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eric pebble

No One Can Sell Their Property!

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I went to a party this weekend down in the West Country – big lunch laid out on tables in field, sun shining, great place – and there were about 100 people there.

A conversation/discussion brewed up amongst almost half the people there – manily couples in late 30’s /early 40’s – many trying to sell up 2 bedders for 3 bedders – many trying to sell up in London & SE – others from local areas trying to trade up too – and q a few trying to sell 2nd homes/inherited property: There was almost visible ripple of fear as nearly everyone recounted how they had been trying to sell their properties for 6/8/12/18 months – to no avail! There were 2 main categories: 1. Those who had had either none or just a few bites of interest – only for the interest to vanish into thin air; 2. The others – who thought they were making a sale/ about to complete – only for the “buyer” to pull out really suddenly – making often lame excuses, vanishing too. It was almost unbelievable to see how many people in 1 place had all had a similar experience – and they came from many different parts of the southern half of the UK – although there was a couple from Scotland who had sold after cutting 12% from original asking price; they had wisely – they said – agreed and got the sale through…

If this isn’t anecdotal indication of things out there in the real world – I don’t know what is. Some of them were really worried – and nearly all of them recounted how they had taken a chunk off they’re initial pricing/asking price to try and sell…… but still no bites. There was only 1 couple who had sold in SW London recently – and they had knocked off £45k!! – from the original £375k price on a semi somewhere in the suburbs….. And they reckoned they’d cut adrift from the market JUST in time – they had friends from same area who are now marooned as their property has languished so far for 14 months….. “prices going down by the week now”. Put that in your pipe TTRTR!!! AND – word on the street – rents are going down big time – “loads and loads of “To Rent” signs wherever you look”……. :lol:

Edited by eric pebble

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I went to a party this weekend down in the West Country – big lunch laid out on tables in field, sun shining, great place – and there were about 100 people there.

A conversation/discussion brewed up amongst almost half the people there – manily couples in late 30’s /early 40’s – many trying to sell up 2 bedders for 3 bedders – many trying to sell up in London & SE – others from local areas trying to trade up too – and q a few trying to sell 2nd homes/inherited property:  There was almost visible ripple of fear  as nearly everyone recounted how they had been trying to sell their properties for 6/8/12/18 months – to no avail!  There were 2 main categories: 1. Those who had had either none or just a few bites of interest – only for the interest to vanish into thin air; 2. The others – who thought they were making a sale/ about to complete – only for the “buyer” to pull out really suddenly – making often lame excuses, vanishing too. It was almost unbelievable to see how many people in 1 place had all had a similar experience – and they came from many different parts of the southern half of the UK – although there was a couple from Scotland who had sold after cutting 12% from original asking price; they had wisely – they said – agreed and got the sale through…

If this isn’t anecdotal indication of things out there in the real world – I don’t know what is. Some of them were really worried – and nearly all of them recounted how they had taken a chunk off they’re initial pricing/asking price to try and sell…… but still no bites. There was only 1 couple who had sold in SW London recently – and they had knocked off £45k!! – from the original £375k price on a semi somewhere in the suburbs…..  And they reckoned they’d cut adrift from the market JUST in time – they had friends from same area who are now marooned as their property has languished so far for 14 months….. “prices going down by the week now”. Put that in your pipe TTRTR!!! AND – word on the street – rents are going down big time – “loads and loads of “To Rent” signs wherever you look”……. :lol:

Totally typical I believe. I've seen the same here in the Midlands during the Summer. When we were struggling to sell our place one couple told me 'there must be something putting people off - houses round here always sell quickly' now I discover they are trying to sell their place as they 'plan to rent whilst waiting for the right thing to come along' (yeah right!).

Another couple I met at a picnic have had no interest in their place after more than a year - he says the problem is 'people have lost their confidence... we'll wait until someone is prepared to pay the right price..' :huh: The property is on at £595k the agent (handled my sale too) tells me they have been pushing this vendor (and many others) to drop asking price to £550k... but vendors refusing to budge as they think the decline is temporary.

These are all 'middle class' families with school fees and big houses... and when I tell people that our 'fantastic house' in a 'fantastic village' took a year to sell with a single offer 45k below asking they are all genuinely shocked. Most interesting of all... we thought we would sell to another family like us... actually 75% of the viewers (and the buyers) were retired professional couples 'trading down'...

I do think the penny has dropped in our area now though - quite a few people who last year were telling us we were getting out too early have recently told us how 'lucky' we are to have found a buyer...

One acquaintance sold in 2003 and put ALL the proceeds down as deposits on BTL property right across Europe (20 properties in total). They were going to rent for a year whilst they waited for the profits to come in... I saw his wife at an event the other day she told me they will now be renting 'for ever'. Sad.

My agent is not as tight-lipped as some - they blame their clients for being unrealistic in a changing market.... and this is why you see so many properties that now look overpriced when compared to those properties recently reduced by more realistic vendors (still not selling though). After all my agent needs to sell houses (at any price) to stay in business. Thing is, last June when ours went on the market they had 50-60 properties on their books - today it is well over 100!!! These are all higher-end properties in the 300k-1m price range.

I don't put much value on reports from lenders... the real proof of a dead market can be found simply by trying to sell your own property... and also by talking to people genuinely trying to do the same.

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The house 3 doors from me has been on the market for a year now. It was bought in May 04 for £238,000 and put it back on the market a few months later for 265K. (The owner was selling due to personal problems - not to make money and was advised by the EA to put it up for this price)

Anyhowz, there wasn't much interest and its now been on at 249K for around 6months and I'm wondering when he's going to lower it. We did offer to rent it from him around 9 months ago.. but he refused and its been sat empty ever since. Fool, I could have been paying less rent and helping him out at the same time! Might approach him again.

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Have a couple of freinds in Herts. trying to sell at the moment, niether are having much luck. Plenty of veiwings, but no comeback.

Anyway the worst case of the two - Four bed detached went on the market around Dec 03 / Jan 04.

Agent advised them to put it on at 625k, but they very sensibly put it on for 595k, "For a quick sale"

18 odd months later, they accepted an offer of 470k !!!

and even that fell through !!

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I wasn't going to post this anecdote because I'm not sure if they mean very much, but a few months back my mother was in an EA going through some property details. The EA got out a load of details that were 20 percent over what she could afford. When she pointed this out to them the EA said to ignore the prices, even got out a pen and crossed them out saying they were all unrealistic.

We're talking detached bungalows on the south coast near Brighton.

(don't ask what my mum is doing buying property at the peak of the biggest boom in history - you know what it's like with these old people - they just won't listen :D ).

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I wasn't going to post this anecdote because I'm not sure if they mean very much, but a few months back my mother was in an EA going through some property details.  The EA got out a load of details that were 20 percent over what she could afford. When she pointed this out to them the EA said to ignore the prices, even got out a pen and crossed them out saying they were all unrealistic.

We're talking detached bungalows on the south coast near Brighton.

(don't ask what my mum is doing buying property at the peak of the biggest boom in history - you know what it's like with these old people - they just won't listen  :D  ).

Well!! Wow!! There's a good anecdote if I ever heard one!!! :lol:

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Have a couple of freinds in Herts. trying to sell at the moment, niether are having much luck. Plenty of veiwings, but no comeback.

Anyway the worst case of the two - Four bed detached went on the market around Dec 03 / Jan 04.

Agent advised them to put it on at 625k, but they very sensibly put it on for 595k, "For a quick sale"

18 odd months later, they accepted an offer of 470k !!!

and even that fell through !!

STUNNING!!!! £625k - DOWN TO £470k..... AND STILL IT CAN@T SELL!!!!!!!!! :lol:

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Love these anecdotes - they really are an 'antedote' to the stories in the papers!

Thankyou - I'm here all week.

Will this be a defining factor in house prices now i.e. the vendor putting house on for 20% more than it's worth just for the sake of it?

Like you'd put your Fiesta in the paper for £345 knowing that you'll sell it for £300?

Will we see the letters 'O.N.O.' after house prices in EA windows?

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My brother is an EA (yes, I know, having one in the family is not easy) working the North Devon area, very desirable place for 2nd home owners and refugees from London with more money than sense. I can name several villages around and on Exmoor that have become almost like ghost-towns due to empty 2nd Home properties - a place called Withypool is a prime example of this...drive through this place in Winter at night and none of the lights are on!

Anyway,I just rang my brother out of interest in the state of the market down there, and he says that buyer enquiries have fallen off a cliff, and there have been several recent pull outs before completion. He has always prided himself on convincing the vendor to offer at reasonable prices, and he says that there are some serious overexpectations from vendors regarding what he thinks they can get....15-20% over what he reckons is reasonable in many cases!

TTRTR I hope you are reading this...the news from the ground is somewhat different to your version of reality. :P

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My brother is an EA (yes, I know, having one in the family is not easy) working the North Devon area, very desirable place for 2nd home owners and refugees from London with more money than sense. I can name several villages around and on Exmoor that have become almost like ghost-towns due to empty 2nd Home properties - a place called Withypool is a prime example of this...drive through this place in Winter at night and none of the lights are on!

Anyway,I just rang my brother out of interest in the state of the market down there, and he says that buyer enquiries have fallen off a cliff, and there have been several recent pull outs before completion. He has always prided himself on convincing the vendor to offer at reasonable prices, and he says that there are some serious overexpectations from vendors regarding what he thinks they can get....15-20% over what he reckons is reasonable in many cases!

TTRTR I hope you are reading this...the news from the ground is somewhat different to your version of reality. :P

Why drag TTRTR into your anecdote about North Devon holiday homes? How are they in any way linked to terraced houses in Wandsworth.

Surely we all agree that there's no such thing as a national property market just a plethora of individual markets.

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Didn't realise this, but according to my neighbour my landlady was trying to sell her house and failed. In the end she's given up and is letting it out. Good place it is too, nice and spacious compared to the tiny place I was in before :D

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One acquaintance sold in 2003 and put ALL the proceeds down as deposits on BTL property right across Europe (20 properties in total). They were going to rent for a year whilst they waited for the profits to come in... I saw his wife at an event the other day she told me they will now be renting 'for ever'. Sad.

If they'd bought in Germany they would have been onto a good thing. They probably put it all in costa del crappo appartments the fools...

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My brother is an EA (yes, I know, having one in the family is not easy) working the North Devon area, very desirable place for 2nd home owners and refugees from London with more money than sense. I can name several villages around and on Exmoor that have become almost like ghost-towns due to empty 2nd Home properties - a place called Withypool is a prime example of this...drive through this place in Winter at night and none of the lights are on!

I was brought up in Bampton, near Dulverton on Exmoor. Most of family left around 2000 except for Gran. When I was growing up there nobody had holiday homes there, people retiring did move in to the area, particularly from the SE but no holiday homes. This was visibly changing when we left - my family home was sold as a holiday home, remained empty for a while, hardly used and then was sold on again as a holiday home. It's so sad to think that that house that I grew up in with my 3 sisters and parents is now mostly left empty.

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I was brought up in Bampton, near Dulverton on Exmoor. Most of family left around 2000 except for Gran. When I was growing up there nobody had holiday homes there, people retiring did move in to the area, particularly from the SE but no holiday homes. This was visibly changing when we left - my family home was sold as a holiday home, remained empty for a while, hardly used and then was sold on again as a holiday home. It's so sad to think that that house that I grew up in with my 3 sisters and parents is now mostly left empty.

But your family sold to a 2nd home owner! You created the "problem". Or perhaps you should have priced it so low that a local farm worker could afford to buy it.

Personally I really don't understand why people think they have the automatic right to buy a home close to where they were born. Why should the market be prevented from operating efficiently.

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Love these anecdotes - they really are an 'antedote' to the stories in the papers!

Thankyou - I'm here all week.

Will this be a defining factor in house prices now i.e. the vendor putting house on for 20% more than it's worth just for the sake of it?

Like you'd put your Fiesta in the paper for £345 knowing that you'll sell it for £300?

Will we see the letters 'O.N.O.' after house prices in EA windows?

No, some EAs are now getting into financial difficulty. I have noticed some (to be fair, not all) are cutting back on the advertising in the local rag. Two gone broke in the last year.

We are not far from EAs refusing to put on overpriced property - its already happening to some people. My friend wanted to put her place on for 365k about four months ago - Agent said 'I'll put it on the market but at 325k - I've already got plenty of properties on my books that won't sell.' She, being keen to move, agreed. No buyer yet.

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We are not far from EAs refusing to put on overpriced property - its already happening to some people.

EAs have been spending a fortune on advertising in local papers

and on Rightmove, and yet their operating profits are severely

curtailed through lack of turnover.

About now, I would have thought, they must either sell houses or

cut back on advertising costs.

This would mean stiff discrimination - only advertising realistically

priced units.

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EAs have been spending a fortune on advertising in local papers

and on Rightmove, and yet their operating profits are severely

curtailed through lack of turnover.

About now, I would have thought, they must either sell houses or

cut back on advertising costs.

This would mean stiff discrimination - only advertising realistically

priced units.

EA contacts in London & SE tell me things are really really relly bad. Dozens and dozens of pull outs over the last 3 weeks - otherwise - people just not interested unless 25-30% discount.....

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EAs have been spending a fortune on advertising in local papers

and on Rightmove, and yet their operating profits are severely

curtailed through lack of turnover.

About now, I would have thought, they must either sell houses or

cut back on advertising costs.

This would mean stiff discrimination - only advertising realistically

priced units.

EA's in Hants and Surrey are totally DEAD - drove from Basingstoke to Guildford through many towns yesterday - EA's empty - look as if they've given up! :D

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Okay, the market is not operating efficently.

house prices have gone up 2.5 times and now they are dropping.

The housing market will always be adjusted by the economy as all things in the economy are. But as it is a slow market. (purchase to completion) and because such vast sums are involved it always takes longer to re-adjust. also debt related market segments in the economy swing further as the effects of debt take longer to be hit by economic forces.

all parts of the economy swing around their point of equilibrium. the average house price over time is 4 times that of the average salary.

What is happening is the economy adjusting it back to where it was.

It's just economics.

A flat in my girlfriends Executive complex has been on the market for over a year with no viewers and another has never been sold.

these are all over. all that is happening is that the market is heading down to sustainable multiples.

mind you, a mortgage is a huge amount of debt to still own on a downturn.

a few grand in stocks is bad enough after a speculative bubble..

I am amazed that people will spend hundreds of thousands more on something then they would have had to a few years before..

Economics in the housing area are slow to change.. but are changing.

Its annoying as I would like to buy.. So I have to wait..

Until then I am investing my money on fast women and slow horses..

Not really tempted to pay £180,000 on a two bed flat in stabsville that was £50,000 only a few years ago..

I would have to be an idiot

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Nice anecdotes - but also they are now being backed by the reality of what has happend to Countrywide (I appreciate that this has been done on other threads) but it backs up the anecdotal evidence hpc'ers have had to live on. 90% drop in profits - in 12 months - 1 in 10 estate agents to be ditched. If the EA's can't sell the houses then they will go bust . Simple. In order to make sales and to them its just making any sales to survive they will have to get vendors to lower their prices

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I'm in Dublin at the moment.

The exec flat developer madness has hit new levels over here.

I could hardly believe my eyes. They're everywhere.

The one's opposite my hotel in the IFSC are virtually empty, only 2 had lights on last night.

Developers have truly taken the piss. This is very sad and lots of muppets are gonna get burned.

£200K for a hotel room overlooked by Banks and nothing else.

Grim - true Alan Partridge style.

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I was looking on an Oz real estate site today and couldn't avoid noticing the large number of "new" for sale listings. In some suburbs it seems that well over 10% of the total listed have been put on in the past week.

Also, a few of the prices looked a bit more realisitc too. Not a huge drop, but dropping below psychological barriers eg. below 250K etc. Moving slowly it may be, but it IS moving.

Another interesting one I noticed while walking in a relatively expensive area is that there were a lot more houses for sale on one side of the road than the other. That's the more expensive "water views" side of the road with the bigger, newer houses that are for sale. Looks like the top end of the market is having a bit of trouble.

No proof, but a bit more evidence that all is not well in house bubble land.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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