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Accidental STR

House Sales In Reigate

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In discussion with a Reigate EA a couple of days ago and she said that they were so busy at the moment that they have just sold (STTC) 42 properties in the last 7 weeks compared to being lucky to sell 1 per week at the worst time in the past year. As I keep a good eye on the local market via Rightmove and Property-Bee, I am sure she is telling the truth. There have obviously been a few of these which have come back on the market but not as many as I would have expected. She also said that there had been some going to sealed bids. I happen to be able to confirm this as someone I know offered more than the asking price but was then outbid via sealed bids on a property they wanted which I have since heard today had 9 sealed bids. The EA reckoned that she didn't know about the rest of the country but that sales were picking up in Reigate as "people still want to live here."

As someone who is looking to buy but doesn't want to pay the crazy inflated prices of recent years, I find it all rather depressing as up to February/March time we were finally seeing some prices falling nearer to what I would be prepared to pay. Now I think that sellers will be sticking it out with the Nationwide and Halifax indices showing such "good" :angry: news about price increases and the fact that properties are clearly selling. The EA said that their main problem at the moment was finding sellers as people were still wary of putting their house on the market.

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Don't worry, this madness is temporary; it'll soon pass.

My guess is that the market will resume its slide by September or October. In the meantime i'll have to put with the wife's 'do you think we've missed the bottom?'.

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I agree but I'm just getting a bit frustrated because it's over 2 years since we started this whole "moving house" nightmare in order to find a good family house and, at the rate we're going, the kids will have let home by the time we find one :rolleyes:

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I know what you mean, from October 08 through to early this year the slide seemed unstoppable, now it seems to have temporarily hit the buffers which is really frustrating. My only solace is that until buying a house becomes financially viable we'll continue renting through the council at a heavily discounted rate.

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In discussion with a Reigate EA a couple of days ago and she said that they were so busy at the moment that they have just sold (STTC) 42 properties in the last 7 weeks compared to being lucky to sell 1 per week at the worst time in the past year. As I keep a good eye on the local market via Rightmove and Property-Bee, I am sure she is telling the truth. There have obviously been a few of these which have come back on the market but not as many as I would have expected. She also said that there had been some going to sealed bids. I happen to be able to confirm this as someone I know offered more than the asking price but was then outbid via sealed bids on a property they wanted which I have since heard today had 9 sealed bids. The EA reckoned that she didn't know about the rest of the country but that sales were picking up in Reigate as "people still want to live here."

As someone who is looking to buy but doesn't want to pay the crazy inflated prices of recent years, I find it all rather depressing as up to February/March time we were finally seeing some prices falling nearer to what I would be prepared to pay. Now I think that sellers will be sticking it out with the Nationwide and Halifax indices showing such "good" :angry: news about price increases and the fact that properties are clearly selling. The EA said that their main problem at the moment was finding sellers as people were still wary of putting their house on the market.

Don't worry, it was a bounce, nothing more, from what I hear it's already showing tailing off a little Just wait 3 months.

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I know 3 months isn't that long but it seems like ages. Unfortunately the (very nice) house we are renting costs about twice as much as we would be paying in mortgage when we buy and we are getting next-to-nothing on our savings as we can't tie it up as we will/may need access to it when we buy.

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In discussion with a Reigate EA a couple of days ago and she said that they were so busy at the moment that they have just sold (STTC) 42 properties in the last 7 weeks compared to being lucky to sell 1 per week at the worst time in the past year. As I keep a good eye on the local market via Rightmove and Property-Bee, I am sure she is telling the truth. There have obviously been a few of these which have come back on the market but not as many as I would have expected. She also said that there had been some going to sealed bids. I happen to be able to confirm this as someone I know offered more than the asking price but was then outbid via sealed bids on a property they wanted which I have since heard today had 9 sealed bids. The EA reckoned that she didn't know about the rest of the country but that sales were picking up in Reigate as "people still want to live here."

As someone who is looking to buy but doesn't want to pay the crazy inflated prices of recent years, I find it all rather depressing as up to February/March time we were finally seeing some prices falling nearer to what I would be prepared to pay. Now I think that sellers will be sticking it out with the Nationwide and Halifax indices showing such "good" :angry: news about price increases and the fact that properties are clearly selling. The EA said that their main problem at the moment was finding sellers as people were still wary of putting their house on the market.

Don't worry, it's not a sustainable bounce. The economy still looks grim and we haven't yet seen the impact of public sector cuts kick in, not to mention mortgages still being difficult to get for those without large deposits. All that's happened is that prices have dropped to a level where cash-rich buyers who are fed up of renting/investors feel comfortable getting back into the market - and it's the traditional house-selling season where people start looking to move. There hasn't been much on the market as people weren't selling unless they *had* to, so as demand increased and supply stayed the same, prices started to creep up. Once potential sellers start thinking the tide has turned and rush to put their houses on the market, there will be a glut on the supply side and prices will start to fall again. Couple that with the continued economic downturn, and there will be more forced sellers. But there will always be these counter-intuitive upturns occasionally.

[Edited for hanging paragraph!]

Edited by thegirlfrommarz

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All you need to know is that one third of all employment in Reigate and Banstead comes from the Finance IT and Insurance sector.

Well, that's alright then.

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I'm hearing too much info about house sales (and not all fom EAs) for it not to be true, Mike, so maybe the prospective buyers are using the phone or emails. Of course they haven't actually sold yet............

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