Property Prices on the Island affected by the Credit Crunch?

lsc73 · Joined: 09 Apr 2009 Posts: 37

Am just wondering what is going on with the property prices on the Island.

Came and viewed some nice properties recently - made an offer on one but it was refused. It wasn't unreasonable. One similar property to the one we put an offer on sold at the peak in 2007 for £250k and yet the property, now in the credit crunch, is still asking the same £250k?

Property prices have come down 20% since the peak in 2007 but the islands property prices do not seem to reflect this or are the vendors just not willing to accept this and hence the properties being up for sale for months and months?

I did hear somewhere that the island is 6 months behind with the property prices compared to the mainland. So do I need to wait another 6 months and come back with an even lower offer?

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barns101 · Site Admin Joined: 08 Dec 2006 Posts: 56

Some people just don't need to sell in any hurry so they won't accept anything less than the asking price.

lsc73 · Joined: 09 Apr 2009 Posts: 37

but who in their right mind would pay the same price now as the property sold for at peak? Just seems like they aren't serious about selling. WHy not wait until the prices are picking up and then sell rather than trying to sell it for an unrealistic price whilst the market is going down if you aren't in a rush.

barns101 · Site Admin Joined: 08 Dec 2006 Posts: 56

It's probably more the case that the seller is serious about selling, but can afford to hold out for the price that they want. Also, if they had put the property on the market before HIPs became compulsory, it's not worth taking it of the market and putting it back on again because they'll have to pay for a HIP.