Ringwraith Posted November 21, 2005 Share Posted November 21, 2005 Could be news depends on the replies really. I picked up the November issue of Dean Woods property guide publication and it would appear that house prices have gone down a little. There also appear to be quite a lot more properties in the £200K - £320K bracket than usual. The last time I had a serious look was probably about 9 or 10 months ago though so I maybe wrong on this. Does anyone else think that the price of property has gone down over the last year or so and if so what does this mean? Are people selling up and moving away? It just seems that you can get a lot more for your money now than at about the same time last year, feel free to post your opinions. Link to comment Share on other sites More sharing options...
Dontlookbehindyou Posted November 21, 2005 Share Posted November 21, 2005 Hahahahaha £200k- £320k ....cheap as chips I need something under £100k ( not a chance in hell) Link to comment Share on other sites More sharing options...
Stavros Posted November 21, 2005 Share Posted November 21, 2005 Yes, it’s a buyers market and yes there is an abundance of property... ...by the end of the year I would forecast property prices to be up around 5% on 2004. Source: http://www.cowleygroves.com/news.asp Stav. Link to comment Share on other sites More sharing options...
Amadeus Posted November 21, 2005 Share Posted November 21, 2005 This bit from the above link caught my eye: The apartment market has cooled over the last few months, again almost certainly due to supply outstripping demand, consequently apartments accounted for only 21% of Residential Sales over the last nine months How good that they aren't building loads more at the moment, isn't it? I mean, it would be really silly to do something stupid like, say, build another 160 on the promenade, or 15 next door to me, or god knows what... Link to comment Share on other sites More sharing options...
Lonan3 Posted November 21, 2005 Share Posted November 21, 2005 Hahahahaha £200k- £320k ....cheap as chips I need something under £100k ( not a chance in hell) Oh, I don't know.... Link to comment Share on other sites More sharing options...
Stavros Posted November 21, 2005 Share Posted November 21, 2005 Heh, with a little tourism grant, you could turn that into holiday cottages... Stav. Link to comment Share on other sites More sharing options...
Minxie Posted November 21, 2005 Share Posted November 21, 2005 The market seems to be very slow at the moment (probably because ppl don't want to move so close to Christmas) so perhaps that has encouraged a few to drop their prices. Link to comment Share on other sites More sharing options...
Mr. Sausages Posted November 21, 2005 Share Posted November 21, 2005 Houses are over-priced by people greedily trying to cash in on the latest boom. I got my house for five million pence less than the asking price. That's £50k. Link to comment Share on other sites More sharing options...
Mission Posted November 21, 2005 Share Posted November 21, 2005 I think the market is overpriced. There was one property in my road that was on for ages and now I note it's been taken off the market. Still two on though but doesn't appear to be much interest. Another one is due on soon too. The last one I recall selling went for £15,500 less than the asking price, that was probably about 12 months ago. I don't have a problem with moving around Christmas time (I moved into my first place 3 days before Christmas) but the market does tend to slow at this time of the year I believe. Link to comment Share on other sites More sharing options...
Slim Posted November 21, 2005 Share Posted November 21, 2005 I think they're definately dropping. The ones that sell anyway, the ones that aren't dropping are just hanging around on estate agents websites... Link to comment Share on other sites More sharing options...
Lonan3 Posted November 21, 2005 Share Posted November 21, 2005 I don't have a problem with moving around Christmas time (I moved into my first place 3 days before Christmas) Only because it confuses Jacob Marley! Link to comment Share on other sites More sharing options...
Ringwraith Posted November 21, 2005 Author Share Posted November 21, 2005 ...by the end of the year I would forecast property prices to be up around 5% on 2004. Interesting link Stavros but rather than put faith in his crystal ball predictions I would prefer take note of this information. Price reductions have never been more dominant as today’s sellers still seem to be pitching their initial asking prices higher than the market will stand. This invariably results in the property eventually being reduced to the level it should have been in the first place. Vendors should take their agents advice and other comparable sales in the area when deciding on the asking price, as the first eight weeks of marketing are paramount and should not be missed due to an unrealistic asking price. I think prices are coming down, but why? Are people moving away or is there just a little revaluation of the market going on. Link to comment Share on other sites More sharing options...
Slim Posted November 21, 2005 Share Posted November 21, 2005 I think prices are lowering because there's no huge panic of rising prices to drive people to buy. Three years ago people were singleminded in that the prices were rising so fast, they had to get on the ladder now or be left behind for ever. Well, prices aren't rising, they've topped out over what people can afford. The economy has slowed and there's no desparation in property buying. People are waiting. That's my inexpert view anyway Link to comment Share on other sites More sharing options...
Stavros Posted November 21, 2005 Share Posted November 21, 2005 successive interest rate rises from 3.50% between November 2003 and August 2004 the Bank of England have held rates at 4.75%. Any future increase will largely depend on the strength of the UK economy and performance of the housing market. Should either falter then expect rates to be trimmed. Sellers are beginning to accept a slow down is happening and reluctantly, are being prepared to price their properties realistically in order to achieve a sale. We expect an uplift in viewings in the New Year and anticipate that buyers faced with greater choice will continue to be price and quality sensitive. This move will continue to put pressure on property with unrealistic asking prices. From: Chrystals Annual Isle of Man Property Review 2004 http://www.chrystals.co.im/report.asp I don't think that the prices are coming down, I think people are pricing the properties at more realistic selling prices in the first place. Previously, these properties were highly inflated and the negotiating brought the price back to realistic levels. Stav. Link to comment Share on other sites More sharing options...
simon Posted November 21, 2005 Share Posted November 21, 2005 I don't think that the prices are coming down, I think people are pricing the properties at more realistic selling prices in the first place. Previously, these properties were highly inflated and the negotiating brought the price back to realistic levels. Stav. Previously there was so little slack in the middle - market that these properties were still selling at the asking prices - and quickly. That certainly is beginning to change. But: I've been looking at properties again lately. I'm still seeing a fair bit of stuff which looks okay in the literature / on the website. But when you actually visit - then you find a property which has been badly (diy) 'modernised'. So the 'modernisation' basically needs taking out - to be done again by professionals. But the properties are being sold as if ready to live in. And the price is as - if the property had been properly done. Badly installed kitchens and poorly finished laminate floors seem to be big at the moment! Looks okay in the pictures but it's basically a rubbish job. And the poor quality of the work isn't reflected in the price. I really don't want to see another laminate floor which has been finished at the edges with beedings because they couldn't be bothered to do it properly. Or another kitchen in which the drawers stick and the cupboard doors will never hang straight. Or woodchip painted over - or thick lining paper because they couldn't be bothered to strip it all back and get the walls skimmed. But they've put in some crap halogen lights from B&Q - with the wires tacked to the walls. There does still seem to be a large amount of property which has been poorly and quickly renovated to be quickly put back on the market. And if you think back 18 months or 2 years than you can see why people still think (or desperately hope) that they can get away with this kind of thing. In general I'm in favour of properties which are basically sound but which need complete interior renovation. The problem with these is that they are still often priced unrealistically high. Given the asking price + the cost of decent quality modernisation = a property which wouldn't be worth costs in the current market. I don't really understand why a property which has been badly 'modernised' should be priced any higher than an equivalent property which still has the old avocado bathroom suite and Parkinsons' kitchen. Link to comment Share on other sites More sharing options...
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