Willy Weasel Posted August 21, 2009 Share Posted August 21, 2009 I've been checking Rightmove daily for over three years now and I've notices that in my area (Warwickshire) there has been an absolute flood of new properties onto the market this week. My feeling is that the much trumpeted 'stabilisation' in the housing market has prompted all that pent-up supply to burst onto the market. There are now so many properties on the market that the amount of money available for house purchase can only cover a tiny fraction of them. Expect the Haliwide to be showing MoM negative numbers for the rest of the year as sellers fight over the tiny number of proceedable buyers. The crash continues... Quote Link to comment Share on other sites More sharing options...
dr ray Posted August 21, 2009 Share Posted August 21, 2009 I've been checking Rightmove daily for over three years now and I've notices that in my area (Warwickshire) there has been an absolute flood of new properties onto the market this week. My feeling is that the much trumpeted 'stabilisation' in the housing market has prompted all that pent-up supply to burst onto the market. There are now so many properties on the market that the amount of money available for house purchase can only cover a tiny fraction of them. Expect the Haliwide to be showing MoM negative numbers for the rest of the year as sellers fight over the tiny number of proceedable buyers.The crash continues... Sorry, I just had too. Quote Link to comment Share on other sites More sharing options...
Nugsson Posted August 21, 2009 Share Posted August 21, 2009 There's still bugger-all in my area on the Surrey/Hampshire borders, but fingers crossed the dam will burst soon... Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted August 21, 2009 Share Posted August 21, 2009 Guy Gibson says he is working on breaking the dam too. Quote Link to comment Share on other sites More sharing options...
doomandgloom2 Posted August 21, 2009 Share Posted August 21, 2009 My area of interest WD18, was flooded with many 2 bed flats, far to many to hold up silly asking prices from 2006-2007. O yes , and all the flats seem to have leases of 77-78 years, so buyers beware its a bad investment, you have problems selling it on. Quote Link to comment Share on other sites More sharing options...
Willy Weasel Posted August 21, 2009 Author Share Posted August 21, 2009 Sorry, I just had too. There's only one way to know what's going on in the market and that's to follow it Quote Link to comment Share on other sites More sharing options...
neon tetra Posted August 21, 2009 Share Posted August 21, 2009 There's only one way to know what's going on in the market and that's to follow it Thank you! I am interested in the Warwickshire area, and hence any updates are very welcome. Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted August 21, 2009 Share Posted August 21, 2009 I reckon the next "development" will be this- Houses as advertised, will include a rating of some sort to denote how "buyable" they are- i.e. if they are mortgage free, able to sell quickly, what have you. So lets say, a five star house would be mortgage free, and the buyer is able to complete immediately, and that any offer can and will be considered. A one star property is likely to be a one bed flat, with a mortgage greater than the value, etc etc. The first EA that introduces thsi system will benefit from it greatly- guaranteed. Quote Link to comment Share on other sites More sharing options...
STRLondon Posted August 21, 2009 Share Posted August 21, 2009 (edited) hows that going to help them sell properties that get low stars? The vendor is THEIR client. The buyer is nothing to the estate agent. Edit - Estate agents will never turn away clients Edited August 21, 2009 by STRLondon Quote Link to comment Share on other sites More sharing options...
Guest KingCharles1st Posted August 21, 2009 Share Posted August 21, 2009 hows that going to help them sell properties that get low stars? The vendor is THEIR client. The buyer is nothing to the estate agent. its not- they can't sell anyway Quote Link to comment Share on other sites More sharing options...
abharrisson Posted August 21, 2009 Share Posted August 21, 2009 Haven't seen much of a flood in the areas I look at yet unfotunately. Quote Link to comment Share on other sites More sharing options...
Fishman Posted August 21, 2009 Share Posted August 21, 2009 My area of interest WD18, was flooded with many 2 bed flats, far to many to hold up silly asking prices from 2006-2007. O yes , and all the flats seem to have leases of 77-78 years, so buyers beware its a bad investment, you have problems selling it on. I hear that the cogs of the housing market are turning nice and smoothly in WD40 - can't be far from you. Quote Link to comment Share on other sites More sharing options...
deflation Posted August 21, 2009 Share Posted August 21, 2009 80 years is I believe the magic figure after which lease extentions become expensive and in addition mortgages are more difficult to obtain with a short lease. It varies between lenders but basically they insist on a period of at least 40, sometimes 50 years left AFTER the loan has been repaid. So, if you want a 25 yr mortgage, the lease needs at least 65 - 70 yrs to run. If a buyer is 'flush' enough to get a 15 yr repayment for example, they would probably get a loan on a place with only 60 yrs left. I used to live in a leasehold flat. Wouldn't touch one again with a bargepole. Too many service charge rip-offs and crappy landlord practices out there. Quote Link to comment Share on other sites More sharing options...
neon tetra Posted August 21, 2009 Share Posted August 21, 2009 I hear that the cogs of the housing market are turning nice and smoothly in WD40 - can't be far from you. Quote Link to comment Share on other sites More sharing options...
Willy Weasel Posted August 21, 2009 Author Share Posted August 21, 2009 I reckon the next "development" will be this-Houses as advertised, will include a rating of some sort to denote how "buyable" they are- i.e. if they are mortgage free, able to sell quickly, what have you. So lets say, a five star house would be mortgage free, and the buyer is able to complete immediately, and that any offer can and will be considered. A one star property is likely to be a one bed flat, with a mortgage greater than the value, etc etc. The first EA that introduces thsi system will benefit from it greatly- guaranteed. This is already happening in one way. You'll have a number of similar houses for sale and the asking price for one of them will be much lower than the others. The agents invariably label that house 'realistically priced'. They are acknowledging therefore that all the others are 'unrealistically priced'. Quote Link to comment Share on other sites More sharing options...
awaytogo Posted August 21, 2009 Share Posted August 21, 2009 I've been checking Rightmove daily for over three years now and I've notices that in my area (Warwickshire) there has been an absolute flood of new properties onto the market this week. My feeling is that the much trumpeted 'stabilisation' in the housing market has prompted all that pent-up supply to burst onto the market. There are now so many properties on the market that the amount of money available for house purchase can only cover a tiny fraction of them. Expect the Haliwide to be showing MoM negative numbers for the rest of the year as sellers fight over the tiny number of proceedable buyers.The crash continues... I have seen an increase in my area of Yorks, i think it is people and BTLers hoping to offload while there is all the positive Bullsxxt going on. Its a Catch 22 realisticaly. Quote Link to comment Share on other sites More sharing options...
New_Renter Posted August 21, 2009 Share Posted August 21, 2009 That does not seem to be the case in Milton Keynes I noramlly search for 3bed houses and the results are up in the 400's now im getting arouund 375 per day so less that we did have. Roll on Quote Link to comment Share on other sites More sharing options...
ReJoyce Posted August 21, 2009 Share Posted August 21, 2009 Not much new stuff around my area (Oxfordshire). The number of new properties for sale coupled with the old stock selling in recent months means there is very little choice for the desperate. regards J Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted August 21, 2009 Share Posted August 21, 2009 This is already happening in one way. You'll have a number of similar houses for sale and the asking price for one of them will be much lower than the others. The agents invariably label that house 'realistically priced'. They are acknowledging therefore that all the others are 'unrealistically priced'. My favourite is "priced to sell". FFS Quote Link to comment Share on other sites More sharing options...
olliegog Posted August 21, 2009 Share Posted August 21, 2009 be very wary if the increase in numbers is from only one or two EAs - they have a very sneaky tactic of re-launching houses to lose the Property Bee history and 'refresh the image of the house'. Quote Link to comment Share on other sites More sharing options...
doomandgloom2 Posted August 21, 2009 Share Posted August 21, 2009 There is a piss poor 2 bed conversion near me at 195K and its been for sale for at least 2 years. True value about 150K. Well, its been relaunched with another agent at 186K but instead of that tired front view photo we have view from the garden side. How ingenious. Quote Link to comment Share on other sites More sharing options...
Brave New World Posted August 21, 2009 Share Posted August 21, 2009 And add to a dump of new properties: Talking to my companies FA and he said October and November is going to see a big surge in repos in both commercial world and with Joe Public. Banks have apparently been given the A-ok to resume their ball busting. Quote Link to comment Share on other sites More sharing options...
Fuzzy Duck Posted August 21, 2009 Share Posted August 21, 2009 There is a piss poor 2 bed conversion near me at 195K and its been for sale for at least 2 years. True value about 150K. Well, its been relaunched with another agent at 186K but instead of that tired front view photo we have view from the garden side. How ingenious. I like the houses where the main photo is of the garden or kitchen. A sure sign that it is located next to a spoil tip! Quote Link to comment Share on other sites More sharing options...
Lazylobster Posted August 21, 2009 Share Posted August 21, 2009 Not looking so hot in the area I aspire to live in, BR1 LL Quote Link to comment Share on other sites More sharing options...
@contradevian Posted August 21, 2009 Share Posted August 21, 2009 Not looking so hot in the area I aspire to live in, BR1LL There is even a drop of rental properties on Rightmove for your postcode. Seems weird. Is this telling us something about Rightmove though? Maybe agents are not listing as many properties with them? Quote Link to comment Share on other sites More sharing options...
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