House price crash new website tracking house price drops

[sarkin]

This website www.propertysnake.co.uk/is tracking all property prices and the amount they have dropped by. Looks like property does not always go up, but then we knew that any way.

Do they actually record homes that increase in value or would that just mean less panicking for homeowners?! IN my area they say prices are going down only (by about 6%) but we always check out local houses for sale and moved recently and most of them seem to have increased in price.

Not convinced that site is particularly balanced, but either way I am sitting pretty and LMAO because our house has doubled in value in 6 years.

That website is only showing property for sale that has had the asking price reduced. It doesn't indicated anything much about the market, just that the properties were marketed at too high an asking price. The value of the property hasn't necessarily changed, just the asking price.

Thats right the asking prices are droping, which is how halifax and nationwide calculate house prices. If you look at some of the drops they are upto 35% and you can see where sellers have droped thier price more than once. As for Value do you think your property represents value for money Bran?

Was thinking about this on the way home....[saddo alert]

It makes no allowances for the people next door who sold their house for £15k over the asking price in 24 hours. Or for that matter the house that was sold five doors up, when the purchaser had only just seen the house on the web.

I don't find it a very balanced site. It is just scaremongering by only putting the price DROPS on, but not price rises. It also only shows the prices people have houses on the market for and not what they are eventually sold for, nor what they were bought for originally.

In my postcode area only 30 houses are on there with price drops. This is a very small percentage of the houses actually on the market over previous months. None of the rises are there, and I know for definite that where I am house prices have gone up and are contuing to do so. This is not reflected on that site.

The current house market is also skewed at present, because of the whole HIPs thing - lots of people putting house on market prior to June 1st to avoid it. Now they ahve changed that date, this falso market will contiue a little longer.

Unconvinced. A lot listed had either been aroudn a while , were overinflated initially or brand new and just indicative entries of several plots available so price went up and down . Trend definitely still upwards here.

I am convinced tbh.Interest rates will probably rise again so it is having an effect.But many over priced to start with We have just reduced ours to try and shift it

and agree it is a small representation of the current market - 170 entries compared to 520 on Rightmove.

Bree - or the parents who sold to their dd at a reduced price.

170 out of 520 is a third.

but which also means over 2/3 are selling with no price drop at all and as I mentioned below the 170 includes those skewed as newbuilds, genuinely overpriced for their location and odd initial price points (ie down to 299k from 310k).

Liz - how did you work out how many were for sale via Rightmove? Just keeps saying over 100 for most parameters I put in.

JoolsToo

You are such a good mummy and she loves you for it.

LGJ

If you click on "more properties" at the bottom of the page in blue it shows the page numbers in batches of 10 so you click it until you run out. It shows 10 per page (last one possibly less) !

that's who you are!

Ah, of course

Sarkin, nobody calculates house prices on asking prices, Nationwide and Halifax use the sale price. As far as I know sale prices are still rising, but not as quickly as they have in the past (I haven't really been following the house price index nationally).

I'm not really sure what your "value for money" question is about. The value of my property is what a buyer is prepared to pay for it. If I bought a property a year ago for £100,000 and put it back on the market with an asking price of £250,000 and then drop the price to £200,000 and make a sale then the value of the property has doubled in a year. You seem to be implying that because the asking price was lowered to achieve a sale then that means that market is dropping, which is clearly not the case at the moment.

I'm not saying that the market won't drop, just that it isn't dropping at the moment. Over-optomistic prices being reduced to a more realistic level does not necessarily indicate anything about the direction the market is moving in.

I really do not understand why people think house prices rising faster than wage inflation is a good thing, do people really think they've made money, the jump up to your next house is just more expensive and the estate agents/stamp duty bill bigger. You can't even die and leave a property without being taxed to the hilt now. Utter madness.