Jump to content
House Price Crash Forum
Timm

Recovereh Over: Market Now In Chaos!

Recommended Posts

http://www.estateagencynews.co.uk/news/news-0609a.asp

EDIT: this post has been heavily edited by the OP to include quote, change title and because it was rubbish:

THE property market is set to be plunged into further chaos because money earmarked for first-time buyers is running out, a leading estate agency group has warned.

Spicerhaart claim that house chains are collapsing because first-time buyers can’t get their money through under the Government’s new shared ownership schemes designed to get the market moving again. The problems relate to MyChoiceHomeBuy, a scheme designed for first-time buyers, key workers and social tenants choosing any property on the open market. Under the scheme, up to half of the cost of a new home will be shared by a housing provider and applicants obtain their conventional mortgage from a range of qualifying lending institutions...

David Cummings, branch manager of Spicer McColl in Wisbech, said: “We had seven sales fall through in a single day because of this, leaving both vendors and purchasers in tears. “One of the clients even had a letter saying their funding had been approved but was later told they wouldn’t receive anything.

One can almost smell the optimism. :)

The story itself has already been reported on this board, but I thought it would be nice to see what Estate Agency News have chosen as the lead story for June on their website. It's worth remembering that the current upturn was first anticipated by those of us (tips hat Mr and Mrs BearFacts) that were reporting anecdotals from EAs early in the year. I wonder what the next quarter will bring...

Edited by Timm

Share this post


Link to post
Share on other sites
“We’re now calling for more money to be available for people to buy any property, not just newly-built ones, to keep the market moving.â€

Ahh, this is new! - Someone else provides the money & I buy the property??

OK, make it available please. I'm not bothered about the price.

EAs are sounding more & more like a social service

Share this post


Link to post
Share on other sites

More from the VIs:

http://www.estateagencynews.co.uk/goodman_...s/mgood0609.asp

Obviously, City analysts have been excited about the housing recovery... But I still believe that nationwide, the spring recovery is more like a “dead cat bounceâ€. There was pent-up demand, mainly fuelled by cash buyers and what I call “mature movers†— vendors and buyers who have low mortgages and high equity and so are prepared to trim prices to secure deals.

I also believe that falling prices at this stage of the cycle will not result in a fall off in transaction numbers, which is obviously good for the estate agency business. This view seems also to be held by Goldman Sachs, whose housing market analysts predict prices will not bottom out until the second quarter of 2010 and that peak-to-trough from summer 2007 to summer 2010 prices will have fallen 30 per cent.

Share this post


Link to post
Share on other sites
http://www.estateagencynews.co.uk/news/news-0609a.asp

EDIT: this post has been heavily edited by the OP to include quote, change title and because it was rubbish:

One can almost smell the optimism. :)

The story itself has already been reported on this board, but I thought it would be nice to see what Estate Agency News have chosen as the lead story for June on their website. It's worth remembering that the current upturn was first anticipated by those of us (tips hat Mr and Mrs BearFacts) that were reporting anecdotals from EAs early in the year. I wonder what the next quarter will bring...

This was in the news a couple of months ago , exactly the same story... maybe its a repeat !

Share this post


Link to post
Share on other sites
One can almost smell the optimism. :)

I can certainly smell something when reading articles by VI's don't think it's optimism though ........

Share this post


Link to post
Share on other sites

well if people cant borrow,the government should do it for them

simples.

Share this post


Link to post
Share on other sites
Is that your pooch in your avatar?

no thats me, bedraggled and worn out. walkies.

Share this post


Link to post
Share on other sites

Ohh, there is more...

http://www.estateagencynews.co.uk/north_ar.../bnorth0609.asp

At a time when there are some increasing signs of activity in the sales market, the latest figures by marketing data specialists ComScore show a decline in overall traffic to property websites. The figures are for unique users visiting property sites in April compared to the encouraging traffic figures in March.

It may well be just a blip but all the leading sites have been affected with the major portals showing the largest falls and the smaller sites holding up.

Did someone say falling enquiry levels?

Shh... You might wake the bears!

Share this post


Link to post
Share on other sites
got Gordon Brown's smile...a little worrying

yeah, gordon has that fluffy, needsa choc drop right now, look, now you come to mention it.

Share this post


Link to post
Share on other sites
Not really surprising, coincides with the new HIP regs on April 1st that reduced numbers of sellers. When buyers see a new board, they naturally look it up on Rightmove etc, ~ as of course do the sellers. :)

I notice you've been having a dig at the bears that deny there has been an upturn recently. It is a little bit hypocritical, as you did the same about the crash for most of 2008.

Well, here is a chance to gain the moral high ground: Just be careful you don't also deny the coming downturn, as predicted by estate agents, the IMF, Goldman Sachs and me*.

Because if did, you'd probably have to change your name again or something.

*the word me should be taken to include all here currently predicting renewed falls.

Share this post


Link to post
Share on other sites

Mr Smith added: “No-one disputes that shared equity schemes are to be welcomed and are clearly very popular, but nobody foresaw there would be no more money available so early in the financial year. This is a shocking position to be in, particularly since there is massive demand from people wishing to take advantage of low house prices.

“At the time of the Budget, there was criticism that an extra £80 million funding had been announced for the alternative HomeBuy Direct scheme to help people buy a brand new property – a far less popular scheme than MyChoiceHomeBuy.

“We’re now calling for more money to be available for people to buy any property, not just newly-built ones, to keep the market moving.â€

Share this post


Link to post
Share on other sites
Ahh, this is new! - Someone else provides the money & I buy the property??

OK, make it available please. I'm not bothered about the price.

EAs are sounding more & more like a social service

Not new. This homebuy thing was around in the boom years too. Pump more money into housing!

Eligibility is (or was) designed to exclude anyone who saves for a deposit. Not that that'll surprise anyone here.

Share this post


Link to post
Share on other sites
Not new. This homebuy thing was around in the boom years too. Pump more money into housing!

Sorry niq, I am being obscure as usual.

It was the use of the word 'buy' I was objecting to.

Joe Bloggs isn't the one buying if there is a lender involved; but of course he says "I've bought a house"

Share this post


Link to post
Share on other sites
Ahh, this is new! - Someone else provides the money & I buy the property??

OK, make it available please. I'm not bothered about the price.

EAs are sounding more & more like a social service

is the young lady in your avatar holding what I think she is :blink:

Share this post


Link to post
Share on other sites

Who saw the Beeny prog - I watched it on Ch4 od

Couldn't believe Beeny say's matter of factly at the end of prog

"there is going to be a stampede of forced sellers as interest rates go back up - forcing pwoperty prices down further!"

Natasha will still be trying to "make her ££Million££" when she's about 40! :lol:

Share this post


Link to post
Share on other sites
RMoveVsJobs.gif

Looks like falling enquiry levels? Not to me.... Looks more like people are in the shit! :lol: What happend in Apr? :blink:

:lol: love the graph!

Edited by libspero

Share this post


Link to post
Share on other sites
Looks like falling enquiry levels? Not to me.... Looks more like people are in the shit! :lol:What happend in Apr? :blink:

Did you see the graph in the link?

0609-Comscore.jpg

Share this post


Link to post
Share on other sites
At a time when there are some increasing signs of activity in the sales market, the latest figures by marketing data specialists ComScore show a decline in overall traffic to property websites. The figures are for unique users visiting property sites in April compared to the encouraging traffic figures in March.

Doesn't match what Alexa is saying..

Rightmove rankings (lower is better)

Yesterday 1393

7 Day Avg 1472

3 Month Avg 1603

And this at a time when the number of properties for sale has fallen significantly.

http://www.alexa.com/siteinfo/www.rightmove.co.uk/

Edited by Flash Gordon

Share this post


Link to post
Share on other sites

These Homebuy schemes are a big scam and are stopping the builders lowering their prices.

We went and looked at a new build a few weeks ago. It was on the market at £170,000. The salesman instantly tells us about how we can have it for about £120,000 on a 70/30 shared equity. I say I'm not interested and would rather try and negotiate on 100% of the property. He effectively tells me not to waste his time as if I'm not prepared to pay full asking price there will soon be someone in who is willing to buy the house on the Homebuy Scam.

Sure enough the property has now been removed from Rightmove and the developers website, so I'm guessing they have it resevered.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   285 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.