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House Price Crash Forum

architect

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About architect

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  1. Well don't feel too bad. Remember, you want it because you think you lost it! Just keep an eye on it - lots of 'deals' fall through. Something else will come up. Good luck.
  2. I too suspect it is not your offer. I'm sure you'd know if it was. You are not clear if the offer you did put forward was officially refused. If it was not, I guess there's no harm checking; it will at least put your mind at rest.
  3. “Vendors instruct estate agents to achieve the ‘maximum sale value of their home’ – that is part of the estate agents job. Estate agents compete with each other for instructions by promising to maximise sale value.” ...and when too many agents compete for a limited supply of property to sell (regardless of actual demand to buy those properties) they are more or less forced to inflate the value of the property to secure the instruction. This much we know. But is it bad for the consumer? It’s obviously bad if you’re trying to buy a house, forced as you are to pay as much money as possible by the agent – that is part of the estate agents job. But perhaps it’s also bad for the seller? They will in all likelihood soon be a buyer, who will then themselves be forced to pay as much money as possible for their next house, and so on. In other words when business is slow and instructions hard to come by, there’s an inflationary force that acts in the market that does not have to with supply and demand in the housing market itself, but supply and demand in the estate agency business. A row of shops on the high street selling the same product should mean competition between them drives prices down, except where those shops happen to be estate agencies. The worst of it is the more reputable and professional will suffer sharing their more pessimistic analysis of the market and their ability to sell property at a given price, meaning they are less likely to have anything to sell at all. How much of an effect is this having?
  4. Hi and thank you for your replies, it's interesting to have other perspectives. It's fair to say I made a mistake selling my place in 2009; I obviously didn't anticipate the impending inflationary spike that seemed to have begun the day I handed over my keys. Since then there has been little real opportunity to buy back in - the sense of missing the boat and new tough lending conditions can be wearisome. Thinking about what's happening now. There are more houses for sale in N5 than there's been for a very long time; the result of a slow trickle of sub million pound houses coming to market but not finding buyers, but not reducing their prices. I would agree that N6 & N19 are also very slow. I wonder if some vendors simply cannot sell for less, pressured as they are to raise equity in lieu of a larger mortgage that would previously have been readily available. Perhaps the time has come to get out there and make some offers...they can only say no!
  5. Amazing isn't it? Islington's an expensive place, but my god will anyone buy this - isn't it a garage tacked onto the side of a real house...
  6. Is anyone looking in the north London area? For some time now I've been looking to buy in & around the N1,5,6,7 area. Having watched HP's literally rocket through the second half of 2009 & early 2010 due to limited supply & strong bidding from buyers, things finally appear to be on the turn. Houses seem not to be selling after weeks or months of marketing & stock levels are rising. Prices however remain stubbornly high despite the lack of buyers. I'm told sellers are very reluctant to reduce prices or consider offers regardless of the market - that's frustrating! Casting my mind back to 2007 houses then often went under offer in hours - that's definitely not the case now but some asking are higher than that supposed peak period - especially from Foxtons & similarly bullish agents... What are your observations...?
  7. http://www.rightmove.co.uk/property-for-sale/property-28908805.html/nomsite Best part is there's room to park a bike in the front garden - from where it would be stolen...
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