Couldn’t do this the last time house prices went into a sharp downward spiral, about seventeen years ago.
But now you can watch it from your desktop, over a lunchtime sandwich.
Go to Barnard Marcus online auction here. Enter your name and email address (simple as that, no registration) to see what sells and for how much - if they sell at all, that is. On Thursday, dozens of properties either remained unsold or changed hands at a substantial discount to the last recorded sale price.
As of 2pm, London time, the auction was about half way through some 260 lots.
Meanwhile, join a related discussion at Housepricecrash.co.uk - which is sort of self-explanatory:
Converted Lurker
you are watching a crash happening in real time in front of your eyes, strip away cheap finance this is what property is worth at the death…fukc me, wow, this is truly fantastic
M21er
CL - Perhaps the auctioneer forgot to tell the bidders about the 0.25% cut in the base rate!
Converted Lurker
this is a fascinating thread I’ll have to catch up with it tonight but a thought just struck me, the reserves that the some of lenders have placed…I reckon on some of the flats there are none, or they’re set that low that they really don’t give 2 5hits as they need the cash back now!. This is some scary fukicn territory we’ve entered today, prices at 2001 levels on some flats, some are the lowest ever achieved in certain blocks by 20% 
h
OMFG. Desperate vendors looking for a quick exit, it’s panic from certain quarters like we’ve never seen before, as relevant as folk queuing up to get cash out of Northern Rock. Just hope this isn’t a one off desperate ‘freak show’, ‘cos at some of these prices FTBs up and down the country could have done OK today IMHO….unless there’s further to fall…
