Monday, Jun 15, 2009
Estate Agents saying asking and selling price gap is closing
Property Week: RICS says gap between asking and selling price narrows
Brigid O’Leary, RICS senior economist said: ‘The improvement in sentiment that has been captured in recent housing market surveys is reflected in a narrowing in the gap between asking and selling prices.
Posted by iain oneil @ 10:59 AM (1639 views) Add Comment
14 Comments
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1. will said...
RICS - says it all realy.
2. paul said...
This is all starting to have a very hollow ring to it. At some point the mainstream media will now that ramping is like pushing on a piece of string in this economic climate.
3. denzil said...
If one reads the headline it sounds positive but you don't have to read too far into the article to discover the following:
>>>>>>>>>>>>>>>>>>
"It (RICS) said that across the UK, houses are selling at an average of 11% below the asking price with sellers in some regions being forced to accept as much as 26% discount off their advertised price."
<<<<<<<<<<<<<<<<<<<
That is shocking by any standard. Property (as an investment), still looks completely shocking.
4. will said...
Why can't RICS one day announce - 'house prices have fallen to genuinely affordable levels and will remain there so that we don't have to commit to extreme levels of borrowing'. The reason that they will never say this is because we are all GREEDY and need to fund our lives with imaginary money. House prices need to continually remain unaffordable to keep out stinking economy on an even keel. We should not applaud prices going up again in the way RICS, the Banks and esate agents seem to. It is up to us to say 'no more' and not buy. We need a revolution of the younger generations to say 'enough'.
5. happy mondays said...
@ 4, well said will, unfortunately our younger generations have been numbed & brain washed, with football, big brother, mobile phones, ipods, computer games etc.. I am sure it will come, just a question of time.It will not just be the young neither, when all of us wake up & realise we have been chasing our tail for such a long time and have become wage slaves, then we might see some protest.
6. paul said...
I think you're right will, and in fact happy mondays, the young won't have any choice or say in the matter.
We are heading for lower debt levels whether we like it or not. The bank of England can keep on printing like we're living in Harare-on-Thames but if people don't want the debt, they won't take it.
7. sybil13 said...
I think the important part of this article is the bit that says: 'Even so, some caution is still warranted. While the pace of the downturn may be easing, the housing market will still be challenged by an uncertain economic backdrop, the threat or rising unemployment and continued restrictions on mortgage finance.’ This has been confirmed the past week with the news that there are 97% fewer mortgages available for FTB's, that applications for mortgage loans stand a two and three chance of being rejected, that buyers are having mortgage offers cancelled and realistic valuations are resulting in chains breaking. We have already heard from Rightmove that "raised asking prices are doing more harm than good." And from Nationwide and Halifax that prices are ONLY going up because so few properties are on the market and so few are selling that they are skewing the figures. Roll on October when hopefully there will be a return to some sanity as the market continues to adjust in line with sustainable lending levels.
8. techieman said...
Mind the gap .... while you alight.
As for skewing of figures... correct, however large falls cant be welcolmed on one hand and then argue that increases are not supported because the figures are small. The pitch maybe bumpy but Bear Untd and Bull City are both playing on the same one........ or arent they?
9. bluebeach said...
Well said Will @ 4...about sums it all up really (_8(|)
10. wdbeast said...
techieman-
The pitch may be bumpy, but I think that Bull City striker Stuartz Law's propensity for own goals and their very shaky defence in front of goalkeeper David Smith can only lead one to expect City will capitulate the game late in the Autumn. lol
11. george monsoon said...
The only fact that could account for this headline is if asking prices have been lowered (sensibly) thus closing the gap .....!
12. mark wadsworth said...
What GM says.
13. jonb said...
The gap may be closing for properties that actually sell, but there are a lot of houses out there that aren't selling because the asking price is too high.
14. crunchy said...
Very frustrating for me.......Estate agents are drastically lowering prices on some hard to shift properties.
This action creates large interest=block viewings and sealed bids.....They are reverting to the guide price BS that auctions exploit.
Whipping up a frenzy between the deluded and competitive. With these FAKE asking prices the gap actually goes into reverse,
thus scewing the figures enough as to effect the average asking price gaps. Adios!