John Lewis voucher

https://www.rightmove.co.uk/new-homes-for-sale/pro...

[V6Alfisti]

princeperch said:

I saw one developer out in Hertfordshire is offering some incentives which would indicate desperation at worst , or at best that they are slightly worried..


Fantastic incentives: Mortgage paid for 6 months** + Legal fees paid* or £5,000 John Lewis voucher

https://www.rightmove.co.uk/new-homes-for-sale/pro...

Surprise surprise, anything to avoid actually dropping the price. No doubt legal fees paid if you go via their 'recommended' team, so an extra hidden sting in the tail.

[FocusRS3]

I'm seeing a lot of 'shared ownership for the over 60's' now being advertised.

I guess its a move to release equity fast.

Haven't seen any sales on these properties yet and they are private sales

[loafer123]

V6Alfisti said:

Surprise surprise, anything to avoid actually dropping the price. No doubt legal fees paid if you go via their 'recommended' team, so an extra hidden sting in the tail.

A good friend of mine bought a new house in Edinburgh and got a £50,000 furniture allowance from the developer so they could avoid dropping the headline price.

[JerryDXB]

princeperch said:

I saw one developer out in Hertfordshire is offering some incentives which would indicate desperation at worst , or at best that they are slightly worried..


Fantastic incentives: Mortgage paid for 6 months** + Legal fees paid* or £5,000 John Lewis voucher

https://www.rightmove.co.uk/new-homes-for-sale/pro...

That (the 5k voucher) is less than 1% of the advertised price, not exactly a fantastic incentive. Mortgage paid plus legal fees may be slightly more but still not a fantastic incentive.

[V6Alfisti]

loafer123 said:

A good friend of mine bought a new house in Edinburgh and got a £50,000 furniture allowance from the developer so they could avoid dropping the headline price.

Definitely seeing more "motivation" in the market to do deals (after some pretty eye watering drops of £150-200k on property types/areas I was looking at), I saw a place two weeks ago (4 bed detached, large driveway, decent garden and the right kind of neighbours, but the inside needed a complete refresh and the road whilst nice in itself was a bit further from our preferred area).

Clearly the estate agent thought the seller was unrealistic in their expectation and asked us if we wanted to make an offer (no offer too low) as they no doubt wanted to give the seller a kick !. This was on a place listed at £950k, I probably would have gone £780-800k if I really wanted it.

Oh and the other place I made an offer on, its still on the market .... nearing 7 or so months now (from memory).

Other more desirable places like Beckenham have taken a hair cut but the £1m detached properties are still selling, places like Chelsea/Fulham that have dropped £100-150k from peak to now on what are now £530k type flats (down from £650kish).

We went back through a glitch of thinking "why not just get a 70sqm+ flat in London, as we are still in our 30's e.t.c" but reality is I want garage space, detached place with space, decent garden/road, with a quick commute into Farringdon/Blackfriars. Then there is service charges, leases, noisy neighbours e.t.c

So still on the house hunt, but with really the only limitation being somewhere south/south west of London (due to family who live in the west, and other family that live near reigate and work that often takes me to Bristol) with a roughly max 45 min commute in (and preferably within zone 6 to avoid paying £25 a day to get in!)....its taking 'some' time to narrow this down but we are getting through it.

[kiethton]

V6Alfisti said:

Other more desirable places like Beckenham have taken a hair cut but the £1m detached properties are still selling

Beckenham is my area, I agree, however unfortunately I'm in a flat.....which are not....

Thankfully not looking to move for another 18m or so but I hope the market comes back!

[Saleen836]

Saleen836 said:

Saleen836 said:

This place was up for £400k September last year when I posted it in here, sellers must have realised it wasn't worth the asking price so have now dropped it 15%
https://www.rightmove.co.uk/property-for-sale/prop...

Obviously had no interest at the reduced price of £340k with Express Estate Agency (above link)
So the answer is de-list it with them and re-list it with a previous agency for a higher price!
https://www.rightmove.co.uk/property-for-sale/prop...

Spotted a 'Sold' sign on this one when I drove home earlier today, be interesting to know the sold price knowing its advertising history and how long it has been on the market

[ben5575]

Bellway turnover up 8.6% to £3.2bn from £2.96bn, profit up from £641m to £662m. Completions at 10,892, up 5.7% from 10,307.

[anonymous-user]

ben5575 said:

Bellway turnover up 8.6% to £3.2bn from £2.96bn, profit up from £641m to £662m. Completions at 10,892, up 5.7% from 10,307.

So profit up 3.3% implying a lower margin?

[Derek Chevalier]

Blast from the past

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

https://www.dailymail.co.uk/property/article-20159...

[p1stonhead]

Derek Chevalier said:

Blast from the past

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

https://www.dailymail.co.uk/property/article-20159...

Lots of people can afford them. I was there just this morning visiting a client. I know two big ones went for pretty ok money in the last 6 months. But it’s not an easy market.

But the hill is crowded. It’s not a market to get into if you want to make big profits.

Ravenridge is actually not bad value now considering the plot. It has some of the best views of the lot but it’s not done to the quality level of others by a long shot. Structural columns breaking up a pool hall is a big no no.

Do like the headline though. No house has ever sold for £26m on SGH or even gone up for that much. Record is £22m I believe in 2018. May have been a tad less but I remember the hubbub when £20m was broken.

Woodlawn
https://www.julianbicknell.co.uk/view-woodlawn_stg...

Edited by p1stonhead on Thursday 7th November 18:46

[Derek Chevalier]

p1stonhead said:

Derek Chevalier said:

Blast from the past

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

https://www.dailymail.co.uk/property/article-20159...

Lots of people can afford them. I was there just this morning visiting a client. I know two big ones went for pretty ok money in the last 6 months. But it’s not an easy market.

But the hill is crowded. It’s not a market to get into if you want to make big profits.

Ravenridge is actually not bad value now considering the plot. It has some of the best views of the lot but it’s not done to the quality level of others by a long shot. Structural columns breaking up a pool hall is a big no no.

Do like the headline though. No house has ever sold for £26m on SGH or even gone up for that much. Record is £22m I believe in 2018. May have been a tad less but I remember the hubbub when £20m was broken.

Woodlawn
https://www.julianbicknell.co.uk/view-woodlawn_stg...

Edited by p1stonhead on Thursday 7th November 18:46

Yes, great view - I had a nose around back when it was first launched as my old neighbour was involved in the build. I'm not sure they ever sold them.

Interesting you mention the quality - I recall some of the steps leading down to the garden were loose which was surprising considering how new it was.

[Bussolini]

We made an offer on a small house in SE London as FTB. At least four offers in the first week and it has went to a closing date tomorrow! Thought the market was meant to be slow...

[tannhauser]

Derek Chevalier said:

Blast from the past

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

https://www.dailymail.co.uk/property/article-20159...

Eight million?!

Only six bedrooms and they CBA taking any more than 14 photos? WTF!

A rather vulgar, and disgusting house. Cold, soulless and completely devoid of character. Ahm oot!

[menousername]

Bussolini said:

We made an offer on a small house in SE London as FTB. At least four offers in the first week and it has went to a closing date tomorrow! Thought the market was meant to be slow...

Is it well priced? Are the offers below asking?

SE here - looking at buying. Most are overpriced by optimistic vendors / agents and are just not selling.

Put in some strong offers on a few and vendors / agents refuse to budge even a bit, and so it just sits unsold.

Have noticed some getting relisted as if new to market. Occasionally a 5k reduction dressed us as a new listing or reduced asking price. Most need a lot of work too.

[Thankyou4calling]

Bussolini said:

We made an offer on a small house in SE London as FTB. At least four offers in the first week and it has went to a closing date tomorrow! Thought the market was meant to be slow...

How do you know it’s had four offers? If the agent told you I’d take that with a cellar of salt.

[kingston12]

tannhauser said:

Eight million?!

Only six bedrooms and they CBA taking any more than 14 photos? WTF!

A rather vulgar, and disgusting house. Cold, soulless and completely devoid of character. Ahm oot!

Erm, it’s St George’s Hill. That’s rather the idea...

[Bussolini]

Thankyou4calling said:

Bussolini said:

We made an offer on a small house in SE London as FTB. At least four offers in the first week and it has went to a closing date tomorrow! Thought the market was meant to be slow...

How do you know it’s had four offers? If the agent told you I’d take that with a cellar of salt.

Agent told me, could be lying sure, though it is quite an elaborate ruse if so as we increased our offer and it is still going to a final offers closing date tomorrow only a week after it went on the market.

Edited by Bussolini on Thursday 7th November 21:15

[Bussolini]

menousername said:

Bussolini said:

We made an offer on a small house in SE London as FTB. At least four offers in the first week and it has went to a closing date tomorrow! Thought the market was meant to be slow...

Is it well priced? Are the offers below asking?

SE here - looking at buying. Most are overpriced by optimistic vendors / agents and are just not selling.

Put in some strong offers on a few and vendors / agents refuse to budge even a bit, and so it just sits unsold.

Have noticed some getting relisted as if new to market. Occasionally a 5k reduction dressed us as a new listing or reduced asking price. Most need a lot of work too.

No idea what the other offers are (or if they are made up) but my current offer is above asking price (and has yet to be accepted). I am not sure it is particularly well-priced, and it is in between a pub and a convenience store on a busy road with poor transport links so not the most desirable location, but it is immaculate inside (clearly had a lot of love spent on it recently) compared to most houses in the area which are in desperate need of modernisation. As you say, most need a lot of work, this needs zero.