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February House Sales In Redhill And Reigate, Surrey


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I put this info in a thread on the main discussion forum but think it deserves to be repeated here.

As an STR I've been a bit alarmed at the numbers of places going Under Offer fairly quickly recently round my way. Kept telling myself that it was the fabled "spring bounce" and some would be back on soon. We'll see.....

Meanwhile I got my monthly email from Mouseprice.com and was shocked to see the statistics for my 2 local towns, Redhill and Reigate for February. For Redhill, population c. 25,000, there were 12 sales in total for the month (74 in Feb. 2008) and for Reigate, population 23,000, there were only 4 sales (27 in Feb. 2008). I knew sales were down but I was stunned to see by how much. I presume that February is a dead month as the sale and follow-through would be Nov/Dec but, even so, the comparison with last year is stark.

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I put this info in a thread on the main discussion forum but think it deserves to be repeated here.

As an STR I've been a bit alarmed at the numbers of places going Under Offer fairly quickly recently round my way. Kept telling myself that it was the fabled "spring bounce" and some would be back on soon. We'll see.....

Meanwhile I got my monthly email from Mouseprice.com and was shocked to see the statistics for my 2 local towns, Redhill and Reigate for February. For Redhill, population c. 25,000, there were 12 sales in total for the month (74 in Feb. 2008) and for Reigate, population 23,000, there were only 4 sales (27 in Feb. 2008). I knew sales were down but I was stunned to see by how much. I presume that February is a dead month as the sale and follow-through would be Nov/Dec but, even so, the comparison with last year is stark.

It can take a while for all the transactions to get to the LR.

Have another look in 6-9 months is my advice.

Of course by then the info is out of date ad the market has moved on.

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It can take a while for all the transactions to get to the LR.

Have another look in 6-9 months is my advice.

Of course by then the info is out of date ad the market has moved on.

There is a delay, but after 3 months, its pretty well complete.

Now that the first properties for March are available, the January figures should be OK.

RH2

54 in Jan 07

25 in Jan 08

11 in Jan 09

LR values have been surprisingly low.

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I went to view a house in Reigate today and the EA reckoned she has been run off her feet for the last 4-6 weeks! When I asked if that was just for viewings she said no, offers being made and accepted as well, with multiple offers on some properties. I have had dealings with her before and don't have any reason not to believe her. And yet, last week, another agent told me that since Easter it had ben quiet, "dead" in his words. So I don't know who or what to believe!

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Guest chrisbrighton
IT'S DEAD. IT HAS CEASED TO BE. IT IS A DEAD PARROT.

different area but....spoke with a local agent I know well the other day, he genuinely looked very busy, claimed his staff were doing back to back viewings and agreed 37 sales last month

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different area but....spoke with a local agent I know well the other day, he genuinely looked very busy, claimed his staff were doing back to back viewings and agreed 37 sales last month

There has never been a shortage of fools. Thing is, fewer of them have available money these days, so the number of completions is still amazingly low compared with the peak. I know you think we're all doom mongers, but it's the truth. What estate agents say isn't worth listening to.

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  • 4 weeks later...
There is a delay, but after 3 months, its pretty well complete.

Now that the first properties for March are available, the January figures should be OK.

RH2

54 in Jan 07

25 in Jan 08

11 in Jan 09

LR values have been surprisingly low.

My suspicion is that a lot of chain fail to complete. The number under offer/STC never seems to translate into actual sales. Also we have the new consideration of survey downward valuations and lenders refusing to lend.

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My suspicion is that a lot of chain fail to complete. The number under offer/STC never seems to translate into actual sales. Also we have the new consideration of survey downward valuations and lenders refusing to lend.

I have the same suspicions. I monitor Teddington very heavily and using either the HousePriceSpy or OurProperty LR based sites, can find almost no evidence of any decent sized transactions since last summer (post Lehmans basically) I suspect many vendors lose heart when the chain disintegrates and stay off the market for a while waiting for the fabled pick up in prices. Either that or try to rent out.

My neighbour 5 doors down has just 'sold' his 3 bed semi for about £200k less than he first asked for it a year ago, if that goes through it will be the first house to sell within 500 yards of me this year!

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