http://www.thisisswansea.co.uk/displayNode...tentPK=20812184
I particularly like the readers' comments underneath the article.
Also, I think that this is the first time I've ever read Chris Hope of Dawsons sounding even slightly realistic.
The sad thing is, that despite publishing this article, I wouldn't be at all surprised (on past evidence) if next week they publish an article with a quote from Mr Hope saying how wonderful everything is and what a great opportunity for first time buyers!
Full Version: Estate Agents Suffering In Mumbles (and Sketty)
I think I am right in thinking that the Post is losing large amounts of revenue due to EAs reducing their advertising? Doubt very much whether it is going to be pro-EAs now.
EAs saying that Swansea house prices will somehow miraculously hold up in the face of the biggest housing bubble, soon to become the biggest housing crash, in history is already nonsense. They sound, IMPO, more and more like King Canute each day.
Just wait and see - house prices in Sketty, Mumbles, Newton, Langland, etc, will fall equally as hard as anywhere else. I am expecting 50% falls at least in Swansea West.
EAs saying that Swansea house prices will somehow miraculously hold up in the face of the biggest housing bubble, soon to become the biggest housing crash, in history is already nonsense. They sound, IMPO, more and more like King Canute each day.
Just wait and see - house prices in Sketty, Mumbles, Newton, Langland, etc, will fall equally as hard as anywhere else. I am expecting 50% falls at least in Swansea West.
Yes, I've noticed that the Property Post supplement (or Property Finder as they've started calling it recently) alternates between being really full and then the following week being only about half the number of pages. Looks like some EAs are only advertising every other week.
I wonder which estate agent will be next to close a branch in the Swansea area.
Darlows closed recently in Neath and Llanelli. Peter Alan will be closing in Mumbles.
I think it could be Simpson Evans (the property search on their web site hasn't worked for about 6 months - so they must be losing out).
Perhaps we should start a sweep stake!
Darlows closed recently in Neath and Llanelli. Peter Alan will be closing in Mumbles.
I think it could be Simpson Evans (the property search on their web site hasn't worked for about 6 months - so they must be losing out).
Perhaps we should start a sweep stake!
I've tuned into the P/Alan site for Mumbles often and they've had the same 70 odd props for sale for ages with very little movement . Not surprised they are down and out.... only that they lasted as long as they did.
As for S/Evans they went tits some time ago with the pieces picked over by J Francis as I recall.
An agency I've noticed recently (new??) is Gower Coastal Props.(clearly consider themselves to be upmarket) but their pricing is even more obscenely distorted than Dawsons.
When the 3 bedroom semis in West Cross and Mumbles and Mayals break below that Plimsol 200k mark , sanity will be showing signs of making a tentative return. We're getting there.
As for S/Evans they went tits some time ago with the pieces picked over by J Francis as I recall.
An agency I've noticed recently (new??) is Gower Coastal Props.(clearly consider themselves to be upmarket) but their pricing is even more obscenely distorted than Dawsons.
When the 3 bedroom semis in West Cross and Mumbles and Mayals break below that Plimsol 200k mark , sanity will be showing signs of making a tentative return. We're getting there.
Everyone on this thread seems to be totally obsessed with Mumbles, West Cross or the west of Swansea generally. This is not the area where you can expect to see a true barometer of Swansea and area's current prices reductions. Is it a case of the Green Eyed God perhaps? We just hate people having nice houses!!
The real drop in Swansea house prices starts where turnover of property is the highest and will filter down to west Swansea.
The real drop in Swansea house prices starts where turnover of property is the highest and will filter down to west Swansea.
I didn't know that about Simpson Evans.
They've only recently (last couple of years) opened a branch in Killay. I hadn't noticed it had closed/changed to John Francis. I'll try to remember to look next time I drive past.
I take the point about prices dropping where turnover is greatest and filtering down - confirmed by the drop in terrace property prices I suppose.
I'm interested in Swansea West because that's where I live (and was brought up here) - not green eyed god - just want to pay a reasonable price for a home in the area I'm from - that's all.
They've only recently (last couple of years) opened a branch in Killay. I hadn't noticed it had closed/changed to John Francis. I'll try to remember to look next time I drive past.
I take the point about prices dropping where turnover is greatest and filtering down - confirmed by the drop in terrace property prices I suppose.
I'm interested in Swansea West because that's where I live (and was brought up here) - not green eyed god - just want to pay a reasonable price for a home in the area I'm from - that's all.
QUOTE (Dave Dribble 2 @ Jun 9 2008, 10:50 PM) 
I didn't know that about Simpson Evans.
They've only recently (last couple of years) opened a branch in Killay. I hadn't noticed it had closed/changed to John Francis. I'll try to remember to look next time I drive past.
I take the point about prices dropping where turnover is greatest and filtering down - confirmed by the drop in terrace property prices I suppose.
I'm interested in Swansea West because that's where I live (and was brought up here) - not green eyed god - just want to pay a reasonable price for a home in the area I'm from - that's all.
They've only recently (last couple of years) opened a branch in Killay. I hadn't noticed it had closed/changed to John Francis. I'll try to remember to look next time I drive past.
I take the point about prices dropping where turnover is greatest and filtering down - confirmed by the drop in terrace property prices I suppose.
I'm interested in Swansea West because that's where I live (and was brought up here) - not green eyed god - just want to pay a reasonable price for a home in the area I'm from - that's all.
They had a good website , then over a year ago I had problems with it . Found out they'd folded and J/F stepped into the breech. There's a "Simpsons"(residue of S/E) but he, like Dawsons, is guilty of manic overvaluation and is probably suffering from acute nofeeitus by now.
Swansea is going to hurt.
Isn't there a Simpson Evans in Mumbles or is it just Simpsons?
I think it's Simpsons Property in Mumbles.
I can't believe I didn't know that Simpson Evans had folded. I don't remember reading about it in the paper.
I drove past the branch in Killay today and it is now John Francis.
Property Post seemed quite full again tonight.
Disappointed there weren't more reductions.
I can't believe I didn't know that Simpson Evans had folded. I don't remember reading about it in the paper.
I drove past the branch in Killay today and it is now John Francis.
Property Post seemed quite full again tonight.
Disappointed there weren't more reductions.
Just a couple of things...
Spoke with a BTL landlord today of several years letting, tells me that no one can get a mortgage now and many 'new' landlords he knows of are trying to sell up but cannot.
Also spoke with a friend who put her Swansea West house on the market 6 months ago - not a single interest in it.
Spoke with a BTL landlord today of several years letting, tells me that no one can get a mortgage now and many 'new' landlords he knows of are trying to sell up but cannot.
Also spoke with a friend who put her Swansea West house on the market 6 months ago - not a single interest in it.
Just noticed that Ashley Jones are no longer on Rightmove, that's them and Dawsons. It's a shame really as that site was very useful for keeping track of all the reductions. 
I was wondering last night where what seems like hundreds of properties have gone from being for sale in Swansea West - I was searching Rightmove and I got about 1200 properties up whereas, a month or two ago, I was getting 3 or 4 thousand.
I must admit that I do not bother looking at the EAs just the prices. I wonder if they have pulled because of the cost or because of all of us using tools like property bee to monitor the falls.
I imagine that somewhere in the UK in the coming few years at least EA is going to fall foul of the trade descriptions act re a property price due to monitoring of prices by us Joe and Jane Does.
I must admit that I do not bother looking at the EAs just the prices. I wonder if they have pulled because of the cost or because of all of us using tools like property bee to monitor the falls.
I imagine that somewhere in the UK in the coming few years at least EA is going to fall foul of the trade descriptions act re a property price due to monitoring of prices by us Joe and Jane Does.
To be honest I think it's probably a combination of the two things you mentioned, I'm sure I read on the main forum that it cost the EA about £400 a month to list their properties with rightmove. I guess it's back to monitoring the property section from the evening post. 
Nah, I don't bother with the Property Post at all now. I might pick it up if free in the local Nationwide and have a browse but... oddly enough, there haven't been any free copies in the Nationwide for weeks now. They always used to have a pile of them in there - sign of the times?
The way the Swansea property market is now I am coming close to simply ignoring it. The prices are so ridiculous still, IMPO a good 50% over-valued - that I have no intention of buying here until they fall in price. I will give it another year and if they have not come down I will simply move to California or Canada or even Oz. I have the cash but I am also single and have skills so I can quite easily go wherever I wish to go.
I don't think Swansea EAs have got it yet - there are no mortgages anymore let alone the ridiculous sums of money offered by the lenders. The lenders aren't going to be lending that money again for years perhaps a decade and people like me who are cash buyers have no interest in propping up greedy EAs and even greedier sellers. They can all drown in debt as far as I am concerned - and I am actually a decent guy.
When the dotcon shares collapsed there were loads of economists who were predicting when the shares would once again reach their dizzying heights. In the majority of tech shares it was simple NEVER, for some it was something like 20 odd years. Same thing is going to be with houses - once this crash happens it most likely will be a generation or two before they reach such heights again. In fact, for me personally buying a house might be the worst thing I do with my money. Ihave a feeling that a lot of people in a similar position are going to start thinking the same way.
The way the Swansea property market is now I am coming close to simply ignoring it. The prices are so ridiculous still, IMPO a good 50% over-valued - that I have no intention of buying here until they fall in price. I will give it another year and if they have not come down I will simply move to California or Canada or even Oz. I have the cash but I am also single and have skills so I can quite easily go wherever I wish to go.
I don't think Swansea EAs have got it yet - there are no mortgages anymore let alone the ridiculous sums of money offered by the lenders. The lenders aren't going to be lending that money again for years perhaps a decade and people like me who are cash buyers have no interest in propping up greedy EAs and even greedier sellers. They can all drown in debt as far as I am concerned - and I am actually a decent guy.
When the dotcon shares collapsed there were loads of economists who were predicting when the shares would once again reach their dizzying heights. In the majority of tech shares it was simple NEVER, for some it was something like 20 odd years. Same thing is going to be with houses - once this crash happens it most likely will be a generation or two before they reach such heights again. In fact, for me personally buying a house might be the worst thing I do with my money. Ihave a feeling that a lot of people in a similar position are going to start thinking the same way.
Just heard that friends of mine have bought a flat in the Mumbles area of Swansea. It was on for 209K asking price and they offered 140K. The offer was refused but subsequently the flat was reduced to 190K asking price and they were asked to make an offer. They stuck to their initial 140K which was rejected again.
A few days later they had a call from the EA saying that the seller would accept 145K - which they subsequently offered. This is a biggish flat overlooking the Mumbles with great views and within walking distance of all the shops and pubs.
As there seems to be a glut of flats, IMPO, in the immediate area, some as high as 500K asking price, I think this tale gives a good indication of what is now happening with flat prices. Swansea still seems to be in denial with asking prices but it now looks as if the first signs of sellers blinking is now occuring.
On a different note, I was in a Swansea EA this week and was told that nothing was selling apart from one house which they hope will now complete - some hope. They told me that sellers are still refusing to reduce asking prices generally and the few who were were reducing them by a few thousand when most needed to come down dramatically more than that.
I asked what buyers were offering and was told that buyers are now putting in offers well under the asking prices - which were getting refused.
I asked if they had any gazundering and the reaction was interesting. I got the impression that they had but the words hesitated leaving the EA's mouth and were quickly changed to "Not us here but I know other branches are seeing it!"
A few days later they had a call from the EA saying that the seller would accept 145K - which they subsequently offered. This is a biggish flat overlooking the Mumbles with great views and within walking distance of all the shops and pubs.
As there seems to be a glut of flats, IMPO, in the immediate area, some as high as 500K asking price, I think this tale gives a good indication of what is now happening with flat prices. Swansea still seems to be in denial with asking prices but it now looks as if the first signs of sellers blinking is now occuring.
On a different note, I was in a Swansea EA this week and was told that nothing was selling apart from one house which they hope will now complete - some hope. They told me that sellers are still refusing to reduce asking prices generally and the few who were were reducing them by a few thousand when most needed to come down dramatically more than that.
I asked what buyers were offering and was told that buyers are now putting in offers well under the asking prices - which were getting refused.
I asked if they had any gazundering and the reaction was interesting. I got the impression that they had but the words hesitated leaving the EA's mouth and were quickly changed to "Not us here but I know other branches are seeing it!"
Am a newbie to posting on this site, but have been monitoring it for the last 4 months or so.
Sold last March (2007) and have been renting since then.
Renting in the Swansea area.
I think i have been very fortunate to have sold when i did.
I decided to step off the housing ladder, and rather than falling down i find myself suspended in mid air whilst watching the ladder fall down.
Am hoping to step back on the ladder but i dont think it will be at least another 12 months before i become serious about buying again.
With a bit of luck i shall still be suspended in mid air when the ladder is propped up again but will find myself 2-3 rungs higher.
My first thoughts are "great bring on the crash" -- however its ok if you have sold and waiting to buy again in a falling market but its not as simple as that---what if i have no job as a result of the crash??
Im a tradesman, and i think my job is pretty secure for a year at least.
Others are not so fortunate as everywhere i go plumbers / sparkys / joiners you name it are being laid off in large numbers--- the knock on effect has not yet hit home ,but give it another 2 or 3 months when the jobless figures rise dramatically and there will be widespread panic on a scale not seen for a few decades at least.
Anyway --- the couple with a few kids a street near me sold there house as a part ex to a barrats / persimmion or something obviously to get their hands on a new build.
The house they sold has been on the market 3 months now and has dropped from 199k to 189k and has had one or two viewers but nothing to come of that yet.
Seeing as its owned by one of the big developers it will be interesting to see what tactics they have in trying to shift this house.
Am guessing that maybe they will be more realistic in their hopes to sell quickly, but at three months and only a few sniffs its not working.
Predicting a drop to 179k shortly
For anyone interested in monitoring this , its on with Ashley Jones at 189k (cefn helyg) in sketty area
3 bed semi.
http://212.50.188.106/cgi-win/vebra.cgi?de...4/CEFNH/18976/4
Nice area but i think at the moment 160 would be a realistic selling price right now---- down to 140 by january.
Sold last March (2007) and have been renting since then.
Renting in the Swansea area.
I think i have been very fortunate to have sold when i did.
I decided to step off the housing ladder, and rather than falling down i find myself suspended in mid air whilst watching the ladder fall down.
Am hoping to step back on the ladder but i dont think it will be at least another 12 months before i become serious about buying again.
With a bit of luck i shall still be suspended in mid air when the ladder is propped up again but will find myself 2-3 rungs higher.
My first thoughts are "great bring on the crash" -- however its ok if you have sold and waiting to buy again in a falling market but its not as simple as that---what if i have no job as a result of the crash??
Im a tradesman, and i think my job is pretty secure for a year at least.
Others are not so fortunate as everywhere i go plumbers / sparkys / joiners you name it are being laid off in large numbers--- the knock on effect has not yet hit home ,but give it another 2 or 3 months when the jobless figures rise dramatically and there will be widespread panic on a scale not seen for a few decades at least.
Anyway --- the couple with a few kids a street near me sold there house as a part ex to a barrats / persimmion or something obviously to get their hands on a new build.
The house they sold has been on the market 3 months now and has dropped from 199k to 189k and has had one or two viewers but nothing to come of that yet.
Seeing as its owned by one of the big developers it will be interesting to see what tactics they have in trying to shift this house.
Am guessing that maybe they will be more realistic in their hopes to sell quickly, but at three months and only a few sniffs its not working.
Predicting a drop to 179k shortly
For anyone interested in monitoring this , its on with Ashley Jones at 189k (cefn helyg) in sketty area
3 bed semi.
http://212.50.188.106/cgi-win/vebra.cgi?de...4/CEFNH/18976/4
Nice area but i think at the moment 160 would be a realistic selling price right now---- down to 140 by january.
QUOTE (The Masked Tulip @ Jun 24 2008, 06:38 PM)
Nah, I don't bother with the Property Post at all now. I might pick it up if free in the local Nationwide and have a browse but... oddly enough, there haven't been any free copies in the Nationwide for weeks now. They always used to have a pile of them in there - sign of the times?
The way the Swansea property market is now I am coming close to simply ignoring it. The prices are so ridiculous still, IMPO a good 50% over-valued - that I have no intention of buying here until they fall in price. I will give it another year and if they have not come down I will simply move to California or Canada or even Oz. I have the cash but I am also single and have skills so I can quite easily go wherever I wish to go.
I don't think Swansea EAs have got it yet - there are no mortgages anymore let alone the ridiculous sums of money offered by the lenders. The lenders aren't going to be lending that money again for years perhaps a decade and people like me who are cash buyers have no interest in propping up greedy EAs and even greedier sellers. They can all drown in debt as far as I am concerned - and I am actually a decent guy.
When the dotcon shares collapsed there were loads of economists who were predicting when the shares would once again reach their dizzying heights. In the majority of tech shares it was simple NEVER, for some it was something like 20 odd years. Same thing is going to be with houses - once this crash happens it most likely will be a generation or two before they reach such heights again. In fact, for me personally buying a house might be the worst thing I do with my money. Ihave a feeling that a lot of people in a similar position are going to start thinking the same way.
The way the Swansea property market is now I am coming close to simply ignoring it. The prices are so ridiculous still, IMPO a good 50% over-valued - that I have no intention of buying here until they fall in price. I will give it another year and if they have not come down I will simply move to California or Canada or even Oz. I have the cash but I am also single and have skills so I can quite easily go wherever I wish to go.
I don't think Swansea EAs have got it yet - there are no mortgages anymore let alone the ridiculous sums of money offered by the lenders. The lenders aren't going to be lending that money again for years perhaps a decade and people like me who are cash buyers have no interest in propping up greedy EAs and even greedier sellers. They can all drown in debt as far as I am concerned - and I am actually a decent guy.
When the dotcon shares collapsed there were loads of economists who were predicting when the shares would once again reach their dizzying heights. In the majority of tech shares it was simple NEVER, for some it was something like 20 odd years. Same thing is going to be with houses - once this crash happens it most likely will be a generation or two before they reach such heights again. In fact, for me personally buying a house might be the worst thing I do with my money. Ihave a feeling that a lot of people in a similar position are going to start thinking the same way.
Regarding your last comment regarding dotcom shares collapsing, Barretts shares are currently at 71p, they were over a tenner last September! Says it all.
QUOTE (The Masked Tulip @ Jun 24 2008, 05:21 PM)
I was wondering last night where what seems like hundreds of properties have gone from being for sale in Swansea West - I was searching Rightmove and I got about 1200 properties up whereas, a month or two ago, I was getting 3 or 4 thousand.
I must admit that I do not bother looking at the EAs just the prices. I wonder if they have pulled because of the cost or because of all of us using tools like property bee to monitor the falls.
I imagine that somewhere in the UK in the coming few years at least EA is going to fall foul of the trade descriptions act re a property price due to monitoring of prices by us Joe and Jane Does.
I must admit that I do not bother looking at the EAs just the prices. I wonder if they have pulled because of the cost or because of all of us using tools like property bee to monitor the falls.
I imagine that somewhere in the UK in the coming few years at least EA is going to fall foul of the trade descriptions act re a property price due to monitoring of prices by us Joe and Jane Does.
I doubt it is anything to do with the tools you are using.
Simply down to advertising costs. I've mentioned on another thread about this. RM and similar portals charge EA's a fortune and RM inparticular put their prices up on a regular basis. Prime location are offering 3 month free trials to agents to get them onboard which I tried and had no leads. You will probably find a lot of small agents on their site now using the trials.
The property post is the biggest killer of all and agents believe that they are unable to risk not having a presence in there which is fair enough, but while they continue to spend 1,000's a week on the psot the advertising fees will not be lowered. The evening post have EA's over a barrel. Being a small agent myself that does not hold people to contracts or tie-in periods they seem happy enough not to be in the post. I still find them plenty of viewings from internet advertising.
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