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House Price Crash Forum


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About bazzp

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  1. Hi All, I need urgent advise please :- 1) I made an offer on a property through the agent offer rejected 2) I was advised there was a higher offer on the table, which we matched and we are cash buyer unlike the other buyer 2) Agent replied that the second offer had been rejected by client and they wanted a much higher offer 3) Property is NOW under offer at the SAME price I originally offered 4) Called the agent and was informed that they had not received our offer, BUT now they had contacted the vendor and advised them of our offer and the vendor had decided to stay with the other offer. 5) i informed them that I have received a reply to my higher offer rejecting, so how can they say that they had not received my higher offer? 6) the Agent is obviously lying and had not forwarded my offer to the client until today!! Do I have any legal grounds to start action against the agent?? Any advise would be very helpful please
  2. rw42, it seems that this particular EA appears to be using the same tactic for all their branches in the Area. I was looking in Pinner area and have been for the last Year. All of a sudden today, a large number of properties appear on Rightmove, seems that they have relisted ALL their Properties, INCLUDING all the ones they have/appear to have SOLD in 2007 So am not sure if someone at the EA f**ked up the process or its a new tactic???
  3. Hello all I remember a post about 6 months back about which Foxtons would close first, I thing the votes indicated that people thought that the Balham Branch would be first. Well, just to let you know, there is a rather large flash branch in Pinner opened early last year and I took a guess that would be the first Foxtons to close. Well I was in the area at the weekend and the news is that the Branch IS CLOSING and to make it even better its becoming a Wagamama Great news for the locals.
  4. A few months back there was a story floating around the City that John Hunt was looking into Buying Back Foxtons from BC Partners for a knock down price!!
  5. The attached story out today on bloomberg about the top end properties in London and the property market in general from Savills and Knight Frank. Who said that London was not going to get hit and especailly the top end of the Market By Simon Packard Nov. 14 (Bloomberg) -- Luxury home prices in London will fall by 14 percent next year as bankers and hedge fund managers trade home shopping for job hunting. Job cuts and potential layoffs at financial institutions will likely sap demand so much this year and next that the total two-year decline in luxury values may be 30 percent, real estate adviser Savills Plc said in a report today. In April, Savills had forecast a 25 percent decline for the period. ``We're not expecting any bonus money to go into the market this year and next,'' Savills research director Lucian Cook said in an interview in London. ``Any recovery is not going to be fueled by the central financial hub.'' London may lose as many as 62,000 financial jobs by the end of 2009, the Centre for Economics and Business Research said last month, while bonuses this year may drop by 60 percent to 3.6 billion pounds. Global financial institutions are grappling with more than $700 billion in mortgage-related losses and writedowns and a slowdown in economies worldwide. Prices for prime apartments and houses costing about 1 million pounds or more ($1.5 million) are forecast to depreciate by about 20 percent this year and will probably fall by more than the U.K. market, Savills said. That reflects the slump in demand from the 300,000 people employed in financial services as companies eliminate jobs and reduce bonuses. Banking and financial companies in London account for about a fifth of the city's economy and employ 7 percent of the workforce. London's finance industry contributed more than 4 percent to the U.K.'s 1.3 trillion-pound economy, research firm Oxford Economics estimates. 2010 Recovery? Luxury prices will probably start to recover in 2010, when they will gain 6 percent, Savills said. The owner of a home worth 1 million pounds at the end of 2007 will probably have to wait until 2013 before values return to what they were six years earlier, the company said. ``Super prime'' homes worth more than 10 million pounds have also been affected by the slide in values, particularly amid the turmoil in the financial markets that led to the collapse in September of Lehman Brothers Holdings Inc. in the largest bankruptcy in U.S. history. Richard Cutt, the head of Knight Frank's Mayfair agency, said he sold a newly modernized, 7,321 square foot house near Grosvenor Square last month to a Middle East buyer for 15 million pounds. The property, in a location favored by international buyers, was originally listed for 20 million pounds, he said. Exploiting `Bottom' ``Overseas buyers will be looking to exploit the bottom of the market and the weak pound, kick-starting the recovery,'' said Yolande Barnes, Savills' co-head of residential research. The pound has depreciated by 25 percent against the dollar this year, making London property attractive for international investors notably from the Middle East and South East Asia, she said. Prime London home prices will probably rise by 15 percent in 2011 and by 10 percent in 2012, Barnes added. The broader U.K. market will take longer to recover as the recession and difficulties obtaining mortgages curb demand. South East England, Scotland, East Anglia and London will recover first, in either 2012 or 2013, Savills estimates. In contrast to London, New York's high-end market hasn't seen prices fall on a year over year basis. In Manhattan, the most expensive urban market in the U.S., the median price for co-operative apartments and condominiums rose by 2 percent to just over $4 million in the third quarter, according to data from the appraisal firm Miller Samuel Inc. The average price per square foot was $2,075 in the third quarter for properties costing at least $2.77 million. The most expensive new condominiums sold for more than $6,000 a square foot, New York-based Miller Samuel said.
  6. Made an offer on a property, which was 30% below the current asking price in HA5, the response from the EA was :- The offer that you have made is both derisory and totally unrealistic. I am fully authorised by our client to refuse the offer and you may accept this email as a formal response to it. So my response to his reply was :- Thanks for your polite response to my e-mail. We all have a view of where the current housing market is and will be and your view is that my offer was totally unrealistic compared with the valuation that Alexanderwatson have placed on the property. I understand your response, but am polite enough to say so. But if you read the attached link, you will find that there are a number of people who do not agree with you and this is one of hundreds of articles including views expressed by Savills and Knight Frank who have both stated that the markets are going to correct atleast 25% from their peak in Late 2007 :- http://www.dailymail.co.uk/news/article-10...ll-Britain.html Like I said, we all have our view of the market, all the best to you in your search for buyers on all the properties you currently have on your books. I think we was not impressed with my offer
  7. Better than to get the government to pay the difference, Suggest it to the Estate agent as a legal contract, that they pay the difference between the price you pay now! Than re-value the property independently in say a yearrs time and the EA to pay the buyer the difference in value, if they agree than you buy the property from the agent at the current agreed price. If the EA is so confident that he has priced the property correctly and thinks the price will increase, than they have NOTHING to lose???
  8. Thought I would test te market in the area I am looking in so when to see the place below :- http://www.rightmove.co.uk/viewdetails-193...=5&tr_t=buy I was chased up by the agent this morning after a second viewing this weekend, and got the usual story that another vendor was interested, they had an offer on their please, etc...... He stated that if I was interested than I would have to be quick etc, so told him I would be looking to offer mid/high £500k and he basically told me to look at prices in the £550K bracket! :-) Also said there is no way prices will go that low, also during the view was advised by his collague that the property opposite was sold for £975K, when I mention this to him today, the agent says that is true. I said funny that, the house sold for £875K actually, tell me I am wrong since they sold the property! So I mentioned that I got the figure from Land registry site and he went very quiet. So it appears that the tactic in this area is to get agressive with the client making low offers and simply dismissing them as time wasters ps. not the best speller so if there are mistakes please forgive me :-)
  9. Hi, I have been monitoring prices in this area for about a year, they have been dropping for the last few months, but the EA are very reluctant to reduce prices more than 10/15K. But in the last month, prices have been dropping by £50K, but this is for properties I have been monitoring, so I would say about 2/3% at the start and not drops of 5%. But its still crazy out there in regards to prices, and have seen about 3/5 under offer or sales in the last 6/8 weeks, most if not all sale agreed have fallen through usually after 6/8 weeks so I assume its due to lack of mortgage? Anyone else been monitoring these areas? Talking to the local EA, the latest story is that its all going to turn arount in about 18 months and the local developers that have disappeared are all crazy missing out of great development opportunities
  10. Hi All, Have been watching this site for about 2 years, and its finally happening with prices falling!! As for which Foxtons, well there was a McDonalds in Pinner (NW London) which closed about a year back, large shop and have a guess, Foxtons moved in Instead!! Initially they started with 0% commission to attract sellers, since then have been monitoring their prices and sales! As expected, their prices are in the region of 10% higher than any of the other local agents and as for sales, zero in the last 3 months!! Also I would say that have probably sold less than 10 properties in the last year and all I have seen is ONE mini in the area!So my choice I would say is Pinner Branch
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