Tuesday, Apr 21, 2009
Reality of the slow descent
Firstrung: House sellers continue to waste estate agents' time with totally unrealistic asking prices
The final selling price of a UK property is still circa 17% down, year on year, but that isn't stopping sellers continuing to waste estate agents time by asking totally unrealistic prices for property according to Miles Shipside of Rightmove... Starting from a very high price Rightmove are witnessing vendors desperately reducing prices by up to 2% a week until they find a level at which a willing buyer (armed with funds) is prepared to make a commitment. Those that do sell quickly are typically having to price at 25% off peak 2007 prices.
Posted by quiet guy @ 10:56 PM (484 views) Add Comment
3 Comments
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1. ketha said...
there's a wide spread denial in my experience (industry based). people still haven't grasped a house isn't 'worth' anything more than people will pay, and the market's not going to 'bounce back'.
2. inbreda said...
Agreed Ketha - and I guess it is this human based apathy which makes it more possible to estimate what will happen - on the basis that human apathy and denial now is similar to the last crash. Thanks to the credit bubble it has fallen faster this time, but the rest of the crash will probably take as long as last time. We all know it is going to be a lot lot worse this time round, and I think the key will be the point at which the politicians realise that the housing market is ruined despite their interventions and there is no longer any point in trying to prop it up with artificially low interest rates. At that point the politicians will give up on the housing market and raise interest rates aggressively, and only then will get near the bottom and be able to rebuild.
3. will said...
Why don't estate agents just tell vendors that they will not market an over priced house?