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Bearfacts

In A Word Dire

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For what its worth Mrs B was on the phone to an agent in Ealing today posing as an intested buyer for an elderley relative. Purpose being to discover how much retirement flats in the block in which my Father in Law bought have fallen since July 2004. She pretended to be intested in one that has been on the market for 8 months. The asking was £160k, turns out they had one offer of £150k, but when it came to the crunch the bank wouldn't lend the money as they felt the price was unrealistic. Agent was very forthcoming and told Mrs B he felt they would accept £138k as they were desperate. Not a huge drop , but over 10% in one year.

Any way more to the point Mrs B asked how the market was in general ( something I would never do as you can pretty much gaurantee the usual EA BS will spew forth ). To her surprise, once he had confirmed that Mrs B was not a journalist, he said one word DIRE.

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Two weeks ago Thurday morning I walked past the Foxtons on Lavender Hill (Battersea, the skanky part)

There was a meeting going on quite early, and I could see the faces of many EA's listening to what looked like their boss.

The expressions on their faces were quite something to see, I just saw despair.

Not sure how many of them will be losing their jobs in the next 6 months, my guess is quite a few.

One of those times when I wished I could have been a fly on the wall.

Edited by BandWagon

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its horrible that I find myself happy that EA's are in this situation.

but I reflect also on the information that many friends have been given over the last couple of years.. EA's talking up the market as an everlasting ladder leading to free money.. persuading people to take the plunge.

as with all parties eventually the music stops..

and before the replies start..

House price sales have dropped 50% perhaps more..

even if the prices hadn't that is an EA getting half what they did last year.

Hell I am a professional, took me years to learn my trade.. I get paid a fair wage for a fair job..

I am not some prat in a suit who couldn't feel the wind change if he was sat in a sail boat.

If the magic carpet ride has ended.. well then boo hoo

The scary truth,,,, with usual inflation home owners would almost have been better of then with house price inflation.

by this I mean inflation of 6% a year would have diminished their loan year on year in real terms. this hasn't happened.. making the debt buden even harder to manage.

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Today's anecdotal; Colleague of Mrs B is looking to buy a flat. Has found one that has been on the market for approx 8 months ( 2 beds ) , price has been cut from £200k to £139K. Agent told her they were desperate and would accept £134K, I make that roughly a 33% reduction in 8 months, which annualised would be approx 50%. Can anyone beat that !

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Today's anecdotal; Colleague of Mrs B is looking to buy a flat. Has found one that has been on the market for approx 8 months ( 2 beds ) , price has been cut from £200k to £139K. Agent told her they were desperate and would accept £134K, I make that roughly a 33% reduction in 8 months, which annualised would be approx 50%. Can anyone beat that !

Where is that?

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  • 302 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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