September's Rics Comments

[CountryMove]

Here are the comments from the Wales agents in the RICS report:

Andrew Morgan FRICS, Morgan &

Davies, Lampeter, Ceredigion, 01570

423623 - Many properties remaining on

the market unsold after the summer. Only

those keenest to sell with discounted

prices achieving the desired result.

David James FRICS, James Dean,

Brecon, Powys, 01874 624757 - Many

more new instructions than last year,

same number of purchasers - will lead to

lower prices.

David K. Jones FRICS, Jones &

Redfearn, Rhyl, Denbighshire, 01745

351111 - There are signs of improvement

in market activity but first time buyers and

investors still finding it hard to confirm

funding. The market needs time to

consolidate and then hopefully the worst

is behind us. Talk of increasing interest

rates and double dip recessions is not

helping. 'Foolish talk costs sales!'

David Owen Evans FRICS, Russell

Baldwin & Bright, Rhayader, Powys,

01597 810457 - Abolishing HIPs has

generated more property instructions.

David W Pearse FRICS, David W Pearse

& Co., Mold, Flintshire, 01352 700274 -

Increasing bad news reported in media is

creating increasing concern for house

buyers, although reasonable sales rates

are being maintained in this area.

John Nicholas MRICS, J.J.Morris,

Haverfordwest, Pembrokeshire, 01437

760 440 - An increase in the supply of

properties onto the open market has been

seen over the last few weeks but there

appears to be very few active buyers in

the market place. Acquiring appropriate

finance still remains an issue with

mortgage companies 'dragging their feet'

which has led to sales falling through.

Kelvin Francis FRICS, Kelvin Francis &

Co., Cardiff, South Glamorgan, 029 2076

6538 - More vendors are listing their

properties, in anticipation of an improving

market in September. However, August

has proved surprisingly busy, with not only

properties coming onto the market but

also numerous sales being agreed.

Buyers have a wide selection to choose

from, but more importantly, are buying. If

mortgage lenders will ease their lending

criteria, particularly in relation to the

percentage required for a deposit, the

market should continue and grow.

Paul Lucas FRICS, R.K.Lucas & Son,

Haverfordwest, Pembrokeshire, 01437

762538 - Following a reasonably busy

spring the residential property market has

begun to significantly slow down once

again. Agents are crying out for the

Government to put more pressure on the

major banks to ease their lending policies

which are beginning to have dire

consequences.

Robert Wilkins MRICS, Newland Rennie

Wilkins, Newport, Wales, 01633 221441 -

An oversupply of available properties

combined with the uncertainty of the

market has led to a fall in prices over the

last three months.

Looks like some confidence in Cardiff and the North, but struggling in the west with prevailing theme being increase in supply/oversupply and moaning about the media and the banks

[The Masked Tulip]

Despite the comments the cold, hard figures in the RICS survey tell the true story.

If you look at it the number of completed sales has fallen off a cliff, the number of new buyer enquiries has fallen off a cliff and not only does Wales have the lowest number of completed sales but the completed property prices are showing a very big fall.

See the chart below taken from the RICS survey.

[CountryMove]

Despite the comments the cold, hard figures in the RICS survey tell the true story.

If you look at it the number of completed sales has fallen off a cliff, the number of new buyer enquiries has fallen off a cliff and not only does Wales have the lowest number of completed sales but the completed property prices are showing a very big fall.

See the chart below taken from the RICS survey.

Yes Wales is not looking great in most of those charts! And this is before the spending cuts or winter start. Perhaps talk of the cuts are affecting confidence already.

[The Masked Tulip]

Yes Wales is not looking great in most of those charts! And this is before the spending cuts or winter start. Perhaps talk of the cuts are affecting confidence already.

I have heard on the grapevine, from a variety of sources now, that in Swansea a lot of middle to senior management types at the Council and DVLA are not just very worried re their own jobs but are also aware of the coming jobs cuts throughout both organisations.

I have been told by at least one EA that they have had loads of the above place their houses on the market in recent months.

[The Masked Tulip]

Welsh house prices down amid more properties on market

http://www.bbc.co.uk/news/uk-wales-11297670

House prices in Wales have dropped for the second consecutive month due to properties flooding onto the market, housing experts say.

The survey by the Royal Institute of Chartered Surveyors found 30% more of its members have reported prices falling rather than rising in August.

It means house prices in Wales are now at their lowest since May 2009.

But the report also found those willing to drop the asking price are more likely to secure sales.

Published on 14 September, the RICS survey said that the drop in prices was the result of a combination of more sellers returning to the market but less interest from buyers.

No sh*t!

[Woot]

Welsh house prices down amid more properties on market

http://www.bbc.co.uk/news/uk-wales-11297670

No sh*t!

Indeed - does it really take a 'report' to discover that!?

[The Masked Tulip]

I have noticed in recent weeks, since the start of Sept probably, that loads of properties are coming on the market in Swansea now via EAs based in the South East.

Can only assume these are second home owners - quite a few in Mumbles/Gower area on the market - and speculators selling up.

At first I wondered if they were repos with the banks using a firm in England to off-load the properties?