How Are These Houses Selling

[New_Renter]

hello all

looking at the news lending is down again so how how can we explain the link below?

http://www.rightmove.co.uk/property-for-sa...yPartRent=false

i have been watching the estate for a while and one house sent to sold within 24 hours and another went to sold two days b4 and the other few in the last month

so if no one has any money and banks are not lending?

i think i may just give up and forget buying a house this country is madness

[sbn]

It's people who are getting no return on large amounts of cash in the bank. They need the return to live, but dont care if the asset that supplies it takes 20 years to recover its former value.

AND

STR's who have got the hyperinflation willies.

Both will dry up very soon - I think swapping cash for house now is a bit of a risky strategy TBH.

20 yrs could soon be never and the rental market is becoming supersaturated

Edited March 2, 2009 by sbn

[New_Renter]

i hope your right as 50% of houses are sold subject to contract in that estate.

i am quite happy at the mo as my studies are taking up my time and i woudl not dream of making offers right now,

there is a hell of a lot of hype out there about recoevery but i just cannot see it with news of 31K approvals and no one can get any finance.

does seem to be very conflicting at the moment.

its hard to ignore the market at the moment.

Its very hard work to watch all the news and not have a clue whats happening and listen to the bulls saying that were at the bottom (which i dont believe we are)

[D Vardy's Shadow]

...

i have been watching the estate for a while and one house sent to sold within 24 hours and another went to sold two days b4 and the other few in the last month

so if no one has any money and banks are not lending?

There is nothing to stop an agent taking the house off rightmove when it becomes sstc in the autumn and relisting it in the spring as sstc. Just look at your own reaction to what you see to understand why agents might do this.

[Harry Monk]

Look, Sean.

Even in the most ferocious recession there are still morons about. Don't join them.

Wait.

[Drayal]

I agree it is all worrying and upsetting but perhaps not quite as worrying and upsetting as being one of the 5 million borrowers about to go into negative equity and perhaps lose their home unable to afford a svr. It is so hard to read Rightmoves boss saying that offering 25% less than a 2007 price helps houses sell only to read that apparently houses are selling like hotcakes to people looking for a good investment and people from overseas "making the most of sterling being weak". How can there be such conflicting news around house prices? I guess most of it is spin but it's sadly spin that makes people rush out and feel they HAVE TO BUY OR LOSE OUT.....

If ONLY someone would start to report on a regular basis that the government /BOE and FSA have all said that lenders MUST return to the median loan to incomes of 3.25 one income or 2.5 two with the FSA speaking of minimum 15% deposits and regulation on loan to income to ensure history can never repeat itself. And if they then suggest people do their sums it would become obvious very quickly just how much house prices are going to have to fall failing incomes going up 40%! And NO house prices will not rise quickly in the future because the UK and indeed Europe cannot afford to subsidise the UK's inflated housing bubble. There was an article on the 2nd February http://www.independent.co.uk/money/mortgag...st-1523110.html

that said house prices would drop quickly another 25% this year taking peak to trough to 40% if mortgage approvals did not go up to 55000 a month, I believe figures today showed they dropped in January .....and with 3.25 loan to income I can't see any of the current measures at Northern Rock etc making any difference, £40000 income equals what x's 3.25? The figures speak for themselves.

[Muskoka]

There is nothing to stop an agent taking the house off rightmove when it becomes sstc in the autumn and relisting it in the spring as sstc. Just look at your own reaction to what you see to understand why agents might do this.

I have seen a major, major amount of properties showing as sold on rightmove over past 3 weeks. HOWEVER, I have also seen quite a quantity of properties come on rightmove being new listed as sold, BUT I know from monitoring over last 18 months that certainly some of these new listings showing as sold ARE houses that were sold 6/12 months ago!! No doubts at all about this. I guess EA's need to keep their name in the picture so are re-listing properties that they have already sold!!

Edited March 2, 2009 by Muskoka

[GrillsBears]

I have seen a major, major amount of properties showing as sold on rightmove over past 3 weeks. HOWEVER, I have also seen quite a quantity of properties come on rightmove being new listed as sold, BUT I know from monitoring over last 18 months that certainly some of these new listings showing as sold ARE houses that were sold 6/12 months ago!! No doubts at all about this. I guess EA's need to keep their name in the picture so are re-listing properties that they have already sold!!

Or alternatively one could apply Occam's razor.

Houses are selling. They always will sell. Those holding out for their ideal property at their exact "bottom" price are going to be disappointed. Those with flexibility and patience will be able to get properties at 30-50% off the peak prices of 2007.

There are too many mentalists hereabouts. If 70-90% falls do occur you'll be fighting each other for food.

[D Vardy's Shadow]

I have seen a major, major amount of properties showing as sold on rightmove over past 3 weeks. HOWEVER, I have also seen quite a quantity of properties come on rightmove being new listed as sold, BUT I know from monitoring over last 18 months that certainly some of these new listings showing as sold ARE houses that were sold 6/12 months ago!! No doubts at all about this. I guess EA's need to keep their name in the picture so are re-listing properties that they have already sold!!

Thanks for the confirmation. I haveonly seen this verifiably with rightmove once, but I have seen more than a few SSTC boards up, long past the new owners being moved in.

The danger is a variant on 'the boy who cried wolf', because once Agents have been rumbled doing this, everyone will deny evidence of a recovery in the market and the falls will carry on a bit longer, I suppose.

[Rosepetal]

In my area (North Hampshire) the flurry of 'under offers' have slowed. There was quite a lot of activity in January but it seems to have dried up again.

[endofcrash2]

Look just face facts prices have bottomed. You will regret it when they are up 10% in a year or so!!

[D Vardy's Shadow]

Look just face facts prices have bottomed. You will regret it when they are up 10% in a year or so!!

Facts? Argue the case! [Or go away]

[pilchardthecat]

Look, Sean.

Even in the most ferocious recession there are still morons about. Don't join them.

Wait.

The thing is, for 90% of people, this recession isn't ferocious. At least not yet.

HPC readers are the extreme minority.

edit: by which i mean they are rather better informed, and have a propensity for doom

Edited March 2, 2009 by pilchardthecat

[SarahBell]

The thing is, for 90% of people, this recession isn't ferocious. At least not yet.

HPC readers are the extreme minority.

edit: by which i mean they are rather better informed, and have a propensity for doom

Deal or no deal chap tonight mentioned the nasty recession.

I think it's more in the public's head than you imagine.

It does need a neighbour or friend to be affected before you realise how close it is.

[pilchardthecat]

Deal or no deal chap tonight mentioned the nasty recession.

I think it's more in the public's head than you imagine.

It does need a neighbour or friend to be affected before you realise how close it is.

Exactly - for most people it's something that's happening on the telly. On deal-or-no-deal, on the News. Still, the government will pay for it and we'll all be alright.