House Prices stable - yeah right

[NorthWestPerm2Contr]

One previous poster on here mentioned an excellent application called Property Bee which you can run on Firefox. I finally got round to using it and thought I would checkout the theory that house prices have "not moved" in the last 12 months - what a load of tosh.

Property Bee revealed that almost every property had been reduced by around 10% over the last year and I am looking at properties in the region of 250k-350k.

So that leads me to believe one of two possibilities:

1) London is artificially skewing the prices around the rest of the UK.
2) The figures are being played with to avoid people going into panic-mode and causing the prices to come down even more.

For me it is all good as I am saving up while prices are going down so hopefully we will meet somewhere in the middle....

[MrRobin]

Property Bee tracks the asking price of advertised properties, does it not?

So the 10% reduction is just the average of the drop in asking prices as properties remain unsold on the market. It does not represent a 10% drop in the average selling price of properties compared to 12 months ago.

[NorthWestPerm2Contr]

Property Bee tracks the asking price of advertised properties, does it not?

So the 10% reduction is just the average of the drop in asking prices as properties remain unsold on the market. It does not represent a 10% drop in the average selling price of properties compared to 12 months ago.

I take your point - however there should be a pretty close correlation between the two i.e. if people keep dropping asking prices then the selling prices would be going down as well right? People are only dropping prices because their properties are just not shifting.

[DimPrawn]

Everyone knows property only ever goes up. Especially with negative interest rates.

When base rates are 15% property prices will fall. This could happen, but it won't be for another 1000 years at least.

In the meantime, borrow as much money are you can.

Gordon Gecko used to say greed is good. He was wrong.

Debt is good.

HTH BIDI.

[Zoiderman]

I take your point - however there should be a pretty close correlation between the two i.e. if people keep dropping asking prices then the selling prices would be going down as well right? People are only dropping prices because their properties are just not shifting.

I think it get's skewed by a number of things. I had a bungalow for sale. I put it on at £325k, and had a couple of viewings, then, a bungalow, prety much the same as mine, came onto the market, but as a distressed sale at £275-285k and then dropped within a month, to offers around £250k. It went for £230k and whilst it was on the market, I was advised to drop my price to match it, if I wanted to sell it. Simplistically, if you want to sell it, it will have ot have a prioce that reflects that.

For what it is worth, parts of Surrey are up 12.4% over the year, but most of that area is up around 2-7%. I think Wales, parts of the north and midlands, are dropping, and parts of the West country too, but also lots of the west country is up. The trouble with these indexes are that they are applied to the country as a whole, but shouldn't be.

[DimPrawn]

I think it get's skewed by a number of things. I had a bungalow for sale. I put it on at £325k, and had a couple of viewings, then, a bungalow, prety much the same as mine, came onto the market, but as a distressed sale at £275-285k and then dropped within a month, to offers around £250k. It went for £230k and whilst it was on the market, I was advised to drop my price to match it, if I wanted to sell it. Simplistically, if you want to sell it, it will have ot have a prioce that reflects that.

For what it is worth, parts of Surrey are up 12.4% over the year, but most of that area is up around 2-7%. I think Wales, parts of the north and midlands, are dropping, and parts of the West country too, but also lots of the west country is up. The trouble with these indexes are that they are applied to the country as a whole, but shouldn't be.

To summarise.

Nice places where people dream of living - always up.
tulipeholes, especially northern tulipeholes - down, very down.

HTH

[Zoiderman]

To summarise.

Nice places where people dream of living - always up.
tulipeholes, especially northern tulipeholes - down, very down.

HTH

I should learn to work that concisely

contractor took job in newport 2008, bought 'lovely' flat in nice development for £180k, sold it 2010 80k, reckons it is work 60 now with all redundancies in gov places around that area...

That's a big hit

[NorthWestPerm2Contr]

To summarise.

Nice places where people dream of living - always up.
tulipeholes, especially northern tulipeholes - down, very down.

HTH

The areas I am looking at are 250k-350k and they are all up north in the Manchester area (south to be specific). They are amongst the most up market places around.

[DimPrawn]

The areas I am looking at are 250k-350k and they are all up north in the Manchester area (south to be specific). They are amongst the most up market places around.

If they are that upmarket and in demand, the prices won't fall as there are always more people wanting to live in very nice places than there are nice places.

So no point waiting really, just buy one now.

[NorthWestPerm2Contr]

If they are that upmarket and in demand, the prices won't fall as there are always more people wanting to live in very nice places than there are nice places.

So no point waiting really, just buy one now.

I can't see things being that simple really. If all the areas which are in slightly less "nice places" and then the ones that are slightly less nice than those all go down in price then they are bound to have an impact on the "nice places" prices....

I remember back in the early 90's my uncle lost about 30% of a property he had in London - they were saying the same things back then about nice places and high demand. If enough people lose their jobs and inflation is high enough etc etc then surely house prices will eventually suffer everywhere...