Friday, Aug 21, 2009
The Bulls are back in town
Findaproperty: Time To Put Up The 'For Sale' Sign
Jump in before it's too late:0(
Posted by bystander @ 01:42 PM (1393 views) Add Comment
22 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. 51ck-6-51x said...
Kind of good headline for hpc eggers, maybe it will encourage some of those who "kind of need" to sell, but were waiting...
2. timmy t said...
"Simon Waller advises owners thinking of selling to get their home valued now because when interest rates, inevitably, rise sellers could find themselves once again at a disadvantage... 'Get your valuations in now. And you can have the photographs done in the lovely summer light, then you can launch at the end of the school holidays.'"
So, Simon Waller says, if you sell now, your buyer will be buying a house they can't really afford, but by the time they get repossessed they'll have realised it's a sh1t place anyway.
An estate agent advising people to sell their house - whatever next... no doubt recruitment consultants all over the country are advising their clients to hire like never before. And there's never been a better time to buy a gerbil - ask any pet shop owner.
3. will said...
Good news, because a new wave of properties coming on the market should actually force down prices. New sellers does not mean lots of new buyers. Supply and demand.
4. mark wadsworth said...
Point/counterpoint:
From the article: "But, for buyers, the lack of stock can be frustrating."
From the real world: "But, for renters, the abundance of properties available is glorious"
5. drewster said...
I agree with 666 - this will bring hidden properties onto the market, forcing down prices at last.
6. mark said...
what is interesting in this crash, is it is almost a mirror of the 1930's depression and subsequent recessions, there was a false dawn much like now, then bam off a cliff...
i for one am holding onto cash now....i have reduced all spending just to get by, i really feel we are in for a big shock soon..
7. mrflibble said...
"So, how long will this golden opportunity for sellers last?"
It won't last, the silly season is already over and all the good news canons have now shot their load. As mentioned above, more properties will hit the market (at the wrong time of the year and with too few buyers) which will force the prices down as sellers compete to shift their shacks.
8. Neil B said...
I think everyone is forgeting that buyers are not buying because they cant get the funding to match the asking prices. Every property owner in the country could put their properties on the market but if no-one can afford them they are never going to sell!
9. bystander said...
is it just me or are houses now being advertised at or above peak, 2007 prices by most agents, anywhere in the country?? has there actually been a crash??
10. timmy t said...
Bystander - I think you are right. I reckon all we've seen so far is the impact of the credit crunch. HPC starts this autumn.
11. Smiling said...
oh ok, so any news is good news for HPC
12. 51ck-6-51x said...
Bystander - def in N.London.
13. Smiling said...
-post 8
please bystander, you are scaring everyone here, except 'timmy time' of course @9, I wonder if hes the little lamb off cbeebies
14. 51ck-6-51x said...
bystander
- cont...
Even comparing to Zoopla I see some asking prices are way over peak.
I think it boils down to the fact that those marketing via Estate Agents are not necessarily the desperate.
** caveat: I do not KNOW this I am posturing.
I propose they will get funnelled from the E.A. to a "specialist" ( pos same company, just without going in the window ) - and end up at auction or via private sale.
This then gives the illusion of higher "prices", which is good for the E.A.'s margins, especially due to anchoring by buyers.
I do know that I have to convince Lady 666 that it's OK to put in low ball offers in this market and that any good E.A. should not hold it against us as it's a possible sale... but she still does not want me to.
It's like poker where a pro will use the incompleteness of information to their best advantage and psychological techniques to extract the most chips.
15. Frank said...
The biggest problem are the banks:
- holding on to properties from reposessions
- being paid by tax-payers money
- giving out mortgage at an outrageous level
BoE should evaluate what is acceptable; otherwise simply don't lend to the banks for the time being.
First helping the country get back to its feet after being subsidiced by the population to a level where the bank will be healthy (not including bonusses yet). Let the people build up their realistic bonusses and have them paid out after the banks are on their own feet again and after paying back the capital received from the tax-payer compensated at the level the banks would rate a company that's in the same distressed situation as themselves.
16. mark wadsworth said...
@ Bystander, sign up to the email service at houseprices.co.uk, they send you actual selling prices of properties in a certain postcode plus surrounding 500 yards, and see for yourself. Perhaps selling prices are going up, perhaps they're going down, it's different in different areas.
On the last email they sent me, there was a house sold for £380,000 but the one next door is still up for sale at £485,000. You decide which is the more accurate price.
17. This comment has been removed as it was found to be in breach of our Blog Policies.
18. quiet guy said...
Maybe it's a bit different in London but there never seems to be a shortage of property for sale where I live.
19. Geoffk said...
262 days is the average selling time for a house where i live..and houses are not selling....when rates rise the carnage will begin.
20. This comment has been removed as it was found to be in breach of our Blog Policies.
21. debtfree said...
"It would make my life easier if there was more stock. I’ve got £5 million to spend in Notting Hill and I can’t find anything."
How absurd does that sound?
Obviously, still in bubble land.
22. new user 2007 said...
"It’s not just the lack of property. There’s also a high level of applicants because people who have equity can access such cheap borrowing. It’s a great opportunity for buyers."
Effective mortgage rates are the same as 2007 for a significant minority.
Smiling:
From what I am seeing in my area, Asking prices are indeed currently lower than they were in August 2007, but Real house prices are still the same as they were at their peak (reached there in April 2007) i.e. Asking prices are still certainly much higher than the peak in Real house prices, even if they are lower than the peak in Asking prices evident in August 2007.
As for rises in Real prices in recent months. Again, based only on the areas I can analyse directly, cash buyers are out-competing "normal" buyers. They are buying in better areas and the better (the more expensive) properties. This means that the Indices are being skewed, particularly since April 2009, when this trend became evident.
We will completely ignore the fact that the properties I have seen being bought (and the sellers have been taking slightly lower bids from cash buyers, despite "normal" buyers offering more...obviously because of the risk that "normal" buyers will not then get mortgage approval) are prime rental property types...
...a 300k flat bought for cash a month ago had a rental yield is £13,200pa. If this "astute" investor had put their money in a fixed rate bank account for 4 years they could make £13,500pa, without voids, maintenance etc. So unless the housing market (and credit cycle) breaks from hundreds of years of patterns, not sure where their compensation will come from (merely no capital losses in the best case scenario).