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The Masked Tulip

Welsh House-Sellers React Faster To Declining Market

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WELSH home sellers are reacting faster to a deteriorating property market than their counterparts in England, according to an estate agent.

Responding to new figures from website Rightmove, which show asking prices in Wales fell this month but rose in England, Tony Filice said “street wise” Welsh vendors know they must sell before the Westminster Government’s comprehensive spending review starts costing public sector jobs.

“What we have here is a situation where Wales is reacting faster than the rest of the country,” said Mr Filice, director of Kelvin Francis in Cardiff and residential spokesman for the Royal Institution of Chartered Surveyors Wales.

According to Rightmove, despite near-record levels of houses on the market and falling mortgage availability, asking prices rose this month in eight out nine English regions by an average of 3.1% compared to September.

.....

Mr Shipside said: “Some estate agents are showing a much stiffer resolve than others about the prices they recommend.

“For some agents and sellers there is the temptation to launch to the market at a speculative price, knowing one can always reduce it later. In these stock- rich, buyer poor times, such a strategy stands minimal chance of success for the vendor.

“However, the agent that wins the instruction to sell in the first place is often able to keep the seller exclusively on their books while recommending a series of reductions to try and get the price to a more saleable level.”

According to Rightmove, the average asking price in Wales fell this month by 0.6%, down £1,063 from September to £167,041.

The greatest fall in asking prices was in Wrexham where they fell by 3.4%. In Mid Wales prices fell by an average of 3%.

In Newport prices remained static, with modest asking price rises of 1.8% in Cardiff, 0.9% in Swansea, 0.7% in Bridgend, 0.2% in Llanelli and 2.3% in Neath.

Mr Filice said: “We have noticed a change in the market since mid September, when there is normally a kick. A lot of vendors are reacting now, they are listening to their agents and listing their prices to sell.

“Throughout Wales, especially in the Valleys, communities are more street wise. Even in Cardiff, vendors are aware that one in three people work in the public sector and could lose their jobs.”

Mr Filice said Welsh sellers are also aware that there is an oversupply of properties on the market, but fewer people buying because of poor mortgage availability with banks and building societies requiring 20% deposits and charging 2% arrangement fees.

Read More http://www.walesonline.co.uk/news/wales-news/2010/10/18/welsh-house-sellers-react-faster-to-declining-market-91466-27490900/#ixzz12hGxH2UV

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Strange how Wrexham and Mid Wales are asking less, whilst many others are asking more.

No idea abotu Wrexham, suspect Mid-Wales falls are an exodus of people wanting to live The Good Life going back to London.

BBC Wales is running a radio phone-in now about the death of Welsh villages - WTF do you do there?

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Strange how Wrexham and Mid Wales are asking less, whilst many others are asking more.

Think there have been a couple of big factory closures on the Wrexham Industrial Estate and probably more to come.

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Wrexham has an industrial estate!? :blink:

A huge one, and just for you here is the link- just checked it myself and the headline reads...

TETRA PAK ANNOUNCES CONSULTATION ON FUTURE OF WREXHAM FACTORY

Tetra Pak has today formally launched a consultation process that could result in the discontinuation of production at its Wrexham factory and impact up to 150 employees. Today’s announcement is driven by a desire to ensure continued competitiveness and to meet customers’ changing needs.

http://www.wrexhamindustrialestate.co.uk/

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  • 261 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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