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sympatex

Ea Admits Market Is Flooded

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Hi all,

bit of an anecdotal so mods remove this when its over an hour old or so! I called my lettings agent today to find out how much the ground rent was on our flat. Our land lord is trying to sell and we've had about 7 viewings in a 3 week period but nothing has come of them. So i asked the agent and although hes lettings and not sales i got this from him. (via email, its genuine evidence!)

" Let me know if you want us to find you somewhere else. I believe nothing will really sell for a while as the market is flooded with flats and apartments.

Kind regards"

I live in the South East on the Surrey Hampshire border, there has been some developments pop up but not obscene amounts and their advertising quickly disapears once the building phase is completed. Quite amazed, though also quite reassured. It's a shame we're looking for a 3 bed semi though!

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Hi all,

bit of an anecdotal so mods remove this when its over an hour old or so! I called my lettings agent today to find out how much the ground rent was on our flat. Our land lord is trying to sell and we've had about 7 viewings in a 3 week period but nothing has come of them. So i asked the agent and although hes lettings and not sales i got this from him. (via email, its genuine evidence!)

" Let me know if you want us to find you somewhere else. I believe nothing will really sell for a while as the market is flooded with flats and apartments.

Kind regards"

I live in the South East on the Surrey Hampshire border, there has been some developments pop up but not obscene amounts and their advertising quickly disapears once the building phase is completed. Quite amazed, though also quite reassured. It's a shame we're looking for a 3 bed semi though!

Sounds like you're not far from me .... care to narrow it down a bit? A couple of miles from me, at the War Memorial in Finchampstead, you are standing in Berkshire and looking out over Surrey to your left and Hampshire to your right.

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Sounds like you're not far from me .... care to narrow it down a bit? A couple of miles from me, at the War Memorial in Finchampstead, you are standing in Berkshire and looking out over Surrey to your left and Hampshire to your right.

Sandhurst, not far!

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The **** fell out of the apartment market in that area a long time ago...old news. Chronic oversupply of 'executive apartments' and surprising lack of city workers who wanted to pay inflated rents to live in a shithole overlooking car parks and mainline stations.

Grew up in Basingstoke.....now live West London.

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On a macro level this will effect your landlords sale, but as far as the EA is concerned, a flood of properties to sell can only be good news for them surely. Yes the prices might trend down but all the EA is after is turn over

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Here's another similar anecdotal from MSE, don't know the location but it's good reading.

has a chat with the estate agent today, who i have known for a few years and he is a geniune guy, honest and to the point. he says his shelves have never ever been full in all the years he has been an estate agent and they currently are. He says obviously they are still trying there very best but there is just not the domino effect that is needed, before the mortgages were going to first time buyers who all got on the ladder therefore letting the other people move up and buy my type of house etc etc, then the mortgages dried up and in 2009 the bloke with money in the bank grabbed his opertunity and snapped up the first time buyer houses to rent out etc and the dominoes started again but now all that money has gone and those people are gone and we are waiting for the next wave. Were is my wave come on wave im awaiting to ride you

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God Bless the Property Bee!!! The wee bee has been so buzzzzy in recent weeks. Im my home county there have been 300 properties added to Rightmove in the last three days as follows....

146 new properties (some of these have been on before in previous months/years)

1 price increase (Persimmon adding £3k to a slavebox)

140 price cuts (anywhere from people letting another £2k "drip-off" to other more substantial reductions)

Property Bee "I LOVE YOU!!!". Whenever my Mrs starts nesting talk I just send her onto Rightmove after we have a practice run of the baby making!

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God Bless the Property Bee!!! The wee bee has been so buzzzzy in recent weeks. Im my home county there have been 300 properties added to Rightmove in the last three days as follows....

146 new properties (some of these have been on before in previous months/years)

1 price increase (Persimmon adding £3k to a slavebox)

140 price cuts (anywhere from people letting another £2k "drip-off" to other more substantial reductions)

Property Bee "I LOVE YOU!!!". Whenever my Mrs starts nesting talk I just send her onto Rightmove after we have a practice run of the baby making!

That's impressive!

The persimmon increase was probably them switching the listing to a different property. I notice this quite a bit on new builds, maybe it saves money on added a new listing everytime so they just alter an existing one.

Where abouts do you have the pleasure of residing?

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On a macro level this will effect your landlords sale, but as far as the EA is concerned, a flood of properties to sell can only be good news for them surely. Yes the prices might trend down but all the EA is after is turn over

Sure, but only if Estate Agents reduce asking prices to levels that people can actually afford as determined by credit availability for mortgage lending and the deposits they have. As we know transactions have been at historical lows since autumn 2007 and credit availability for mortgage lending is drying up even further - see the warning issued by Mervyn King and the Moody's report out today.

If EA's want turn over they will have to cut asking prices drastically .... they will then, as you suggest, make money out of a falling market.

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Be honest now, would anyone really in their right mind buy a poorly build or badly converted leasehold property with escalating service charges and bad sound insulation......

You rent these sorts of properties, cheap rent, short term. ;)

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(SE Windsor)

I was speaking to an EA friend of friend last night in the boozer

he was with a couple of guys ,one was thinking of buying

The EA actually turned round and said I wouldn't buy at the

moment I think prices will fall at least 20%.

I joined in and asked him how business was, he said it had slowed

right down in the last month said decent houses in decent areas still selling but all

the rest nothing. I mentioned NB flats could drop another 30%

he said in Slough area he has already seen 50%!! drops on new

builds 250k in 2007 going for 125K now!!.

Loads coming on to the market in this area , things are definitely

starting to move in the right direction.

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On a macro level this will effect your landlords sale, but as far as the EA is concerned, a flood of properties to sell can only be good news for them surely. Yes the prices might trend down but all the EA is after is turn over

just need those buyers with £37K equity to turn up.

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The **** fell out of the apartment market in that area a long time ago...old news. Chronic oversupply of 'executive apartments' and surprising lack of city workers who wanted to pay inflated rents to live in a shithole overlooking car parks and mainline stations.

Grew up in Basingstoke.....now live West London.

Yeah. It was trying to buy in that area back in 1999 that gave me the heads up as to an impending problem. We couldn't afford camberley without a 100% mortgage (now I know I should have done!) So ended up looking in aldershot, struggled to find anywhere in our budget, after a month decided to stretch ourselves from 75k to 80k only to find everything had gone up by that much! And you couldn't wait even a day on a property or it was gone. And you also had to offer over asking price!

Then the dot com bubble burst and the tech collapsed, which destroyed the area. Still can't believe the number of brand new empty offices when we go back and visit!

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I called my lettings agent today to find out how much the ground rent was on our flat. Our land lord is trying to sell and we've had about 7 viewings in a 3 week period

You are being inconvenienced by viewings over the sale of the ground rent??? Have I got that right?

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Is that right a tenant who pays a good rent has to allow viewings, people nosing around the flat they pay good rent for if their landlord wants to sell.......would not put up for that......

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My local sample of modest houses in my home town in NW Kent has gone from 94 houses for sale 20 of them at reduced prices in January to 163 houses for sale 55 of them at reduced prices now. Not much is shifting. A clearer sign of price drops to come you could not hope to wish for .

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Is that right a tenant who pays a good rent has to allow viewings, people nosing around the flat they pay good rent for if their landlord wants to sell.......would not put up for that......

You are entitled to righful and peaceful enjoyment, of the property even if you have given notice (regardless of whats in the contract). Also you should expect reasonable notice of any visits.

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You are being inconvenienced by viewings over the sale of the ground rent??? Have I got that right?

No i'm not inconvenienced? I was just being nosey and wondering what if anything was causing the property not to attract any offers, so i asked whether the ground rent was high. I guess there is just alot of competition out there now so it is not selling. I picked up a useful anecdotal about the local market, i'm not complaining at all. I will move to another rented place or if it came down to a price which represented a 7-10% yield consider splitting some of my deposit to rent it out myself. that doesnt look likely!

Edited by sympatex

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You are entitled to righful and peaceful enjoyment, of the property even if you have given notice (regardless of whats in the contract). Also you should expect reasonable notice of any visits.

Sell when it is vacant I say........an OO will see that the home is nice and tidy, show it to the best advantage, talk about the local benefits, shops neighbours, transport systems...I went to view a flat for sale many years ago FTB the place was a mess, it smelt, the kitchen had dirty dishes covering the surfaces and the tenant was in bed ....hasten to add I didn't buy, they didn't accept my low offer....a blessing in disguise....I waited, saved and something far better came along. ;)

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That's impressive!

The persimmon increase was probably them switching the listing to a different property. I notice this quite a bit on new builds, maybe it saves money on added a new listing everytime so they just alter an existing one.

Where abouts do you have the pleasure of residing?

I am in lovely Lanarkshire- public sector jobs heaven!! Just carried out the same search again..... 331 properties added in last 3 days.....

only 104 price reductions..... 4 changing from "under offer" to "availible"........ 3 persimmon price increases...........

My link

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God Bless the Property Bee!!! The wee bee has been so buzzzzy in recent weeks. Im my home county there have been 300 properties added to Rightmove in the last three days as follows....

146 new properties (some of these have been on before in previous months/years)

1 price increase (Persimmon adding £3k to a slavebox)

140 price cuts (anywhere from people letting another £2k "drip-off" to other more substantial reductions)

Property Bee "I LOVE YOU!!!". Whenever my Mrs starts nesting talk I just send her onto Rightmove after we have a practice run of the baby making!

No cuddles then?

I suppose it's more healthy than a post coital cigarette though.

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Hi all,

          bit of an anecdotal so mods remove this when its over an hour old or so! I called my lettings agent today to find out how much the ground rent was on our flat. Our land lord is trying to sell and we've had about 7 viewings in a 3 week period but nothing has come of them. So i asked the agent and although hes lettings and not sales i got this from him. (via email, its genuine evidence!)

" Let me know if you want us to find you somewhere else. I believe nothing will really sell for a while as the market is flooded with flats and apartments.

Kind regards"

I live in the South East on the Surrey Hampshire border, there has been some developments pop up but not obscene amounts and their advertising quickly disapears once the building phase is completed. Quite amazed, though also quite reassured. It's a shame we're looking for a 3 bed semi though!

Why do HPCers fall for this, sales people are trained to tell you what you want to hear. If somone tells you what you want to hear your more likely to buy/rent something off them as you share some common ground. A good EA/Letting agent will tell you exactly what you think, and whats more infuriating phil and kirsty also lap it up...

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  • 138 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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