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Are house prices recovering or not?

31 replies

QuintessentialShadows · 14/07/2008 15:22

Curious as to what the housemarket is like in London now.

I have checked my postcode on Findaproperty and can see that many of the houses that was for sale a few months ago, are still there.
SO, what is happening now?

OP posts:
nkf · 14/07/2008 15:24

A standoff I think. No buyers. Sellers refusing to drop prices.

noddyholder · 14/07/2008 16:38

recovering?We are on the vergoe of the worst price correction in history according to the IMF and city analysts.Asking prices remain static but nothing is selling

cornsilk · 14/07/2008 16:40

what's a price correction?

hanaflowerisnothana · 14/07/2008 16:40

This reply has been deleted

Message withdrawn at poster's request.

StarlightMcKenzie · 14/07/2008 16:41

This reply has been deleted

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noddyholder · 14/07/2008 16:45

I think it is when prices revert to traditional 3-4 x salary plus inflation.

RuthT · 14/07/2008 16:58

There are no buyers but I think a lot of sellers are dropping prices. Seems wierd that where there are buyers they are not really negotitating

TheBlonde · 14/07/2008 17:05

prices falling here in SW
20% off some stuff

CarGirl · 14/07/2008 17:06

Asking prices have definately dropped around here, notably many are now on the market at £250k

reethi96 · 14/07/2008 17:08

No! A house in our street was on for £475k at the beginning of year and is now £290k.

meemar · 14/07/2008 17:08

I can't even imagine a house where I live costing 3-4 times our income(Devon).

We are currently so priced out of the market that it feels like an unachievable dream. House prices would have to drop by about 50% for us to be able to buy the kind of house we are currently renting (a 3 bed new-build).

I wonder sometimes if things can ever go back to normal.

Spaghettiarms · 14/07/2008 17:09

still dropping in my area.
studio flats that were on sale for 125 now reduced to 90 still noone buying.

CarGirl · 14/07/2008 17:20

I know the lenders have really really tightened up on how much they are prepared to lend people etc so even though people perhaps now want to buy they can still not borrow enough to buy IYSWIM

fiodyl · 14/07/2008 23:08

Round here I have seen a few big drops and lots of smaller ones so far, but still seem to be same houses that have been up for months. Lots more houses advertised with price ranges and OIRO too.

Although asking prices for 4+ bedrooms don't seem to be reducing much so increasingly bigger gap from 3bed semi to 4bed detached than from 2bed terr-3bed semi IYKWIM still they don't look like they are selling either.

I've also noticed quite a few houses in 'new' section of agents windows that actually turn out to have been on the market a while but with a different agents. Not sure why but people seem to be switching agents in an attempt to sell quicker/avoid reducing maybe?

LynetteScavo · 14/07/2008 23:16

The worst price correction, or the best price correction, noddy?

noddyholder · 15/07/2008 09:27

Todays RICS report shows the slowest transactions in 30 years inflation is nearly 4% too.It will now be down to the banks as they will not lend until prices fall back to 'safe'levels so even those sellers hanging on for the unrealistic asking price will have to either drop or stay put.Forced sales this autumn will trigger the full scale crash it seems.

nkf · 15/07/2008 09:29

Why do you think there will be forced sales this autumn?

zippitippitoes · 15/07/2008 09:31

i know they say this is different but at the start of the nineties...1991 i bought and sold and there were virtually no houses on the market

i dont see that happening yet

we also got a fixed mortgage at 12.5% and thought that was a goo d deal

nkf · 15/07/2008 09:33

People who are trying to sell just can't believe yet that they will have to drop their price. Or they think they will and knock off £10,000.

Lemontart · 15/07/2008 09:38

Rural SW
Totally agree about the "new houses" often being ones taken off and put on again after a few weeks or just a switch of agents. Daft move but understand the frustration if you are desperate to move, no viewing at all and already priced as low as you dare in order to find anything to move into.
We are keen to move, see plenty we can afford if our house sells at a "fair/slightly below fair" price BUT as we are wanting to move up the ladder, DH is keen to wait a bit longer to see what happens. Aaaaargh - I am not good at waiting

hanaflowerisnothana · 15/07/2008 09:41

This reply has been deleted

Message withdrawn at poster's request.

nkf · 15/07/2008 09:42

I know. I just wondered why this autumn in particular.

Mercy · 15/07/2008 09:44

North London.

I know one family who moved 2 weeks ago and another who are moving in a few days. It's beginning to go pear-shaped.

zippitippitoes · 15/07/2008 09:47

my exh lent me 30k at the start of the year to finish work on the house and sell and pay him back

i havent done the work and the chances of selling and paying him back are zilch imov

i am hoping he is still feeling generous

Chocolateteapot · 15/07/2008 10:01

Dorset/Hampshire border is dropping. A quick look on Property Bee shows:

£1,250,000' to '£1,050,000
£900,000' to '£795,000'
Guide Price £850,000' to '£795,000'
Price changed: from '£750,000' to '£715,000'
'£675,000' to '£650,000
Guide Price £650,000' to 'Guide Price £600,000'
Guide Price 520 to Guide Price 455
Guide Price 495 to Guide Price 450
Guide Price £469,950' to 'Guide Price £435,000'
Price changed: from 'Guide Price £475,000' to 'Guide Price £435,000'
Price changed: from 'Guide Price £450,000' to '£434,950'
Price changed: from '£449,950' to '£425,000'
Price changed: from '£449,950' to '£425,000'
Price changed: from '£425,000' to '£415,000'
Price changed: from '£425,000' to '£399,950'
Price changed: from '£429,950' to '£399,950'
Price changed: from '£429,950' to '£399,950'
Price changed: from '£425,000' to '£395,000'
Price changed: from '£425,000' to '£395,000'
Price changed: from '£415,000' to '£395,000'
Price changed: from '£435,000' to '£395,000' followed by '£395,000' to '£385,000' on the same property
'£399,950' to '£374,950 which I know was previously £425,000.

Lots more but you get the picture.

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