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Swansea-State Of The Market


thirdwave

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HOLA441

People do not think about that though generally.

A friend paid 400K - think he was mad personally - for a house on Gower last year. It was on for 660K and he offered 400K and said not a penny more. The sellers, 2 doctors, took the money and got on with their lives.

Meanwhile there is a small town of houses languishing on the market on Gower at asking prices no one will get a mortgage on. The sellers are deluded and, IMPO, certain EAs are a big part of the problem.

In the FT Merryn Somerset Webb writes that figures show that hardly any London properties over 2 million are now bought by Brits so if wealthy Brits will not pay over 2 million for a house in London they ain't going to be buying 2 million pound houses on Gower, or any other rural part of the UK, or even 1 million pound asking price Gower houses or even 500K Gower houses.

But I doubt many people in those Gower houses, or Swansea EAs, read the FT.

Prices across Swansea West are now dropping and nothing much is selling. One gets the impression that , after many false dawns over the past 5 years,the end is definitely nigh (unless Mervyn decides to do a further rescue act) ..Shame its too late for me though :))

As an aside, I notice that my previous rental in a commuter town in the SE is now back on the market at 30% more than what I used to pay for it 12 months ago.I doubt the increased rent reflects any improvements to the property and I fully expect it to be snapped up since there are very few decent rentals currently available in that area. I reckon the mortgagee is banking at least £1 k pm after all outgoings on that one at the expenses of the poor tenant- absolutely disgraceful!!

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HOLA442

Prices across Swansea West are now dropping and nothing much is selling. One gets the impression that , after many false dawns over the past 5 years,the end is definitely nigh (unless Mervyn decides to do a further rescue act) ..Shame its too late for me though :))

A Mumbles EA, who is normally curt to rude, was very polite to me this week.

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HOLA443
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HOLA444

Obviously, The End is Nigh!

LOL! :lol:

When certain EAs start being polite things indeed must be bad re sales.

Edit:

I had a manager in one of the chains tell me a story this week about one of his EA competitors.

He reckons that during the boom she moved houses several times, buying in an area and then, in his opinion, allegedly ramping the asking prices of houses around hers. Once the area's prices were allegedly ramped enough she allegedly put her own house on the market for much higher than she had paid, sold it, moved to another area and repeated.

He said that she allegedly did this several times, flipping her way upwards but has now apparently come a cropper having bought a very expensive house, apparently on a big mortgage hoping to do the same trick, only for the market for such houses to grind to a halt just after she bought the latest house.

No idea if true or not but it sounds plausible and I have no reason to doubt him.

Edited by The Masked Tulip
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HOLA445

Well, Northern Ireland is down by 54% and I wonder if the pattern will be of falls in the regions moving towards the centres of population, ie Edinburgh, Manchester/Birmingham, Bristol and eventually London.

Wales might be very nice for the well heeled city dweller, but it is a long way from London etc. and it does rain a lot here.

There are very few truly well off people in Wales itself, and if it loses its attractiveness to outsiders, then there is nothing to prop up the current fantasy world we have here.

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HOLA446

Well, Northern Ireland is down by 54% and I wonder if the pattern will be of falls in the regions moving towards the centres of population, ie Edinburgh, Manchester/Birmingham, Bristol and eventually London.

Wales might be very nice for the well heeled city dweller, but it is a long way from London etc. and it does rain a lot here.

There are very few truly well off people in Wales itself, and if it loses its attractiveness to outsiders, then there is nothing to prop up the current fantasy world we have here.

Those 4 hour train journeys from London, assuming no delays, get tedious and are now very expensive - especially when Europe and sunshine is both closer and cheaper to get to.

Things are about to get interesting in Swansea.

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HOLA447

On Swansea chain's bosses is allegedly telling its managers to push buyers to buy by contacting everyone and urging them to put in offers.

Um, isn't that the wrong way around? Like pushing on a bit of string?

Surely they should be ringing around all their sellers and getting them to drop their asking prices - and not by a few thousand on a 300K or more house but by tens of thousands. The firm in question has plenty of stuff on its books that has sat there for years with little or no price reductions.

No point trying to get buyers to put in offers on HUGELY over-priced stuff when no bank will give a mortgage on anywhere near the asking price.

They either do not get it or they do not want to get it IMPO - it is the prices stupid!

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HOLA448

On Swansea chain's bosses is allegedly telling its managers to push buyers to buy by contacting everyone and urging them to put in offers.

Um, isn't that the wrong way around? Like pushing on a bit of string?

Surely they should be ringing around all their sellers and getting them to drop their asking prices - and not by a few thousand on a 300K or more house but by tens of thousands. The firm in question has plenty of stuff on its books that has sat there for years with little or no price reductions.

No point trying to get buyers to put in offers on HUGELY over-priced stuff when no bank will give a mortgage on anywhere near the asking price.

They either do not get it or they do not want to get it IMPO - it is the prices stupid!

I've rung up a few agents lately, enquiring about the odd house or two to view.

I have then been beseiged by what feels like every other agent in the office ringing me pushing the other properties they have , even though they fall nowhere near my stated requirements in terms of location, price etc

The hard sell during and after the viewings has been laughable, really.

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HOLA449

I've rung up a few agents lately, enquiring about the odd house or two to view.

I have then been beseiged by what feels like every other agent in the office ringing me pushing the other properties they have , even though they fall nowhere near my stated requirements in terms of location, price etc

The hard sell during and after the viewings has been laughable, really.

Odd isn't it - they are now clearly desperate but they are still hung up on the ludicrous valuations and ludicrous asking prices.

They seem to try anything other lower the asking prices to sensible levels - the only reason I can think of is that lots of EAs are up to their eyeballs in negative equity and huge mortgages as much as the house sellers they represent?

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HOLA4410

Odd isn't it - they are now clearly desperate but they are still hung up on the ludicrous valuations and ludicrous asking prices.

They seem to try anything other lower the asking prices to sensible levels - the only reason I can think of is that lots of EAs are up to their eyeballs in negative equity and huge mortgages as much as the house sellers they represent?

Possibly.

I also get the feeling that some know that the asking prices are ludicrous, but know if they state to the seller "you're pricing too high" then they run the risk of upsetting them and them buggering off elsewhere.

The ones I've met haven't been the sharpest tools in the box, either. They even pissed off the owner of the last viewing I had with some of the inane and blatantly false drivel they were spouting at me about the location, schools etc

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HOLA4411

Possibly.

I also get the feeling that some know that the asking prices are ludicrous, but know if they state to the seller "you're pricing too high" then they run the risk of upsetting them and them buggering off elsewhere.

The ones I've met haven't been the sharpest tools in the box, either. They even pissed off the owner of the last viewing I had with some of the inane and blatantly false drivel they were spouting at me about the location, schools etc

Some EAs know that but they are in competition with some who just give the most highest ludicrous valuations, IMPO, to get the stock on their books.

I think some of the sellers - those whose over-priced piles of sh*t - have been on the market for a year or more without viewings are getting cheesed off with the EA drivel now.

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HOLA4412

Possibly.

I also get the feeling that some know that the asking prices are ludicrous, but know if they state to the seller "you're pricing too high" then they run the risk of upsetting them and them buggering off elsewhere.

The ones I've met haven't been the sharpest tools in the box, either. They even pissed off the owner of the last viewing I had with some of the inane and blatantly false drivel they were spouting at me about the location, schools etc

Ludicrous but they'll fight to the death to maintain the illusion. Last week I saw a house in Bishopston on for 500K. A super location but the house in many ways is a mess. Later the EA said that as far as he was concerned the house should literally be demolished and rebuilt. In effect I would be paying 500K for the site alone. Which planet.....?

Rapidly ageing vendor had told me that a few people were interested but the guy most interested was a London based surgeon who was looking for a country retreat. How can you compete with that? (500K for a second home).It's these overpaid medics and their wives who are continuing to mess up the market; they are the only ones with the cash and the bank support too.

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HOLA4413

Ludicrous but they'll fight to the death to maintain the illusion. Last week I saw a house in Bishopston on for 500K. A super location but the house in many ways is a mess. Later the EA said that as far as he was concerned the house should literally be demolished and rebuilt. In effect I would be paying 500K for the site alone. Which planet.....?

Rapidly ageing vendor had told me that a few people were interested but the guy most interested was a London based surgeon who was looking for a country retreat. How can you compete with that? (500K for a second home).It's these overpaid medics and their wives who are continuing to mess up the market; they are the only ones with the cash and the bank support too.

Yeah, the surgeon probably viewed it, dismissed it and now the seller and EA convince themselves that they have a serious buyer. If the EAtold you that you were paying 500K for a plot then they are clearly in cuckoo land.

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HOLA4414

Now down to 350,000. They are desperate to get rid of this place but I think we've reached the theshhold now . Expect the heads to start appearing above the parapet in numbers.

I know it's empty , but it does look unusually cold and charmless .

Imagine long winter nights in there suffocated by the blanket grey mists rolling in from Rhossili . Think Edgar Evans was born in Knelston.

Wanted to see this place in Knelston last week and was told not to bother since deal almost closed. I'm reliably informed it went for less than 300K !

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HOLA4415
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HOLA4416

Yeah, the surgeon probably viewed it, dismissed it and now the seller and EA convince themselves that they have a serious buyer. If the EAtold you that you were paying 500K for a plot then they are clearly in cuckoo land.

These old biddies are popping up but everywhere in these 400-600K houses. Bought for a song long ago but in prime locations with lots of land. Hubbies dead and they cannot cope with the maintenance.... at 60 quid a pop for a bit of hedge trimming they are seeing their pensions increasingly stretched, with no interest on the savings and their shares dead in the water. They can hardly afford the maintenance and finally realise (with a lot of prompting from the kids)that selling up makes sense.But at what price?

They refuse to contemplate serious reductions even though they are sitting on hundreds of thousands in equity, spouting that they have to think of the children (who are already married and comfortably off in their own houses and with their own kids and treating mum with soft kidd gloves.....).

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HOLA4417

These old biddies are popping up but everywhere in these 400-600K houses. Bought for a song long ago but in prime locations with lots of land. Hubbies dead and they cannot cope with the maintenance.... at 60 quid a pop for a bit of hedge trimming they are seeing their pensions increasingly stretched, with no interest on the savings and their shares dead in the water. They can hardly afford the maintenance and finally realise (with a lot of prompting from the kids)that selling up makes sense.But at what price?

They refuse to contemplate serious reductions even though they are sitting on hundreds of thousands in equity, spouting that they have to think of the children (who are already married and comfortably off in their own houses and with their own kids and treating mum with soft kidd gloves.....).

Which is why such houses are not really on the market. Allow them their fantasy and .move on.

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HOLA4418

I looked at a 400K asking price house this week down Gower - silly asking price for what it was - and I jokingly said to the EA that I would offer 350K on it at best. Had no intention.

The response I got was a look of horror and was told that the seller would accept 5K off the asking price, maybe 10K.

I laughed and said that such an idea was ridiculous in such a market. Said that they - the EAs - must be desperate for commission.

Yet another house that is just going to linger on the market with the seller and EA deluded. Talk about a ponzi scheme.

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HOLA4419

I looked at a 400K asking price house this week down Gower - silly asking price for what it was - and I jokingly said to the EA that I would offer 350K on it at best. Had no intention.

The response I got was a look of horror and was told that the seller would accept 5K off the asking price, maybe 10K.

I laughed and said that such an idea was ridiculous in such a market. Said that they - the EAs - must be desperate for commission.

Yet another house that is just going to linger on the market with the seller and EA deluded. Talk about a ponzi scheme.

Which one was that Tulip - got a link ?

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HOLA4420
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HOLA4421
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HOLA4422
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HOLA4423

Does anyone know what this means in the title description of properties on Rightmove

(r-p)

Example link

http://www.rightmove.co.uk/property-for-sale/property-35623558.html

Does it mean repossession - seen a few with this in the title ?

Repossession was my first thought, but if you google 'Carmarthenshire (r-p)' there are loads of them on the various property sites and I doubt they can all be repos.

It can't be 'rural property' either as some country houses on with Clee don't have (r-p). They are all on with Clee so give them a ring.

Perhaps it is the initials of the person listing them?

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HOLA4424

Heard a couple of stories in a pub.

Seller in Mumbles who would not take 10K below his asking price.

Buyer walks after months of haggling. Seller has no more viewers for 3 months over the summer so goes back to EA accepting the offer of 10K - alas, buyer has already bought another house.

Seller has now reduced 20K below the 10K less offer so basically 30K asking price reduction and is now desperate to sell - alas he now thinks he will get his full asking price again. Chasing the market down. Not going to end well is it.

Second story:

Lady in Caswell just put her house on for 35K higher than any other EA valuation - one of the usual suspects convinced her to go with the higher price. EA apparently convinced her that the market is buoyant... Um, I can think of 5 or 6 houses with 5 minutes walk of the seller's house which have been on for over a year.

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HOLA4425

Heard a couple of stories in a pub.

Seller in Mumbles who would not take 10K below his asking price.

Buyer walks after months of haggling. Seller has no more viewers for 3 months over the summer so goes back to EA accepting the offer of 10K - alas, buyer has already bought another house.

Seller has now reduced 20K below the 10K less offer so basically 30K asking price reduction and is now desperate to sell - alas he now thinks he will get his full asking price again. Chasing the market down. Not going to end well is it.

Second story:

Lady in Caswell just put her house on for 35K higher than any other EA valuation - one of the usual suspects convinced her to go with the higher price. EA apparently convinced her that the market is buoyant... Um, I can think of 5 or 6 houses with 5 minutes walk of the seller's house which have been on for over a year.

Same old story though, isn't it.

Unless the "seller" is trying to move on due to death, divorce, job move/loss etc they are not that motivated to be reasonable on the pricing.

For those with a mortgage, low interest rates continue to help them out. Until unemployment or interest rates go up (hitting sellers on the breadline, but also hitting affordability for buyers) the current situation will just grind along re prices.

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