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It has been an exciting HPC week but today seems almost a non-event in HPC terms. Almost exhausted after the last few days of bearish articles across the meeja.

The Nationwide index was a nice move in the right direction and it has been fun looking at the articles in the various papers on falling prices. The 10% drop in prices next year was the icing on the HPC cake.

All this in the first week of September - the so-called boom month that EAs have been trying to convince seller and buyer alike will be one for buoyant sales.

I am going to try and do my best by not visiting any EAs this month as I don't want to give them the satisfaction of trying to claim me as a potential buyer. I hope it is a long, lonely month for them.

I have noticed quiet a few drops in my area on RM since Tuesday which is great news. Not big enough falls yet but, whether it is wishful thinking or not, something seems to be happening. I just did a check of houses in my area on RM on the market and it is noiceable that a sizeable number came on the market between April and July - the April/May ones, hopefully, will be thinking about price reductions in asking prices come the end of September.

A lot of SSTC come back as available also I notice.

Not there yet - not by a long shot, but the Nationwide news and the bear articles that resulted have bound to worried house sellers this week.

What do you think HPCers?

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It has been an exciting HPC week but today seems almost a non-event in HPC terms. Almost exhausted after the last few days of bearish articles across the meeja.

The Nationwide index was a nice move in the right direction and it has been fun looking at the articles in the various papers on falling prices. The 10% drop in prices next year was the icing on the HPC cake.

All this in the first week of September - the so-called boom month that EAs have been trying to convince seller and buyer alike will be one for buoyant sales.

I am going to try and do my best by not visiting any EAs this month as I don't want to give them the satisfaction of trying to claim me as a potential buyer. I hope it is a long, lonely month for them.

I have noticed quiet a few drops in my area on RM since Tuesday which is great news. Not big enough falls yet but, whether it is wishful thinking or not, something seems to be happening. I just did a check of houses in my area on RM on the market and it is noiceable that a sizeable number came on the market between April and July - the April/May ones, hopefully, will be thinking about price reductions in asking prices come the end of September.

A lot of SSTC come back as available also I notice.

Not there yet - not by a long shot, but the Nationwide news and the bear articles that resulted have bound to worried house sellers this week.

What do you think HPCers?

Prices are going to drop substantially over the next few months. I say this with 80% certainty since we recently put in a not colossally cheeky offer, which was accepted. So it follows that prices will now plummet, since my instinct was to wait until say November.

However, in the event of the purchase not going through, due to eg being gazumped by someone even less circumspect, prices will continue to piddle about with weeny little drops now and then.

In the meantime I am going to sit in the garden with a G&T and an ancient (2/6d) copy of Dracula, just unearthed from a double-stacked bookcase. Never read it before since too freaked out by Christopher Lee versions.

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I was having a lovely bear week revelling in the Nationwide falls... eagerly anticipating the Halifax report now (does anyone know when this will be released?)

Prices are cruising down daily by increasingly signiicant amounts on propertybee now too...

The FTSE rally has tarnished an otherwise perfect week :angry:

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Prices are going to drop substantially over the next few months. I say this with 80% certainty since we recently put in a not colossally cheeky offer, which was accepted. So it follows that prices will now plummet, since my instinct was to wait until say November.

However, in the event of the purchase not going through, due to eg being gazumped by someone even less circumspect, prices will continue to piddle about with weeny little drops now and then.

In the meantime I am going to sit in the garden with a G&T and an ancient (2/6d) copy of Dracula, just unearthed from a double-stacked bookcase. Never read it before since too freaked out by Christopher Lee versions.

Why don't you gazunder yourself? :blink:

Seriously, if you believe the above why not pull out? How much lower than asking price was your offer?

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and yet..................

I was talking today to someone in Herefordshire who has had her property on the market for over a year (4 bed detached) and in that time has only reduced it £10k (from £280 ish to £270 ish and has not had a sniff of interest. She told me that she had spoken yesterday to the estate agent marketing it (a manager of a national chain) and said to him that all the news seemed to be doom and gloom. He replied that she should not worry and that things were not half as bad as the media is portraying them!!!

What in heaven's name is going on?

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and yet..................

I was talking today to someone in Herefordshire who has had her property on the market for over a year (4 bed detached) and in that time has only reduced it £10k (from £280 ish to £270 ish and has not had a sniff of interest. She told me that she had spoken yesterday to the estate agent marketing it (a manager of a national chain) and said to him that all the news seemed to be doom and gloom. He replied that she should not worry and that things were not half as bad as the media is portraying them!!!

What in heaven's name is going on?

You have to question the motives of that EA.

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(...)

eagerly anticipating the Halifax report now (does anyone know when this will be released?)

(...)

Expected Monday or Tuesday of next week by Forex Factory.

They also have a prediction up now of -0.3% MoM, but these predictions are not always very good.

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and yet..................

I was talking today to someone in Herefordshire who has had her property on the market for over a year (4 bed detached) and in that time has only reduced it £10k (from £280 ish to £270 ish and has not had a sniff of interest. She told me that she had spoken yesterday to the estate agent marketing it (a manager of a national chain) and said to him that all the news seemed to be doom and gloom. He replied that she should not worry and that things were not half as bad as the media is portraying them!!!

What in heaven's name is going on?

They agreed not to drop it any further and then exchanged a cheerfull "Cheerio". The door closed and a "ting" came from the bell that used to punctuate the EA's day. He sighed heavily and closed his eyes for a moment remembering the good times. Then he walked back , past his desk and into the small kitchen at the back of the shop. All the other staff had left for the day, he was dreading having to let some of them go, but somehow that didn't really matter now. He climbed up onto the chair and slipped the loop around his neck.......

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"You have to question the motives of that EA. "

I have been trying TMT.

I happen to know him and would say that he is fairly straight (for an EA) and I would have thought he would have told her the reality of the situation. I know the elderly lady involved is very keen to sell (just won't drop the price!!) so I would have thought that he would be really applying pressure for her to start reducing the price substantially.

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"You have to question the motives of that EA. "

I have been trying TMT.

I happen to know him and would say that he is fairly straight (for an EA) and I would have thought he would have told her the reality of the situation. I know the elderly lady involved is very keen to sell (just won't drop the price!!) so I would have thought that he would be really applying pressure for her to start reducing the price substantially.

In that case, doccyboy is probably right, and he just doesn't want to lose the instruction.

He's still stupid though - working for nothing is worse than not working.

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and yet..................

I was talking today to someone in Herefordshire who has had her property on the market for over a year (4 bed detached) and in that time has only reduced it £10k (from £280 ish to £270 ish and has not had a sniff of interest. She told me that she had spoken yesterday to the estate agent marketing it (a manager of a national chain) and said to him that all the news seemed to be doom and gloom. He replied that she should not worry and that things were not half as bad as the media is portraying them!!!

What in heaven's name is going on?

What is going on is EAs -who are talented verbal massagers of egos- are now using that skill to retain vendors despite the lack of interest they can create. Reread your own post and you will see the evidence is only one way. I know of one EA nearby who had already remortgaged his own property to save his business in the last drop and now has become more desperate as he cannot lose more staff yet he has had no sales for months.

Pleasingly here in Bath/Somerset the price reductions are starting to be seen in the sector we are seeking to buy. This has not happened before. Am seeing all reported trends in what was previously a real price rise hotspot.

-Lots of new property coming onto the market including top end at much more reasonable prices than would previously have been the case this especially true this week

-Lots of price reductions across the board

-increased % reductions

-Masses of SSTC returners. Thios has been true since I started formally recording data early July

- Increasing amount of property on market 5.4% more today than July 8th

-Bottom end of market already under cutting one another

-Concealment (lots of rejuvenation of listings to remove property bee data and to make old listing appear fresh to market

-Virtually nothing selling

We went to look at a couple of houses yesterday from outside and were shouted in by one vendor calling "You wanna buy it?" He showed us round after seeing us from inside. I've not seen anyone run so fast to speak to us !

Very interested in 4 properties. One already coming down.

I just hope I can hold my wife's nerve as I want us to be in our own home when our eldest goes to secondary school in 1 year.

Edited by man o' the year

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I am going to try and do my best by not visiting any EAs this month as I don't want to give them the satisfaction of trying to claim me as a potential buyer. I hope it is a long, lonely month for them.

What do you think HPCers?

What do you think this place is TMT.... Housebuyers anonymous?

Imagines man in gimp mask standing from his seat to say 'My name is TMT and I regularly visit estate agents.... there Ive said it, i feel better now!' sits down to warm supportive applause

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The EA concerned is manager of a national chain so no personal financial interest in the agency. Thinking about it, however, I believe you may be correct that he is desperate to retain the instruction - his particular branch seem to be taking on very few in the area at present. Thanks for all the ideas. As I said earlier, I was genuinely amazed that he wasn't pressurising her to drop the price.

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What do you think this place is TMT.... Housebuyers anonymous?

Imagines man in gimp mask standing from his seat to say 'My name is TMT and I regularly visit estate agents.... there Ive said it, i feel better now!' sits down to warm supportive applause

I was fighting the good fight when you were still angsting over magnolia paint in property porn TV :lol:

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It has been quiet today, but that's probably just as well, I'm stuffed on all the bear food coming my way.

Anyway, 2 things have happened today that tell me that things ARE bad out their in EA land.

1. One of the bigger EA's in a local town we have been watching has FINALLY started listing on Rightmove. We have been looking their since 2006 and have always had to check their website seperately as they weren't on RM. I was surprised at how many new properties Property Bee was showing this morning, but it was because they have listed all their properties in one go. This EA must be REALLY quiet as they have managed the recession so far without needing Rightmove.

2. An EA that has NEVER called/e-mailed/posted me details outside of our initial meeting with them, rang me today to see if they could 'match me up' with any properties on their books that we might be interested in. I politely declined her offer as I was in the middle of something and she told me she'd call back next week.

I think their is a real shortage of buyers out there at the moment and Property Bee is picking up some reductions, although many sellers will be chasing the market down.

To me September is a key month. any buyers that want to buy and be in by christmas will be needing to get offers in. This will be sellers last big chance before the new year so if they are motivated and have a switched on EA, we could see some falls.

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To me September is a key month. any buyers that want to buy and be in by christmas will be needing to get offers in. This will be sellers last big chance before the new year so if they are motivated and have a switched on EA, we could see some falls.

I am convinced my local EAs have been ramping September so much, and talking down July/August, in recent weeks that it will backfire on them.

I don't believe that there is a pent up demand of buyers who are going to flood their shops... but I suspect that many of the sellers are now totally convinced that they will be swamped with viewings this month.

So this month, if anything, is just a waste.

I, as a potential buyer, will simply refuse to indulge the EAs and the sellers, I assume, will mostly not consider even dropping their asking prices during this supposedly best month for selling.

Silly, silly EAs IMPO.

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They agreed not to drop it any further and then exchanged a cheerfull "Cheerio". The door closed and a "ting" came from the bell that used to punctuate the EA's day. He sighed heavily and closed his eyes for a moment remembering the good times. Then he walked back , past his desk and into the small kitchen at the back of the shop. All the other staff had left for the day, he was dreading having to let some of them go, but somehow that didn't really matter now. He climbed up onto the chair and slipped the loop around his neck.......

.. and he was as good at auto-erotic asphyxiation as he was as sellling houses, never could get the timing right.....

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I've been looking at the local trends data on Globrix, I've never done this before.

Can somebody tell me: Is this data flawed?

The reason I ask is that it appears to be showing a housing market that has just imploded.

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I've been looking at the local trends data on Globrix, I've never done this before.

Can somebody tell me: Is this data flawed?

The reason I ask is that it appears to be showing a housing market that has just imploded.

Do you have a link for that?

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.. and he was as good at auto-erotic asphyxiation as he was as sellling houses, never could get the timing right.....

I was just about to add.....

He had heard what can happen to a man when he is asphyxiated and he didn't want people to think it was a s3x game gone wrong. He couldn't bear the thought of people making light of his personal tragedy. So slipped off the noose, climbed down from the chair and turned a framed picture face down. It was a picture of him and posing with Krusty after one of his porperties had appeared on LLL. And then he paused "surely nobody would think that I would be knocking one out to Krusty.". He propped the frame back upright again. - He'd stare at her 'tache during the final moments - that should keep things soft.

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Do you have a link for that?

http://www.globrix.com/property-details/26254176-woodgreen-witney-oxfordshire-ox28-2_bed

If you ignore the house and scroll down, there are various buttons you can click on to see different local data. It seems to work on any property. I think I've worked out though that it is a combination of small data sets and the fact that a lot of the LR data has not come in yet. I was looking at the transaction levels and thinking - "What happened, did someone drop the bomb on Witney?"

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Why don't you gazunder yourself? :blink:

Seriously, if you believe the above why not pull out? How much lower than asking price was your offer?

It was low enough to satisfy the bear in me. Would have preferred to wait, but TBH we've been looking since early May (daughter +bank of M&D) and although we thought it'd be a doss to find plenty of properties that would do, this is the only one so far that ticks nearly all admittedly picky boxes. And that's despite a stack more coming on to the market in the meantime. Never thought it'd be so hard.

And there are good reasons why now is the right time.

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http://www.globrix.com/property-details/26254176-woodgreen-witney-oxfordshire-ox28-2_bed

If you ignore the house and scroll down, there are various buttons you can click on to see different local data. It seems to work on any property. I think I've worked out though that it is a combination of small data sets and the fact that a lot of the LR data has not come in yet. I was looking at the transaction levels and thinking - "What happened, did someone drop the bomb on Witney?"

Sold per month has fallen off a cliff by myself also:

http://www.globrix.com/area-guide/sa3_property

http://www.globrix.com/area-guide/sa2_property

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      • down 5% +
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