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The Masked Tulip

House Sales Fell In Wales In July

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GOVERNMENT spending cuts are already affecting house sales in Wales, according to latest data.

A property market index has shown monthly house sales in July dropped by 11.8% – the second consecutive month house sales have fallen.

The firm behind the research says the Government’s announcement of a two-year public sector pay freeze and an increase in VAT early next year contributed to potential home- buyers revising their budgets and putting their moving plans on hold.

Despite that, the Agency Express Property Activity Index said sales were still up compared to January 2009.

Agency Express said the month-on-month fall in sales pointed to people’s unease over the economic climate, especially with so many employed in the public sector in Wales.

Stephen Watson, managing director of the for-sale board firm, said: “It is evident that we are entering a period of austerity as the Government looks to cut back on its spending.

“Anyone working in the public sector will see a drop in their real income as they won’t get a pay rise until 2012, at the earliest.

“In addition, the rise in VAT next year and the pressure on some companies for it to reduce the hours for its workers will hit people’s household budgets.

“It seems that people who have been looking to move have paused to take stock of the situation and to recalculate their budgets.

Full story here:

http://www.walesonline.co.uk/news/wales-news/2010/08/03/house-sales-fell-in-wales-in-july-91466-26983496/

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Excellent news. Saw some very promising points on RightMove \ Property Bee today too - of the properties I was looking at probably 1 in 4 was dropping their price and had been listed for some time. It'll be interesting to see how many second homes \ holiday lets go come September - maybe locals will eventually be able to buy in their own area again one day. :rolleyes:

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Full story here:

http://www.walesonline.co.uk/news/wales-news/2010/08/03/house-sales-fell-in-wales-in-july-91466-26983496/

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Trouble is in Wales these dippers simply can't afford to drop their prices; houses are bare, wallets are bare and perversely only the taxpayer(you) allows them to sustain their delusion.

My record of abject rejection last months goes like this:

west wales .....(asking)420K.......(offered)350K......Rejected

mid Wales........ " 400K....... " 350K...... "

Swansea.......... " 575....... " 500K...... "

Another property I saw in Aber back in May '10 was on for 425K. I'd asked them what was the min they'd take? 410K was the reply. I now see that they have dropped to 399K, but the real problem is , after some cool careful consideration ,it's probably only worth 300K !! They'd explained they needed to bank their daughter who wanted to buy in the Midlands. (Oh I see , in that case let me contribute 100K to your well deserved fund ....).

But one thing is certain, no longer are estate agents making disparaging,critical remarks about low offers. They are grateful for any offers they receive. Now they need to convince their clients about the difference between values and worth.

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But one thing is certain, no longer are estate agents making disparaging,critical remarks about low offers. They are grateful for any offers they receive. Now they need to convince their clients about the difference between values and worth.

Where is this - Swansea? Or across Wales.

Like The Dragon I think once Aug/Sept is out of the way there will be a panic. All those people expecting loads of viewings over the Summer ending up with none or very few.

The drops are still pitiful though and I can't be bothered viewing myself as offering a few K off a house that is on for 320 to 350 that should be 250 is just pointless.

I did look at 2 semis in West Cross, Swansea, that are on for 240K but both need at least 50K of complete modernisation, if not more, which puts even a 200K figure on them too much... should be 180K tops.

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Where is this - Swansea? Or across Wales.

Like The Dragon I think once Aug/Sept is out of the way there will be a panic. All those people expecting loads of viewings over the Summer ending up with none or very few.

The drops are still pitiful though and I can't be bothered viewing myself as offering a few K off a house that is on for 320 to 350 that should be 250 is just pointless.

I did look at 2 semis in West Cross, Swansea, that are on for 240K but both need at least 50K of complete modernisation, if not more, which puts even a 200K figure on them too much... should be 180K tops.

West wales (Carmarthen), mid Wales (Llandovery)and the last .....S'x (WestX) being one of our favourite super-rampers of course.But low offers are no longer prompting the sighs, or the snide remarks. I feel that agents are expecting low pitches and that's what they're getting. People chancing their arm with low offers will help to re-set expectations.

Llandovery I thought were desperate to sell: remote and expensive for only 3 beds. Not a single viewing in 5 months, and a very small market ,but they wouldn't even sniff the bait. Fools!

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West wales (Carmarthen), mid Wales (Llandovery)and the last .....S'x (WestX) being one of our favourite super-rampers of course.But low offers are no longer prompting the sighs, or the snide remarks. I feel that agents are expecting low pitches and that's what they're getting. People chancing their arm with low offers will help to re-set expectations.

Llandovery I thought were desperate to sell: remote and expensive for only 3 beds. Not a single viewing in 5 months, and a very small market ,but they wouldn't even sniff the bait. Fools!

Yes, one of the 3, IMPO, EA rampers in S'sea has staff who are now increasingly vocal against the valuations of their boss when I chat with them.

Apart from one couple, I am the only person I have ever seen in one of their offices and I walk past there daily on my way to the shops. I see a handful viewing the window but never going in. Either they are put off by the, IMPO, ludicrous asking prices or they are hoping that their own property is worth such and such.

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Nice house in Mayals - oddly enough, it has the entire West Cross Council estate between it and Mayals but there you go...

Have watched it on with another EA in S'sea now for about 3 years, possibly 4 as it all blurs now - first saw it on with an asking price of 489K but now it is down to 375K asking price. I wonder how low it will go before it sells. Still a good 80K too expensive IMPO.

According to one EA I have been speaking with there are increasing numbers of worried sellers in the city.

I am told that one firm is now getting sellers approach them who have their houses on the markets with 2 other EA firms wanting to know if they can change EAs and what kind of value they will put on their homes.

Alas, the EA I was chatting with was telling me that the original valuations by the other firms have been so high that they have put unrealistic expectations into the minds of the sellers... who don't like it when they get a more realistic valuation... worse, this EA was saying that they actually bump up the valuations not to cause it to be too much of a shock to the sellers and, in truth, they would actually value them less again if they were going to try and market them.

Just an enormous bubble waiting to pop it seems.

What a w ank city.

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Any idea what is going on further North in border country? There seems to be a split market with nice places still being snapped up and sticky stuff, well, sticking. I saw a lovely school house come on last week at £625k and thought that looks worth a visit and a week later its sold. :(

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Any idea what is going on further North in border country? There seems to be a split market with nice places still being snapped up and sticky stuff, well, sticking. I saw a lovely school house come on last week at £625k and thought that looks worth a visit and a week later its sold. :(

I notice that the Hometrack report yestersday mentioned the Bluith area as probably suffering when the public sector cuts begin, along with Aber... Truth is, I guess most of Wales will suffer.

No idea about the North border area but isn't it one of the few places left where wevhave real engineering jobs?

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Heard a good one yesterday.... chap in Gowerton has his bungalow - very nice - on the market for 195K for almost a year with one of the more 'reasonable' - ha ha - EAs.

Mightily cheesed off - no viewings.

Penny has now dropped that they massively over-valued his house.

At first he was chuffed with the valuation but now he has realised that he has to start at 50K less asking price.

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Heard a good one yesterday.... chap in Gowerton has his bungalow - very nice - on the market for 195K for almost a year with one of the more 'reasonable' - ha ha - EAs.

Mightily cheesed off - no viewings.

Penny has now dropped that they massively over-valued his house.

At first he was chuffed with the valuation but now he has realised that he has to start at 50K less asking price.

Take a look at the place that started off with Simpsons at 600K. Nice looking gaff , spacious and with decent gardens and located in Llangennith. Massively over-valued of course (do these guys think we print our own ? How else could anyone on an average S'x wage manage to accumulate 600K?).

Nobody biting, so after some time they drop S. and put it on with JF at 475K . Still no joy and it has now come down to 450K, where it appears still to languish.

Nice views , space and a bit of style . Oh, it's also empty . Could be repo,or perhaps divorce methinks. Strangely enough I find myself more interested/intrigued by the human story behind these type of sales than I am in the house itself! Sign of the times.

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Any idea what is going on further North in border country? There seems to be a split market with nice places still being snapped up and sticky stuff, well, sticking. I saw a lovely school house come on last week at £625k and thought that looks worth a visit and a week later its sold. :(

You're right, in Hereford and Shrops the nice places move with depressing speed. The dross stays around for ever ,but still, with surprisingly little downward movement on prices.

The stock in mid Wales is generally dire in comparison .You'll find some mishmash dump of a farmhouse in the middle of nowhere , surrounded by 12 acres of useless marsh and they'll want 600K for it. In reality the house is worth 250K so they're valuing the land at 29k an acre..... when it should be 3000 pa tops.

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Take a look at the place that started off with Simpsons at 600K. Nice looking gaff , spacious and with decent gardens and located in Llangennith. Massively over-valued of course (do these guys think we print our own ? How else could anyone on an average S'x wage manage to accumulate 600K?).

Nobody biting, so after some time they drop S. and put it on with JF at 475K . Still no joy and it has now come down to 450K, where it appears still to languish.

Nice views , space and a bit of style . Oh, it's also empty . Could be repo,or perhaps divorce methinks. Strangely enough I find myself more interested/intrigued by the human story behind these type of sales than I am in the house itself! Sign of the times.

Ditto - I wonder, divorce, affair, bankruptcy, what?

It is becoming clear now that S'sea has vast numbers of houses with asking prices that are way beyond locals.

I am looking in the 250K to 300K and that, to be frank, is high for a Swansea person. I suspect many would find half that sum difficult to buy for on local wages if they have not ridden the HPI wave.

But when you go above 300K you are relying on people from London wanting second homes or people who have sold up in London and moving down here - neither which I think there will be much of in the next 5 to 10 years because the economic cycle has turned.

I am personally of the opinion that there are large numbers of houses in S'sea now above 300K which will simply sit on the market for years until they drop dramatically in price or, by sheer luck, someone with wealth or stupidity, or both, comes along.

Swansea is still very much in denial IMPO.

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You're right, in Hereford and Shrops the nice places move with depressing speed. The dross stays around for ever ,but still, with surprisingly little downward movement on prices.

The stock in mid Wales is generally dire in comparison .You'll find some mishmash dump of a farmhouse in the middle of nowhere , surrounded by 12 acres of useless marsh and they'll want 600K for it. In reality the house is worth 250K so they're valuing the land at 29k an acre..... when it should be 3000 pa tops.

The contrast in quality of house on either side of the border is staggering.

Even some newly built houses in places like the Gower are atrocious in style and quality.

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Ditto - I wonder, divorce, affair, bankruptcy, what?

It is becoming clear now that S'sea has vast numbers of houses with asking prices that are way beyond locals.

I am looking in the 250K to 300K and that, to be frank, is high for a Swansea person. I suspect many would find half that sum difficult to buy for on local wages if they have not ridden the HPI wave.

But when you go above 300K you are relying on people from London wanting second homes or people who have sold up in London and moving down here - neither which I think there will be much of in the next 5 to 10 years because the economic cycle has turned.

I am personally of the opinion that there are large numbers of houses in S'sea now above 300K which will simply sit on the market for years until they drop dramatically in price or, by sheer luck, someone with wealth or stupidity, or both, comes along.

Swansea is still very much in denial IMPO.

Imagine 10 years ago what that 250K would have bought you. (My wonderful Swansea financial adviser told me in 2000 not to buy a house in Langland that I knew I could have got for 150K ..... they now go for 400K..... thanks again you tosser!!). The anger and angst we HPC's feel is really very understandable when you recognise how many people have benefitted unjustly from this wholesale scam , from criminal activities ranging from blatant fraud to negligent complicity .

And now, just to rub toxic salt into the wound,the tax paying renter is subsidising the overstretched ,the profligate and the downright stupid, to sustain the very market he is priced out of. Cliche it maybe...but make it up, you really could not.

One of the few things that sustains me in my increasingly bitter and twisted world is the thought that I can now routinely make multiple low-ball offers to these persistently deluded, terminally greedy and dim prols who were delighted to ride the inflationary rooster to the peak, but adamantly refuse to recognise the party is over.Does taking a certain (I know)unattractive and illicit pleasure from the seeing the increasing social fall-out make me a bad bad person? (I equate it to one of those criminals in jail winning 10 millon on the lottery - and yes ,I'm pizzed when I read about that too). What do you think Dr Tulip? Should I think about behavioural adjustment classes, or look to more profound extended psychotherapy?

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Imagine 10 years ago what that 250K would have bought you. (My wonderful Swansea financial adviser told me in 2000 not to buy a house in Langland that I knew I could have got for 150K ..... they now go for 400K..... thanks again you tosser!!). The anger and angst we HPC's feel is really very understandable when you recognise how many people have benefitted unjustly from this wholesale scam , from criminal activities ranging from blatant fraud to negligent complicity .

And now, just to rub toxic salt into the wound,the tax paying renter is subsidising the overstretched ,the profligate and the downright stupid, to sustain the very market he is priced out of. Cliche it maybe...but make it up, you really could not.

One of the few things that sustains me in my increasingly bitter and twisted world is the thought that I can now routinely make multiple low-ball offers to these persistently deluded, terminally greedy and dim prols who were delighted to ride the inflationary rooster to the peak, but adamantly refuse to recognise the party is over.Does taking a certain (I know)unattractive and illicit pleasure from the seeing the increasing social fall-out make me a bad bad person? (I equate it to one of those criminals in jail winning 10 millon on the lottery - and yes ,I'm pizzed when I read about that too). What do you think Dr Tulip? Should I think about behavioural adjustment classes, or look to more profound extended psychotherapy?

I know a surgeon who sold a house for 150K in Langland about 10 years ago and now can't afford to buy it back!

No, your reactions are actually normal and arguably healthy - just as long as you don't actually start going out and doing anything stalking or violence related :D

I do not believe we are near stalemate yet in S'sea as I believe the denial phase is still very much in charge down here. It is going to take massive public sector job cuts to hit home I think before we see big drops... but we are beginning to see them.

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I know a surgeon who sold a house for 150K in Langland about 10 years ago and now can't afford to buy it back!

No, your reactions are actually normal and arguably healthy - just as long as you don't actually start going out and doing anything stalking or violence related :D

I do not believe we are near stalemate yet in S'sea as I believe the denial phase is still very much in charge down here. It is going to take massive public sector job cuts to hit home I think before we see big drops... but we are beginning to see them.

If I ever return to Bishopston I'm likely to be the one subjected to extreme violence. She might have been small ,but boy she was mean!!

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Overheard a smart Chinese couple asking an EA today "Why are house prices so expensive in Swansea?".

The husband went on to ask "Why do house prices cost half a million pounds in a place like Sketty?".

His words, not mine.

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Ah, married a S'sea girl then!? :lol:

I'd knocked around long enough to have known better, but ignored the flashing, "High Alerts".

There's nothing worse than being stuck in a loveless marriage, dismally watching your wasting life seep away.

Luckily,Indo came to the rescue and none too soon.

"Bye bye baby , baby bye bye"........ Bay City Rollers I believe.

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Thought you might find following interesting, it is a reader comment posted on Dail Mail website under the article "Plight of the 1.1million stuck in homes they can't sell"

Read more: http://www.dailymail.co.uk/news/article-1304919/Plight-1-1m-stuck-homes-sell.html#ixzz0xFU6Dbkg

comment:-

"An estate agent in Swansea told me this week that this time last year he had just 150 houses on his books in the city. This month, he said, he has just over 900 now!

Wow!

He told me that it is now a buyers' market and that soon there will be a collapse in prices as sellers realise what is going on, panic and then there will be a rush to drop the ludicrous asking prices. It appears that many sellers are simply in denial.

That's excellent news - we need to see a return to trend and to reality-pricing in this area, after all what is the average local salary? :rolleyes:

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There seem to be some good cuts in pricing on longstanding properties, showing up on PropertySnake now. However most of the best cuts are up north in the LL postcode areas. The few decent southern cuts seem to be in areas like Newport, Gwent - if it were Newport, Pembs that would be a more enticing proposition. Nevertheless, with lots of cuts of 30% and up I think things are looking more positive. I'm looking forward to November when the summer season will be well and truly over and the second home owners may well be looking to get out.

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There seem to be some good cuts in pricing on longstanding properties, showing up on PropertySnake now. However most of the best cuts are up north in the LL postcode areas. The few decent southern cuts seem to be in areas like Newport, Gwent - if it were Newport, Pembs that would be a more enticing proposition. Nevertheless, with lots of cuts of 30% and up I think things are looking more positive. I'm looking forward to November when the summer season will be well and truly over and the second home owners may well be looking to get out.

I suspect Newport is falling because during the bubble Bristol became so expensive that people started buying on this side of the bridge and commuting. I know a few people who sold smallish houses in Bristol and bought bigger in Newport.

Also, the Monmouthshire area became very trendy.

I suspect many of these people are either losing their jobs or are considering moving back across the bridge now. Have no real knowledge of the North but, stubbornly, in S'sea and further West things appear to be holding up... Holding up as in more and more houses coming on the market but at ludicrous prices. I suspect it is only a matter of time before the colapse begins.

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Thought you might find following interesting, it is a reader comment posted on Dail Mail website under the article "Plight of the 1.1million stuck in homes they can't sell"

Read more: http://www.dailymail.co.uk/news/article-1304919/Plight-1-1m-stuck-homes-sell.html#ixzz0xFU6Dbkg

comment:-

"An estate agent in Swansea told me this week that this time last year he had just 150 houses on his books in the city. This month, he said, he has just over 900 now!

Wow!

He told me that it is now a buyers' market and that soon there will be a collapse in prices as sellers realise what is going on, panic and then there will be a rush to drop the ludicrous asking prices. It appears that many sellers are simply in denial.

Another estate agent told me a few weeks ago that he felt that many asking prices in the city were at least 20 percent over-valued and actually advised me not to consider even buying now.

- Jonathan Evans, Swansea, 21/8/2010 14:26

Read more: http://www.dailymail.co.uk/news/article-1304919/Plight-1-1m-stuck-homes-sell.html#ixzz0xFTKKq00

Not going to own up then Masked Tulip?

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  • 245 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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