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pyracantha

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Everything posted by pyracantha

  1. A couple of EA's we have been speaking with have indicated that unless some of their more intransigent "sellers" play ball and shift on their prices, they will drop them as clients. Not sure if that means they will refund any costs or if EA's have this all taken care of in the small print. Anyone know if this has actually happened or is this just hot air to make the EA's appear to be on our side?
  2. I'd love to know how pensions and personal investments compare? As a nation, we seem to have fallen into relying on the growth in value of our homes to ensure a comfortable retirement. What do other nations do?
  3. I guess they EA is just trying to make sure they don't waste anyone's time. We have been advised by EA's, in the region we are interested in, that they will not pass on an offer without the potential buyer getting a sale first. Too many sales have fallen through...
  4. pyracantha

    Glasgow

    Hi All, Just out of interest - anyone have any experience with Personal Estate Agents in Shawlands? From the BBC website 22 Nov 2006" http://news.bbc.co.uk/1/hi/scotland/glasgo...est/6135332.stm Mr Murphy described Scotland's approach as sensible. He said: "I don't think it will crash, we don't see boom and bust here."
  5. This graph is excellent. So when EA's/VI's etc say that Scotland is different - can we reply, well yes on average it might have been but it isn't anymore. ?
  6. I think I read somewhere that Scotland rose by about 145% over 10 years and England by about 191% for the same time span. I am not sure how average earnings for Scotland compare with England - anyone? Assuming they aren't too dissimilar then yes it's correct to say homes in Scotland have been more affordable. I am not entirely sure, for at least the forseable future, people will be looking to borrow up to a 3.5/4.5/XX multiplier to determine what house they go for and what offers are made/accepted. I get the impression reading across this site that something like a 30% reduction from peak bubble price is what people are looking to buy at and few buyers will want to go up to their lending limit because of a general distrust/fear of how this is going to all pan out. Perhaps the comment we will be hit as hard as the south is in as much as the % reduction from peak value. Clearly in absolute values this will be less than in England. So Scotland and England prices go up and down, it's just that the Scottish peaks and troughs are smaller.
  7. My 1p worth (was 2p worth but due to a run on the £ ....) I think some of the opinions being expressed here are because of the difference between UK average prices (as shown on the graph) and people's experiences of Scottish market prices. England might well be half way through the crash (with another ~20% to go). As I told several EA's today (when they said that things will be picking up in Scotland over the next couple of months and we won't be bothered with a pesky crash like they have south of the border etc ...) I see Scotland merely lagging behind England and so any offer we put in will have a reduction based on the fall so far and a good safety margin. Scotland has dropped average prices by ~ 10% and so still has a way to go. There might well be a small brief rally - as in this site's link: http://www.housepricecrash.co.uk/graphs-bubble-lifecycle.php But I think this will be driven by human factors - people starting families needing bigger homes etc will only put off buying for so long and some people are pathalogically against renting. I had to buy some euros (I am working out of the UK for a few weeks) and noticed the appaling exchange rates on the display board at the airport. The Travelex lady said the £ has fallen badly against pretty much every countries' currency apart from Thailand. OK not a very scientific survey but thought I'd share.
  8. pyracantha

    Glasgow

    Hi Jardinec - yes was aware you were looking in same sort of areas as us, hopefully we don't go after the same property! The GF spoke with Clarkston FA/EA's today. Confirmed what I see on Rightmove tonight. If you do a search for properties in Clarkston with no filters you get 94 homes currently on sale. Including STC's you get 103 properties but the highest STC in the rankings is o/o £225k - ie the more expensive houses are just not shifting. If you search for 3+ beds you get 58 properties whether you select STC's or not. Clarkston EAs are still after 20% on the o/o price but are now saying that some sellers are prepared to enter into discussion though more expensive properties are sticking at higher prices. Could this be why they are not selling? Both getting more comfortable with renting where ever we end up - pressure to move due to getting kids settled in new area soonest. How is your search/sale going? Anyone else having better progress on the south side?
  9. Agreed about the roof. And the listing includes: "THE PROPERTY OFFERS THE POSSIBILITY OF AN EXTENSION AS THE ADJOINING PROPERTY HAS DONE.." I thought this was an extension - to the garden shed! It all looks very prefab to me. Perhaps the reason for the "THIS IS AN INTERESTING PROPERTY..." ?
  10. In contrast to the Scotsman's ramping there are a couple of more realistic articles in today's Herald. Go see.
  11. "Blackout Fear" - we had a power-cut for about 4 hours last night and I almost put my tin-foil hat on. No fun in a cold Glasgow. There I was, digging out the candles and bed socks - got an early night though OK, I call first on the "gas crisis leading to a rise in the birth rate" headline!
  12. "As prices fell across the UK last year, Scotland initially escaped the worst before the pace of decline accelerated in the last quarter." An admission that prices have started to drop! "However, the Scottish system, where each transaction on the chain is insulated from the next..." No longer true - I have seen property sales at the missives stage fall apart (having been withdrawn from the market), because the chain broke. An EA admitted it was unlikely legal action would be pursued or successful currently. One property we have been looking at "sold" for £362k, has been reduced a couple of times and has been languishing for some time at fp £300k. "...means the first signs of a UK housing market revival will be seen north of the Border..." No logic at all to this statement! I think it's more to do with a time lag. As other posters have said, Scotland is quite heavily dependent on the financial and service sectors: NY job losses and all that. "In contrast, whilst we have experienced a moderate fall in house prices, a look at the numbers of properties on the market would tell you that the Scottish market is all set to go." There are vast numbers of properties for sale in England too. Does that mean the English market is all set to go? "Scottish house prices are likely to fall further in the coming months before levelling out, solicitors behind the Edinburgh & Lothians Property Guide have cautioned. But they are unlikely to fall dramatically, encouraging more buyers into the market, said Les Deans, senior partner with Leslie Deans & Co." The really annoying bit about this is that sellers reading this article will think they can just sit tight and still expect to get the price their EA advised them 9 months ago. Well I suppose it's nothing more than you would expect a couple of EAs to say. Still feeling a bit tin-foil hattish. We had another power-cut last night and had to dig out the candles and bed socks.
  13. I just wondered what thoughts/experience hpc-ers might have on this: With property prices falling, are insurance premiums dropping accordingly? Also what effect has this had/will this have on the insurance sector as their income reduces? Will we see more claims as would-be sellers decide to follow the lead of some of the property builders & commercial property owners and invest in a box of matches and a can of petrol... Hmmm
  14. pyracantha

    Glasgow

    So England has followed on from the States and Scotland will in course follow too. Any suggestions when though? When all the banks and call centres start closing? I would like to tell the Clarkston EAs that we will be putting in -30% off bubble prices but there are a lot of Mrs Slocombe types who don't get it, or who can not see the multiple-vehicle pileup that is our economy.
  15. pyracantha

    Glasgow

    Is anyone looking to buy in the Dowanhill area? Prices seem to be sticking, haven't seen a single drop in price yet We are looking to buy in Clarkston - another traditionally expensive area. Price drops are scarce there apart from a very few sellers who really need to sell - moved into a nursing home, partner died etc. Apart from that I get the impression a lot of sellers are thinking "well my neighbour got £X last summer so that's what I want and I will wait till I get it". An EA in the area even commented on how it's a pride issue for her sellers! My reply was that in the real world some of her properties are losing about £1000 a week and it was us who could afford to wait, not the sellers. As a seller (in Shawlands) myself, I can sympathise to an extent but have dropped my price and know I will have to drop more. The EAs in Shawlands have tumbleweed blowing through their offices.....
  16. pyracantha

    Glasgow

    Copied below from the government issued pdf. "What will it cost me? The Home Report is free of charge to you as potential buyer, though you may be asked to pay a reasonable charge for copying and postage." So what do people think is a reasonable charge for copying and postage? I'd say the £40 that was mentioned to me is a bit steep. Just shows how desperate the EA's are to make some/any money!
  17. pyracantha

    Glasgow

    Copied below from the government issued pdf. "What will it cost me? The Home Report is free of charge to you as potential buyer, though you may be asked to pay a reasonable charge for copying and postage." So what do people think is a reasonable charge for copying and postage? I'd say the £40 that was mentioned to me is a bit steep. Just shows how desperate the EA's are to make some/any money!
  18. pyracantha

    Glasgow

    I spoke to an EA in Shawlands this week - they are only releasing copies to "serious" parties: i.e. once a viewing has been made and the buyer can show they have the funds lined up. The comment was also made that another EA is charging £40 a pop for a copy. Can they do this? Apparently "no-one" is buying in Shawlands at the moment - everyone sitting tight...
  19. pyracantha

    Glasgow

    Does anyone have a clue what Corum are on about here? Somebody please translate! I think it's something about: help, we aren't making any money, please buy from us, please. ------------------------------------------------------------------------------------------------------ Market At A Crossroads 'We would advocate that now is an ideal time to invest in a more valuable or aspirational home as the potential for medium to long term capital gain is prolific' Since my earlier report on the first quarter of this year, there has been an appreciable change in market conditions. After a strong start in the first quarter of this year, good progress continued in the month of April until a marked slow down in May which has carried through to some subdued trading figures in June, July and August; the latter two months naturally reflecting a seasonal trend. The speed and magnitude of the changes we have experienced are the likes of which I have not seen in 22 years in the property industry and those two factors have only served to heighten the widespread negative perception and assessment of the marketplace itself. After a few months of disbelief, both agents and vendors have regrouped and come to the natural and understandable conclusion, that most if not all people are now best served by selling their property first prior to committing to another purchase. The fact that this change has had to be implemented almost universally and so quickly made for a disorientating experience for most people and as such we have been dealing with a marketplace that has largely been in “transition” over the past 3 to 4 months. This has clearly been exacerbated or some may say induced by a global financial crisis which has limited the availability, cost and criteria for lending. Nethertheless when we take a step back and review the situation, discounting the considerations of all of the aforementioned we can clearly see a market which has all the hallmarks of a characteristic change after a prolonged and significant period of capital growth. Ironically it is those very characteristics such as lower capital values, longer time periods for sales and greatly reduced levels of competition which make the market now so compelling. We firmly believe with the cost of borrowing now restored to pre credit crunch levels that potential vendors who have been in possession of their current home for 5 years or more, are in an excellent position to take advantage of the opportunities in the marketplace; by leveraging significant equity in their current home they can comfortably satisfy major lenders on their most demanding criteria and realise a move onwards and upwards in the marketplace at a significantly lower real term cost. Although it may seem a little daunting and implausible for some, we would advocate that now would be an ideal time to invest in a more valuable or aspirational home as the potential for medium to long term capital gain is prolific as despite the current “gloomy” media there are a number of recognised professional and academic bodies now forecasting that due to significant downturn in the creation of new homes, that the values of established homes are set to rise significantly in only a few years time. As we approach the third quarter of this year, we fully anticipate a greater volume of transactions in the marketplace over September, October and November and believe we have an excellent cross section of properties at realistic prices, which reflect the current trends, which notwithstanding the opportunities for capital growth, offer the very best in suburban residential housing in quality, high amenity locations. To find out how you might realise the very best “opportunities” from the challenges of the current marketplace, please do not hesitate to contact any of our branches in your chosen area.
  20. pyracantha

    Glasgow

    Spoke with an EA branch manager earlier. She has had offers on flats in Shawlands around £20k less than the o/o. Seller not taking at this level just yet... I think the advice I read elswhere on this forum must be correct: If you aren't embarased by your offer, it probably isn't low enough.
  21. pyracantha

    Glasgow

    I agree completely with Fergie. I spoke with an EA a few days ago who was remarkably candid. As the HIPs scheme includes a market valuation, who is going to offer any more? Bit suspicious of valuations though, as the same EA said that surveyors routinely call her up asking for advice on valuations!! Re my previous posting: was o/o £320k, then fp £390k and within the same week fp £375k. Been on the market for 6 months and still ridiculously asking for more than it was worth when it went on sale - presumably unaware that in real terms this property is losing about £1k per week. Must think they live in a bubble...
  22. pyracantha

    Glasgow

    Hi All. Big thanks to all involved in setting up/maintaining/contributing to this site. This might make you laugh. Property originally listed at o/o £320k, now fp £390k! Another EA said she would value it at £320-330k now. Don't think it will sell... http://www.rightmove.co.uk/viewdetails-106...p;mam_disp=true It's not difficult, if your property has lost 10% (say) then you should expect to make the same saving on your next purchase. Way too many sellers are locked into the "well my neighbour had an 8 strong bid on a closing date and got £400k last summer, so this is what I want" mentality. Or the "we aren't in a rush to sell" line - you better be or you will see a lot more wiped off the value of your property. Personally I think it's going to be a long time before properties are anywhere near the current value let alone their peak value. A price readjustment would be no bad thing. I bought my flat 11 years ago when it was 2x my salary, it's over 4x now. Presumably most of us looking to buy are sellers and vice versa. We all have to accept where we are in the market or nothing will sell. I am now telling the EA's in Clarkston that unless they educate their clients, we will just sit tight with the parents until the market bottoms out. Cheers
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