A useful list of sellers reducing asking prices

regicide said:

On the question of reliable market data, is there any such thing ?
Even the ESRI / PTSB index is based on valuations for mortgages, not "hard" sales figures.

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I'm not sure there is. I don't believe there is an equivalent of the land registry in the UK where it is possible to see what a house last sold for.

Although, someone (the revenue?) must have the information, as there must be stamp duty figures somewhere. While these would lag the current market, they would at least give a solid foundation to valuations (i.e. last sold price of house or similar house in estate +/- market sentiment%). Would this information be available under an FOI request?

If an index could be compiled like this, it would get rid of the stupid circular process where higher asking prices lead to higher valuations = rise in house price index in a bull market and vice-versa in a bear market.

Re: Any Bargains Here?

woods said:

Saw this on the news today. I got the impression that the developer put the prices of the first phase up over night when he found that people were lining up for the launch. It is obvious that the first phase were greatly overpriced and that the current one is more realistic.

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So this doesn't count as a real example which is to your liking?? Seems to me that you have a very strange definition of what constitutes a price drop. How much more evidence do you need?

Re: Any Bargains Here?

Sherpa said:

So this doesn't count as a real example which is to your liking?? Seems to me that you have a very strange definition of what constitutes a price drop. How much more evidence do you need?

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I accept this as an example but I think that it is an exagerated one that does not reflect the market in general.

Folks this discussion is going towards the nonsense we had to ban in the property prices thread, so I am closing the thread.

Brendan