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Housing Market Faces Stagnation

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Oh dear :rolleyes:

Estate agents have warned that activity in the housing market could stagnate during the rest of the year with the autumn “back to school” pick-up yet to materialise in many parts of the UK.

In one of the most crucial weeks of the year for the housing market, estate agents report that returning numbers of buyers have been lower than expected.

Early September is when people typically turn their attention to housing needs following the holidays. The summer lull had started earlier this year despite a stronger start to 2010 after the spring sales market was subdued by the election and then the Budget.

Ed Mead, commercial director of London-based estate agency Douglas & Gordon, said the phones had been quiet so far in what would be a telling month for the strength of the housing market.

Many estate agents said the indications were that buyers were not returning in any great number.

Richard Barber, partner at London-based WA Ellis, said: “Currently our applicant registration is quite dramatically down on spring . . . I believe there is reluctance amongst prospective purchasers to pay some of the ‘overheated’ asking prices which vendors are quoting.”


Edited by The Masked Tulip
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And next month everyone will be too busy buying tat for Halloween.

Interesting point from the article which I think I am noticing around my area

“I believe that we will also see some disappointed vendors choosing to let their properties, rather than reduce their asking prices and we may see the return of the reluctant landlord.”

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I have been saying it for ages - EAs talking up September will only backfire on them.

My regular righmove searches for Essex towns has been very interesting over the last couple of weeks since the September 'buying season' began.

Stock levels surged in spring before levelling out throughout the budget in June. It then steadily increased through July before levelling again in august. At no point so far have stock levels fell by any noticeable amount and almost always (bar one town) stock is at it's highest point since I began recording data in march.

I said on a tread last month that EAs hyping September might I have meant people held off selling through august and waited for the September buying season to go to Market. This seems to be happening with a big surge in stock levels over the last two weeks! I think this is due to extra listings combined with demand falling further.

It's looking good for an interesting September so far...

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According to my informal research, approximately nearly half of all properties for sale (via Rightmove) in Newcastle upon Tyne are showing a reduction. The number showing a 20% or more drop has tripled over the last 2 months or so (though the majority of falls are within the 0-20% bracket).

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Two 4-bedroom detached houses have come on the market in the past 2 weeks in one road for about 330K asking price.

The problem they have is that back in the Spring another identical house came on the market in the same road for about 330K and it has slowly dropped to an asking price of 260K over the Summer.

Thing is, the first house is far nicer and more modern on the inside than the latter two.

This is just one example of the denial that still exists IMPO. How long before the first house sells - I acutally like it but it is just too far up a a series of hills for myself - let alone the the other two drop their asking prices? Months and months probably.

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  • 419 Brexit, House prices and Summer 2020

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      • down 5% +
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