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House Prices

DonnaDonna
edited October 2008 in Local discussion
What's going on with house prices round here?

I just checked mine on a site called zoopla and it doesn't seem to have changed much... Plus, Rightmove doesn't show much change in asking prices since this time last year either (that's stupidly when we bought, so I have a good idea of what things were like then).

But maybe this doesn't reflect the real prices people are paying...?
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Comments

  • tosscattosscat
    edited 10:56AM
    People aren't paying, rendering the estimated value exercise pretty pointless. There's next to no market at the moment so the reality of the situation is that property is valueless - probably not what you want to hear.
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  • granvillegranville
    edited 10:56AM
    From what I can see, prices are dropping around N4. 10-15-20% from the peak last year
    isn't uncommon.

    Firefox & Property-Bee are your friends if you want to track house priceszzzzzzzz
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  • andyandy
    edited 10:56AM
    Tosscat's right. I get the sense that the issue isn't the price - it's volumes and credit. So if there are no buyers and no mortgages, it doesn't matter what you ask, no-one's buying. My impression would be that things are off 10% from last year, but probably more or less what things were two years ago. I saw a presentation that said house prices could drop a further 40% from current levels, but I find that hard to believe. That said, if that does happen, we'd be probably be buyers.
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  • tosscattosscat
    edited 10:56AM
    Number 1: I'm going to frame Andrew's comment above. Number 2: If all the buyers keep reading about 40% drops then there won't be any market for a a super long time
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  • IanIan
    edited 10:56AM
    Andy will be a buyer at that price but none of us will be sellers. Hmm. Demand and supply eh?
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  • DuncanDuncan
    edited 10:56AM
    We bought last year pretty close to the peak. But we sold last year too.

    During the summer a house that's very similar to ours (but slightly better) sold for not much less than we paid, suggesting a drop of about 8% from the peak to this summer. It seemed to sell quite quickly.

    I get the impression SG is not faring quite so badly as some other areas of N London.
    Anyway, we are not planning buy or sell now so it doesn't make too much difference ... unless I lose my job and cannot find another one ...
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  • AliAli
    edited 10:56AM
    Google Property Snake. You will be able to see how long a house has been for sale and how much the price has dropped and when. It scrapes Agenst web sites and is useful if your tring to buy
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  • unaestheticunaesthetic
    edited 10:56AM
    for some reason the word "homeowner" always makes me snigger, especially when said in a dead-serious way on the news. but it made me think of a good term for the bursting of the property bubble:

    homeownphobia
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  • Busby1Busby1
    edited 10:56AM
    Just for the sake of it: When I was growing up in Florence Road - from 1945-1953, the rent my parents paid for a middle 'flat' was 17 shillings and sixpence per week. I know this because it was one of my duties to take the rent to the landlord every Monday morning. The landlord lived at the bottom, the garden was full of weeds (there was an Anderson shelter in the centre) and although my dad would have loved to have had the garden for vegetables none of us were allowed in it.

    When we moved away in 1953 I remember my father saying that 'they' would be pulled down soon anyway...
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