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No Price Reduction Here, Ea Is Innundated

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Went to the estate agents this morning to sign my tenancy agreement. Gingerly asked a few questions expecting some candid and gloomy answers but was shocked and horrified at the answers.

I asked how things were going at the moment, she told me that they have never been as busy as they have over the last 2 weeks.

One example is a 3 bed cottage. It has not been touched internally for 50 years and needs completely gutting. It comes with 1/4 acre garden and a 1 acre paddock and was priced at £350k. She said they have 5 asking price offers already and are doing block viewings (blocks of 5) for another 15 people. They have already had 25 people view. She says it will go to best and highest offer.

I asked if the offers were from people who had properties to sell and was told that they are all procedable with no chain. Some are renters who have been on the sidelines and others have sold and have cash. They are only allowing people that do not have property to sell to even view the property. They even had 2 calls about the place while she botched my agreement together.

She also told me that properties that had sat on the market for over 6 months were now getting offers that are being accepted. I asked if that was because vendours are now being realistic but she said not, buyers were coming out of the woodwork and offers were close to asking prices.

I asked if they had many people making cheeky offers, she said there had been a few like one offer of £550k for a place on at £850k but not many.

I don't know if I should be shocked, amazed or worrying about buying now but one thing is certain, I was not expecting to hear what I did or see ea's so busy and happy.

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Went to the estate agents this morning to sign my tenancy agreement. Gingerly asked a few questions expecting some candid and gloomy answers but was shocked and horrified at the answers.

I asked how things were going at the moment, she told me that they have never been as busy as they have over the last 2 weeks.

One example is a 3 bed cottage. It has not been touched internally for 50 years and needs completely gutting. It comes with 1/4 acre garden and a 1 acre paddock and was priced at £350k. She said they have 5 asking price offers already and are doing block viewings (blocks of 5) for another 15 people. They have already had 25 people view. She says it will go to best and highest offer.

I asked if the offers were from people who had properties to sell and was told that they are all procedable with no chain. Some are renters who have been on the sidelines and others have sold and have cash. They are only allowing people that do not have property to sell to even view the property. They even had 2 calls about the place while she botched my agreement together.

She also told me that properties that had sat on the market for over 6 months were now getting offers that are being accepted. I asked if that was because vendours are now being realistic but she said not, buyers were coming out of the woodwork and offers were close to asking prices.

I asked if they had many people making cheeky offers, she said there had been a few like one offer of £550k for a place on at £850k but not many.

I don't know if I should be shocked, amazed or worrying about buying now but one thing is certain, I was not expecting to hear what I did or see ea's so busy and happy.

Key point highlighted for you.

Houses with land are selling. Often to City people. Now why would that be? ;)

I suspect large greenhouses will be selling well soon. And large dogs.

Edited by gleeful_expat

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Went to the estate agents this morning to sign my tenancy agreement. Gingerly asked a few questions expecting some candid and gloomy answers but was shocked and horrified at the answers.

I asked how things were going at the moment, she told me that they have never been as busy as they have over the last 2 weeks.

One example is a 3 bed cottage. It has not been touched internally for 50 years and needs completely gutting. It comes with 1/4 acre garden and a 1 acre paddock and was priced at £350k. She said they have 5 asking price offers already and are doing block viewings (blocks of 5) for another 15 people. They have already had 25 people view. She says it will go to best and highest offer.

I asked if the offers were from people who had properties to sell and was told that they are all procedable with no chain. Some are renters who have been on the sidelines and others have sold and have cash. They are only allowing people that do not have property to sell to even view the property. They even had 2 calls about the place while she botched my agreement together.

She also told me that properties that had sat on the market for over 6 months were now getting offers that are being accepted. I asked if that was because vendours are now being realistic but she said not, buyers were coming out of the woodwork and offers were close to asking prices.

I asked if they had many people making cheeky offers, she said there had been a few like one offer of £550k for a place on at £850k but not many.

I don't know if I should be shocked, amazed or worrying about buying now but one thing is certain, I was not expecting to hear what I did or see ea's so busy and happy.

Wow. I am going to rush out and pay 10% more than bubble prices for something this afternoon. The market has clearly turned. Thank you very much for bringing this to my attention, I would have missed it otherwise.

How silly of me to rely on newspapers, the news on TV, every other EA in the nation, the comments in the RICS survey and all the recently boarded up shops around here to make an assessment about what is happening to the market.

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Man on the street asks sales person how selling is going

Sales person says were selling lots, were doing great...... er why are you interested?

This could be houses, Tvs, anything sales people don't say they are struggling, its not good for business. Seriously lambs to slaughter, hold your cards folks, a sales person will tell you anything as long as it helps them get another sale. AND IF there is another sailing of HMS Houseprices don't make a running jump, let them drag you aboard whilst you take there shirt...

The statistics on mortgage approvals don't back this up, we have statistically low approvals at a 1/4 of normal levels! The mortgages approvals is a leading indicator which means you have to wait at least 3 months after approvals have risen to see the effect in prices! At best we have 3 months of further falling prices, because the buyers haven't even applied for enough mortgages yet!

Edited by moosetea

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I'm picking up the same in both Buckinghamshire and Cardiff with both estate agents and mortgage brokers, as per my post below.

Linky

Edited to add:

In the interest of house prices crashing, we need some volume as otherwise there won't be any falls.

Edited by Imp

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Whereabouts are you?

Sonning common, a village between henley and reading.

I know that places with land will sell but 5 asking price offers so far? 15 more viewings? and all procedable with no chain.

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Meaningless. Some people are eternal optimists.

How do you know she wasn't just lying about it all? Many people are in denial.

There is no argument against a fact and the fact is that house prices are dropping. Some places are dropping more than others but nowhere is going to remain immune.

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Wow. I am going to rush out and pay 10% more than bubble prices for something this afternoon. The market has clearly turned. Thank you very much for bringing this to my attention, I would have missed it otherwise.

How silly of me to rely on newspapers, the news on TV, every other EA in the nation, the comments in the RICS survey and all the recently boarded up shops around here to make an assessment about what is happening to the market.

Don't be a nob! Did you not read that i was there signing a tenancy agreement? I just signed for 12 months and am as bearish as they come.

Did you not pick up on my suprise at the matter?

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It could be the bull trap, who knows?

For those who remember 2005, with the houses that were around for a year suddenly having Sold signs going up this will be familliar.

The money may not fully be in the system yet, but that's not to say that some people won't act in anticipation of this. If you have a 40% deposit then the money is there, of course.

Although the job cuts still haven't fully bit yet and the BTL deleveraging hasn't started, the housing market decline is due for a breather at some time. When it comes expect a lot of rejoicing (and nervousness on here) for a couple of months before it goes south again.

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Sonning common, a village between henley and reading.

I know that places with land will sell but 5 asking price offers so far? 15 more viewings? and all procedable with no chain.

Estate agent speak with forked tongue.....

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Sonning common, a village between henley and reading.

I know that places with land will sell but 5 asking price offers so far? 15 more viewings? and all procedable with no chain.

Which EA?

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This is just crap.

How can you form a view on the OP. On the one hand it could be well priced on the other it could be a bag of shi**. Plus, this has come from EA so that is crap in itself.

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Meaningless. Some people are eternal optimists.

How do you know she wasn't just lying about it all? Many people are in denial.

There is no argument against a fact and the fact is that house prices are dropping. Some places are dropping more than others but nowhere is going to remain immune.

I know she wasn't lying about that property atleast. There were 2 calls while i was there. She asked one guy his position and then told him flatly that there were already 5 asking price offers and they were not accepting interest from anyone with a property to sell.

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Don't be a nob! Did you not read that i was there signing a tenancy agreement? I just signed for 12 months and am as bearish as they come.

Did you not pick up on my suprise at the matter?

I was having a go at the EA and not at you.

This doesn't sound plausible to me at all ........

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I've been renting for two years now and I've certainly got to the point where I'm considering buying. Prices have fallen a good 25% so far round here and a cheeky below asking price offer could mean I'm buying at 35%-40% below peak. I'm not saying I don't think house prices will continue to fall (I do) but I've reached the point where my STR fund is earning sweet Fanny Adams in interest and low IRs also make buying cheaper than renting on a month by month basis.

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I was having a go at the EA and not at you.

This doesn't sound plausible to me at all ........

me neither. Hope this is the bull trap, can't see it being anything else but it certainly has shocked me.

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davis tate.

Was going to have a look and see if i can find a link.

the calls were probably EA colleges. these people are going bust by the dozen - they were using scum tactics at the peak of the boom - i expect they are selling their grannies right now

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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