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TheCountOfNowhere

2 Years On The Mrket...

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Looking at Northamptonshire on property snake there are now several houses that have been up for sale for over 2 years !!!!

And many many more for 1 year,

Here's the 2 year list:

Brisbane Gardens NN18 4 bedroom flat £180,000 £175,000 DOWN 2% 828 days (nn18)

Home Farm Road NN14 4 bedroom flat £295,000 £275,000 DOWN 6% 828 days (nn14)

High Street NN17 2 bedroom flat £425,000 £379,000 DOWN 10% 828 days (nn17)

Oxford Street NN9 2 bedroom £122,995 £117,995 DOWN 4% 827 days (nn9)

Connells are delighted to offer for 4 bedroom flat £210,000 £180,000 DOWN 14% 787 days (nn1)

Totnes Close NN18 3 bedroom terraced £94,950 £67,500 DOWN 28% 756 days (nn18)

21 Primrose Walk NN11 3HT 3 bedroom house £197,500 £169,000 DOWN 14% 745 days (nn11)

A very well presented modern detach 4 bedroom house £265,000 £230,000 DOWN 13% 745 days (nn1)

What are these people and estateagents thinking ?

Does this show the banks are sitting on repos trying to keep prices artificially high ? Isnt that illegal ?

Edited by TheCountOfNowhere

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What are these people and estateagents thinking ?

Does this show the banks are sitting on repos trying to keep prices artificially high ? Isnt that illegal ?

Yes. It shows that people, faced with a decade of property ramping media and 'shockingly' have to sell a property at cost or even a loss, suffer Stockholm syndrome brought about by a function of their own greed and market manipulation.

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I'd prefer not yo visit the EAs...

Why do you think this is happening? Delusion?

Its the only action they feel they can take.

Whats the alternative.? To drop asking prices by 30% ?...Even then they may not sell.There is not enough credit (aka debt) around.

So for these people, including estate agents its slightly more comforting to wait and hope for the best....The estate agents often do not know the real truth, and even if they did, they would have to explain real world economics to all the sellers and tell them to drop asking prices by 20/30%.....then in the process lose all apparent credibilty with these sellers who then take would their custom elsewhere.

Its not going to happen.I now see this as being a very long and drawn out process lasting ten years. Anyone who is not forced by circumstance to sell, will hide from truth.The amount of houses up for sale or sold in future, will be tiny in comparison to previous years....so apart from distressed sellers and people obviously needing to relocate etc,

there is not one bit of incentive to move for most people....not one iota

MHO

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Its the only action they feel they can take.

...

Its not going to happen.I now see this as being a very long and drawn out process lasting ten years. Anyone who is not forced by circumstance to sell, will hide from truth.The amount of houses up for sale or sold in future, will be tiny in comparison to previous years....so apart from distressed sellers and people obviously needing to relocate etc,

there is not one bit of incentive to move for most people....not one iota

MHO

Well, it will come down to interest rates, unemployment and the banks scrabbling for equity. Long time, yes, probably. See what happens end of october/after next election.

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I went to view a house that had been on the market for nearly two years a few weeks ago, the price had come down to 650k from 750k in that time and I was hoping the house was what I was looking for and I could maybe negotiate some more off.

The house wasn't that great and wouldn't have been of interest almost at any price, however I now see the house being re-offered with the same agent at 750k again...............delusional in the extreme.

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Property Snake says that this one has been on the market for 590 days!

REDUCED 3rd and final time! Owner waiting to emigrate, so NO CHAIN. This property also now is advertised for LETTING ( advert date 21/5 - so this is last chance to view and possibly purchase this well positioned property.)

http://www.homesell.co.uk/AdRef/HS743B675/...ertyDetails.asp

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The house wasn't that great and wouldn't have been of interest almost at any price, however I now see the house being re-offered with the same agent at 750k again...............delusional in the extreme.

Rightmove link?

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If you visit several estate agents in Northampton you will understand why.

If you visit Northampton you will understand why!

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Its the only action they feel they can take.

Whats the alternative.? To drop asking prices by 30% ?...Even then they may not sell.There is not enough credit (aka debt) around.

So for these people, including estate agents its slightly more comforting to wait and hope for the best....The estate agents often do not know the real truth, and even if they did, they would have to explain real world economics to all the sellers and tell them to drop asking prices by 20/30%.....then in the process lose all apparent credibilty with these sellers who then take would their custom elsewhere.

Its not going to happen.I now see this as being a very long and drawn out process lasting ten years. Anyone who is not forced by circumstance to sell, will hide from truth.The amount of houses up for sale or sold in future, will be tiny in comparison to previous years....so apart from distressed sellers and people obviously needing to relocate etc,

there is not one bit of incentive to move for most people....not one iota

MHO

Basically a Zombie Housing Market then. Waiting for the cash taps to gush high LTV and liar loans again. I suspect that's not going to happen anytime soon.

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Property Snake says that this one has been on the market for 590 days!

http://www.homesell.co.uk/AdRef/HS743B675/...ertyDetails.asp

According to zoopla:

3 Ripon Court, Pevensey Garden, Worthing BN11 5PH

Flat, Leasehold, -- Beds, -- Baths, -- Receps - Edit

Last sale: £125,000 Sale date: 9th Jan 2004

4 Ripon Court, Pevensey Garden, Worthing BN11 5PH

Flat, Leasehold, -- Beds, -- Baths, -- Receps - Edit

Last sale: £145,000 Sale date: 26th Aug 2004

1 Ripon Court, Pevensey Garden, Worthing BN11 5PH

Flat, Leasehold, -- Beds, -- Baths, -- Receps - Edit

Last sale: £145,000 Sale date: 20th Dec 2006

So the most any of their neighbours has sold ay is 145K and the house price indexs are back at 2005 levels so they should be looking at 130K maybe.

Thats why its not sold. Any first time buyer would be able to afford it or want it at that price and would you want to fund someones new live in Oz....no f**king way!!!

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827 days

http://propertysnake.co.uk/site/postcode/ol9/1/days_on_desc

Is that how old properrty snake is?

£130,000 (DOWN 16% from £155,995)

Garforth Street OL9 6RP (ol9)

2 bedroom flat

Last updated 25 Feb 2009.

Event History

date event

05 May 2007 First day listed (price £155,995)

25 Feb 2009 Price changed from £155,995 to £130,000

This must be insanity.

Oh it's got on street parking though ;-/

Edited by SarahBell

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Guest theboltonfury

Surely, it must be time to raise the asking price?

That's the current tactic to try and get them sold.

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Seeing the same rubbish round my area (Watford/Hemel Hempstead) - houses / flats that have been on sale since Oct 2008 price change UPWARDS.

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Its the only action they feel they can take.

Whats the alternative.? To drop asking prices by 30% ?...Even then they may not sell.There is not enough credit (aka debt) around.

So for these people, including estate agents its slightly more comforting to wait and hope for the best....The estate agents often do not know the real truth, and even if they did, they would have to explain real world economics to all the sellers and tell them to drop asking prices by 20/30%.....then in the process lose all apparent credibilty with these sellers who then take would their custom elsewhere.

Its not going to happen.I now see this as being a very long and drawn out process lasting ten years. Anyone who is not forced by circumstance to sell, will hide from truth.The amount of houses up for sale or sold in future, will be tiny in comparison to previous years....so apart from distressed sellers and people obviously needing to relocate etc,

there is not one bit of incentive to move for most people....not one iota

MHO

I agree with this post, especially the bit about it lasting ten years. The last bubble took about six years from peak to trough, but this bubble is a monster in comparison with the last one. So the collapse will be bigger and will take longer, imo, of course.

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I agree with this post, especially the bit about it lasting ten years. The last bubble took about six years from peak to trough, but this bubble is a monster in comparison with the last one. So the collapse will be bigger and will take longer, imo, of course.

Im with you on that. I think a big problem this time is the number of media types, journalists, bankers and MPs that have invested heavily in property. They are doing their damdest to keep it all going and are in the position to do just that and really prolong this collapse and cause much more damage. People really need to wise up.

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