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Property Is Pouring Onto The Market


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Yes supply is increasing daily in my home town Stourbridge.

250 properties for sale under 180K at the start of the year. 358 today.

No sales what so ever.

Until recently no price drops but the drops are begining now.....

.....TIMBER!!!

Spiney.

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Guest The Relaxation Suite

have a mate who jsut got out by the skin of his teeth in the west mids.he works in the pub trade and he knows how many shuttered up boozers are waiting to hit the market for conversion to flats/houses.

relieved would be an understatemtn.got lucky got a divorcee with a pot of cash.

all deals at the mo that i hear of are all being done around the 60% LTV level.nothing mvoing at the bottom.

This is such a common observation now as well - only the stuff at the top moving, etc. What we have all been patiently waiting for however is a real, obvious, decrease in nominal asking prices. I think we might be reaching that point. It was always inevitable because prices at these levels are unsustainable. People struggling with this should look up the meaning of the word "unsustainable" for the answers to all their questions!

I'll add in edit that there is no way in this reality that the above bedroom/loung combo is worth anything over 50k. That it went on the market at over 150k should depress us all greatly.

Edited by Tecumseh
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kicking off good and proper in Essex. Been monitoring stock in chelmsord up from a low of 785 in march to 967 today. Almost 25% available now. Been a steady increase since march. No impact of HIPS/CGT as yet. Almost everyday is a new high! Looking very very good here.

See the south east regional thread for more details and chart.

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Lots of new listings in nottingham, been trickling on now for a few weeks

prices dropping on old listings since jan, on averge reductions through propert bee 10-20k

im finally finding myself looking at a new propertys saying to myself " oooo thats nice" and its actually in range

im currently working in wrexham, and am staying at a guest house ive got to know the owner over a period of time

hes a property investor that has 75 houses all around the country,

i spoke with him about cgt and his thoughts were he looked very worried

today at breakfast he told me his lender has withdrawn 85% of its mortgages

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Guest The Relaxation Suite

think we are some time away from the penny dropping with the majority of the public,absent a major stock market crash/sovereign debt crisis.

met an engineer the otehr week.20 years after graduating is now in telesales after getting laid off.he said the only way to make moeny now was buying and doing up property.and he's the intelligent end.

LOL, but then broke down in tears.....

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Yes supply is increasing daily in my home town Stourbridge.

250 properties for sale under 180K at the start of the year. 358 today.

No sales what so ever.

Are you ticking the 'sold and stc' box?

If you include the sold and STC, it's 473 houses between 100k and 180k:

http://www.rightmove.co.uk/property-for-sale/property-22233805.html sold on 5th May

http://www.rightmove.co.uk/property-for-sale/property-24224029.html sold 9th June

http://www.rightmove.co.uk/property-for-sale/property-15385083.html sold 24th April

Starting at 180k, I haven't moved past £179k yet.

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met an engineer the otehr week.20 years after graduating is now in telesales after getting laid off.he said the only way to make moeny now was buying and doing up property.and he's the intelligent end.

I was talking to a girl in the pub at lunchtime today about moving house, and when I suggested that I was waiting to buy nearer the bottom she agreed without hesitation. Perhaps it's just the older folk who are so blinkered about pwoperty. Daytime TV brainwashing victims who recite all the old cliche lines seem the opposite of intelligent IMHO. ;)

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I was talking to a girl in the pub at lunchtime today about moving house, and when I suggested that I was waiting to buy nearer the bottom she agreed without hesitation. Perhaps it's just the older folk who are so blinkered about pwoperty. Daytime TV brainwashing victims who recite all the old cliche lines seem the opposite of intelligent IMHO. ;)

buy also a lot of the young have been brainwashed by the old. I was talking to my other halfs brother a couple of months back saying that I am waiting for prices to fall and without hesitation his girlfriend of 19 said 'no they wil always go up' interesting comment I thought, so I asked what makes you say that? and got the reply 'don't know really.' they won't drop. I then explained several fundemental economic facts that would precipitate a house price crash but think I used to many big words for her, bless as the reply was 'nah they'll still go up'

obviously this opinion was clearly not her own so I assume has been drummed into her by mummy and daddy.

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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.

Heaton Chapel, especially Heaton Moor still have bulls**t prices on semi's and detached, some even higher than the 2007 peak. The FTB houses are dropping in price though.

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buy also a lot of the young have been brainwashed by the old. I was talking to my other halfs brother a couple of months back saying that I am waiting for prices to fall and without hesitation his girlfriend of 19 said 'no they wil always go up' interesting comment I thought, so I asked what makes you say that? and got the reply 'don't know really.' they won't drop. I then explained several fundemental economic facts that would precipitate a house price crash but think I used to many big words for her, bless as the reply was 'nah they'll still go up'

obviously this opinion was clearly not her own so I assume has been drummed into her by mummy and daddy.

It has taken many years but my parents finally now get why I have STRd and am trying to talk my brother out of being a FTB.

The key arguments hinged around the likelihood of interest rates rising and the massive planned government cuts. How anyone thinks house prices can rise when the government is closing an 11% of GDP deficit and Fitch are thinking of downgrading them i'm not sure.

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It has taken many years but my parents finally now get why I have STRd and am trying to talk my brother out of being a FTB.

The key arguments hinged around the likelihood of interest rates rising and the massive planned government cuts. How anyone thinks house prices can rise when the government is closing an 11% of GDP deficit and Fitch are thinking of downgrading them i'm not sure.

Yes, my mother is a boomer on a huge scale; made over £500k profit on her house and bought another house in 1991 in the country.

She was down to see me (stop off for a lift to Gatwick) and now even she thinks it's all about to tank.

It'll annoy people as she's sold the 1st house for £500k profit, and just retired at 55 on a 2/3 pension. Her hubby retired 2 yrs ago on a 2/3 police pension too. ACPO, so about £80k per year.

They are the last of the real makers of the silly boom. Their pensions are about £120k PA between them.

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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...

I measured supply on the market (not including SSTC) prior to scrapping of HIPS and it went up by 55% from the end of January. It is now up by 67%. Buyers have outweighed sellers by 67% since January 2010.

Halifax prices have dropped 2 months running now, other data up but not by much (Rightmove's paltry 0.7% in May compares to well over 2% up in May last year). This has to feed through into prices. A lot of these sellers will have been waiting 3 years now to sell - they won't hang on for ever (retirement, sickness, divorce, moving location etc).

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I measured supply on the market (not including SSTC) prior to scrapping of HIPS and it went up by 55% from the end of January. It is now up by 67%. Buyers have outweighed sellers by 67% since January 2010.

Halifax prices have dropped 2 months running now, other data up but not by much (Rightmove's paltry 0.7% in May compares to well over 2% up in May last year). This has to feed through into prices. A lot of these sellers will have been waiting 3 years now to sell - they won't hang on for ever (retirement, sickness, divorce, moving location etc).

Pent up supply :D

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buy also a lot of the young have been brainwashed by the old. I was talking to my other halfs brother a couple of months back saying that I am waiting for prices to fall and without hesitation his girlfriend of 19 said 'no they wil always go up' interesting comment I thought, so I asked what makes you say that? and got the reply 'don't know really.' they won't drop. I then explained several fundemental economic facts that would precipitate a house price crash but think I used to many big words for her, bless as the reply was 'nah they'll still go up'

obviously this opinion was clearly not her own so I assume has been drummed into her by mummy and daddy.

I am in the opposite position. My parents (house bought for eff all many moons ago) are even more convinced that I am that house prices and credit in general are ludicrous in the extreme. There is no way on earth they would have remortgaged to pay the deposit on a flat for me and I dont blame them for that. I have mentioned in the past on this board that they let out a farm cottage for holidaymakers, they are fully booked until November with just a few quiet weeks before Christmas before being fully booked again for a month. They were telling me last time I was visiting about someone else in the village who had bought a property for holiday lets who had only three weeks let for the whole year - they are charging too much so no one wants to know, the property in question is also now on the market with no interest and I am not surprised given the price asked.

They are in West Cumbria and many people are having problems with people cancelling bookings because of the Cockermouth floods of last year who knows what effect last weeks events will have.

There is a long way to go and alot of recent buyers are going to get their fingers burnt.

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Plenty coming on line here in mid cornwall - seeing low but sure price drops in the 3/4 bed typical semi types . it seems that its 2k off here 3k off there but at least the movement is the right way.

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Plenty coming on line here in mid cornwall - seeing low but sure price drops in the 3/4 bed typical semi types . it seems that its 2k off here 3k off there but at least the movement is the right way.

Prices are still firmly sticky afaict... not that things don't look bizarre...

http://www.rightmove.co.uk/property-for-sale/property-12765075.html

(274 -> 269 -> 274 ->284)

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