Time to grab some property bargains?

[Bagpuss]

Everyone goes with the highest, hence the most ludicrous one gets the sale, whether they can sell or not, it's another matter.

The first trick of estate agency, over value the house, get the sale on full commision, then ask the seller to be more realistic when it doesn't shift.

[Dow Jones]

Will not drop that much...

Unless it were overvalued in the first place. Can't help laughing when occasionally watching those 'armchair developers' mouths drop when they get 3 valuations with as much variation as 25% between them. Everyone goes with the highest, hence the most ludicrous one gets the sale, whether they can sell or not, it's another matter.

[Moscow Mule]

Can't see why someone would drop £ 200k in such a short space of time (as quoted by DP).

20% off now, or 30% later?
Maybe they wanted to buy a yacht and had seen the perfect one?
Maybe they were in a rush to leave the country?
Maybe they were testing the water at £1M and it had been on the market for a while at that with no interest.


There are loads of reasons...

[Dow Jones]

BP = Voice of reason

Isn't it a bit early in the cycle for that? no-one even knows the banks' liabilities to the credit instruments yet.

Thanks for that mate - I'm glad someone has got any sense left here, seems like tWAt left and lots of others are trying to fill the gap. Can't see why someone would drop £ 200k in such a short space of time (as quoted by DP).

[DimPrawn]

Rightmove index is on asking price.
Land registry is on selling price.
Nationwide and Halifax is on mortgage valuations (I think).

[Archangel]

I believe deals like that not reflected in official house price figures? don't they just measure asking price rather than actual price?

I am talking about Wollwich/Haslifax rather than land registry...

AIUI its the purchase price on completed mortgages, not the asking price

[BrilloPad]

The best investment anyone can make now is a subscription to the "Estates Gazette".

House Auctions aplenty..... no need for dealing with estate agents or with long winded drawn out selling chains. Fast track your way into a property at a knock down price.

http://www.magazine-stand.co.uk/maga...1857862&cmp=JF

Isn't it a bit early in the cycle for that? no-one even knows the banks' liabilities to the credit instruments yet.

[minsky1]

The best investment anyone can make now is a subscription to the "Estates Gazette".

House Auctions aplenty..... no need for dealing with estate agents or with long winded drawn out selling chains. Fast track your way into a property at a knock down price.

http://www.magazine-stand.co.uk/maga...1857862&cmp=JF

[hyperD]

It could be the short term financial uncertainty/redundancy feel-bad factor kicking which is leading to an acceleration on perceived property value.

In which case wait for 5 months.

[BlasterBates]

I would park the money in shares, which aren't going down since a month or two, and wait for the pound and house prices to drop. The housing market is much slower than than stock markets.

[BrilloPad]

I believe deals like that not reflected in official house price figures? don't they just measure asking price rather than actual price?

I am talking about Wollwich/Haslifax rather than land registry...

[rootsnall]

5 year wait me thinks !

[DimPrawn]

http://www.telegraph.co.uk/money/mai...p04.xml&page=2

Ray Boulger, of mortgage broker John Charcol, says that if you are a first-time buyer or have nothing to sell you can be picky on price. He suggests that if a property is listed at £300,000 then it's worth putting in an offer of £249,999 or £275,000.

"There is no such thing as a silly offer. We had a client looking at a £1m property who put in an offer for £800,000. It was rejected at first before the vendor came back with a figure of £900,000 that day. A week on, the £800,000 bid was accepted.''


So prices are already realistically down 20% of asking price.

Question is, wade in now or wait another 12 months and get them 1/2 price.