Wednesday, Aug 26, 2009
Fools rush in
Times: London sellers celebrate as buyers rush in
Increased competition among buyers has halved selling times in London over the past year.
Vendors now wait an average of 4.7 months from putting their property for sale to completion, against 8.6 months a year ago, according to Cluttons, the London estate agency. It said that the pace had been quickened by more people chasing fewer homes.
Rightmove said yesterday that there had been a “major U-turn” in sentiment, with more than 3/4 of survey respondents believing that the bottom of the UK market had been reached. In January, 66% believed prices would continue to fall.
Cluttons said: “Sellers are being pleasantly surprised by the speed at which they are selling and the price levels being achieved, as the shortage of stock in London drives the market upwards.”
12 Comments
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1. japanese uncle said...
Wise men say only fools rush in....♫♪
2. devo said...
♫♪ But I can't help falling in love with you. ♫♪
3. jack c said...
If Clutton's are telling us this then it must be true - I'll seek confirmation in The Sun newspaper first of course before getting my deposit together for a muliple BTL portfolio.
4. europeanbear said...
I quite like this comment
"An increasing number of Americans are leaving Britain as companies cut benefits for workers living abroad and amid the threat of “non-dom” and rising taxes."
The thing about Americans is that they are taxed by the US (the IRS) on their world-wide income regardless of residence, domicile etc. So the "non-dom" tax has limited or no effect on them personally, but does transfer taxes from the IRS to the UK's Inland Revenue. Income tax paid to a non US authority is used as a tax credit to offset US tax liability to avoid double taxation. The non-dom tax can be used as a tax credit against US tax liability. Without the non-dom tax they have no tax credit and just pay more to the IRS. No Americans are not leaving because of tax reasons, maybe it is just because they cannot find work?
Of course Americans can evade US taxes by putting it in a Swiss bank Account (eg UBS), but recent events show that to be a risky strategy and if they are caught they will end up forfeiting the tax due, fines and penalties and maybe up to 50% of the balance to the IRS
5. Smiling said...
keep the faith guys
6. techieman said...
"Rightmove said yesterday that there had been a “major U-turn” in sentiment, with more than 3/4 of survey respondents believing that the bottom of the UK market had been reached. In January, 66% believed prices would continue to fall."
Good! The higher the sentiment that prices will rise, its all back to normal etc etc the better. Hopefully after this months Nationwide figures the % who think it will increase will go up further. The majority were wrong in January and they will be (eventually) proved wrong now.
7. jack c said...
@ techie - off topic request here to ask your opinion (technical analysis) on where FTSE 100 is likely headed ?
FTSE 100 up 39% since 3rd March - time to take the profit and run or does the market have a bit further to go on the upside?
8. techieman said...
Hi Jack
See http://www.housepricecrash.co.uk/newsblog/2009/08/blog-getting-out-of-that-hole-24942.php Number 2
MIGHT have a dip to around 4800 - 4850 first, but thats not bound to happen.
9. jack c said...
techieman - thanks for the link - missed that one on Saturday as I was busy over the weekend and didnt visit here very much.
FTSE 100 currently hovering below 4900 and I think it will break 5000 barrier in next 7-10 working days.
10. techieman said...
No probs Jack - Good luck!
11. jack c said...
Thanks techie - my money is in ISA wrapped collectives and FTSE 100 is good barometer - I have a cash park facility and intend to lock in the past few months gains.
12. greenshootsandleaves said...
'Separate research from Hamptons International has put the number of buyers per property at nine to one, a ratio that the agent said it had not seen since the boom of 2006 and 2007'
&
'Vendors now wait an average of 4.7 months from the time their property is put up for sale until completion, against 8.6 months a year ago, according to Cluttons'
Are estate agents as numerous as they were during the boom and are they perhaps more likely to turn away clients whose properties will be difficult to shift (because of price or whatever)?