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Properties In My Rightmove Save List Going To Sold Stc

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A load of properties in my saved lists on rightmove have gone to SOLD STC today. Yes Yes I know there is plenty of time for them to fall through, but if they get removed from the site then I'm going to pretty much take that as deal done and dusted.

I'm still a bear, I still can't afford it but the thought of seeing HPI start up again makes me wanna chuck up.

When am I going to get my break? :(

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A load of properties in my saved lists on rightmove have gone to SOLD STC today. Yes Yes I know there is plenty of time for them to fall through, but if they get removed from the site then I'm going to pretty much take that as deal done and dusted.

I'm still a bear, I still can't afford it but the thought of seeing HPI start up again makes me wanna chuck up.

When am I going to get my break? :(

Same here, a large percentage on my watch-list are SSTC or Under Offer. Now, I know this means fook all until completion however it's still disconcerting. I pray this is the end of the bull-trap. Either way, we can't afford current prices so we'll be sitting tight.

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In North London there have been very few properties coming on to the market now for the last couple of months. Any that do at a reasonable price are selling straight away.

Until there is an increase of properties coming on to the market the market is not going to go down here.

We are back to needing a trigger.

a) higher interest rates

B) government debt crisis

etc

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In North London there have been very few properties coming on to the market now for the last couple of months. Any that do at a reasonable price are selling straight away.

Until there is an increase of properties coming on to the market the market is not going to go down here.

We are back to needing a trigger.

a) higher interest rates

B) government debt crisis

etc

Can you afford the higher interest rates though ?

Not many actually beat the system you know.

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In North London there have been very few properties coming on to the market now for the last couple of months. Any that do at a reasonable price are selling straight away.

Until there is an increase of properties coming on to the market the market is not going to go down here.

We are back to needing a trigger.

a) higher interest rates

B) government debt crisis

etc

Fraid you are right - the market has been manipulated to high hell. The supply is absolutely gone. Banks / BS's holding onto distressed props, low IR's, gov backed mortgage guarantees, slow repossessions. All adds up to massive market manipulation.

Sounds like its either hyperinflation OR bust then. You cannot keep asset prices inflated like this without consequence.

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Hold on for a bad blood pressure moment....

Friendly local EA (yeah, I know I should know better, but actually he's quite a decent guy....) was chewing the fat with Mrs B a couple of days ago. Says stuff round here (Farnham and surrounds,) has gone barking mad, back to sealed bids and sh!t, and people seem to have more money than sense...

However, he did tell us not to bother getting worried, as it's all bull$shit madness which can't last - before anyone hits the troll key.

But get this... a place we've been looking at, quite seriously, to bring up the little B's ( :lol: ) just went SSTC.

To some f*&£ing banker from London.

Cash purchase.

AS A F***ING WEEKEND HOME!!!!

Utter F***ing C*&^TS, is all I bring myself to say. These w@nkers are now using our bailout money to buy nice little weekend pads to swan around in, while the rest of us bail the b@st@rds out with our taxes.

Absolutely effing speechless.

Still, at least I know the exact location of the nearest lamp-post

Err, in case the dog needs a pee, you understand.... :ph34r:

B

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I have been watching about 50 + properties in Dorset area in the £200000 to £250000 range, from March to July NOTHING happened, and yes then more and more went SSTC or Under Offer, but many have gone back FOR SALE and then gone SSTC and then and then.....but few have SOLD, so I am not too worried. We have just gone through PEAK months in the property and even the bearish Merryn expected a dead cat bounce / bull trap this summer.

Stay Away From Property it Has Much Further to Fall

The truth is that all real bear markets tend to offer the unwary investor one last opportunity to lose money. The summer of 2009 is probably that opportunity this time round.

There may well be a quite a big pick up in inquiries, transactions and even prices over the next few months. This will be partly down to the fact that, for those who have cash and want to buy at some point, the housing bear market is getting boring – and partly because a lot of property looks cheap relative to its peak price.

But the basic market conditions are still all wrong for recovery.

To save repeating myself , I started a thread a week or so back and listed what still seem to be credible facts as to why the current market cannot be sustained:

HPC Link

And made reference to Rightmove's latest HPI here:

HPC Link

Rightmove seem to confirm that the summer blip isn't sustainable, with only cash rich buyers and low approvals .

I would imagine the whole point of a bull trap is it TRAPS people into believing that everything has changed, but most of us know better ...... it is a BIG step from SSTC to SOLD......and if RM are saying they are advising sellers to accept lower cash offers rather than wait for someone who needs to :

a. get a mortgage

b. find a lender willing to lend more than 25% from peak

Then IMO we are in the midst of a grand illusion that will soon run out of steam.

There was an article at the weekend about :

Interest Only Mortgages

Millions of middle-class families are in danger of being unable to move home after they gambled their futures on interest-only mortgages.

Four out of ten households have taken out the mortgages, according to figures from the Financial Services Authority. But with houses having lost almost a quarter of their value in the last two years, an estimated 4.2million homeowners have to confront the prospect that they may not be able to move for many years. ....

.....To compound the problems caused by falling property prices, the credit crunch has left thousands of white-collar workers unemployed and millions facing a pay freeze, so they have little chance of increasing their mortgage payments.

Ed Stansfield, from economic forecaster Capital Economics, said: 'With prices having fallen as much as they have already many homeowners will find that they simply won't be able to move home.

......In 2006 and 2007, more than 30,000 families a month were signing up for interest-only deals. Of these around 20,000 said they had no way of repaying the capital on their loan.

....David Hollingworth, from brokers London & Country said: 'If you are on interest-only the best thing you can do is switch to repayment.

'But if you can't afford to do this then you should either overpay on your current deal or start regular saving. The longer you ignore it the bigger your burden is going to become - it's a ticking timebomb.'

.....many economists believe that house prices are set for a 'double-dip' and could fall by a further 15 per cent next year.

So we have 25% falls already and another 15% expected, and 4 out of 10 with interest only mortgages and a ticking time bomb yet still this article said:

There were further signs of a housing market revival yesterday as property website Rightmove said the 'toughest market conditions for a generation' had gone after seeing a record number of potential buyers visit in one day.

This followed figures from HM Revenue & Customers which revealed 76,000 homes changed hands in July, an increase of 17 per cent on the previous month as buyers continued to return to the market.

BUT IT JUST DOESN'T ADD UP......KEEP READING THE FACTS AND IGNORE THEY HYPE.....

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We recently found out a couple we know (a pair of mortgage advisors of all people) have had their house reposessed. Anyway, the property has been on the market for a year or 2 now with limited interest. Asking price has dropped from a peak of about £450K to about £300 now.

Our neighbours put an offer in for £290K, but were told a "doctor" had offered £300K, however if they matched his offer they could have it as they "bid" first :lol:

Anyway, they have since pulled out (having found a property elsewhere). The house went sold STC on rightmove, but is now back to available. Seems like the "Doctor" changed his mind :lol:

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A load of properties in my saved lists on rightmove have gone to SOLD STC today. Yes Yes I know there is plenty of time for them to fall through, but if they get removed from the site then I'm going to pretty much take that as deal done and dusted.

I'm still a bear, I still can't afford it but the thought of seeing HPI start up again makes me wanna chuck up.

When am I going to get my break? :(

yes. it is pretty obvious that HPC ers (myself included) have wound up on the wrong side of the trade here. we seriously underestimated the level of government intervention and have ended up losing BIG time here.

i have recalculated my position in all this because, quite frankly, the crash scenario aint happening.

the property sector is going to remain in recession for many, many years (because prices are being kept too high and so very low volumes will trade - that is a recession as far as the industry is concerned)

the problem is that homeowners have had their mortgage payments cut in half virtually overnight and it sucks. i mean it really SUCKS because it is our money, basically, being handed to them for political gain. it is like this: if you already are in a home, then you can afford to stay. if you don't own a home already, then you can't afford to buy. it is shit.

i have taken action because the mechanism they're using (money printing and low interest rates) are going to lead to a major currency crisis - just look at debt to gdp, it's unreal!

at this point, of course, interest rates will go bananas and many of these homeowners (who currently are doing very well) will see huge rises in their mortgage payments... the problem is, we will be in something that resembles hyperinflation so no clear winners. not by a long shot!

if you are in sterling cash, you are in terrible danger of being wiped out for good. take this warning, and take action. it is very easy to open currency accounts these days.

Edited by Where is my pen?

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:D

Recession is over. Confidence is returning in the housing market. Thats why.

Confidence butters no parsnips

(or something)

anyway it won't last. Canute was confident he could hold back the sea.

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:D

Recession is over. Confidence is returning in the housing market. Thats why.

Insolvency trumps confidence

The debt is real

All that's happening with this bounce is some cash-rich suckers are taking over the risk some high LTV-borrowers and their banks were subject to. Despite prices having fallen, LTV averages 75%. Once the capital source for the other 25% peters out, the bounce will be over

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A load of properties in my saved lists on rightmove have gone to SOLD STC today. Yes Yes I know there is plenty of time for them to fall through, but if they get removed from the site then I'm going to pretty much take that as deal done and dusted.

I'm still a bear, I still can't afford it but the thought of seeing HPI start up again makes me wanna chuck up.

When am I going to get my break? :(

I've also had properties in my saved list on rightmove go SOLD STC. One property was on at £150k around early June 09 - by late June it had gone SSTC and taken off rightmove. I thought no more about it. However looking through the papers this weekend i noticed the same property is going to auction mid September at a guide price of £95k.

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funny, but driving back from a job in town today, saw 4 houses with For Sale....all new signs, all decent houses.

all the usual suspects still SSTC, although one very small place that was SSTC for ages now has developers in. gutting the place.

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Confidence butters no parsnips

(or something)

anyway it won't last. Canute was confident he could hold back the sea.

We need a cartoon of Brown sat on a thrown of QE holding back the tide of a housing market crash

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Of the 300+ properties on my saved list on Rightmove very few are SSTC and this has been so since middle to end of May. The area I cover is parts of Birmingham, Bromsgrove, Droitwich Spa, Worcester, etc.

A good number of properties that I have seen go SSTC over the last few months, and before, are constantly becoming re-available whilst others just never seem to reach completion. Very few properties seem to reach completion.

Since middle/end of May the number of properties going SSTC has declined dramatically. Last month and this month it looks like Estate Agents are going to be, on average, getting one property per week turning SSTC.

This month there seems to be some return to cutting asking prices.

I suspect EA's, up here, are really struggling to generate any significant income from sales and are worried that the autumn is not going to see the return of the increased activity seen in February to May this year. Indeed I have had a couple EA's, that only work as EA's on Saturdays (they tend to be more open and honest than the full-timers), say as much to me.

EA's are shooting themselves in the foot by concentrating on talking up the market and by maintaining or even raising asking prices. They need to focus on generating a sustainable recovery in successful transactions (not prices) and the only way they can realistically achieve this is by ensuring asking prices are cut, and cut aggressively.

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Have been following a segment that the Mrs and I would like to buy into within the BH13/BH14 area (Poole, Dorset) - these are 3/4 bed houses.

In March there were 227 listed of which 38 were marked as under offer or SSTC (16.7%). This stayed around this level until May when the number listed as under offer/SSTC started to increase and the total number listed for sale started to decrease. Right now we are at 193 for sale of which 74 are marked as under offer/SSTC (38.3%).

So in this area there looks to be a real increase in offers being made. But... the actual turnover (new houses onto the market, sold houses off the market) is tiny which suggests to us that there could be lot of chains in the area that are stuck.

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We need a cartoon of Brown sat on a thrown of QE holding back the tide of a housing market crash

I hate to be pedantic, but Canute was quite aware that he couldn't stop the tide. He was highlighting the foolish obsequiousness of his advisers, rather than trying to command the moon.

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Indeed. The manipulation is very frustrating. My problem is that my wife wants to buy. For reasons unrelated to house prices, she will wait until late 2010, but it'll be hard to persuade her to wait longer than that.

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A load of properties in my saved lists on rightmove have gone to SOLD STC today. Yes Yes I know there is plenty of time for them to fall through, but if they get removed from the site then I'm going to pretty much take that as deal done and dusted.

I'm still a bear, I still can't afford it but the thought of seeing HPI start up again makes me wanna chuck up.

When am I going to get my break? :(

Sadly lifes not fair... not everyone gets a break... not everyone earns enough to buy and run a house (although plenty think this in of itself is unfair)... but I wouldn't cry just yet.... give it 2-5 years and I think house prices will be more affordable vs average wages or household income or whatever your chosen measure is.... you just need to make sure you have saved enough and earn enough when the time comes.

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To the OP. The chances are that you are shortlisting the 'best' houses on the market in your price range and one of the criteria that makes them the 'best' is that they are the most realistically priced. These are bound to be some of the tiny proportion of houses on the market that actually do sell so it's not really surprising that many of them are being marked sold STC.

Try making a shortlist of the most overpriced properties in your area and not only note how none of them sell but also how they still don't sell even after asking price reductions are made. This is the reality for the overwhelming majority of houses on the market.

I'm starting to get emails from local agents telling me vendor's are 'very keen' to sell ie desperate and more and more agents are telling me vendors are becoming more flexible on price. IMHO this is because for those vendors that have never reduced asking price, they are seeing the 'bounce' pass them by with no more interest in their houses than before. They are finally realising that the ONLY way they will achieve a sale is to reduce asking price.

Of course this becomes a vicious circle for vendors. The general level of asking prices falls so the really desperate vendors have to reduce their asking price even further.

I expect negative HPI numbers from Haliwide for the whole of the final quarter of this year and possible the final month of the third quarter.

The crash continues...

Edit: spelling

Edited by Willy Weasel

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Decent properties 3 - 4 bed semi's in St Albans and E14 have hardly dropped a penny.

Sure you can pick up a crappy one a bit cheaper than before but the decent ones have yet to fall. :(

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Four more of the type of property i am after came on the market in the last week when i have only had two in two years and they have come on less than 50k less than the other two came on for(who are still for sale ) good times for me

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