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NEO72

How Long To Appear On Land Registry?

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I've seen quite a few homes ostensibly being sold since early this year but hardly any have appeared on the Land Registry website and the latest dates of those that do are March.

How long do houses normally take from being SSTC to appearing on the LR?

Also, many of these 'sold' homes still have the SSTC board up - do these remain until someone physically move in or are they taken down earlier in the process?

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If a property, on Rightmove for example, goes SSTC it does not mean that it has yet sold but rather that an offer has been made and accepted. If you look at postcodes on Rightmove and tick the box to include SSTC properties you will find large numbers of SSTC properties still on Rightmove that have been building up over the last 9 months or so. It would seem that much of the increased activity earlier this year (that seems to have died off since about mid May - far fewer properties going SSTC) has seen offers accepted, properties thus going SSTC, but then getting stuck in a chain and failing to go through to completion. I suspect Estate Agents around the country are in a panic with a good number of SSTC properties on their books, but not seeing the completions happening which means a lack of fees income for them.

Estate Agents used the period of increased activity to push asking prices back up again and have stupidly helped strangulate the life out of the recovery in activity/transaction levels. The higher asking prices and accepted offers go the lower transactions levels will go in terms of both properties going SSTC, but more importantly in terms of property sales reaching completion.

The only realistic way in which Estate Agents will help generate a sustainable increase and recovery in transaction levels will be to keep pushing asking and selling prices down - this is how Estate Agents need to operate in a falling market in the context of the worst recession since the 1930s.

We seem to be seeing more and more of these SSTC properties returning to the market as re-available here in the West Midlands - Worcester, Birmingham, Lichfields, Hereford, Kidderminster, etc. I suspect the same will be happening elsewhere round the country.

Edited by Alfie Moon

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Recently on HPC a merged thread

HPC Land Registry

Also worth a look at this too HPC Link re-chains breaking

In the Moneyweek Roundtable article yesterday, (now removed sadly from HPC , and I didn't take a copy!!) it said:

The number of homes recorded so far as having being sold in May is just over 14,000. Down from 63,000 in May last year and 106,000 in 2007.

I linked it to the article recently that said:

UK house prices (asking) have stopped their recent 'dead cat bounce' according to Miles Shipside and his team at Rightmove. Estate agents now have on average seventy properties each on their books, and are only selling ten per month according to RICS...

However, this RICS contention is not supported by recorded data. With only 35,000 property sales a month, according to Land Registry, and the head count of agents being circa the same this would suggest that agents are in fact only selling on average one property per month.

Edited by Sybil13

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I've seen quite a few homes ostensibly being sold since early this year but hardly any have appeared on the Land Registry website and the latest dates of those that do are March.

How long do houses normally take from being SSTC to appearing on the LR?

Also, many of these 'sold' homes still have the SSTC board up - do these remain until someone physically move in or are they taken down earlier in the process?

anomalies in the stats. ;)

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Sybil13 qouted the following:

"UK house prices (asking) have stopped their recent 'dead cat bounce' according to Miles Shipside and his team at Rightmove. Estate agents now have on average seventy properties each on their books, and are only selling ten per month according to RICS...

However, this RICS contention is not supported by recorded data. With only 35,000 property sales a month, according to Land Registry, and the head count of agents being circa the same this would suggest that agents are in fact only selling on average one property per month."

Yep, I suspect this is the difference between properties that are going SSTC and getting stuck in chains and the tiny number that are actually getting through to completion. It doesn't look like the dead cat bounce has been very good for Estate Agents at all ..... no doubt they were delighted and enthusiastic at first but it must be becoming very alarming at how few SSTC's are getting through to completion ...... and the dead cat bounce has, it would seem, died. So, for Estate Agents it looks like it is going from bad to worse despite the glassy smiles they put on as they keep repeating the word 'recovery' to anyone who steps in their premises to ask for details.

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