Tuesday, Jul 27, 2010
Best quote: "London estate agents now faced with new instruction levels 67% higher than last July"
Rightmove: London asking prices plummet by 1.7% in a month
It is appalling that London estate agents have been faced with 67% more business than last July!!!
Posted by paul @ 07:55 AM (1787 views) Add Comment
10 Comments
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1. hpwatcher said...
Not a bad start, though it needs to be remembered that these are asking prices - as opposed to what a house has actually been sold for.
2. Jonboy said...
And this is the summertime bring on the winter falls!
3. str 2007 said...
Halifax showed 3 consecutive monthly falls, hometrack yesterday was down. A fall in asking prices also indicates lower sales prices moving forward.
Let's not forget that between 2005 & 2007 nearly half of purchasers paid a higher rate to self cert.
These mortgages are now largely unavailable and yet prices are up at peak 2007 again without significant wage rises. In fact I suspect the majority of elf employed have much smaller incomes than in 2007.
Personally I struggle to see how prices have managed to recover as far as they have.
But to me the fundamentals point to lower prices going forward.
4. Crunchy said...
Moved out of London many years ago, I got tired of being part of the supporting cast.
No regrets to date. It's nice for a hit and run 'coach' day trip. It is what it is.
5. it_is_going_with_a_bang said...
I am glad HIPS has been abolished. I still see house sales as an auction and all HIPS managed to do was charge sellers for taking part.
A job creation scheme by the last government.
Double or triple the number of properties for "potential" sale that is what I would like to see.
Indeed I would say that I have noticed an increase where I am of For Sale signs.
I cannot be bothered to count them .... but I did mentally take note when walking - a few more colourful signs liberally spread around.
Will be interesting to see what affect that has.
6. jack c said...
Have also noticed a jump (locally) in the number of properties for sale, oddly enough with many being marketed by more than one agent.
There is a growing swell of opinion that many are about to become mortgage or property prisoners (see below)
The introduction of new regulations to encourage responsible lending among mortgage providers is ill-timed, according to a leading industry body. Responding to a consultation paper on the changes released by the Financial Services Authority (FSA), the Association of Mortgage Intermediaries (AMI) said it was concerned about the cumulative impact of the new rules.
AMI director Robert Sinclair explained: "Our main concern remains the timing of these changes and the further risk that we will make many families either property or mortgage prisoners.
"We are also concerned that we are seeing piece-meal introduction of the proposals with aspects such as transitional arrangements not yet ready for consultation."
The new proposals form part of a major review of the mortgage industry by the FSA, which is keen to impose affordability tests introduced for all mortgages to make the lender responsible for assessing a customer's ability to pay.
7. estrader said...
Property prices go up because of Government policy and anybody who bought is a savvy investor, property prices go down because of Government policy and anybody who bought is a prisoner...that is funny.
8. Long Time Lurker said...
@jack c I have also noticed the double marketed houses around my way and they have all got one thing in common ,they have all been reposed either recently or a while back 1-2 years the later of the two all sold very quickly and was up for rent with the same letting agents with in a couple of weeks but are now up for sale with two different agents and they are the same agents as the ones marketing the recently reposed >is this the beginning of the of load?
9. nod2glod said...
and what does that make the people who rent...? you have to love the blatant self interest these people have, and they don't even see it.
I've been reading about the carnage of the USA market which is just going on and on. at least in the USA they are realising some of the pain. the longer it takes before it happens here the uglier it will be. the only question is, who's going to pay for it?
10. House_pricerr said...
"5. it_is_going_with_a_bang said...
I am glad HIPS has been abolished. I still see house sales as an auction and all HIPS managed to do was charge sellers for taking part.
A job creation scheme by the last government."
Whilst the usefulness of the HIPs was debateble, what they did prevent is pure speculators who simply have their house pemanantly on the market. The cost was a barrier to this happening.
This was bourne out by the rise in houses for sale almost immediately after the HIPs were dropped. It's quite shocking how many people are not serious about selling, but will 'take an offer' if a good one is made. A 'why no it's free' attitude towards the market.
The problem this brings is falling pices as the impression for the buyer is "there's a lot to choose from out there" making them more likely to wait.
The ones who get caught are the sellers of genuine need, and the forced sales.