pslewis

Take a look here, sadly (due to complaints by Estate Agents) the site isn't the cracker it was ..... but, it lists houses which have had to drop their prices on the Market.

Estate Agents hated it as they were shown to be idiots, or simply greedy, when placing a Property on the Market for the first time ..... so, they have hit the site with complaints - however, keep it in your favourites and refer to it now and again as the list builds up

property snake -- home -- find falling house prices in your area

The Snug Rhino

Average house prices rose last month...my folks put theirs on the market 4 weeks ago and have just sold at £6k over asking price (only 1% extra, but still nice)

If i posted a list of all the people that died last week in the UK it wouldn't suggest we were facing extinction!

Abdabz

It seems every house in my postal area has been on the market for exactly 39 days and have already reduced by 2-4%. When I click on the detail there is no more detail... An actual address would be good.
The house I am in the process of buying has been on the market for some time and has been reduced but isnt on there...
It is a good idea, but needs a shedload of development... I'll keep an eye on it though... Good effort Pete

fast bloke

08 Jul 2007 First day listed (price £469,950)
12 Jul 2007 Price changed from £469,950 to £329,950
14 Jul 2007 Price changed from £469,950 to £329,950

Wow - that was on the market a long time before they dropped the price. But there is absolutely no chance that the original listing price was a mistake or a typo

and

08 Jul 2007 First day listed (price £219,950)
11 Jul 2007 Price changed from £219,950 to £155,000

and

06 Aug 2007 First day listed (price £850,000)
13 Aug 2007 Price changed from £850,000 to £600,000

and

08 Jul 2007 First day listed (price £119,950)
10 Jul 2007 Price changed from £119,950 to £85,000


Tell me this Pete - If you were selling a house and it hadn't sold for the asking price within 2 days - would you consider dropping the price by 30%?

richardg

wot no SIAL police yet?
property snake is a useful site but it is also worth noting that "property prices" are not always determined by agents. it's usually the sellers that tell the agent what to market their house for.

it is also worth noting that prices are not the same as values

richardg

isn't "work experience" a wonderful thing

Petem95

I think the subprime meltdown will be seen as the trigger for the housing crash this time, however it wont become evident for at least 6 months to a year.

Shares in lenders are tanking - Northern Rock are down over 40% in the last few months, as they and other lenders are struggling to raise money for new loans.

The market wants nothing to do with debt right now, so if the mortgage lenders cant get their hands on the money to lend the punters (and if they can it will be with higher rates and a MUCH stricter lending criteria) then what do you think the effect on HUGELY inflated house prices in countries like the US, Ireland, Spain, UK etc?

Sub-prime crisis engulfs 'jumbo' lenders - Telegraph

pslewis

This may just be the REAL Price Collapse that has been predicted for a couple of years .......

Shark Man

The time is drawing near to buy

Need the banks/lenders to get a bit more shakey first and start calling on their loans.

pslewis

It takes a long time for the Property Market to hit bottom ...... in recent memory it started in 1989 and only recovered in 1994.

The bottom of the housing market will be in 2010 IMO.

Now is NOT the time to buy a property!!

fast bloke

I'm sure I remember you forecasting the bottom to drop out of the property market in 2001 and take until 2007/2008 to recover

Devildog

Its only the lenders who securitise their own lending that are facing problems though.

Lenders like Northern Rock have no reeal retail banking, and thus don't have billions in deposits to lend.

All that will most likely happen is that the clearing banks and deposit rich lenders will take a chunk of that market. It may not be quite as cheap, but it will still be available.

Before the sub prime collapse happened I could get cheaper money from my own bank than I could by shopping around with the volume lenders.

Interestingly, Northern Rock have one of the lowest default rates of anyone.

Go figure...

Devildog

I'd also add that this is probably one more of Petes "trolling" posts anyway.

The site (arguably useless for for scotland, where due to the commonly used "offers over" system, the published price bears no resemblance to the actual selling prices) lists 73 price drops in Scotland.

Out of what, 10,000 houses for sale?

You'd see that regardless due to location, condition and over expectation.

Not even close to "evidence" that the prices are dropping currently.

Pete, you are becoming somewhat tiresome.

fatherpierre

6 properties listed for my area.

All have have been reduced by a jaw dropping 0% recently.

The Rig

iTrader: (13)

wo wo wo !

their info cannot be taken too truthfully.

my house in is there,now sold, but it says price listed on 9th july for xx amount then droped 10th july to the price it sold for, it was 5 weeks later we dropped the price,so dates are wront,but info is slightly accurate,it doesnt list it as sold even tho it has been for 4 weeks now either.

StickyMicky

searched our postcode and got the property next door to my parents house, which has indeed just dropped in value, so it looks a winner LOL

richardg

dropped in "price" micky, not necessarily in value. it's value may or may not when the property went on the market, the same as the current asking price, but the vendors could just have by trying their luck

StickyMicky

its been on the market for a very long time now, and was nearly sold, but the "chain" was broken, so it ended up back on the market, i find it funny that my dad thinks his house is worth 230k when the one next door is now up for 185k and still not selling