bongo Posted September 22, 2010 Share Posted September 22, 2010 I have been looking a bit recently. My sense is that not much is shifting. The stock of property on the market seems to be expanding every day, but the quality is not that good in general. There also seems to be a huge amount of properties asking for more than £650K. Also, all the houses we have seen so far have been empty. I recently put in an offer 20% below the original asking price and although declined it took them a while to think about it and the EA was very tempted. I can remember a few years ago, in an aborted attempt to buy somewhere, the EAs were so up themselves if we even dared to suggest that things were overpriced. It is very different now - They are in a very desparate situation it seems as their clients refuse to accept reality and these properties sit there unsold. I am realising that they need me much more than I need them, so am going to carry on and hopefully someone will accept. If not, the worst that can happen is that my deposit continues to grow and the asking prices continue to decline. Interested to hear anyone else's observations of this market. Quote Link to comment Share on other sites More sharing options...
Sir Sidney Ruff-Diamond Posted September 22, 2010 Share Posted September 22, 2010 I have been looking a bit recently. My sense is that not much is shifting. The stock of property on the market seems to be expanding every day, but the quality is not that good in general. There also seems to be a huge amount of properties asking for more than £650K. Also, all the houses we have seen so far have been empty. I recently put in an offer 20% below the original asking price and although declined it took them a while to think about it and the EA was very tempted. I can remember a few years ago, in an aborted attempt to buy somewhere, the EAs were so up themselves if we even dared to suggest that things were overpriced. It is very different now - They are in a very desparate situation it seems as their clients refuse to accept reality and these properties sit there unsold. I am realising that they need me much more than I need them, so am going to carry on and hopefully someone will accept. If not, the worst that can happen is that my deposit continues to grow and the asking prices continue to decline. Interested to hear anyone else's observations of this market. Just had offer accepted on a place in West Ealing, 16% below asking price. Ealing has held up well according to the BBC figures over the last couple of years and I think there's more QE on the way so I'm bailing ... Quote Link to comment Share on other sites More sharing options...
dulaman Posted September 22, 2010 Share Posted September 22, 2010 I sold out from Hanwell in Jan 2009 (the last bottom) hoping to see further falls and get back in at a later stage. I now rent in W5 and do find it a struggle but the house prices here are seriously putting me off. Like a lot on the site the last year has been a true test of character to not jump right back in as the bulls have taken control, albeit temporarily. I am seeing a lot of property stagnating at the moment with EA 's through a mixture of ridiculous price expectations and overall sentiment. The Propertysnake website says it all for me (http://www.propertysnake.co.uk/site/postcode/w5) about what is going on now in Ealing. The last 2 rightmove asking price surveys indicate circa 5%+ drop in asking prices over 2 months (very large), so I'm hoping for more falls before considering get back in - realistically in 2012 - as i believe we are at a tipping point for the long awaited HPC. The latest Rightmove survey re-inforces the same for neighbouring boroughs like Richmond, Hammersmith, Fulham. Hold firm.....now is not the time to break out the lines!!! Quote Link to comment Share on other sites More sharing options...
Meg32 Posted September 22, 2010 Share Posted September 22, 2010 I am following the Ealing market as well - having just sold and renting before buying again - or not, depending on how things go. A lot more properties on the market now than back in Jan when mine went on the market and probably in part the overhang from the rush to sell after abolition of HIPS - but definitely not the volume of properties coming new onto the market now. I wonder if some folks are now going to rent out instead of sell - which is what happened when prices went down after the banking crisis. However, some still selling at asking price. I agree that estate agents are getting a bit desparate - shortage of buyers who can actually proceed (big deposit or cash). Some deals falling through because of mortgage squeeze. And some agents are not putting on SSTC until things have really moved a long way so some properties will actually be under offer but not at the stage where sellers can be reasonably confident that it will complete. I think that average sold prices are probably going down - because some sellers need to move on and are in a position to take offers. Just hoping the government and other powers that be don't do any thing further to prop up the market. I take it you have propertybee on your computer - what I am seeing is that more properties are now being reduced but usually not by much. Quote Link to comment Share on other sites More sharing options...
salamander Posted September 22, 2010 Share Posted September 22, 2010 (edited) Our ex-landlord (near the the top end of Northfield Avenue in W13) thought he had a buyer for his two bed terrace at 450K(!). Fell through and the asking price has now dropped by 15K. Still massively overpriced - two similar house in the same road went for 340 and 350 less than 12 months before he put his on the market.I think there was a bit of a surge in prices for a while in his and surrounding roads - 4 on the same road went for 395-418 from March this year but buyer interest (or perhaps lender interest) seems to have dropped off a cliff now. Edited September 22, 2010 by salamander Quote Link to comment Share on other sites More sharing options...
dulaman Posted October 19, 2010 Share Posted October 19, 2010 During my weekly run I notice that some properties that I have been keeping an eye on are now 'To Let' rather than 'For Sale' as previously. These are properties in the 500k bracket and located in South Ealing/Boston Manor Road - still outside my range. Lets hope that the Oct '10 Rightmove index was a case of October exuberance getting the better of EA's and sellers! Quote Link to comment Share on other sites More sharing options...
jut Posted November 6, 2010 Share Posted November 6, 2010 During my weekly run I notice that some properties that I have been keeping an eye on are now 'To Let' rather than 'For Sale' as previously. These are properties in the 500k bracket and located in South Ealing/Boston Manor Road - still outside my range. Lets hope that the Oct '10 Rightmove index was a case of October exuberance getting the better of EA's and sellers! Hi im new to this forum,at present im living oversea"s but am looking to return to my old stomping ground the Ealing/West Ealing area W13 and would like to buy a 3 bed house but with only 370k there does"nt seem to be much choice out there so my question is should i wait say 12 months in the expectation that prices will go lower and how much lower could they go ? Your advice Please . Quote Link to comment Share on other sites More sharing options...
bongo Posted November 7, 2010 Author Share Posted November 7, 2010 All the indicators are pointing to a falling market. Approvals very low, FTBs low, Property on the market rising month on month, public sector cuts - all in the buyers favour. My view is that at worst/best there will be no change, but what is more likely is a modest (5, possibly 10%) fall over the next 18 months. What is clear is that at some point there will be a regression to the mean. There aren't that many people who MUST sell though so there is a bit of a stand off. Some sellers might be beginning to twig that it is better to sell now at less than they hoped for rather than sit in the doldrums. There are loads of empty properties about though. What is also interesting is when there is a reposession on the market, as the banks will just cut the prices until they find the "true market value" as they have no emotional baggage tied with the price they achieve. There are only a few of these bellwhethers though, the rest I find rather deluded. If I was an EA I think I would be rather desparate and exasparated now. There are willing and able buyers out there (I am one) - but the price needs to reflect the risks going forward. - I am waiting the so called capitulation phase - getting a bit irritated by it, but comforted that my deposit keeps growing whilst I do. Quote Link to comment Share on other sites More sharing options...
jut Posted November 8, 2010 Share Posted November 8, 2010 (edited) All the indicators are pointing to a falling market. Approvals very low, FTBs low, Property on the market rising month on month, public sector cuts - all in the buyers favour. My view is that at worst/best there will be no change, but what is more likely is a modest (5, possibly 10%) fall over the next 18 months. What is clear is that at some point there will be a regression to the mean. There aren't that many people who MUST sell though so there is a bit of a stand off. Some sellers might be beginning to twig that it is better to sell now at less than they hoped for rather than sit in the doldrums. There are loads of empty properties about though. What is also interesting is when there is a reposession on the market, as the banks will just cut the prices until they find the "true market value" as they have no emotional baggage tied with the price they achieve. There are only a few of these bellwhethers though, the rest I find rather deluded. If I was an EA I think I would be rather desparate and exasparated now. There are willing and able buyers out there (I am one) - but the price needs to reflect the risks going forward. - I am waiting the so called capitulation phase - getting a bit irritated by it, but comforted that my deposit keeps growing whilst I do. Yes i think for me its a wait and see scenario , with big cuts coming into economy in 2011 one can only expect that this could be a catalyst for more job losses ,though i only want to buy in the south east which seems to be blue chip territory but this is where i grew up so i guess this is where i will buy. I live in Australia at the moment and the Australian dollar is up more than 36% over the pound so its a good time to buy into the pound but here you can apply for a first home buyers allowance could you tell me if the uk has any kind of allowance for first time buyers ? I had a wet dream last night i saw the whole of the country flooding with buy to let sellers that was the best wet dream ive ever had. Edited November 8, 2010 by jut Quote Link to comment Share on other sites More sharing options...
West Hampstead Posted November 16, 2010 Share Posted November 16, 2010 Australian dollar is up more than 36% over the pound so its a good time to buy into the pound but here you can apply for a first home buyers allowance could you tell me if the uk has any kind of allowance for first time buyers ? NO. Cant believe youve waited so long for this answer. FTB mortgage approvals very low though there are a few new products coming on the market, but vast deposit is always required. What is the scheme for first time buyers in Australia? What form does the allowance take and who provides it? Quote Link to comment Share on other sites More sharing options...
jut Posted November 17, 2010 Share Posted November 17, 2010 Australian dollar is up more than 36% over the pound so its a good time to buy into the pound but here you can apply for a first home buyers allowance could you tell me if the uk has any kind of allowance for first time buyers ? NO. Cant believe youve waited so long for this answer. FTB mortgage approvals very low though there are a few new products coming on the market, but vast deposit is always required. What is the scheme for first time buyers in Australia? What form does the allowance take and who provides it? Thanx for the reply WH, firstly im looking to buy in the 370K range and i dont need to take out a loan but i would consider going up another level but i dont have a job so probably wont get a loan,im considering just leaving cash in the bank for a period to see how much market drops but i think west london prices will probably hold up well so i wont hold my breath but i have researched the price range stamp duty and its over 10000k what a rip off !! Anyway australia managed to prolong the housing boom with a few sweetners such as $14000 first time buyers grant and if you buy off the plane you can get in excess of $40000 . There has been some small changes as late but for the first home buyer who is expecting a child can in fact claim $7500 for having a child then $14000 for the first home owners grant plus say $20000 plus incentive from developers if you buy off the plan and the baby bonus is unlimited this has done wonders for home sellers . Quote Link to comment Share on other sites More sharing options...
Meg32 Posted January 13, 2011 Share Posted January 13, 2011 (edited) Bumping this up a bit - would like to hear what local (Ealing) folks think about what's going on in Ealing market right now, at the start of a tough year out there with job cuts and so on looming. For what it's worth I will put in what I know since a friend is currently house hunting (around 500k level). Agents seem to be indicating they don't know yet which way market here is going - one says they may see level market this year. Prices up to and exceeding height of market in 2007 by end of last year. (Not so in some outer London areas which came to a standstill last year, like parts of Kent.). Very few investors out buying right now. And whilst most properties in this range seem to be shifting reasonably quickly - unless unlucky enought to have deal falla through due to mortgage squeeze (not that rare these days) - there are some that are hanging about. Whilst most agents are advertising on details and listings any price reductions some agents are not - they are informing potential buyers rather than publishing it. At same time Londoners in general are probably well heeled compared to folks in other areas - quite a number of properties now for rent that didn't sell. And a number of the 'accidental' landlords from 2008 now selling up and getting money out now they've recovered the loss. And anecdotes from friends about some local London owners who are hanging on by the skin of their teeth with mortgages but will be in serious trouble if interest rates go up. So hard to figure out how much of a problem interest rate rises would cause in London. My own take is that this is going to be the year that will really matters in terms of which way the wind is blowing in the London market, especially as there might be a rise in interest rates. At the same time, I don't believe the government is going to do anything that will adversely affect house prices - they will avoid it if they can. And there are events that may go on outside UK that could influence house prices - what's going on in Euro zone is most immediate one. The sovereign debt issue in Europe is kicking off again and likely to get worse. Any thoughts/news from others? Edited January 13, 2011 by Meg32 Quote Link to comment Share on other sites More sharing options...
Sir Sidney Ruff-Diamond Posted January 27, 2011 Share Posted January 27, 2011 Don't bet on a raise in rates, Meg32. Seriously, all the MPC has to do is pretend to target inflation and fail and say that its a good job they failed because of xyz and here's another letter to the Chancellor about high inflation. Prices are slipping in Ealing and those are asking prices. If you go to the EAs in South Ealing they have an alarming number of sellers on their books who are reeling at the fact that they can't get their money back on the 2007 prices they paid. Sellers' expectations are definitely being reset. London is a bit unusual inasmuch as it won't suffer quite as much as the rest of the UK, so wait a while longer if you want to but don't think they'll drop 30% from here. Caveat: I am a very recent buyer but a very pragmatic and realistic one. I don't think I'll make any money on my purchase for at least five years or maybe longer. I don't care either. Quote Link to comment Share on other sites More sharing options...
Meg32 Posted February 7, 2011 Share Posted February 7, 2011 I think you might be right there about the interest rates - keeps being little flurries about it in the papers but I'm now coming round to the view that rate rise not coming anytime soon. Agree about London weathering the storm better. Checking sold prices and comparing with prices of what's coming on the market and it's very patchy - some are letting instead and others seem to be determined to sell - friend been tipped off by another agent now about another property that can be had for substantial reduction that is not on the listing. Quote Link to comment Share on other sites More sharing options...
Superted187 Posted February 27, 2011 Share Posted February 27, 2011 (edited) Gonna bump this with a link to the Dickens Yard development website. Take a look at the prices (WARNING move all breakable and unfixed objects to away from your computer before clicking the below link, you might just rage up) http://www.dickens-yard.co.uk/index.cfm?articleID=40 I moved out of Ealing (where I have lived the most of my adult life) because I didn't want to pay the horrific rental prices and couldn't afford to buy. I just find it incredible that these w@nkers are putting up 2 bedroom flats for sale priced at £479,950. And Ealing town centre has been in rapid decline recently. Who makes these decisions and what fukcing planet are these monkeys on? Edited February 27, 2011 by Superted187 Quote Link to comment Share on other sites More sharing options...
righttoleech Posted February 27, 2011 Share Posted February 27, 2011 Gonna bump this with a link to the Dickens Yard development website. Take a look at the prices (WARNING move all breakable and unfixed objects to away from your computer before clicking the below link, you might just rage up) http://www.dickens-yard.co.uk/index.cfm?articleID=40 I moved out of Ealing (where I have lived the most of my adult life) because I didn't want to pay the horrific rental prices and couldn't afford to buy. I just find it incredible that these w@nkers are putting up 2 bedroom flats for sale priced at £479,950. And Ealing town centre has been in rapid decline recently. Who makes these decisions and what fukcing planet are these monkeys on? Love the advertising. The West End is considered near, so I wonder why Southall fails to get a mention? What better way to spend half a million pounds than one of these slave boxes? Quote Link to comment Share on other sites More sharing options...
Superted187 Posted March 2, 2011 Share Posted March 2, 2011 Seriously thinking about setting up a tongue in cheek counter website with that Kind of info in it. Also noticed that all of the mock up images contain lots of pictures of happy looking white people, when we all know that Ealing is on of the most diverse places in London Quote Link to comment Share on other sites More sharing options...
heybobby Posted March 17, 2011 Share Posted March 17, 2011 Hi, I've been looking around for flats in ealing, around the £250k range. I've found that there are very few 2 beds in this range and that they seem to be going quite quickly and that there are generally a lot of people looking at similar properties (could always be agents talking stuff up). If I do put an offer in, I'd always start atleast 10% below the asking price and work my way up until I don't think its of any value anymore. I've noticed on Zoopla that you can get decent reductions on houses £500k plus. I recall seeing one advertised for £750K and that sold for just over £600k Thanks Heybobby Quote Link to comment Share on other sites More sharing options...
Superted187 Posted June 6, 2011 Share Posted June 6, 2011 Hi, I've been looking around for flats in ealing, around the £250k range. I've found that there are very few 2 beds in this range and that they seem to be going quite quickly and that there are generally a lot of people looking at similar properties (could always be agents talking stuff up). If I do put an offer in, I'd always start atleast 10% below the asking price and work my way up until I don't think its of any value anymore. I've noticed on Zoopla that you can get decent reductions on houses £500k plus. I recall seeing one advertised for £750K and that sold for just over £600k Thanks Heybobby Easy there tiger - remember 10% of 250k is 25k. Try not to get caught up in the whole thing by throwing thousands of pounds around willy nilly (not saying you're doing this - just be cautious) Quote Link to comment Share on other sites More sharing options...
bongo Posted June 9, 2011 Author Share Posted June 9, 2011 I am not sure that 10% below the asking price is that wide off the mark. It seems to depend very much on the property being marketed. I have noticed two seemingly disconnected markets, those that want to sell and who are down to earth and those that are stuck in the clouds - the narcissus market. For the former it might be appropriate to (dare I say it) go for the asking price, if not a little below, for the latter it seems reasonable to me to offer 10, even 15% below what they are asking and then calmly walk away when they say up yours. In a correction some properties will go straight to the new level, whilst the majority might drift over a few years. I was staggered by the volumes of sales for ealing - in April in w5 13 properties were sold and in w13 3! (according to rightmove). At these volumes the indices are completely unreliable, because they can be skewed so easily, but what is clear is that nothing is selling and so the golden question to ask the agents is "do they want to sell?" I am also beginning to feel sorry for the agents, at this level they must be getting desperate, I know there have been a few more lay offs recently. Given the mortgage approval numbers this is only going to get worse for them and the market, so buyers - you have a strong hand which is only getting stronger with each passing month, especially if you have a mortgage in principle. Quote Link to comment Share on other sites More sharing options...
bambam Posted February 25, 2014 Share Posted February 25, 2014 I think this is what you call 'trying too hard' http://www.zoopla.co.uk/for-sale/details/31752942 http://www.zoopla.co.uk/for-sale/details/29921169 It's Tring Avenue, not The Bishops Avenue. It is nice I suppose, but an odd mixture of stately home and Argos gym equipment. And the fence around the pool in the back looks like it was put in by an Indian, as Prince Philip would say. Quote Link to comment Share on other sites More sharing options...
longgone Posted February 26, 2014 Share Posted February 26, 2014 (edited) I think this is what you call 'trying too hard' http://www.zoopla.co.uk/for-sale/details/31752942 http://www.zoopla.co.uk/for-sale/details/29921169 It's Tring Avenue, not The Bishops Avenue. It is nice I suppose, but an odd mixture of stately home and Argos gym equipment. And the fence around the pool in the back looks like it was put in by an Indian, as Prince Philip would say. very overpriced , ealing is just not as in demand as south west london, go back 15-20 years and the opposite was true 570k for a flat built on an old council car park , the level of lunacy has reached epic levels 250k loss straight away http://www.zoopla.co.uk/new-homes/details/32120299?search_identifier=b311031c0380adbbe2fa53d944ac4ae1 Edited February 26, 2014 by longgone Quote Link to comment Share on other sites More sharing options...
bambam Posted February 26, 2014 Share Posted February 26, 2014 Is it the South Asians in Ealing? Not as stupid as the white middle classes in SW London in falling for the HPI propaganda? Quote Link to comment Share on other sites More sharing options...
longgone Posted February 27, 2014 Share Posted February 27, 2014 Is it the South Asians in Ealing? Not as stupid as the white middle classes in SW London in falling for the HPI propaganda? yep lots of them and plenty of polish , the asian`s want to buy cheap but sell high ! but this results in a stalemate situation of gridlocked houses , when the next asian want`s cheap also and refuses to buy Quote Link to comment Share on other sites More sharing options...
bambam Posted February 27, 2014 Share Posted February 27, 2014 (edited) Yep only 30% white British in Ealing (15.4% 'other white' (i.e. not British or Irish)) or Harrow. 70% in Richmond, 63% in Kingston. Edited February 27, 2014 by bambam Quote Link to comment Share on other sites More sharing options...
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