Property Is Pouring Onto The Market

[Misanthrope]

Check your areas.

They think it's all over.

It is.

NOW.

[Aldo]

Check your areas.

They think it's all over.

It is.

NOW.

Hmmm still n o real change in my area [Cambridge]

[Mr 0.01%]

Pretty quiet in Tyne and Wear

[swissy_fit]

Check your areas.

They think it's all over.

It is.

NOW.

Evidence?

I see none in the areas I'm monitoring.

[sbn]

Pouring on in surrey - wifey commented on it last night - she's a RM junkie

[deflation]

On my usual rightmove search, I'd say it's up about 20%, but it could be that price decreases are bringing more 'into range.'

Considering the time of year though, I'd expect this to be about tne norm.

[pie-eater]

There's more stuff appearing for sale in my area, Surrey/London borders.

The problem is that it's all @ 2007 prices or more, and not much is selling, other than the odd properly priced house.

An example is this: http://www.rightmove.co.uk/property-for-sale/property-16046046.html

Ceiling price for these boxes is £205k, yet they price it £110k over that. Kin idiots.

Edited June 9, 2010 by pie-eater

[D.C.]

If you have propertybee have a look at Edgbaston (the posh bit of Birmingham)

At the top end there is a mix of stuff that has been on for years with people refusing to drop price significantly and a big influx of new property in the last couple of months.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^9221&insId=1&includeSSTC=true&_includeSSTC=on

One guy even upping the price from 1 million to 1.5 million...

[the flying pig]

There's more stuff appearing for sale in my area, Surrey/London borders.

The problem is that it's all @ 2007 prices or more, and not much is selling, other than the odd properly priced house.

...

Same for me in SW12.

There are maybe 5 or 6 places for sale on my street [a pretty big number in a smallish street], all of them newly on the market this spring. One or possibly two of them are BTLs with, no doubt, an eye on CGT changes.

The cheapest is listed at pretty much the peak selling price for the street. Others are listed at anything from about 5-20% above peak selling prices.

I really don't know what will happen. My guess is that one or at most two will sell for roughly the peak price give or take 5%. Others surely cannot sell without some serious shattered dreams.

[LittleSteroid]

still shortage of supply where I live - Exeter :angry:

[rettah]

My "on the market in the last 24 hours" search inc STC for Hertfordshire gave around 90 properties a year back. This increased to 200 at the end of last year and is now regularly around 300.

[swissy_fit]

still shortage of supply where I live - Exeter :angry:

Lots of public sector jobs in Exeter.

[Correction]

It's up about 25% (numbers) in the area I keep an eye on SY1

[VeryMeanReversion]

Hmmm still n o real change in my area [Cambridge]

For my search area in south cambs, normal level was 250-275 for sale (not SSTC) pre-2007.

The low last year was 189 and it hit 300 today.

VMR.

[Mugwump Boy]

It's up about 25% (numbers) in the area I keep an eye on SY1

Loads more properties on the market in Shrewsbury; hasn't been this much to choose from in at least 18 months... SSTCs up noticeably too.

[Guest The Relaxation Suite]

On my usual rightmove search, I'd say it's up about 20%, but it could be that price decreases are bringing more 'into range.'

Considering the time of year though, I'd expect this to be about tne norm.

Of the towns I monitor (SE) I would say they are up about 50% actually, over the last 6 months or so. I have been watching carefully as well. I really think we could see a cascade soon. If I were trying to sell a house I would slash the price now, undercut the competition and get out of the market before it collapses. And I have done this before previous crashes so it's not just hot air.

[Mal Volio]

They're cascading onto the market here (SE Wales)

This last couple of weeks has seen loads more on the market, and some decent price cuts too

About time - nothing, but nothing, has sold here for a couple of years.

[Guest The Relaxation Suite]

They're cascading onto the market here (SE Wales)

This last couple of weeks has seen loads more on the market, and some decent price cuts too

About time - nothing, but nothing, has sold here for a couple of years.

Same here - many of the houses I monitor have been on the market with zero price reduction for 18 months or longer. One in fact has just been put on after a six month absence with 10k added to the price. Total, total denial.

[red]

what we're seeing is vendors trying it on at silly prices now that it doesn't cost them a HIP...

How many are forced sellers? How many will simply withdraw from sale if they don't get near asking?

I think we mustn't get too excited by the 'flood' of properties for sale until we see evidence of COMPLETED SALES at lower prices.

Rightmove (asking prices) will probably show a rise this month...

[enrieb]

In the Stockport area, south of Manchester, there are now 300+ properties with an asking price below 100k on Rightmove. In the peak years of the boom there were about 30 sub 100k properties at most.

Edited June 9, 2010 by enrieb

[hellsbells]

I have been a righmove junky for 3 years. In the last 2 months, listings for my postcode (SW Wiltshire) have gone from a very steady 10-12 pages for the last few years to 18 pages today, and it's the higher end stuff (£500K+ around here) that's flooding onto the market here.

[ChinaReader]

what we're seeing is vendors trying it on at silly prices now that it doesn't cost them a HIP...

How many are forced sellers? How many will simply withdraw from sale if they don't get near asking?

I think we mustn't get too excited by the 'flood' of properties for sale until we see evidence of COMPLETED SALES at lower prices.

Rightmove (asking prices) will probably show a rise this month...

Time to postulate my unpopular theory :

Every chancer and time waster throws their house onto the market now that it's free again. Most are ignored by impoverished would-be mortgagees. A few, a very few, sell above the odds because the lady of the house falls in love with the kitchen, or the man of the house with the double garage, so they make a purchase. And what does this look like in the metrics?

Short term increase in average sale price.

I told you it wouldn't be a popular theory. [Puts on asbestos trousers] You may now object.

But in the end fundamentals will override the turbulence. So keep calm and carry on.

[Guest The Relaxation Suite]

I have been a righmove junky for 3 years. In the last 2 months, listings for my postcode (SW Wiltshire) have gone from a very steady 10-12 pages for the last few years to 18 pages today, and it's the higher end stuff (£500K+ around here) that's flooding onto the market here.

We could be looking at the start of a majoe slide in prices here, but for that to happen we will need an increasing supply of properties coming on to the market and a solid stand-off by buyers. They must not go in too soon, though. This would be disaster. If they hold out they could be looking at picking up real bargains as the redundancies and forced sales kick in. He that can have patience, can have what he will, as Franklin said.

[Jason]

Here's an anecdote: Parents place went on the market, in my honest opinion it was £60k (13-14%) over priced, eventually sold stc 3weeks later 3% off initial asking price.

Not what you want to hear...

[Guest The Relaxation Suite]

Here's an anecdote: Parents place went on the market, in my honest opinion it was £60k (13-14%) over priced, eventually sold stc 3weeks later 3% off initial asking price.

Not what you want to hear...

There are morons still buying, all right, I do not doubt that. I know someone who is currently SSTC on a one bedroom converted stable at over £150,000. It's all on one floor and the whole property is not much bigger than my lounge. But we must look at general trends, and in that case I think property prices are toast.

Edited June 9, 2010 by Tecumseh