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doomwatch

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  1. Well, the last couple of days have been interesting. A lot of "over-hang" that's been on for more than 3 months is this week been marked down by 5-10%. Must have had a 1st week in April cut off. New stuff on is still at silly prices though, apart from Cain & Able, who mostly seem to be taking a more pragmatic approach to valuations, unless the vendor is totally deluded.
  2. Well I thought I'd answer myself on this as nobody else has much. There seemed to be even more madness before Xmas with 4 beds been priced at 5 bed prices, and 3 beds at 4 bed prices i.e. 50-65k above reality. However, post New Year, a lot of over-hang [that can't sell] from last year is starting to be marked down closer to reality, but to new stuff is still been pushed out with daft asking prices, as I guess daft high valuations is the only way the local EAs can win business.
  3. Erm, I wasn't trying to suggest a conspiracy, but if you don't think small town local agents get together now & again to discuss pricing you're wrong.
  4. I spoke to an agent yesterday who wanted to run a property by me that they'd taken on, but apparently "we don't market in November or December as we don't want the property sat on the market". This to me is clear evidence they are holding back stock in a desperate bid to stave off price drops. I've never heard of sales based businesses employing the tactic of trading only 10 months of the year before !!!!!!!
  5. My current take what's happening: EAs are currently employing 2 tactics in country towns (not big Cities). 1. There appears to be anecdotal evidence they are trying to get vendors to take properties off the market now, often putting up under-offer or sold signs (I'm presuming these agents aren't members of a professional body) before pulling them. They will then re-market in the new year at slightly below their current ridiculous asking prices. 2. They are taking on new stock now, but not advertising them until after new year. One can only assume they are doing this in an attempt to restrict supply until the new year, assuming this will keep their ridiculous asking prices stable. One can only assume that only EAs with a decent balance sheet can employ this tactic as sales continue to dive. Thoughts ?
  6. Let's face it, vendors who can't sell their dwelling usually blame everyone else. It's either 1 of 2 things. 1. They have VERY unrealistic views on what their dwelling is worth in the current market i.e. what people can actually pay 2. Their particular dwelling has "issues" e.g. bad location, looks ugly, needs "modernising", needs new electrics, new bits of roof etc. They usually sit it out for 6-9 months with their heads up their back sides, then either accept reality or blame the EA and move to another EA. Most EAs are now desperate for any sniff of business, so often over-value to win business; this is where I have no sympathy with them, but I guess business is business, if they are good enough to manage their client down the line & get them to drop the asking price, to get a sale. Yes the audit trail with property bee will be lost, but Rightmove now have a great bit of new functionality. If you search the exact post code ABC XYZ of a switched dwelling, it will pop up with the previous EA, in the "See more market activity in ABC XYZ" link at the bottom [provided the EA was signed up to Rightmove of course]. Quite handy !!!
  7. OzzMosiz. Yeah, spotted that development just off the Tesco round-about. Not sure how people will be able to walk into town from there though. The problem with Cirencester is that any decent land is "owned" by the landed gentry who only release the cr ap stuff, drip drip to fund their piles and private schooling. Role on Land Value Tax. At the end of the day Cirencester is a "nice" place to live, but has terrible facilities for young families, especially activities for under 5s, even though the council tax is so high. So can't really see why the EAs think they can get away with over-valuing properties by 12% (Berry Pishop) to 20% (Genly Heorge, Slutts & Parker).
  8. Been watching the market in this little Cotswold market town for 18 months. Full of old true blue NIMBYs, very little development of decent sized family homes. The only stuff developed is garden grabbed, so the "family homes" have very little garden space. The asking prices seem to have actually gone up in the last 6 months, well above the 2007 peak !!!! Slightly suspicious ???
  9. This guy must either be a bored/unemployed mortgage broker, or Poxtons agent resulting to this desperate trail of posts Poxtons posts ?
  10. Really KF. So why are all the MEW to the country amateur BTLs all clambering to cash in. Lots of signs, nothing selling, asking prices dropping weekly. Get the picture ?
  11. Now dropped to £675K. Booming eh ? Loads of signs going up now as those who MEW'd to the country & tried to greed it as landlords realise it's all over and try to cash in ahead of the drop.
  12. Not shifted. Suprise suprise. Now DOWN (London property booming remember !) to £675 K. Quick, grab this bargain before prices go up !
  13. I think this provides the evidence for what's preventing real people who work hard in London buying. What's propping up UK property markets? http://www.moneyweek.com/file/13257/whats-...ty-markets.html But no one seems to care that foreign "investment" (could I dare say alleged money laundering ooooh) is preventing this, let alone highlighting it in the press. By the way, it's not a recent thing; it's been going on for YEARS.
  14. You may joke, but there is a very real danger that the UK will become a 2 tier society like the US with trailer parks springing up. I've certinaly passed one on the M4 near the Swindon junction.
  15. Because prior to the LR interweb lookup, they relied on BS and lack of info to push up prices. They are fast becoming DODOs. Hopefully starting with those leaches Kristy & Phil.
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