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The Masked Tulip

Housing Market Is Dead In Swansea

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I was speaking to an experienced EA last night and he came straight out and told me that "the housing market is dead in Swansea".

He was pretty fed up, frustrated and told me straight that it was now a buyers' market, that I had a choice of housing and that nearly 600 properties have come on the market in the mast 21 days in Swansea.

He went on to say that there was a huge gulf between what the few buyers were offering - often 20% below asking - and what the sellers wanted. But mostly the sellers were refusing the offers thinking they would get better but failing to understand how few buyers are out there at the moment.

He admitted that some in his own line of work - i.e. other EAs - had stupidly talked up asking prices so much, that there was now such a gap between what the sellers expected and what the house was actually worth, and what the banks would lend, that most houses were having few if any viewings.

Despite few or no viewings, he said, people still refused to drop their asking prices. Gave me an example of one seller who wants 400K for a house he thought was worth 270K at best and he had to spend a month getting them to drop the asking price by 2K.

He said there were no longer floods of people from London buying in the area and that many of the sellers were actually Londoners selling second homes or high up Council staff selling. He said that something big must be on the cards if so many top Council workers were now putting their houses on the market.

(This seems to be true as I was just looking at two identical houses in roads next to each other which have both come onto the market recently - one has an asking price of circa 250K, the other has circa 370K for its asking price and, if anything, the 250Kish house looks the much nicer. Both on with the same EA as well.)

He admitted that he would not buy now with the current asking prices and advised me to hold off as he felt it was inevitable that prices would tumble considerably in the coming months.

He said that he knew of "many properties in Swansea West which have now been on the market for 4 or 5 years", but which don't sell due to the asking price being way too much, but more and more houses with similar asking prices are now flooding the market thinking they will sell within weeks. He said that "they have no idea".

He said that there were plenty of sellers who are still dictating the asking price and he thought that this was due to the people needing the full asking price to pay off debt as, in his words, "they will never sell for anywhere near asking price".

He said that what few sellers there are are now using the internet to check the land registry prices when the house last sold.

This seemed to be beared out this morning when I was looking in an EA's window in Mumbles (Swansea West)

Firstly, there was a woman standing there looking in the window who could afford 180K and she was not prepared to go and look at a house in the area she wanted with an asking price of 190K. I asked her why and told her to put in an offer at 20% below asking to which she replied "Oh, I couldn't do that!".

Anyhow, there was a chap standing next to us, in his late 60s to early 70s, and he, out of the blue, said "No one is buying. Prices are too high" and then he really, really surprised me by saying "Go and type snake and Swansea house prices into google and that will show you all the falls!". He walked off.

I assume me meant propertysnake so even the silver surfers are aware of the bubble in Swansea asking prices! :lol::lol::lol:

So there you have it. OK, this is just one EA who works for one of the bigger chains in Swansea but he was brutally open and seemingly honest about what he perceived the state of the market locally to be in. He seemed, IMPO, very tired and fed up with it all.

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So there you have it. OK, this is just one EA who works for one of the bigger chains in Swansea but he was brutally open and seemingly honest about what he perceived the state of the market locally to be in. He seemed, IMPO, very tired and fed up with it all.

was he tied up in your cellar being spanked for being a bad boy while he was saying this?

Edited by Si1

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Is it any surprise.

Swansea = Pretty shitty city.

that's a bit dated description

what about Swansea, home of the tallest building in Wales and the south west of britain

or Swansea home to blue flag beaches and a five gold anchor marina

or Swansea home to two universities

or Swansea home to britain's first area of outstanding beauty

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Just say NO. ;)

LOL!

As I have posted on other threads, so many S'sea EAs appear to have been convincing sellers, and themselves, that September will be a boom month that there is no point, IMPO, in looking at houses now.

If someone is convinced that they will get what they want for something at a given time then there is no room for negotiation.

Imagine if you were a seller now in Swansea, had you house on the market since March/April and you have been wondering why you are getting few or nil viewings. Ah, says the EA, everyone goes on holiday in the Summer but the buyers will be back in force in September!

So you ain't going to drop your price are you? You are going to wait for Sept to come and go... and probably convince yourself throughout October that someone may turn up.

Before you know it, it is dark, grey, wet Nov and you have the winter months ahead of you and then the EAs begin to convince you that the coming Spring, Easter will be the boom time.

Ludicrous.

Once Sept comes and goes I ain't going to be interested in viewing houses and I ain't going to view them now, in Sept, due to the above EA nonsense.

Quite an enormous backfire IMPO.

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  • 152 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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