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Angela

Sellers Getting Anxious

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Had a viewing on Saturday in Lytham St Annes, an area which kept selling during the 2009 downturn and seemed relatively unaffected until late last year. I observed things were quite stagnant at the beginning of the year but there are a lot of houses under offer now. I said to the EA, a 64 year old male who seemed quite open, 'So how are things, viewings wise, as it seemed pretty slack earlier in the year?'

His reply 'Oh it was really slack but we have a lot of viewings now. Trouble is they are not turning into sales so the sellers are getting pretty anxious' He went on to be pretty open about the subsidence area round here and described it pretty accurately, where most try to sweep it under the carpet so all in all I thought he was being quite truthful.

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Had a viewing on Saturday in Lytham St Annes, an area which kept selling during the 2009 downturn and seemed relatively unaffected until late last year. I observed things were quite stagnant at the beginning of the year but there are a lot of houses under offer now. I said to the EA, a 64 year old male who seemed quite open, 'So how are things, viewings wise, as it seemed pretty slack earlier in the year?'

His reply 'Oh it was really slack but we have a lot of viewings now. Trouble is they are not turning into sales so the sellers are getting pretty anxious' He went on to be pretty open about the subsidence area round here and described it pretty accurately, where most try to sweep it under the carpet so all in all I thought he was being quite truthful.

"Anxious" sellers remind me of some TV programme I watched a few weeks ago, where a seller was worried, as she had to sell, was not getting any viewings, but she "could not afford" to reduce the sale price. Probably because the asking price was the same as her mortgage? But it sounded like she had bought that house many years before. Had she MEWed it then? <_< Many of these "anxious" sellers around... I do hope the new government will not keep using our tax-payers money to keep bailing them out, like Labour did. Housing costs must come down, ASAP.

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Was out with an EA this week looking at varicose options including rentals as I have to move. The EA showed me a gaff she was "doing up" to sell early next year. She said she would sell it to me now for just over what she paid and I could do it up. Shows me that confidence in future HPI has all but gone and that the EAs are not seeing any profit ahead for speculators or flippers.

I am going to rent for AT LEAST another 6 months and have been offered an annexe in a friend's house so no worries about being served notice as the LL wants to unload before the second leg down which is already underway.

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Had a viewing on Saturday in Lytham St Annes, an area which kept selling during the 2009 downturn and seemed relatively unaffected until late last year. I observed things were quite stagnant at the beginning of the year but there are a lot of houses under offer now. I said to the EA, a 64 year old male who seemed quite open, 'So how are things, viewings wise, as it seemed pretty slack earlier in the year?'

His reply 'Oh it was really slack but we have a lot of viewings now. Trouble is they are not turning into sales so the sellers are getting pretty anxious' He went on to be pretty open about the subsidence area round here and described it pretty accurately, where most try to sweep it under the carpet so all in all I thought he was being quite truthful.

Loads of deals in Lytham St Annes. bought a nice conversion for £35000 last sold in 2007 for £125000 .scam central for mortgage fraud.Lots of legal problems with them though so solicitor fees are high and no mortgages available cash only.

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"Anxious" sellers remind me of some TV programme I watched a few weeks ago, where a seller was worried, as she had to sell, was not getting any viewings, but she "could not afford" to reduce the sale price. Probably because the asking price was the same as her mortgage? But it sounded like she had bought that house many years before. Had she MEWed it then? <_< Many of these "anxious" sellers around... I do hope the new government will not keep using our tax-payers money to keep bailing them out, like Labour did. Housing costs must come down, ASAP.

Buying high always has a consequence.

Just looking at what the new government has done and the FSA banning liar loans.

They want the bubble pricked, anything to do with the millions of next generation voters by any chance.

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Buying high always has a consequence.

Just looking at what the new government has done and the FSA banning liar loans.

They want the bubble pricked, anything to do with the millions of next generation voters by any chance.

I do hope so. Though I am not so sure about that yet. The Shapps guy is not reassuring.

Edited by Tired of Waiting

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They want the bubble pricked.

I doubt that.

What they want is for all the people on the edge of financial apocalypse to stay just this side of it. There's a metric shedload of votes to lose in the next 5 years if a wave of repos and bankruptcies hits, not to mention the stress it'd put on the lenders.

They'd rather see everything stay just as it is for at least the next 5 years, with people taking the opportunity to merrily pay down their debts, and walk themselves into the sunlit uplands of financial probity once more. But of course, that's not terribly likely...

Either way - don't expect the current Govt to be any keener to precipitate a HPC than the last one. I predicted yesterday that the FSA proposals will be kicked into the long grass during the consultation phase. I'm more sure of that every day.

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I know a couple of people selling up at the moment, both in nice areas, and it is slow business.

I think they will both have to be prepared to offer a discount to get a sale.

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Just looking at what the new government has done and the FSA banning liar loans.

43% of new mortgages are self certified.

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I doubt that.

What they want is for all the people on the edge of financial apocalypse to stay just this side of it. There's a metric shedload of votes to lose in the next 5 years if a wave of repos and bankruptcies hits, not to mention the stress it'd put on the lenders.

They'd rather see everything stay just as it is for at least the next 5 years, with people taking the opportunity to merrily pay down their debts, and walk themselves into the sunlit uplands of financial probity once more. But of course, that's not terribly likely...

Either way - don't expect the current Govt to be any keener to precipitate a HPC than the last one. I predicted yesterday that the FSA proposals will be kicked into the long grass during the consultation phase. I'm more sure of that every day.

"A week is a long time in politics" said Harold Wilson. Five years is a lifetime. If I were Cameron I would pull the life support right now-in five years we would all be better off (not financially) but certainly as a means to go forward.

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"A week is a long time in politics" said Harold Wilson. Five years is a lifetime. If I were Cameron I would pull the life support right now-in five years we would all be better off (not financially) but certainly as a means to go forward.

Maybe, but that might be quite a tough deal to sell to those who had their homes repo'd.

I'm not saying it's the wrong thing to do, just that it would need a bold politician with an eye on the medium-to-long term. They're rare as.

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I doubt that.

What they want is for all the people on the edge of financial apocalypse to stay just this side of it. There's a metric shedload of votes to lose in the next 5 years if a wave of repos and bankruptcies hits, not to mention the stress it'd put on the lenders.

They'd rather see everything stay just as it is for at least the next 5 years, with people taking the opportunity to merrily pay down their debts, and walk themselves into the sunlit uplands of financial probity once more. But of course, that's not terribly likely...

Either way - don't expect the current Govt to be any keener to precipitate a HPC than the last one. I predicted yesterday that the FSA proposals will be kicked into the long grass during the consultation phase. I'm more sure of that every day.

humm, 1 repo'd BTL LL = x10 happy FTB's seems a targeted pricking could make a lot of 30-somethings happy :P

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I know a couple of people selling up at the moment, both in nice areas, and it is slow business.

I think they will both have to be prepared to offer a discount to get a sale.

......seen houses locally that have usually gone from 'for sale' to 'sale agreed' within six weeks still for sale 12 to 16 weeks later....nothing much moving, more coming on than selling.

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humm, 1 repo'd BTL LL = x10 happy FTB's seems a targeted pricking could make a lot of 30-somethings happy :P

70% of houses in the UK are owner occupied and only 10% are privately rented. A house price crash would be a vote loser thanks to 30 years of conditioning the masses to think of rising house prices as a good thing.

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70% of houses in the UK are owner occupied and only 10% are privately rented. A house price crash would be a vote loser thanks to 30 years of conditioning the masses to think of rising house prices as a good thing.

tenuretrend.png

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"A week is a long time in politics" said Harold Wilson. Five years is a lifetime. If I were Cameron I would pull the life support right now-in five years we would all be better off (not financially) but certainly as a means to go forward.

That's what they're doing with the public sector. Hospitals, schools etc will be pretty poor compared to today in a couple of years. Just in time for a few sweetners in 2015. Can't see why the housing market should be any different.

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......seen houses locally that have usually gone from 'for sale' to 'sale agreed' within six weeks still for sale 12 to 16 weeks later....nothing much moving, more coming on than selling.

My watch list:

• 60 new houses on in the last 24 hours

• 10 price reductions (17%)

• No price increases

• One has dropped from £595k to £500k in one go (around 16%)

• One has dropped from £274995 to £250000 (around 10%)

The game is over in my opinion. These people may not be forced sellers, but they do have to sell for all sorts of reasons. I do not think you need to have forced sellers to see big price drops.

Many of the drops in 2008 were not from forced sellers as their lenders and the government were so lenient, but prices still fell 20%.

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tenuretrend.png

A very interesting graph.

It looks as if private renting troughed in the late 1980s and private ownership peaked in the early 2000s.

It seems that the bubble has been forcing people out of ownership and into rented for quite a while now.

Perhaps potential owners understand value better than landlords and have been happy to rent rather than own at the margin since the early stages of this most recent bubble.

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My watch list:

• 60 new houses on in the last 24 hours

• 10 price reductions (17%)

• No price increases

• One has dropped from £595k to £500k in one go (around 16%)

• One has dropped from £274995 to £250000 (around 10%)

The game is over in my opinion. These people may not be forced sellers, but they do have to sell for all sorts of reasons. I do not think you need to have forced sellers to see big price drops.

Many of the drops in 2008 were not from forced sellers as their lenders and the government were so lenient, but prices still fell 20%.

You do not need forced sellers to have a drop....anyway if I sell a house for 20% less, the next one I buy will be 20% less or more...less debt sounds good to me. ;)

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That's what they're doing with the public sector. Hospitals, schools etc will be pretty poor compared to today in a couple of years. Just in time for a few sweetners in 2015. Can't see why the housing market should be any different.

+ 1

I agree this is the most logical strategy for the coalition. It will not be possible to keep the bubble inflated for 5 years. I just hope they know that. If they know it, they will prefer to deflate it in the first 1 or 2 years, and then have some "recovereh" before the next election.

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A very interesting graph.

It looks as if private renting troughed in the late 1980s and private ownership peaked in the early 2000s.

It seems that the bubble has been forcing people out of ownership and into rented for quite a while now.

Perhaps potential owners understand value better than landlords and have been happy to rent rather than own at the margin since the early stages of this most recent bubble.

Yes, I thought so too - interesting.

2 things that surprised me there:

How stable private rental has been, for about 2 decades, from around 1980-2000.

And how low it is - just above 10%.

Another interesting angle, as you pointed out, in the past few years the main change has been a drop in owners occupiers and an increase in the private renting.

Not sure though if it is a consequence of greater wisdom amongst owner occupiers, or more limited access to credit...

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  • 261 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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