Property Prices

[Clippy]

Property prices in my area (Berkshire) still seem to be optomistic at best. Sellers have reduced them, but not as much as I would have expected. I suspect they are waiting for prices to recover or are placing their houses on rent and moving on.

This isn't based on any in depth investigation but on a quick appraisal of the local market and from a brief, second-hand, conversation with an estate agent.

Obviously, prices vary across regions but is this the general consensus - the expected property crash failed to materalise, so far, and I am not sure it will either.

[Platypus]

Local estate agent tells me that prices in prices in this town haven't fallen due to a shortage of properties. In other words, for anyone wanting to buy in the town, there are only 1 or two properties in any category for sale. So demand exceeds supply and prices haven't fallen.

It surprised me but it makes sense.

[Cheshire Cat]

depends how you define a "property crash". I expect there are fewer sales in your area (as everywhere else), because prospective vendors are either unable or unwilling to market their property at a realistic price, that would receive bids.

e.g. from anecdotal evidence, I know a handful of people who would be keen to move but either have too little (or no) equity in their current homes to fund a required deposit. So they must wait until the market recovers, or until they can save sufficient cash for a deposit.

[EternalOptimist]

Are the estate agents being boarded up yet ?

[Moscow Mule]

Prices round my way for a 2 bed cottage have fallen from 350-400k to 300-350k, but at the higher prices, places are on the market for ages.

Properly priced property (under 300k for same) is going quickly - there was one around the corner from our place that was sold in the first week because it was well priced.

[AtW]

Properly priced property (under 300k for same) is going quickly - there was one around the corner from our place that was sold in the first week because it was well priced.

because there is a sucker born every day

[BrilloPad]

because there is a sucker born every day

I agree. Property still has further to fall. Of course there is no such thing as a property market : there are several markets.