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Estate Agent Loses It!

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I passed by the office of the EA who sold my flat some years ago. We get on fine and keep in touch but recently I suggested that the market was heading for a crash. He didn't like it. Every time I have seen him since he has been more and more edgy with me. Today it was:

"How's the crash going, then?"

I replied: "What constitutes a crash in your book..?"

His response: "When there are no buyers or sellers and people's property is worth less than their mortgages."

I offered him a few stats about price falls but he was indignant.

"There won't be a crash becuase too many people want to buy property these days."

He trotted out the favourite argument that fundamentals were different now than in the last crash and that interest rates were set to fall further.

I countered: "Inflation will go out of control if that happens..."

He then said (classic): '"Yeah, that's why they're putting rates down - to control inflation!"

It was at this point that I concluded that I was talking to someone who has no idea what he's talking about and left!

Ironic to think that many EAs who talk up the market will go to the wall unless they actively encourage price reductions to get their volumes back up.

;)

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"Yeah, that's why they're putting rates down - to control inflation!"

He did have a point though, the BOE have thrown their primary mandate out of the window and have forgotton to tell the public about it.

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Had an EA round to value my house today. She was pretty bearish, although I didn't dig too deep. I think she cottoned on that I was a motivated vendor. Basically said that the market is very, very, very slow(yes, she said very 3 times!), but if the property is priced realistically she reckoned it would sell ok. She also said that they tend to value about 10k over what they reckon they will sell it for to take account of the fact that buyers are offering this much below asking.

This is in a sought after part of Newcastle upon Tyne.

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"Yeah, that's why they're putting rates down - to control inflation!"

He did have a point though, the BOE have thrown their primary mandate out of the window and have forgotton to tell the public about it.

You mean to get Brown into No 10 by any means possible?

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talking to estate agents about a crash is a waste of time.

It's like talking to a farmer about the benefits of bse. don't waste your time.

of course, there's always a few who will be honest about it, probably because they want a cheaper house for themselves.

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  • 338 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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