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About Ryecatcher

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  1. Interesting viewpoint. I would have thought Harpenden always had this problem competing with Londoners - even when transaction levels were normal. Why the sudden change? Mortgage finance perhaps? So there's a stalemate; they've easily SSTC but can't afford their next house? More equity/bigger deposit required to move (I wonder why?). You're saying that the weak point in the chain is near the top? Why do they agree to sell their home if they haven't got their finances in order? They are walking a fine line with their potential purchasers, who most likely will get cold feet before exchanging. On that note, there were Zero completions in Harpenden in August (per Nethouseprices.com) and 16 (per home.co.uk). Even 16 is dire! I suspect the apparent buying frenzy is a classic smoke and mirror effected by desperate EA's. I could be wrong though. Why apply logic to such an emotive subject?
  2. You are right. Witness the drop from the already thin 36 sales registered for June (per Home.co.uk) to the paltry 11 in August (per nethouseprices.co.uk) for AL1. How are the EA's surviving? Is that about 1 sale per office? Traditionally sales volumes drop off a cliff from here on in a "normal" year as you'd want to have moved in before term starts etc.
  3. At the risk of cliche overload; EA's are "flying kites" waiting for the "Greater Fool". But it can't go on indefinitely, we need more sold prices to unfold, which is frustrating given the drought of completions (& some that do completely & mysteriously evade the LR).
  4. My mistake: Actually GBP530k (and also marketing to lease it out).
  5. House on Holywell Hill which was for sale about 18months finally went STC recently (advertised price GBP499,950) now back on market for GBP525,000
  6. I Agree. Just checked my sources: those Granny flats (No's 6 & 7) sold for 285k each in May '08. The half mill ones 3 & 5 went for 400k and 330k respectively toward the end of the year. I realise that it is an exceptional case - I feel for those who bought off plan, paying full whack. As an example though it really highlights the market forces at play, as there are no other variables.
  7. Pricing: That's why they are "available" and yours is occupied. Also the colour scheme in the £850 one! What were they thinking?
  8. It may be a bit of a generalisation, but there are very few people now who would put their house up for sale without real motivation behind it (ie it's imperative that they move). The writing is on the wall finally. There may be some with a "put it up & wait & see because I fancy a change" attitude but that seems masochistic. The original peak prices would have factored in the quality of the house & location and the correction should be the same percentage across the board. If they are not desperate why would it automatically follow that they would get an offer of just 10% below peak? Their motivation only presents itself in the asking price. It will just stay on the market for a long time. There aren't many people in a position to buy a house at 10% off peak (& I believe EA's are valuing houses at 20% above usual asking price currently). That said the market is literally all over the place at the moment, so it's futile trying to rationalise it. Time will tell...
  9. Although it's good news (as the asking prices are crazily high) I wonder if it is a good tactic, as the vendor will have the inflated price in their head. The EA may advise them that this is their method (you'd hope) but potential sellers might evaluate their own property based on their neighbour's asking price and drag out the ordeal; perpetuating naivety re. the market. I'll just keep looking up the sold prices for now. Although some properties are coming on at a more reasonable price (still a way to go though). If they're loading by £50k on to their perceived value then this has to be the starting point for negotiations. I'm heartened by their candor but also alarm bells ring.
  10. In a similar situation STR early last year and have been monitoring the area. EA's have recently been more open to offers I believe far below asking prices. They know that there's no correlation anymore. I was looking at the sold prices on zoopla or similar site and the rabbit hutches - I mean new builds in Weatherall Mews off Watson's walk which mostly sold for £500k - the last one went for £330K! And (admittedly a probate) house near me sold for £340K asking price £440k. Both in Feb. There weren't many transactions in addition to those.
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