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tomandlu

Where Are The Houses?

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A few months ago, the area (Tooting) was littered with "For Sale" and "For Rent" signs - now, nothing.

What's happened to all the properties - ordinary, BTL, whatever? They're not being bought, they don't seem to be being rented out in vast numbers - are the banks holding on to vast quantities in order to keep asset prices up?

I'm slightly puzzled...

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Seeing much the same thing around Sevenoaks area in Kent.

Many of the properties that had been on the market for months on end seem to have been pulled. Are we going to see a huge number of places re-listed over the next 6 months as vendors chase the higher prices the media has been spouting about recently?

You really have to feel for the estate agents. Not much selling. It gets even worse for them when the cash-rich "bargain-chasers" are exhausted and they need to pitch to "normal" buyers again.

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You really have to feel for the estate agents. Not much selling. It gets even worse for them when the cash-rich "bargain-chasers" are exhausted and they need to pitch to "normal" buyers again.

Nanny Market has some medicine for them. They can't keep putting off taking it. :P

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You really have to feel for the estate agents. Not much selling. It gets even worse for them when the cash-rich "bargain-chasers" are exhausted and they need to pitch to "normal" buyers again.

EA's I know were getting ready to shut the door last year but have now cut back on staff and are doing block bookings to minimise the time they have to deal with viewings. This lowcost approach combined with buyers going for anything mean they are doing OK again in a low-stock market. The service is even crappier than usual but the buyers don't seem to care.

I've SSTC'd two probate properties recently and that will give the EA £7K commission.

I never feel for estate agents unless I've trodden in one.

VMR.

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rBS boss “recovery, not repossessionâ€

June 18, 2009

The new boss of Royal Bank of Scotland (RBS), Stephen Hester, has said that banks lent too much money to buy residential and commercial property, but that RBS would allow commercial and residential property owners the time they need to manage their debts.

Speaking at the British Property Federation annual conference in London, Mr Hester said: "Courtesy of government support we have got the time to allow our customers to restructure themselves in an orderly way. Instead of vast amounts of cheap repossessed property this will be a long term recovery allowing things to be rebalanced."

The new Chief Executive of RBS, Mr Hester pointed out that property rose from 18 per cent of bank lending to 40 per cent of lending ten years later and said that banks have to reduce property lending as a proportion of their total lending. But, he said, that process will take years.

As to RBS itself, he appeared almost upbeat, saying: "We are not yet going up but the pace of decline has moderated substantially. The point when banks were toppling over has passed. They can now play their normal role. The banking system does have adequate wherewithall to provide for UK borrowing. We don't want an artificial withdrawal of credit as is happening at the moment, but this will pass".

http://www.gspc.co.uk/news/article/rbs-bos...t-repossession/

leading to...

repossessions and arrears fall

September 16, 2009

The number of homes taken in to possession and the number of home owners in arrears on their mortgage payments fell in the second three months of the year.

Figures from the Financial Services Authority (FSA) show there were 13,610 new repossessions in the three months to the end of June, nine per cent lower than the 14,884 cases recorded for first three months of the year.

The number of new arrears cases fell for a second quarter in a row, down by 14 per cent on the previous three months. New arrears cases are now six per cent lower than the average of the last 18 months.

The total number of home owners in arrears has been rising steadily but slowly. They now represent, 3.66 per cent of the total value of mortgage loans, up fractionally on 3.64 per cent recorded in the first thee months of the year, but significantly higher that the 2.55 per cent seen a year earlier.

Commenting on the figures, RICS senior economist Brigid O'Leary said: "Today's figures suggest that lower mortgage rates have helped borrowers keep up with repayments while Government requirements for lenders to show greater forbearance is also having some effect. In addition, it is encouraging to note that the total number of loans in arrears only rose by about 3,000 in Q2, suggesting that some borrowers are managing to move themselves out of arrears".

http://www.gspc.co.uk/news/article/reposse...d-arrears-fall/

Edited by godless

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A few months ago, the area (Tooting) was littered with "For Sale" and "For Rent" signs - now, nothing.

What's happened to all the properties - ordinary, BTL, whatever? They're not being bought, they don't seem to be being rented out in vast numbers - are the banks holding on to vast quantities in order to keep asset prices up?

I'm slightly puzzled...

Would that be evidence of the housing shortage?

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A few months ago, the area (Tooting) was littered with "For Sale" and "For Rent" signs - now, nothing.

What's happened to all the properties - ordinary, BTL, whatever? They're not being bought, they don't seem to be being rented out in vast numbers - are the banks holding on to vast quantities in order to keep asset prices up?

I'm slightly puzzled...

Same on my street in North London: a typical victorian terrace with approx 250 properties. In the 'good old' days we had at least 10 for sale signs up, for the first time I can remember, at the start of this month there were NONE.

Isn't it just that people are unwilling to sell because they still believe their house is 'worth' what it was in 2007? I know of 2 friends who have taken their properties OFF the market recently because their property was 'special' and people weren't offering what it was 'worth'.

If this is the case all of the UK then we have a LONG way to go before we can say this crash has run it's course. People are still completely and totally DELUDED.

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Same on my street in North London: a typical victorian terrace with approx 250 properties. In the 'good old' days we had at least 10 for sale signs up, for the first time I can remember, at the start of this month there were NONE.

Isn't it just that people are unwilling to sell because they still believe their house is 'worth' what it was in 2007? I know of 2 friends who have taken their properties OFF the market recently because their property was 'special' and people weren't offering what it was 'worth'.

If this is the case all of the UK then we have a LONG way to go before we can say this crash has run it's course. People are still completely and totally DELUDED.

Yep it's a necessary re-balancing.

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