UK Landlord Forum / Life

PropertySnake monitor asking prices collapse as they happen.

It's a source for reduced house prices across the UK. Updated daily, database currently contains 87,331 reduced prices, at reductions of up to 37.51%

http://www.propertysnake.co.uk/

Terrible looking site, but handy data.

If you really have the stomach for harvesting "motivated sellers", you might want to check out the mailing list for http://www.rapidpropertybuyers.biz too.



V

That propertysnake thing is one weird site. I wonder how they're gathering the data. Automating that would be pretty hard work unless they have API access to the services they're scouring.

What is also interesting is that for all the price drops, many of the houses still haven't sold - which reinforces the argument that it isn't *price* that's holding people back from buying, its *liquidity*. Is that a price crash? Or a money market failure?


V

Yeah, I also wonder how they actually gather their data. I don't think estate agents give them that kind of data. Perhaps they get it from property portals like rightmove?

Quote from: vwilson on December 17, 2007, 11:58:26 AM
If you really have the stomach for harvesting "motivated sellers", you might want to check out the mailing list for http://www.rapidpropertybuyers.biz too.



V

Wow, I've never seen that site before.

Where are all these dodgy looking sites popping out from? They look so cheap and untrustworthy.

Selling your house to Rapid Property Buyers couldn't be easier !
Step 1. Apply online and send us details of your property. It only takes a couple of minutes.

Step 2. We will make you an 'offer in principle' usually without having to visit your house. This offer is normally 80 - 85% of current market value.

Step 3. If you accept our 'offer in principle' we will survey your house and make you a written offer. The survey and offer are FREE of charge.

Step 4. We buy your house Quickly and easily. You can use your own solicitor or we can arrange one for you. We even pay your solicitors fees upto £500 on completion.

Step 5. You chose a completion date to suit you, you are under no pressure to move out quickly, unless you want to.

Step 6. If you want, you can Rent Back your house and stay on a tenant at an agreed rent for as long as you wish.

The whole process can normally be completed in a few short weeks.



Riiight.

You have to be in a pretty bad state to accept a 15-30% hit, aye?

Furthermore (this has got me thinking now), its interesting seeing what's going on with prices right now. Common sense would dictate that in a crash/correction/whatever you want to call it/ you hold tight unless you absolutely have to sell.

Instead, what I'm seeing is properties being put on the market - and I get the impression its not just the appearance of properties accumulating on the market because they've not sold - I think its people looking to cash in.

Example; say I own a £100K flat and I'd like a £200K house, but I can't afford to increase my mortgage by £100K.

The market drops 15%. My flat is now worth £85K and the house drops to £170K. Now I'd only have to increase my mortgage by £85K to get the house, which I think I can do. So I stick my flat on the market ... which adds to the number of properties on the market and floods it more at the lowest levels. Of course this also decreases the likelihood of me achieving the sale.

Maybe this is elementary, but I guess I'd only ever really thought about the FTBs or establish house owners who have to move, in a crash scenario - not the ladder climbers.


V

Quote from: propertyfag on December 17, 2007, 12:09:41 PM
You have to be in a pretty bad state to accept a 15-30% hit, aye?

You sure would ... and these dodgy sites would have people believe that's what is happening. Somehow I can't imagine even some of the examples of people "looking to move abroad" would be prepared to flush their equity down the drain.

Of course, one factor not many people have mentioned with the current property situation is that this is the first time we've had a property "crash" at the same time as the internet.


V

Quote from: vwilson on December 17, 2007, 12:09:47 PM
Furthermore (this has got me thinking now), its interesting seeing what's going on with prices right now. Common sense would dictate that in a crash/correction/whatever you want to call it/ you hold tight unless you absolutely have to sell.

Instead, what I'm seeing is properties being put on the market - and I get the impression its not just the appearance of properties accumulating on the market because they've not sold - I think its people looking to cash in.

Example; say I own a £100K flat and I'd like a £200K house, but I can't afford to increase my mortgage by £100K.

The market drops 15%. My flat is now worth £85K and the house drops to £170K. Now I'd only have to increase my mortgage by £85K to get the house, which I think I can do. So I stick my flat on the market ... which adds to the number of properties on the market and floods it more at the lowest levels. Of course this also decreases the likelihood of me achieving the sale.

Maybe this is elementary, but I guess I'd only ever really thought about the FTBs or establish house owners who have to move, in a crash scenario - not the ladder climbers.


V

Yeah, I def agree with that. The example you gave would suit non-investors, as in the family market, that's for sure.

A lot of short-term investors are probably trying to cash in right now also.

But on the other end, you have longterm investors like me and B that won't really mind a correction (I like to call it a correction )

Correction or cock up !, lol.
Not sure if this is relivant here, but there are also alot of houses on the market at the moment as people are trying to sell quick before the * Correction* situ really takes a grip, The number of houses on the market at reduced prices at the moment created a 3% drop in house prices last month, 1 % over what was predicted.  People are scared, and putting up for sale lower than what they should do for a quick sale, Interesting times people dont you think.


The Badger