Wednesday, Mar 12, 2008
Massive rush to sell before the serious falls start
home.co.uk: Property Numbers Surge as Sellers Panic
"..surge in premium property listings predominantly in Greater London."
Asking Prices in England & Wales have fallen 0.4% over Q1 2008.
..increased supply of premium properties is unusual and may signify more property market turmoil as investors and City workers move to liquidate prime UK property market assets.
The number of properties for sale in central London has soared by 22.5% in just the
last 14 days. Most of these new listings are flats, which dominate the London
housing market.
Posted by doomwatch @ 10:50 AM (879 views) Add Comment
13 Comments
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1. hpwatcher said...
more properties higher asking prices.....the result of greed & panic.
2. Pelethar said...
The increase in overall asking prices is down to a splurge of prime property being listed in the month, rather than any actual increase in the prices of properties.
The wording in this report is almost unbelievably bearish. Check out the conclusion at the bottom.
3. george monsoon said...
great news, A saturated market will just exacerbate the crash.
4. Hurry_up_and_crash said...
This report shows how headline figures from Right Move et al are so misleading. Asking prices up they say, but top end houses are distorting the results.
It is very difficult to compare apples with apples, but the underlying result is that panic has entered the market like a virus. Like a virus the infection of panic will grow expotentially and very quickly.
Can't wait!!
5. tyrellcorporation said...
Surely comparing an apple with another apple is quite easy?
6. doomwatch said...
This bit from the comment at the end is very bearish ...
"Following the tipping point in August 07 the number of new mortgage loans
approved for purchase had halved by January 08 (reduced by one third year-onyear)
and mortgage lending has tightened further since then despite the February
rate cut. Demand for UK property has been drastically reduced and will only recover
through large house price falls or loosening mortgage credit. A minority of cash
buyers will be waiting patiently for the former."
7. confused76 said...
"A minority of cash buyers will be waiting patiently for the former" AHAH HAHAH HA HHA am I waiting! ! ! ! ! !
With the US now in economic recession following their housing bust, the likelihood of
the same ill winds ravaging the UK shores is high. YEYYEYEYYEYEYYEYEYEYY
After 12 years of ballooning house prices and dwindling manufacturing capacity the UK is looking very vulnerable to a
severe economic downturn. HAHHAHAHAHHAHH
Logically speaking, large increases in property sales listings should not occur when
the housing market is in poor shape, but they do and the reason is simple: Panic
selling. TULIP TULIP PANIC PANIC AAAAAAAAAHHAHHAHHHAHHAHAHH
Can it get spelled better than this?!??!?
8. cornishman said...
Sellers panic
Love it!
9. Hurry_up_and_crash said...
@tyrellcorporation
Not if one report give you apples and the next is bananas!!
10. wdbeast said...
I find this report really confusing.
How do you get from:
"The mix adjusted average asking price for homes on the market in England and Wales rose sharply this month by +1.4%"
to
"boosted by a surge in premium property listings predominantly in Greater London"
It's either mix adjusted or it isn't.
I think the price increase is caused by EAs overvaluing property to get the business on their books and a lack of willingness by sellers to drop their price.
We are still in the denial stage.
What is it that comes next?
Isn't it fear? someone remind me please.
11. Debtfree said...
SUPPLY IS NOW SERIOUSLY OUTWEIGHING DEMAND !!!!!
SUPPLY IS NOW SERIOUSLY OUTWEIGHING DEMAND !!!!!
SUPPLY IS NOW SERIOUSLY OUTWEIGHING DEMAND !!!!!
SUPPLY IS NOW SERIOUSLY OUTWEIGHING DEMAND !!!!!
SUPPLY IS NOW SERIOUSLY OUTWEIGHING DEMAND !!!!!
but, i thought...... being on an island, houses will always be expensive becuase we don't have enough land etc etc....
12. uncle tom said...
Interesting to see some of the seller's denial that accompanied the last crash.
The market is getting well filled with property for sale, but with few takers - a perfect recipe for price falls.
Near my home is a property that has been a let for the last ten years, while the owner has been working abroad. Now the tenant has been asked to move on, and builders have been asked to tart it up for sale..
- sign of the times?
13. Letthemfall said...
wdbeast: "We are still in the denial stage. What is it that comes next? Isn't it fear? someone remind me please."
Yes, fear I believe, followed by capitulation. At which point we can dance up and down the pavement in front of estate agents singing "I'm singing in the rain ....." Annoy an estate agent today - go on.