Are vendors actually lowering their prices in your area?

[fishnet]

Here its impossible to work out what a house is worth. Most vendors don't seem to be dropping their price (from top of the market prices) or if they do drop the price its by about five per cent. Is this the same everywhere?

They are here. In my village (Herts):

£999,999 to £985,000 (has been on the market for 3 years )
£385,000 to £350,000 to oiro £300,000 (on market over 1 year)
£280,000 to £240,000. On market 3 months. Under offer at the new price.

no lowering of asking prices here. however, we have just made a lowish offer on a property, and the vendors have accepted. so perhaps asking prices are a bit of a red herring ATM.

Most prices are being lowered in my area (Clapham). Probably not enough though.

there are a couple of biggies here but I was told by a top end estate agent last week that I'm being "unrealistic" expecting to pay 15 per cent below top of the market 2007 prices because "people who can afford that sort of house will pay the money and are not bothered about the price."!!!

Clearly rubbish since I was looking at the house in question but am not prepared to pay over the odds! Its driving me barmy. You'd think I was the first person ever to suggest prices might have dropped

I bought in October at a large reduction so yes they are if they want to sell.

fishnet, as house is worth as much as somebody is perpared to pay for it.

There are two houses that I love. Would be happy with either. One's a project one is done. Neither will (currently) drop more than five per cent from top of the market prices.

Guess I keep looking.

Only properties that have been on the market for a while anyway.

Where we are (vaguely) looking ie SE London there seem to be some houses that were right out of our league that are suddenly much much cheaper, where it looks as if people are desperate to sell and are prepared to take a bit hit. But most things are still hovering just a little below where they were a year ago. I think that's right, but it is so hard to be sure.

I am sure though that houses are going for a lot less than estate agents windows would have you believe. One in my friend's road was on originally for £585, sold for £530 and is still on in the estate agents window at £550

Yep. Although there is a lot of variation. Family house in the 'best' bit of our area originally on at 545 came down to 465 and has just gone sold STC, don't know how much for. But 2 much smaller houses in the same road (3 bed instead of 4, no utility room, conservatory or study, all of which the other house has) have been on at 499 since last spring. Pretty obvious what they need to do if they want to sell!

We have just moved (renting) to our new area and will be looking to buy probably next year or year after.

Yes although some owners clearly haven't take the hint. One house round my way was originally on for £375k nine months ago, has just dropped to £350. They wish!

yes, we viewed a house yesterday that has dropped asking price 120k

a 4-bed family house

Since we bought last year I haven't taken much notice but inspired by this thread I've just trawled right move - things have come down 10 to 20 grand but not much more than that. One house is back on the market that we looked at in the early summer of 2007. It was on the market for 235 000 then it dropped to 225 000 and it was worth at the time I thought no more than 210 000. The new owners have painted it and have put it on the market at 239 000! Which is £5000 more than the asking price on two other houses which are just up the road - in better and more convenient locations. Plainly some people are still deluding themselves they can make money on property...

Yes, they seem to be. Nothing much seems to be selling, everyone's just waiting it seems. And I live in an area which The Telegraph once claimed would 'escape the property downturn'

"Projects" are money pits, never again.
At the end of the day I downloaded propertybee and watched how long they've been on the market.
Estate Agents don't get paid until the sale goes through, so ignore the wally that said price doesn't matter, he's getting 2% of fuck all at the moment.
I think a lot of people are praying for a spring bounce, if that doesn't happen the 40-50% drops will start towards Sept/Oct next year.

based on property snake in my area, flats have fallen a lot, four bed houses (standard housing stock) have fallen by much less 10% ish. of course that is asking price not sold price. i would say in my area there is hardly anything on the market, so people are choosing not to sell in this market if it can be avoided.

i don't think there's much incentive for sellers to lower the asking prices atm actually because whatever they list at people will offer much less, iyswim.

"I think a lot of people are praying for a spring bounce, if that doesn't happen the 40-50% drops will start towards Sept/Oct next year." - What makes you say that Sorrento?

Around here things have started to move. Whetherit is a "spring bounce" waits to be seen.

To answer the OP - vendors are lowering their prices around here.

Things are selling near us (west side of Sheffield). It's taking a while, but there does seem to be interest. I don't know how much price-lowering there is.

Because the unemployment factor hasn't kicked in yet.
Currently people are just not making as much profit, soon they will just want to break even but by the time the redundancy money runs out anybody who remortgaged or secured a loan against their property will have to sell at a loss, that's when the real discounts will start.
At the moment it's just froth being removed, if you're a first time buyer hold your nerve, this time last year they were still saying property only ever goes up remember

yes, Sorrento - totally agree

I think people who bought in the last few years and need to sell are already as low as they go with out loosing money. I know one person who has split form his partner and is making a loss.