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Original poster

Massive house price reduction

42 replies

Dustland · 26/08/2022 15:51

I’m looking at property in my area and one keeps coming up repeatedly. 4 bed detached, no garden to speak of, half of the garden is for parking and it’s set in what appears to be a car park for the surrounding houses. On a main road, phone box right in front of the house, tiny kitchen. The price has been reduced in big increments from 330k to 225k over the past 3 months or so. Does anybody else think that the huge drop in price looks a bit suspicious as in, apart from the obvious (no garden tiny kitchen) what’s wrong with it? (Lighthearted, I’m not thinking of buying it, just enjoy having a nose on rightmove)

OP posts:
Soapboxqueen · 26/08/2022 15:55

It could have been just massively overpriced to begin with (EA round us have been putting things on for silly money just to see what happens) or they might be utterly desperate to sell.

Or the hell mouth could be under the patio 🤷🏻

ChineAndWheeseParty · 26/08/2022 15:56

Sounds like it's a "one off(!)" and therefore difficult to price accurately in the first place.

And a house is worth what someone is willing to pay...so sounds like no-one was willing to pay what it was put on for to begin with!

Immaterialatthispoint · 26/08/2022 15:57

Either massively over priced, they are getting desperate, or someone has had a survey and it’s got shit loads wrong.

Itsnotthesameasitwas · 26/08/2022 15:58

Funny, I’ve been looking at houses the last couple of weeks and have been noticing reductions. There have been ones that sold on the same street for ££££ less than others have been listed for just a couple of months later.
Things were being snapped up in days at one point, then everyone put theirs up for sale but the market around here has slowed right down, and things are now just sitting unsold, hence the reductions.

Discovereads · 26/08/2022 15:59

There could be major works that need to be done, so it was over-priced and is now coming down. And/or the sellers could be in a hurry- usually it’s one of the big Ds that put sellers in a hurry- Death, Divorce, Disability, Debt

Original poster
Dustland · 26/08/2022 16:04

I think the original asking price was pretty much in line with other 4 bed detached in the area. I’m wondering if it’s more the tiny kitchen and barely there garden that people find off putting. I think after lockdowns people really value outside space? Knocking 1/3 off the original asking price is a hefty chunk though isn’t it!

OP posts:
20viona · 26/08/2022 16:07

Japanese knot weed?

CaroleFuckingBaskin · 26/08/2022 16:10

Link?

Original poster
Dustland · 26/08/2022 16:14

Ooo I know it’d be better with but I’d feel a bit of a meanie posting the link. It’s someone’s home after all, what if they’re on here and see it!!!!

OP posts:
blackberrybat · 26/08/2022 16:18

I have a relative who has quite an odd / undesirable house - big, but just a really strange shape and layout, no kerb appeal, badly decorated, weird plot and with not much usable outside space. The area also wasn't great. He decided to sell and also decided the house was worth £400k as that's what similar sized houses on a nearby estate were fetching. EA told him not a hope getting anywhere near that for it, but he was adamant that was what he'd get for it and told them to list it for that amount. Unsurprisingly he had no viewings at all in almost a year and refused to drop the price as apparently 'it just needed the right buyer to come along'. He gave up and stayed put in the end, but if he had had to move for some reason he would definitely had to have dropped at least £100k. The owners of your mystery house may have been similarly pigheaded when listing!

Eeksteek · 26/08/2022 16:20

House prices are going to stagnate for a long time, I reckon. I think we are past the peak now. I think it will be five years or so before we see any more house price growth, although I’m hopeful we won’t see a big drop.

Calmdown14 · 26/08/2022 16:22

There's one like this near me. On an awkward (non existent) plot basically in a car park.

It was bought for 90k, done up quickly and put up for £180k. Marketed as a four bed but the attic rooms have a slope that meets the floor so no idea how you walk round the bed!

If they had priced it realistically it might have sold but there's no way it will make that price. Now been reduced by 20k but while everything else is being snapped up, it's still sat.

I think that the floor space may technically justify the price tag but you can't compete with houses with gardens and space. It's the two bed (non family) market with a bonus attic and should have been marketed that way

Original poster
Dustland · 26/08/2022 16:30

Calmdown14 · 26/08/2022 16:22

There's one like this near me. On an awkward (non existent) plot basically in a car park.

It was bought for 90k, done up quickly and put up for £180k. Marketed as a four bed but the attic rooms have a slope that meets the floor so no idea how you walk round the bed!

If they had priced it realistically it might have sold but there's no way it will make that price. Now been reduced by 20k but while everything else is being snapped up, it's still sat.

I think that the floor space may technically justify the price tag but you can't compete with houses with gardens and space. It's the two bed (non family) market with a bonus attic and should have been marketed that way

This is what I’m thinking, people want gardens and space don’t they!

OP posts:
chillipenguin · 26/08/2022 16:31

Immaterialatthispoint · 26/08/2022 15:57

Either massively over priced, they are getting desperate, or someone has had a survey and it’s got shit loads wrong.

Yeah agree with this

LadyDanburysHat · 26/08/2022 16:35

I bought a 4 bed house with pretty much no garden a few months ago. We have some outside space, a deck area that is quite enough to relax and barbecue in without being work for us. However we have older kids. This house was on the market for 6 months before we bought it, as it is 4 doubles bedrooms and most people will be looking for a family home with garden for kids to go with it.

Caroffee · 26/08/2022 16:38

Where I live, people don't want gardens. They don't want the maintenance. There is a semi-rural estate where every large house with a large large garden is sold off when the owners die and several houses are built on the land. Four bedrooms with no gardens were recently completed and sold for £500k. Five bedrooms are on the market for £800k. All with no gardens. And this is the Midlands. Crazy.

sst1234 · 26/08/2022 16:39

How can anyone possibly say with any accuracy?

Unless you share a link.

Pu4o8 · 26/08/2022 16:44

On my street weve had two houses next door from each other that went up for sale in the last few months. House B was realistically priced, sold within a week and they are moving out next month.

House A proportions are a lot smaller but they tried to obtain a similar price. It’s still on sale 3 months later and doesn’t seem to be getting any viewings despite their being a flurry in the first week. If they’d have priced it appropriate I’m sure it would have been snapped up but now three months later the market in our area is at a standstill.

I think when people are greedy it can often be their downfall and if they’d have initially priced it cheaper they would have had a better chance of multiple bidders pushing the price up.

This family have put a deposit down on a new build so will realistically have to drop their price considerable to avoid having to avoid loosing their deposit and next home

Arbesque · 26/08/2022 16:45

House prices here on Ireland are expected to start levelling off soon, but not to drop.

I have a friend selling a house at the moment and a couple of buyers have said they love the house but are waiting for prices to drop. I think they'll be waiting and renting for a while.

Maramo · 26/08/2022 16:45

Eeksteek · 26/08/2022 16:20

House prices are going to stagnate for a long time, I reckon. I think we are past the peak now. I think it will be five years or so before we see any more house price growth, although I’m hopeful we won’t see a big drop.

What makes you think prices won't fall? Just curious what your thinking is?

Redqueenheart · 26/08/2022 16:47

I was also looking at Rightmove today and noticed that there is a noticeable increase in properties being reduced. I think that makes sense in the current financial climate.

Usually they seem to have been over-priced at the start and might have something off-putting that is failing to attract many buyers.

You identified a small garden, small kitchen and the fact that the house is near a car park so that would be enough to put people off and the seller might now be in need of selling quickly.

PerfectlyPreservedQuagaarWarrior · 26/08/2022 16:47

Hard to say without context. There could be something wrong with the house. It could've been overpriced to begin with. They could be anticipating a general fall in prices given the looming economic crisis and want to prioritise getting it sold as soon as they can over possibly holding out for a higher number. It doesn't sound like a very attractive property, but then there are some places where it would still be a steal.

LeuvenMan · 26/08/2022 16:49

Has the current owner gone into long term care and the council are selling it to cover care costs?
Allegedly local authorities just try to cover care costs......
Property near us was on for £425k a few years ago and ended up being sold for £275 according to Mouseprice (elderly owner had been admitted to a care home)

Skiphopbump · 26/08/2022 16:50

It sounds as if there are too many compromises
-small garden
-tiny kitchen
-main road
-next to car park for the surrounding houses
-? overlooked by the surrounding houses

girlmom21 · 26/08/2022 16:53

They need to sell and since lockdown everyone wants a garden