[The Masked Tulip]

I did a cycle through Gower this morning - boy, what a forest of 'for sale' signs, especially in Southgate.

Called into a 'West' EAs yesterday and overheard a conversation between a couple trying to get the EA to ring around all the people who had viewed their Gower house last year. The boy was a builder turned developer it appeared and seemed quite desperate to get someone to make an offer.

After they left my EA contact filled me in - they had done the house up very nicely but simply wanted too much money - over 400K - and could not afford to drop the price. The couple are now going to extend the house further - which just seemed nuts to me as they would then be asking a lot more.

The EA told me that "they are mortgaged up to the hilt - like a lot of people on Gower".

[The Masked Tulip]

Penny seems to have finally dropped with an EA in one of the bigger Swansea firms - says that the banks are now forcing down house prices.

Yippee! I think they are beginning to get it. Well, some of them are.

Told me that several managers in a main competitor - another big Swansea firm - are "scared stiff of house prices dropping".

Odd really - falling house prices would not only make houses more affordable and make the banks more likely to lend on them thereby increasing the number of houses sold by EAs leading to more commissions and fees.

The only reason an estate agent would not want to see falling house prices is if any given estate agent is hugely leveraged mortgage wise themselves or up to their eyeballs in mortgage debt and/or buy to let.

It staggers me that many estate agents I talk with can't see that a house price crash would mean more money for them.

[Swansea Estate Agent]

If house prices drop, it means that more people would be in negative equity and would be unable to sell resulting in very few properties going on to the market which means a lot less commission for EA's.

Yes those that are on the market may well sell, but too many people have borrowed too much money on the strength of previous valuations.

Most sales will come from repo's if the prices fall sharply again which is great if you are sitting there with lots of cash and waiting to buy a bargain. Good news for you MT

Falling house prices won't make a difference to us because we are not heavily into sales yet, but it may help us to be established the next time prices start to go up and propert comes back to the market.

[The Masked Tulip]

Well, I am now seeing lots more empty 'furnitureless' houses on the market in Swansea West - a few complete with the repro tape on the toilet and sinks.

Once the banks decide that they want to - and they will - they will just foreclose on those in negative equity. It probably is a few years away yet but they usually have some clause in a mortgage contract. They did it in the early 90s crash. They will do it again.

This post has been edited by The Masked Tulip: 28 March 2012 - 10:49 AM

[The Masked Tulip]

54K drop - http://www.rightmove...y-20225706.html

Asking price now where it should have been to start with IMPO.

[The Masked Tulip]

http://www.rightmove...y-22450674.html

http://www.rightmove...y-22450677.html

[Swansea Estate Agent]

The Masked Tulip, on 28 March 2012 - 10:39 PM, said:

54K drop - http://www.rightmove...y-20225706.html

Asking price now where it should have been to start with IMPO.

Lacking internal pictures. Probably needs gutting.

[Swansea Estate Agent]

The Masked Tulip, on 29 March 2012 - 07:42 AM, said:

http://www.rightmove...y-22450674.html

http://www.rightmove...y-22450677.html

The first one is a joke. Complete gut required and your still left with a crappy property.

[The Masked Tulip]

Swansea Estate Agent, on 29 March 2012 - 10:38 AM, said:

The first one is a joke. Complete gut required and your still left with a crappy property.

The second one, I think, is a few doors away from the house that sits directly above that old quarry kilm - the one you can see from Castle Road. I think the kilm suddenly appeared last year, or the year before last, when earth covering it fell away.

I think it is now scheduled to be filled in with concrete so I have been told.

It has been ruddy scary to stand in Castle Road, look at this huge hole that is the old quarry kilm and then look up at the house sat above it. I could not have slept there myself personally knowing such a hole was underneath me.

I was interested in buying a house in the old quarry but after seeing that kilm I wonder what else may be 'hidden' there.

[thirdwave]

The market must be picking up (must be all that talk of a double dip) since vendors of this little gem have decided to stick it back on the market with a mere 55k increase in the previously unacheived asking price (it was on for well over a year at 295k asking)

http://www.findaprop...operty-11355846

This post has been edited by thirdwave: 29 March 2012 - 12:25 PM

[The Masked Tulip]

thirdwave, on 29 March 2012 - 12:24 PM, said:

The market must be picking up (must be all that talk of a double dip) since vendors of this little gem have decided to stick it back on the market with a mere 55k increase in the previously unacheived asking price (it was on for well over a year at 295k asking)

http://www.findaprop...operty-11355846

Yes, I saw that and just thought... well, I can't tell you what I thought. It should eb 250K asking IMPO.

[Democorruptcy]

The Masked Tulip, on 29 March 2012 - 07:42 AM, said:

http://www.rightmove...y-22450677.html

Someone thinks that has a £200k sea view.

[The Masked Tulip]

469K asking for a house in Hendrofoilan Avenue.

http://www.rightmove...y-37426643.html

[The Masked Tulip]

Tumbleweed... anyone here?

[The Masked Tulip]

305K asking for a terrace in Mumbles.

http://www.rightmove...y-22548792.html