Friday, Nov 30, 2007
EAs getting desperate
London Evening Standard: Fewer buyers and falling prices halt house boom
The EAs are getting desperate. Beans on toast for Poxtons Xmas dinner ?
"Frenzied "open house" viewings and sealed bid auctions that marked the peak of the London property boom have all but disappeared."
Posted by doomwatch @ 11:38 AM (671 views) Add Comment
6 Comments
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1. confused76 said...
"Agents say the days when scores of desperate buyers would fight it out with offers well above the asking price are over." (laugh) "Figures from the Bank of England yesterday showed a sharp fall in the number of buyers after a collapse in confidence, rising borrowing costs and the credit crunch hit the availability of mortgages." (Thank God they didn t mention the HIPs). "Asking prices are down about five per cent on their summer peak and buyers have become more cautious." Fivepercent down!? (big laugh) I can't believe that! so the Nationwide statistics are a cheat (big hysterical laugher, see
http://www.youtube.com/watch?v=YOv1UMDqBD4&feature=related
2. Icarus said...
Yet another indication that prices, even on much reduced volumes, are down 10% from the summer. Add 'offers well above the asking price' in summer to 'asking prices down 5%' (and sellers struggling to achieve asking prices) and this squares with other 'down 10%' assessments from the realist camp.
3. the reaper said...
"I would tell people who want to sell, wait until after Christmas but if you want to buy you should be out there now. There is a window of opportunity because there is less competition. ''
window of oppurtunity?????what to get in at the top?
"If the market has dropped by 10 per cent, you could sell your £500,000 home for £450,000, but then if you buy a £1million house for £900,000 you will pick up money. The clever money is trading up. ''
course it's not going into yen and CHF!!
"First-time buyers are also using the softening of the market to get on the property ladder before it recovers, which I believe will be in spring." yeah course they are.with sooo many mortgage lenders competing for markte share,they'll be good to go.
4. Jackas said...
"if you buy a £1million house for £900,000 you will pick up money. The clever money is trading up. ''
Why would a £1m house sell for £900k? Doesn't that just make it a £900k house?
Anyone who listens to an Estate Agent's advice is an utter idiot.
5. planning4acrash said...
If we see this all over the Evening Standard each day, London will panick and so will the rest of the country. I'm just waiting for it to be on the front of Metro, London lite and the London Paper at least once a week, then lets put on our seatbelts!
6. inbreda said...
"If the market has dropped by 10 per cent, you could sell your £500,000 home for £450,000, but then if you buy a £1million house for £900,000 you will pick up money. The clever money is trading up. ''
Of course this highlights the difficulty with trying to move up the ladder when prices are rising.
They didn't highlight that one much at the time though did they!!
I'm a natural cynic but at least I'm not a VI that has to put a positive (for their commissions!) spin on absolutely everything.