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Have Sellers Given Up?


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Looking at the latest sold homes for my bit of S London on houseprices.co.uk got me thinking. I've seen little coming up for sale or changing price on rightmove lately, but loads of rentals coming on.

Asking prices for houses seem ridiculously high still. Nothing's selling!

I think people that need money are not selling their homes, they're just renting them out. This is the drag of low interest rates and not becoming a forced seller as a result. Or people preferring rental income to income from savings.

Either way, this could drag out much longer than it otherwise would (cf Japan?).

I'm fed up of waiting but this could be a long haul - I thought bargains would be easier to find, 20% into a crash...

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Looking at the latest sold homes for my bit of S London on houseprices.co.uk got me thinking. I've seen little coming up for sale or changing price on rightmove lately, but loads of rentals coming on.

Asking prices for houses seem ridiculously high still. Nothing's selling!

I think people that need money are not selling their homes, they're just renting them out. This is the drag of low interest rates and not becoming a forced seller as a result. Or people preferring rental income to income from savings.

Either way, this could drag out much longer than it otherwise would (cf Japan?).

I'm fed up of waiting but this could be a long haul - I thought bargains would be easier to find, 20% into a crash...

+1 My experience is that because it is stable i.e constant velocity down people think everything is okey dokey strange beast gripping thumb ape

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Be patient higher interest rates are on there way plus many of these forced landlords haven't got a clue as to what they have let themselves in for.

For me this is just pent up 'supply' and once released will have a big impact on depressing prices further.

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Looking at the latest sold homes for my bit of S London on houseprices.co.uk got me thinking. I've seen little coming up for sale or changing price on rightmove lately, but loads of rentals coming on.

Asking prices for houses seem ridiculously high still. Nothing's selling!

I think people that need money are not selling their homes, they're just renting them out. This is the drag of low interest rates and not becoming a forced seller as a result. Or people preferring rental income to income from savings.

Either way, this could drag out much longer than it otherwise would (cf Japan?).

I'm fed up of waiting but this could be a long haul - I thought bargains would be easier to find, 20% into a crash...

OH well, it just gives you the time to save up more while also negotiating a nice cheap rent due to the glut of rental property on offer.

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There's not a lot of incentive to sell at the moment. If you fall into dire straits your mortgage interest may be paid for you (selling and moving could cause more problems than its worth in this respect); you could go onto interest only for a period; downsizing isn't releasing as much cash as would be expected.........

Seems to me that the only sales around are repos, auctions and 'family' sales.

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OH well, it just gives you the time to save up more while also negotiating a nice cheap rent due to the glut of rental property on offer.

Hey mate, Ive been trying to secure a rental for a month now. By the time the viewing comes I 'guarantee' I get a call to say its been rented. Has happened on 3 different occasions, and its not like I make an appointment weeks in advance, usually a day or two. Mad mad world.

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Hey mate, Ive been trying to secure a rental for a month now. By the time the viewing comes I 'guarantee' I get a call to say its been rented. Has happened on 3 different occasions, and its not like I make an appointment weeks in advance, usually a day or two. Mad mad world.

Where are you looking?

There's loads of stuff in my area (SE London), and plenty of it seems to be stuck on the market for ages.

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Unfortunately that is not true.

Go private Dukey then you don't have to play the catchment area game, around here that would pay for primary education alone.

Why is that not true?

I think having intelligent parents who make it their duty to inform their children about the world is far more important than having intelligent classmates or teachers.

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Unfortunately that is not true.

Go private Dukey then you don't have to play the catchment area game, around here that would pay for primary education alone.

+1 my children went private at 11 because I didn't want to play the house near the shortest route as a crow flies on Monday the 8th in a leap year game! My oldest is in contact with a few mates from primary school but in terms of awareness/social skills etc chalk and cheese. I am about the same as their parents in fact probably more working class so they all have had good supportive families. The difference is state school didn't push them on all fronts.

I think the gulf is bigger than it ever was and widening. Not saying everyone can afford and not saying it is right but it is my experience

Edited by Greg Bowman
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Seeing a lot going to the rental market here in Cumbria too... people seem to think they can sit out the slump in prices and sell again once the market recovers. Good luck to them, they are in for a long wait - and potentially without any takers.

Both selling agents and sellers themselves still haven't quite caught up with reality as yet IMO. When prices are cut (on houses that have been on the market 6 - 12 months) they tend to be a token few grand here and there. The agents think this is "keeping in line" with the market prices, the sellers think they are doing buyers a favour... yet when the averages statistics and the likes of Zoopla are suggesting these places are shedding £2 - £3k a MONTH then an annual $5 - £10k reduction on a sticker price already wide of the mark is not really doing anything!

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Why is that not true?

I think having intelligent parents who make it their duty to inform their children about the world is far more important than having intelligent classmates or teachers.

You are correct to a point and interested Mothers are the single most important factor in a child's success.

However if you are in a class where 80% of your peers do not speak English or have a SEN statement or are disruptive it takes one hell of a 6/7/8 year old to say I want to learn.

The Sats they take at age 6 and 8 and 10 years old decide which stream they will enter at senior school, so you could be written off at 10 years old nowadays.

Not to mention the facilities vary so much from one school to another, even in state schools only the basics are provided the rest is paid for by parents via PTA or tesco's in computers vouchers.

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I've never really understood the school thing. A bright kid will do well wherever they are IMO.

Well, as long as they don't miss too many lessons whilst recovering from stab wounds.

And speaking as someone who went from a standard state comp to Cambridge, I can certainly say that private schools confer an advantage..

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I've never really understood the school thing. A bright kid will do well wherever they are IMO.

The nail that sticks up gets hammered down. Hard, in a sink school.

And the other way round, it has been shown in many facets of life (work groups ,sport, even mayhap education) that people adapt to peer group norms, be that adapt up, or down.

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You are correct to a point and interested Mothers are the single most important factor in a child's success.

However if you are in a class where 80% of your peers do not speak English or have a SEN statement or are disruptive it takes one hell of a 6/7/8 year old to say I want to learn.

The Sats they take at age 6 and 8 and 10 years old decide which stream they will enter at senior school, so you could be written off at 10 years old nowadays.

Not to mention the facilities vary so much from one school to another, even in state schools only the basics are provided the rest is paid for by parents via PTA or tesco's in computers vouchers.

Well, I went to a pretty average primary school. A largish council estate was in the catchment area and a few kids with special needs there too. Got the top grade possible in my SATs at 11 years old and went to the local grammar.

Everyone did speak english back then though. I guess that can make a big difference.

It begs the question of why they even allow children who don't speak English to go. I wouldn't have got let into a university German course because I don't speak any German. They should apply the same at school.

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However if you are in a class where 80% of your peers do not speak English

even in state schools only the basics are provided the rest is paid for by parents via PTA or tesco's in computers vouchers.

its not the fault of the none english speaking children they do not speak english. most i presume are fresh into the uk via their parents moves. however, by offering non english speaking lessons seems to be a poor investment. if they cant speak english, this must be the first years of dedication of education put to them and nothing else. once the language is mastered, and not until. they can move on to other learning. thats not un pc, its common sense. (CS is the antidote for PC)

i will not participate in tesco schools for fools vouchers. ive paid once already.

it was called income tax.

Edited by right_freds_dead
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its not the fault of the none english speaking children they do not speak english. most i presume are fresh into the uk via their parents moves. however, by offering non english speaking lessons seems to be a poor investment. if they cant speak english, this must be the first years of dedication of education put to them and nothing else. once the language is mastered, and not until. they can move on to other learning. thats not un pc, its common sense.

i will not participate in tesco schools for fools vouchers. ive paid once already.

it was called income tax.

Nobody said it was the child/ren's fault but equally are you prepared to sacrifice your child at the alter of fairness ?

It's very difficult and you can do everything right, buy the house, go to church, attend the fete's and if there happened to be a baby boom in the year your child was born then you are scuppered.

I'd rather pay and know the rug can't be pulled from under me if I was concerned about catchment areas.

We probably will go for private for senior and with the credit crunch I am negotiating 3 for the price of 2 deals.

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