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General Melchett

Green Shoots Of Recovereh?

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Flicking through the property pages (24 of them) of my local rag yesterday, three things struck me worthy of repeating:

Finger in the wind asking prices seem to be at about summer 2006 levels, with lots of 'new instructions'* and multi-agency properties. *Property snake shows very few real reductions in my area.

Going against form for previous years, not a single agency had a property up as 'sold', 'sold STC' etc except:

There were a scattering of ads to the effect of 'We are in receipt of an offer of xxx (finger in the air: About 2002 prices) on 666 Acaccia Avenue. Please advise us in writing before the Ides of March if you wish to put in a higher offer.

So, price disconnect except for repos. Nothing selling except repos.

Make me an offer.

Move to OT when ready ;-)

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Flicking through the property pages (24 of them) of my local rag yesterday, three things struck me worthy of repeating:

Finger in the wind asking prices seem to be at about summer 2006 levels, with lots of 'new instructions'* and multi-agency properties. *Property snake shows very few real reductions in my area.

Going against form for previous years, not a single agency had a property up as 'sold', 'sold STC' etc except:

There were a scattering of ads to the effect of 'We are in receipt of an offer of xxx (finger in the air: About 2002 prices) on 666 Acaccia Avenue. Please advise us in writing before the Ides of March if you wish to put in a higher offer.

So, price disconnect except for repos. Nothing selling except repos.

Make me an offer.

Move to OT when ready ;-)

any ideas on how to find these repos...the first I see of them is as you observe....the we have an offer stage.

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any ideas on how to find these repos...the first I see of them is as you observe....the we have an offer stage.

Good point. No I dont. And getting into a bidding war over a repo stikes me as a King Stupid. Offer to buy your local EA a pint and a pie?

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There were a scattering of ads to the effect of 'We are in receipt of an offer of xxx (finger in the air: About 2002 prices) on 666 Acaccia Avenue. Please advise us in writing before the Ides of March if you wish to put in a higher offer.

So, price disconnect except for repos. Nothing selling except repos.

Make me an offer.

Interesting. I noticed exaclty the same thing in our local free property paper.

We seem to be regularly getting a page of these "receipt of offer" adverts now..... about half a dozen of them, and no other solds.

Yet only 6 months ago, we rarely saw even one of these.

As an ancedotal, last week I called into the local estate agent to collect said property paper. "Quiet in here", I say to the friendly lady receptionist. "Yes", she says "it is always like this now, hardly anyone comes in, and it is not just us, all the other agents in town are dead quiet too. Sign of the times, I guess" she said added with a sigh.

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Where I am in the South East. Large 3 bed semis are going up for about 5% less than 2007. 2 that came on RM about 2 weeks ago at 2007 prices are already under offer. Flats and the average 3 bed terrace are different though. Theres a flat in my old block which I sold for £178K in 2004 now on for £160,000 and 3 bed terraces which would have sold for £250K at peak are now on for £215K and seem to be selling for no more to £200K if they can sell.

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An afterthought: When I was buying in the early 90s, repos were so commonplace that evey other property I looked at was one, and so finding one to buy wasnt a probem. I'm not suggesting that half of all properties up for sale back then were repos, BTW, only half of all those that were likely to be sold owing to a combination of price and proceedability. Maybe this will come again in 2010 onwards, as the poisons in the system work their way through?

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