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Cozza

House Prices Reflecting True Economic Value

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After Xmas, I noticed a strange phenomenon of some vendors actually putting up their prices. Some have now retracted this hike and gone back down but not all. Whilst flats in my area are still being sold, very few houses are. Yet, these vendors are still unwilling to lower their asking prices. Looking on Rightmove using Property Bee highlights that many of the semi-detached properties are still listed the same price as they were in May 08. They haven't sold and are not likely to at current prices.

So, why are these vendors either not reducing their price or, alternatively, taking their property off the market?

Is it the fault of EAs who are not passing on current information on market conditions to these greedy Vendors? Some EA's are even messing around by listing a house as Sold STC and then a day or two later, re-listing it as 'Available'. It's almost as if they want to go insolvent.

It's obvious to me that we're perched on a cliff looking down - so why aren't these Vendors reducing their prices as fast as they can before the collective nose dive.

Curiously,

cozza

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It's obvious to me that we're perched on a cliff looking down - so why aren't these Vendors reducing their prices as fast as they can before the collective nose dive.

Obvious to you and me but it still hasn't got into the collective, a few more months should do it.

Never underestimate the ability of a vendor to hope for that last mug to come along and bail them out.

VMR.

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Don't agree ata ll - lot's of people about who would like to move but aren't that bothered and not at all in a hurry. They'll move if they get the right price, but happy to stay where they are if they can't. I agree that they should take it off the market in these conditions though cos it makes them look a bit mental

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Guest Steve Cook
After Xmas, I noticed a strange phenomenon of some vendors actually putting up their prices. Some have now retracted this hike and gone back down but not all. Whilst flats in my area are still being sold, very few houses are. Yet, these vendors are still unwilling to lower their asking prices. Looking on Rightmove using Property Bee highlights that many of the semi-detached properties are still listed the same price as they were in May 08. They haven't sold and are not likely to at current prices.

So, why are these vendors either not reducing their price or, alternatively, taking their property off the market?

Is it the fault of EAs who are not passing on current information on market conditions to these greedy Vendors? Some EA's are even messing around by listing a house as Sold STC and then a day or two later, re-listing it as 'Available'. It's almost as if they want to go insolvent.

It's obvious to me that we're perched on a cliff looking down - so why aren't these Vendors reducing their prices as fast as they can before the collective nose dive.

Curiously,

cozza

unemployment and mass forced selling has not kicked in sufficiently yet.

It will.....

Untill then, continued denial

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So, why are these vendors either not reducing their price or, alternatively, taking their property off the market?

The people on the telly promised them that their house was worth a huge amount of money, and now they want to collect it.

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So, why are these vendors either not reducing their price or, alternatively, taking their property off the market?

Why should they? If they're not really bothered about selling, it costs them nothing to leave it on the market at a high price. - and they just might hook a gullable buyer who is not up to speed with the market.

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After Xmas, I noticed a strange phenomenon of some vendors actually putting up their prices. Some have now retracted this hike and gone back down but not all. Whilst flats in my area are still being sold, very few houses are. Yet, these vendors are still unwilling to lower their asking prices. Looking on Rightmove using Property Bee highlights that many of the semi-detached properties are still listed the same price as they were in May 08. They haven't sold and are not likely to at current prices.

So, why are these vendors either not reducing their price or, alternatively, taking their property off the market?

Is it the fault of EAs who are not passing on current information on market conditions to these greedy Vendors? Some EA's are even messing around by listing a house as Sold STC and then a day or two later, re-listing it as 'Available'. It's almost as if they want to go insolvent.

It's obvious to me that we're perched on a cliff looking down - so why aren't these Vendors reducing their prices as fast as they can before the collective nose dive.

Curiously,

cozza

I do think the real estate agents are to blame here. I have recently sold my house and I spent months fighting with an estate agent so that he would lower the price. In the end I just told him that he was acting to my instructions and had to do what I said and he did it. (I changed to another agent as soon as I could). His perverse attitude seemed to be down to the fact that while he didn't mind what price it sold for in the end, he did not want to have to explain to all his other instructions why he was marketing my property at x when he had valued their similar properties at x + 20%, which was the value he gave to mine and was why it didn't have a chance of selling at that offer price.

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Why should they? If they're not really bothered about selling, it costs them nothing to leave it on the market at a high price. - and they just might hook a gullable buyer who is not up to speed with the market.

I'm sure some gullable buyers would be interested but unless the properties are 3.5 x their income, or they have a big deposit, Lenders are now showing them the door. Really, how many people have a salary that can support a property of £300K plus? The average salary in the UK is £25K is it not?

With the demise of Self-Certified Mortgages (ie liar mortgages), a semi detached house of £300K is just not going to sell anymore, whether the Gullibles show interest or not.

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Don't agree ata ll - lot's of people about who would like to move but aren't that bothered and not at all in a hurry. They'll move if they get the right price, but happy to stay where they are if they can't.

And meanwhile the forced sellers will continue to set the market rate which is plummeting.

So it's not a case of whether they're bothered or not - their properties will crash in 'value' along with the others.

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And meanwhile the forced sellers will continue to set the market rate which is plummeting.

So it's not a case of whether they're bothered or not - their properties will crash in 'value' along with the others.

maybe that because of the amount of equity been withdrawn , to lower the price would openly show that they are no longer in an economicalyy viable position. so they 're just praying for gordon to save them. save yourself and find where the real bid is and lets get this depression on a freekin roll babe. yeeeeaaahhhhh

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And meanwhile the forced sellers will continue to set the market rate which is plummeting.

So it's not a case of whether they're bothered or not - their properties will crash in 'value' along with the others.

which won't bother them at all, because they don't mind staying where they are.

a house is only 'worth what someone will pay for it' if it has to be sold, it's intrinsic 'value' (not measured in £) as a warm dry place to cover the children doesn't change in the same way

outside bank balance sheets and economics text books, the 'worth what someone will pay for it' argument only applies at the moment of sale or exchange

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I do think the real estate agents are to blame here. I have recently sold my house and I spent months fighting with an estate agent so that he would lower the price. In the end I just told him that he was acting to my instructions and had to do what I said and he did it. (I changed to another agent as soon as I could). His perverse attitude seemed to be down to the fact that while he didn't mind what price it sold for in the end, he did not want to have to explain to all his other instructions why he was marketing my property at x when he had valued their similar properties at x + 20%, which was the value he gave to mine and was why it didn't have a chance of selling at that offer price.

Had absolutely the same experience late last year, and came to the same conclusion; small-minded pride.

Edited by drrayjo

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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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