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JonoP

News From The Coal Face.....

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I had an chat with a friend last night. He works for a company that provides data to companies that provide HIPs. Every HIP that is created has to have data supplied by his company so they are a good ‘leading indicator’ about supply volumes. He told me two interesting things:

  • The volume of HIP requests they are fulfilling has absolutely gone through the roof over the course of the last month. He says there has been a tremendous increase in the number of houses coming on to the market. Looks like the damn holding back the ‘pent up supply’ may be bursting.....
  • The company he works for consider it a foregone conclusion that the Tories will win the next election. The Tories have told his company that they will abolish HIPs within 25 days of gaining power.

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I thought HIPs were an EU requirement? Can the Tories really abolish them?

They can, Energy Efficiency reports are an EU requirement - but the rest of the stuff in a HIP is not an EU requirement.

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  • The volume of HIP requests they are fulfilling has absolutely gone through the roof over the course of the last month. He says there has been a tremendous increase in the number of houses coming on to the market. Looks like the damn holding back the ‘pent up supply’ may be bursting.....
tee hee - desperate sellers... probably

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Prices stabilising now is the time to sell.

Unfortunately this probably means prices will fall due to over supply.

It will be interesting to see what happens.

Those wishing to trade up deciding to do it now before being priced out forever.

There was a thread a while back saying that these people wanted a bargain when they buy but were clinging to '07 prices for their own sale.

Sounds like a recipe for houses staying under offer for months while the buyer finds their own "Golden Buyer". You know, the one person who sees their property for what it is really worth. :D

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Those wishing to trade up deciding to do it now before being priced out forever.

There was a thread a while back saying that these people wanted a bargain when they buy but were clinging to '07 prices for their own sale.

Sounds like a recipe for houses staying under offer for months while the buyer finds their own "Golden Buyer". You know, the one person who sees their property for what it is really worth. :D

Not the place for anecdotals, I know, but will be really interesting to see if the three sold signs on my little road actually translate into Land Registry sales a couple of months down the line. I have a feeling they won't as the signs have already been up for weeks. Surely the buyer would want them to be removed by now? How long does it take for the sale to be registered and therefore visible on the usual sites like Zoopla, etc?

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Those wishing to trade up deciding to do it now before being priced out forever.

There was a thread a while back saying that these people wanted a bargain when they buy but were clinging to '07 prices for their own sale.

Sounds like a recipe for houses staying under offer for months while the buyer finds their own "Golden Buyer". You know, the one person who sees their property for what it is really worth. :D

and then finds ends up getting a golden shower instead...

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Not the place for anecdotals, I know, but will be really interesting to see if the three sold signs on my little road actually translate into Land Registry sales a couple of months down the line. I have a feeling they won't as the signs have already been up for weeks. Surely the buyer would want them to be removed by now? How long does it take for the sale to be registered and therefore visible on the usual sites like Zoopla, etc?

It takes about 6-7 weeks from the end of the month of sale. So about a week or so ago the April transaction figures were released.

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im totally looking forward to the death of labour, and if the torys really are going to get rid of HIP's then thats another reason for the general election to happen now rather than later.

especially if this gets out, its going to be another one of those situations were people are not selling as they think they can save a bit if they wait for the general election.

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Not the place for anecdotals, I know, but will be really interesting to see if the three sold signs on my little road actually translate into Land Registry sales a couple of months down the line. I have a feeling they won't as the signs have already been up for weeks. Surely the buyer would want them to be removed by now? How long does it take for the sale to be registered and therefore visible on the usual sites like Zoopla, etc?
It takes about 6-7 weeks from the end of the month of sale. So about a week or so ago the April transaction figures were released.

Yes. However these are almost certainly Sold (Subject To Contract) boards, that will have been erected when the price was agreed. It typically takes 6 - 12 weeks for the sale to reach completion (if it does).

EDIT: great thread BTW.

Edited by Timm

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I had an chat with a friend last night. He works for a company that provides data to companies that provide HIPs. Every HIP that is created has to have data supplied by his company so they are a good ‘leading indicator’ about supply volumes. He told me two interesting things:

[*]The volume of HIP requests they are fulfilling has absolutely gone through the roof over the course of the last month. He says there has been a tremendous increase in the number of houses coming on to the market. Looks like the damn holding back the ‘pent up supply’ may be bursting.....

Great news, now the crash can continue properly. Looks like we are coming out of the denial phase.

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Great news, now the crash can continue properly. Looks like we are coming out of the denial phase.

Yup, I suspect the phoney war may be over.

I get the distinct impression that banks have been holding back from selling their repo's recently. I wonder if some of the surge in new listings is accounted for by these repo's hitting the market.

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Yup, I suspect the phoney war may be over.

I get the distinct impression that banks have been holding back from selling their repo's recently. I wonder if some of the surge in new listings is accounted for by these repo's hitting the market.

Perhaps they were under orders to hold back until the council and EU elections had passed.

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...three sold signs ...Surely the buyer would want them to be removed by now?

Why?

A sold sign is the new status symbol.... it lets your neighbours know just how special your house is because even in this difficult market it's sold!

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Yup, I suspect the phoney war may be over.

I get the distinct impression that banks have been holding back from selling their repo's recently. I wonder if some of the surge in new listings is accounted for by these repo's hitting the market.

Surge really? Where I live the number of properties for Sale (rightmove) has fallen from over 480 in November to 321 today (down from 326 on Wednesday).

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A sold sign is the new status symbol.... it lets your neighbours know just how special your house is because even in this difficult market it's sold!

Agreed. There's a place near us that's gone through three sets in the last two years. Talk about Flash 'arries!

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news from the coal face.....things are looking black here.

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Surge really? Where I live the number of properties for Sale (rightmove) has fallen from over 480 in November to 321 today (down from 326 on Wednesday).

There is a surge in people applying for HIPs. There will probably be a time delay between the HIP being applied for and being produced. My friend is seeing a surge in HIP applicants.

This incidentally correlates with the home.co.uk data which talks about a surge in new listings.

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The volume of HIP requests they are fulfilling has absolutely gone through the roof over the course of the last month. He says there has been a tremendous increase in the number of houses coming on to the market. Looks like the damn holding back the ‘pent up supply’ may be bursting.....

Is this going to be the shortest "return to normal" in history? VI bulls***ers tell everybody the crash is over; sellers charge back into the market whilst finance remains impossible to obtain and the crash is back on with avengence.

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What`s so brilliant to us buyers about the news that HIPS will be scrapped - do we really want to return to the days where the only information about a property was that talked up by the seller and the info supplied by a `surveyor` who in a lot of cases never left the seat of his car .

And what exactly are the motives behind the Conservatives decision to do this as I always looked on HIPS as a brake on runaway prices -surely they don`t want to re-inflate the bubble ?

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What`s so brilliant to us buyers about the news that HIPS will be scrapped - do we really want to return to the days where the only information about a property was that talked up by the seller and the info supplied by a `surveyor` who in a lot of cases never left the seat of his car .

And what exactly are the motives behind the Conservatives decision to do this as I always looked on HIPS as a brake on runaway prices -surely they don`t want to re-inflate the bubble ?

I'm curious about why you have such trust in HIP-providers, but not in surveyors? Either or neither could sit in their car, but I have more faith in something I have paid for and which is produced by someone with a more serious qualification (and who is likely to have been in the game of looking at house for a living for longer than 18 months). Personally, i wouldnt even ask for a HIPto use for toilet paper: The paper isnt absorbent enough. And the number of people asking to see HIPs suggests

I am not alone in this.

Of course, if you are talking about mortgage providers valuations rather than proper surveys, fair point, but what sort of muppet buys a house based on just that?

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So, herds of sellers rushing to the market.

Let me guess (seller thinks to self) A house has recently sold on my street - ghreat - recovereh!!! I dont need to pay any attention to how much it sold for, i will advertise my house at 2007 price (and maybe an extra 10% for the trouble ive had in waiting and of course the cost of the hip. Ooooh, also I should add on the agents fees as well.

Expect the asking price indices to keep going upwards.

These new sellers are going to take a while to accept that they are overpriced. Furthermore expect a lot more buyers/sellers moaning about lack of funding and chains falling through due to valuations not meeting the prices the deluded are willing to pay.

All in all, a step closer to where we want to be, but still plenty of patience to exercise.

It will be interesting to monitor the volume of repos coming onto the market and compare that to the volume of approvals. This ratio (repo:approval) will be key to determining the gradient of the downward spiral for prices!

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