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exiges

The Housing Price Crash Is Here

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http://www.economicvoice.com/the-house-price-crash-is-here/50013676#axzz12oXvehAD

According to responses to a confidential survey of 100 estate agents carried out by The Economic Voice, house prices in the UK are crashing with the North East and Wales being hit the hardest.

This new information flies in the face of Rightmove’s data that suggests that asking prices have risen 3.1% over the past month but supports the Halifax report of a 3.6% drop in house prices during September.

I don’t want this to sound like a triumphant vindication for commentators such as myself for shouting the warnings of a house price crash for the last few years seeing as the spectre of negative equity is a divisive one which tears families apart and I take no joy in such an eventuality with such deep consequences.

Read more: http://www.economicvoice.com/the-house-price-crash-is-here/50013676#ixzz12oYA2HxE

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Nice find exiges, some good bear food....

43% of those surveyed said that they had sold a property at least one property for less than 50% of the asking price

But all respondents agreed that there has been a marked shift with sellers prepared to take much less than the asking price for their homes and this has lead to achievable sales which has brought some revenue to estate agents since the introduction of tighter lending requirements for mortgages was implemented by lenders.

One Cardiff based estate agent manager said......... "We are now turning down properties if the seller is not prepared to price at a sellable price. We could take on as many as 30 houses a week if we wanted to but what is the point in spending money on advertising houses that are priced too high?”.

Only 13% of those polled expected a full recovery moving into growth in the housing market with the next 2 years but 88% expected a recovery within the next 7 years.

I seriously wonder why so many estate agents when quoted directly in the press actually keep talking the housing market up? They know there isn’t going to be any semblance of a recovery any-time soon so surely it would be far better to have a lower profit margin/higher sales business model and tell it like it is. Or perhaps there is the genuine fear by estate agents of retribution from people who have bought property off them after being told the house is a bargain only to find its value has fallen by 30% and are now in negative equity.

I hadn't thought about that!!!

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I'm sure neg eq can be painful but many willingly over extended themselves with scant regard as to what would happen given scenario A, B, or C. Your current status is no indication of your future status. The only thing that's guaranteed in life is Change. People need to take responsibility and protect themselves as best they can. Even so sometimes things just don't work out, that's life.

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From the OP's article:

43% of those [EA's] surveyed said that they had sold at least one property for less than 50% of the asking price and nearly all said that property was overpriced for a sustainable market in their respective areas with lenders not interested in exposing themselves any further to the property market than they need to.

But all respondents agreed that there has been a marked shift with sellers prepared to take much less than the asking price for their homes and this has lead to achievable sales which has brought some revenue to estate agents since the introduction of tighter lending requirements for mortgages was implemented by lenders.

Read more: http://www.economicvoice.com/the-house-price-crash-is-here/50013676#ixzz12obmOJpl

Edited by juvenal

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Yes, very good article.

Let's hope we (finally!) see some good falls in the next 6 months or so.

"43% of EA's surveyed said that they had sold at least one property for less than 50% of the asking price"

Eh?

So anyone who is desperate to get a place at this point in time - go in with 40% of asking price offers (on repos/deceased estates) and tell 'em they will only be chasing the market down!

The EA scum are desperate for cash flow now they've pissed the housing market up the wall in some wine bar for posers and will talk the sellers down to help you!

Edited by erranta

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According to responses to a confidential survey of 100 estate agents carried out by The Economic Voice,

Read more: http://www.economicvoice.com/the-house-price-crash-is-here/50013676#ixzz12ot4TUns

It's not CONFIDENTIAL anymore :lol:;)

It sounds like it was only confidential until shortly before the coalition spending review and "leaked" possibly to help to massage prices down a bit more to help with sales.

Edited by billybong

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It's not CONFIDENTIAL anymore :lol:;)

It sounds like it was only confidential until shortly before the coalition spending review and "leaked" possibly to help to massage prices down a bit more to help with sales.

Once it went to the economic voice it was never going to stay that way he posts on here

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Have you seen any of these reasonably priced houses in your area?

Where I've been searching (granted it's the SE), I've seen no evidence of any downward movement.

They will be giving the nod/inside info/selling them to friends + relatives + investor (for a kickback) at first

(those in the know) Solicitors/valuers/surveyor/EA/banker staff etc

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They will be giving the nod/inside info/selling them to friends + relatives + investor (for a kickback) at first

(those in the know) Solicitors/valuers/surveyor/EA/banker staff etc

Assertion 1 - EAs know the bottom is falling out of the market.

Assertion 2 - EAs are passing inside information to friends & family & "those in the know" so they can buy now.

?????????

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Assertion 1 - EAs know the bottom is falling out of the market.

Assertion 2 - EAs are passing inside information to friends & family & "those in the know" so they can buy now.

?????????

????????????????????

nearly 50% of ea's admit to passing on a house for more than 50% less than asking price.

You said you never see these reductions

I replied (coz these are a rarity at the moment) they are prob. being bought on the quiet by those closest to the vi's who deal in the housing market - given a nod and a wink!

Great Yarmouth is kicking off East Anglia 6% down in last quarter!

Edited by erranta

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????????????????????

nearly 50% of ea's admit to passing on a house for more than 50% less than asking price.

You said you never see these reductions

I replied (coz these are a rarity at the moment) they are prob. being bought on the quiet by those closest to the vi's who deal in the housing market - given a nod and a wink!

Great Yarmouth is kicking off East Anglia 6% down in last quarter!

Why would they pass on this information at the start of a falling market?

Can they forecast the bottom of the market this far out?

Surely recommending property plays (even greatly reduced in price), is a sure fire way to be kicked out of the golf/yacht club these days? :D

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Why would they pass on this information at the start of a falling market?

Can they forecast the bottom of the market this far out?

Surely recommending property plays (even greatly reduced in price), is a sure fire way to be kicked out of the golf/yacht club these days? :D

Because they are desparate to get cash flow going to keep themselves in a job - they would sell one to their own/a friend without batting an eyelid - the scum :rolleyes:

Thousands of them have never experienced a proper crash - last one was over 20 yrs ago

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Because they are desparate to get cash flow going to keep themselves in a job - they would sell one to their own/a friend without batting an eyelid - the scum :rolleyes:

Thousands of them have never experienced a proper crash - last one was over 20 yrs ago

Could the article posted by the OP be posted by a VI looking to trigger price falls?

We're all very cynical about VIs ramping house prices, why don't we see when EAs want to encourage vendors to drop prices?

Set the mood music with a confidential report that mysteriously leaks. It generates chatter on the web.

Vendors call office worried, more open to suggestion about the price. Price drops a little, house sells, and EA gets commission.

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"43% of EA's surveyed said that they had sold at least one property for less than 50% of the asking price"

Eh?

:o

50%...

that is some discount off the asking price, even for HPC'ers.

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Have you seen any of these reasonably priced houses in your area?

Where I've been searching (granted it's the SE), I've seen no evidence of any downward movement.

im in the se to i have seen a few pathethic drops in the last week but nothing with whats coming. when they drop a bit more im going to view a few then start making realistic offers ie 50% off asking at best and if i dont get what i want i will keep renting and laughing at all the dreamers that think all is well. its coming and i dont think they can prop it up much longer :) fireworks night might be early this year.

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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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