New Property Coming On To The Market

[D179]

Is anyone noticing this in the last few days, in my area this does seem to be happening at last.

[kilroy]

Is anyone noticing this in the last few days, in my area this does seem to be happening at last.

HIPS always meant that new vendors would be late to the party

[waitingandsaving]

Yes, me too - about the same number of properties in my regular search (which means some have gone to sale agreed - it's just a case of waiting to see if the sale actually goes through), but definitely some new properties on the list - generally larger houses - 3/4 bedders.

I'm presuming it's people who've been waiting for the recession and the falling prices to end - now the recovery is finally here, they've prudently put their properties on. They were clever to wait it out.

[Bloo Loo]

Yep, they are coming back from their holidays, read the market is up, pissed off with their place and want a change in their lives.

I posted yesterday 3 or 4 FOR SALES up along my route from Town. all reasonable places.

[D179]

Yep, they are coming back from their holidays, read the market is up, pissed off with their place and want a change in their lives.

I posted yesterday 3 or 4 FOR SALES up along my route from Town. all reasonable places.

This may be the catalyst

[pie-eater]

Yes, same around where I live.

Much of it is at comedy prices still.

[moonriver]

A small anecdotal.....

every month I go into a local small estate agents.

they have a white board on the wall where they write down "new instructions".

For about the last year, they have only had aprox 3 -4 properties on the board.

For the first time this week, I noticed the board was squashed full of "new instructions". (aprox 20 properties).

[the flying pig]

i don't see this converting into especially high sales, not yet.

anecdote ahoy [sample size of one]:

an EA called me at the end of last week to try and get me to view an exciting new instruction that sounded like something pretty good but on closer inspection [research over the weekend] was a mediocre place that had been tarted up and then priced at 70% above what an identical house next door had sold for in summer 2006. another moss-gatherer, i think.

Edited August 26, 2009 by the flying pig

[New_Renter]

I have also noticed that my regualar search has increased finally over the last few days

some below the average and most above it but 3 bed houses in my town have been under 400 for sale for a long time

14 new properties yesterday and now up at 384

First time in a long time i have seen over 10 properties added in the last 24 hours

[Frank Hovis]

Fasten your seatbelts.

I have noticed (through friends' experiences and the odd telly programme) more realistic pricing from EAs relative to sellers.

With a rush of property on their books they can afford to turn away unrealistically (2007) priced properties as they know they will be wasting their time as they just won't sell.

Down down we go.

[Joey Buttafueco Jr]

A large number of "no onward chain" coming on over the last few days

http://www.housepricecrash.co.uk/forum/ind...p;#entry2102206

[symo]

A large number of "no onward chain" coming on over the last few days

http://www.housepricecrash.co.uk/forum/ind...p;#entry2102206

Weird eh? It's almost like people are trying to get rid of the millstones around their necks.

[Nugsson]

The above is encouraging news, but sadly in my neck of the woods (Surrey/Hampshire borders) it's been deader than ever over the last week or so in my regular search area.

In the village we really want to move to, nothing's come up in our price range for at least 3 months, probably a lot longer than that, and there's only been one unrealistically-priced house in the last month.

[MinceBalls]

i don't see this converting into especially high sales, not yet.

That's the point of the argument that many have said on here: increase in instructions means an increase in stock meaning the recent issues related to supply and demand ease meaning downward pressure back onto the market.

It's not about transactions (because those in the real world know that mortgages are still as rare as hens teeth for those with low LTV) its about increasing the supply.

If this is true (increase of new instructions) then the market may well have reached a genuine tipping point. If HPI continues with increased stock then it looks like a recovery of sorts is under way. But if like some on here suspect (me being one of them) this isn't going to happen as the funds are just not there so it gets the crash going again.

[Sybil13]

Weird eh? It's almost like people are trying to get rid of the millstones around their necks.

July (?) report , might have been June NAEA:

Commentators have speculated that the shortage of homes for sale, combined with rising interest from potential buyers, may be supporting prices, although others have warned that the shortage of supply could derail the recovery. But the NAEA said the vast majority of buyers also had a property to sell, which they had not yet put on the market, and in time, this would help to reduce the shortfall.

Gary Smith, president of the NAEA, said: "NAEA members are showing that there are buyers a-plenty out there. More often than not these are also potential sellers who are at the beginning of the process - so there is bound to be a lag which creates a shortage of properties in the short term."

Article in FT few weeks back with regards negative equity:

As the FT points out this morning, all these people stuck in their homes are creating a glut of hidden property , which in turn is likely to depress house prices further. Even a short term rise in prices, Fitch argues, is likely to make things worse in the longer term, by encouraging trapped sellers to put their homes in the market, which in turn will push prices down again. It sounds like a vicious circle with no way out, for the immediate future at least

BUT PLEASE DON'T LET US FORGET that the CML forecast at the start of the year that mortgage lending would be £145billion for 2009 , and still predict £145 billion despite RAMPING / QE and every other THE ROCK IS BACK / 90% MORTGAGES RETURN......

Mortgage lending 2007 - £363bn

Mortgage lending 2008 - £258bn

Forecast lending 2009 (CML) - £145bn

The CML and BOE have said over and over this year "the green shoots have no roots" , and confirmed over and over that mortgage lending is severely limited and there is a cap on how far things can improve , but we just don't seem to be able to HEAR it.

Rightmoves Latest HPI said the same as have their others for months and months they have said , sellers need to reduce 25% - 30%, that sellers that have "drastically reduced" still find it hard to find a buyer who can get a mortgage and a lender valueing at the offer price let alone the asking price. Rightmove have said that their is a limit to how far the market can recover from bouncing along the bottom until the wholesale markets open, and their latest HPI said:

Future price and transaction growth is now controlled by the bottleneck of mortgage availability. This is unlikely to change for years to come, with the Centre for Economics and Business Research (CEBR) forecasting that mortgage application levels will recover slowly and remain well below the levels seen in the early part of this decade as far ahead as 2013. Even in 2013 the CEBR state that numbers will still be 24% below 2006 levels. This may well reflect a paradigm shift in access to mortgage lending. While HSBC is the only major lender to have taken a more proactive stance and increased its market share, its reported average loan-to-value of circa 50% on new mortgage lending is a perfect illustration of the new era of both caution and cherry picking.

Doesn't sound like the recipe of RECOVERY not in the sense of a return to 2007 values, more "recovery" as in property values continuing to fall in line with sensible and sustainable lending levels , hopefully the expected "dead cat bounce" and"bull trap" is nearing its conclusion even though we are being asked to believe its FULL STEAM AHEAD....

[MinceBalls]

BUT PLEASE DON'T LET US FORGET that the CML forecast at the start of the year that mortgage lending would be £145billion for 2009 , and still predict £145 billion despite RAMPING / QE and every other THE ROCK IS BACK / 90% MORTGAGES RETURN......

Mortgage lending 2007 - £363bn

Mortgage lending 2008 - £258bn

Forecast lending 2009 (CML) - £145bn

It's always good to go back to this point each time a new 'fantasy' headline is written about in the press or spoken about on TV. There is NO going back to the extreem levels of lending that are required for true HPI and there is NO CHANGE in the forecast of the amount of money available for mortgages, no matter what anyone says. Everything else is just spin.

[pby]

In my area there have been more houses come onto the market in the last week than there have been in over a month. Plus I've noticed a few house reductions were as there hadn't really been many over the last few months. Have spotted the asking price of one house go up by 5k though.

[Caramba]

I do some work for a mortgage broker and was in one of their offices the other day and got talking to the staff. They said that the number of people wanting to buy a house has never really fallen. The problem is they can't get a mortgage and told me about the man who had just been in. He has a 20% deposit for a house he wants, however he is a guy who always pays cash, he has never had a loan and does not have even a credit card therefore he has no credit history and no one will give him a mortgage.

edit spelling

Edited August 26, 2009 by Caramba

[Frank Hovis]

I do some work for a mortgage broker and was in one of their offices the other day and got talking to the staff. They said that the number of people wanting to buy a house has never really fallen. The problem is they can't get a mortgage and told me about the man who had just been in. He has a 20% deposit for a house he wants, however he is a guy who always pays cash, he has never had a loan and does not have even a credit card therefore he has no credit history and no one will give him a mortgage.

edit spelling

I can quite believe it; everybody wants a nice house.

However real demand requires both this desire and the ability to pay for it. It is this latter which is absent for both the reason you state (reduction in easy availability of mortgages) and rising unemployment.