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The Masked Tulip

Sold For 20% Off Asking Price

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I was just comparing the price of Kenco coffee between two local shops - I lead an interesting life - when I decided to browse the offerings in one of my local estate agents.

The EAs inside were in deep discussion.

Two of them sold their houses back in August, to rent, after putting them on the market in the Summer. They were saying that if they put them on the market now they would stand no chance of selling.

Phrases such as "market is drying up", "nothing is selling" (This is a phrase I hear increasingly from Swansea EAs) and "the coming months are just going to get harder and harder".

Two of the EAs said that they were now putting money aside each month because they know that things are going to get worse - I assumed this was because of a fear of losing their jobs.

But the icing on the cake was a townhouse in Swansea Marina which had been sold for 20% off asking price - they went very hushed tones when mentioning this so I could not make out whether they knew the buyer or seller... I assume the seller.

They mentioned the townhouses in question - when new they were going for about 250K and quickly shot up to between 250K and 320k depending on how well you haggled with the developer. A second and third phase of these have gone up since and the askin prices, for more or less the same ones, are now between about 260K and 360K.

20% off - nice!.

I then walked out of the EAs and bumped int a well-connected Swansea solicitor who is now retired but keeps his ear to the ground. He not only told me that the housing market is dead in Swansea - he is well connected with solicitors who do conveyancing work... but he began telling me about the various job cuts that are coming. Job cuts at the DVLA being high on the list.

He told me that as a renter the coming months would be ideal to be put in really low offers. In fact, he said that even now you could put in really low offers simply because the housing market was so poor.

20% off!

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i know someone who got 25% off .

he was putting in offers 20-30% lower, and telling the EA to not even bother with a veiwing unless he had chance of getting it for at least 20%

he got quite a few places to look at, and has had offer accepted, 25% lower

good news, this friend is in the north though, but still good news

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i know someone who got 25% off .

he was putting in offers 20-30% lower, and telling the EA to not even bother with a veiwing unless he had chance of getting it for at least 20%

he got quite a few places to look at, and has had offer accepted, 25% lower

good news, this friend is in the north though, but still good news

That is an interesting attitude to take. I am truly shocked by how the EAs I visit do virtually nothing to get me to buy a house. For goodness sake, the girl with the nice bottom in M&S tries harder to sell me a pair of socks!

Speaking of which, I think I will go and look at some socks.

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Seriously TMT do you have a job? I'd love to spend all day going around annoying estate agents!

Good anecdote though. I'd say 20% is not uncommon at the moment for those who really need to sell.

With regards to the job losses these are not just in Wales. Even the prosperous SE is being affected by this. Mrs Pent Up had a meeting at work yesterday (NHS administration) the outcome was that the department with which she's shares her office will have to reapply for a smaller number of jobs. Her department is 'almost certainly' going to be outsourced. It's not confirmed what will happen to her job yet but I assume it's redundancy.

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Seriously TMT do you have a job? I'd love to spend all day going around annoying estate agents!

Good anecdote though. I'd say 20% is not uncommon at the moment for those who really need to sell.

With regards to the job losses these are not just in Wales. Even the prosperous SE is being affected by this. Mrs Pent Up had a meeting at work yesterday (NHS administration) the outcome was that the department with which she's shares her office will have to reapply for a smaller number of jobs. Her department is 'almost certainly' going to be outsourced. It's not confirmed what will happen to her job yet but I assume it's redundancy.

Why would you love to spend all day going around annoying estate agents? Sounds rather sad to me. Go and look at pert bottoms in M&S instead.

Today, if my Mum was still alive, would be my Mum's birthday so I take today off to chill, reflect and remember.

Happy birthday Mum :)

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Why would you love to spend all day going around annoying estate agents? Sounds rather sad to me. Go and look at pert bottoms in M&S instead.

Today, if my Mum was still alive, would be my Mum's birthday so I take today off to chill, reflect and remember.

Happy birthday Mum :)

Your Mum would be proud of you!

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Your Mum would be proud of you!

Thank you.

Out of interest, I passed another EA office this afternoon whilst buying some lambs lettuce and prawn cocktail - I feel it is important to keep you all aware of my food buying habits - and decided to pop in.

Cheeky sods could not be bothered to say hello to me but, as soon as I walked in, I could sense that the atmosphere could be cut with a knife. There were two EAs sat in there busy ringing around seller after seller and, occasionally, the odd potential buyer.

Each time they finished speaking on the phone they literally slammed down the hand-piece with a din that began to give me a headache.

Whenever they talked to a seller it was to inform them that they had not heard from the viewer, or that they were unable to get hold of the viewer and wondered whether the sellers themselves had heard from the viewer.

Twice I heard them ringing up buyers who had been on their mailing list and asking whether the buyer was still looking to buy, whether they could put them back on their mailing list, etc.

Fascinating really, as they totally ignored me and, just to test the waters, when I asked them for a leaflet on one property I got the impression that they thought I had asked them to wipe my bottom.

Anyhow, I could not stand the banging down of phones so got out there quicker than I usually do.

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The EAs inside were in deep discussion.

Two of them sold their houses back in August, to rent, after putting them on the market in the Summer. They were saying that if they put them on the market now they would stand no chance of selling.

Phrases such as "market is drying up", "nothing is selling" (This is a phrase I hear increasingly from Swansea EAs) and "the coming months are just going to get harder and harder".

Didn't your mother ever tell you it's rude to eavesdrop?

Anyway.... is it still illegal to record a conversation without the person's knowledge?

If it isn't you could buy a voice recorder, visit an estate agent, leave it there somewhere, then call back a few hours later, take it home and have a listen. This one has a battery that lasts 4 hours. There is space for 40 hours recording.

http://www.amazon.co.uk/Thumbs-Up-USB-Voice-Recorder/dp/B002EENX5E

TMT, HPC's answer to 007?

"My name is Tulip, The Masked Tulip"

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Didn't your mother ever tell you it's rude to eavesdrop?

Anyway.... is it still illegal to record a conversation without the person's knowledge?

If it isn't you could buy a voice recorder, visit an estate agent, leave it there somewhere, then call back a few hours later, take it home and have a listen. This one has a battery that lasts 4 hours. There is space for 40 hours recording.

http://www.amazon.co.uk/Thumbs-Up-USB-Voice-Recorder/dp/B002EENX5E

TMT, HPC's answer to 007?

"My name is Tulip, The Masked Tulip"

MT you need to take up this challenge. Considering some of the things EA's say when you're about, it would be interesting to hear what they say when you're not! In fact, I quite like the idea of this. Maybe we could do this regionally?

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I live on an estate of 100 or so houses which are all essentially identical 3 bed semis ( I think there might be half a dozen 4 bed versions). The peak was reached in 2006 at a price of £110k which is a totally ridiculous price for what they are.

Sales have been sluggish for a while around here but looking on the Houseprices website I find that only 2 have sold in the last 12 months, one last december for £73k and one this september for £69k which by my reckoning puts us back to 2003 prices with only one direction to go.

It`s been a long time coming but this is going to be fun to watch :D

edit. sorry, peak was £117k in 2007

Edited by Limpet

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I live on an estate of 100 or so houses which are all essentially identical 3 bed semis ( I think there might be half a dozen 4 bed versions). The peak was reached in 2006 at a price of £110k which is a totally ridiculous price for what they are.

Sales have been sluggish for a while around here but looking on the Houseprices website I find that only 2 have sold in the last 12 months, one last december for £73k and one this september for £69k which by my reckoning puts us back to 2003 prices with only one direction to go.

It`s been a long time coming but this is going to be fun to watch :D

Are you living in a low priced part of your area?

Just wondering what the market segment is where you are noticing these drops.

Edited by oldsport

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I live on an estate of 100 or so houses which are all essentially identical 3 bed semis ( I think there might be half a dozen 4 bed versions). The peak was reached in 2006 at a price of £110k which is a totally ridiculous price for what they are.

Sales have been sluggish for a while around here but looking on the Houseprices website I find that only 2 have sold in the last 12 months, one last december for £73k and one this september for £69k which by my reckoning puts us back to 2003 prices with only one direction to go.

It`s been a long time coming but this is going to be fun to watch :D

edit. sorry, peak was £117k in 2007

Where are you?

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,,, whilst buying some lambs lettuce and prawn cocktail

with Kenco coffee? are you a chav??

do we get to choose what foodstuffs you pick up - I challenge you to get a pair of large melons and casually wander into the EA's office and have a conversation with them entirely in a Kenneth Williams voice making innuendo'd reference to your food

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Are you living in a low priced part of your area?

Just wondering what the market segment is where you are noticing these drops.

I live in the East Midlands ( north Notts ) Close to Sherwood Forest in what would have been a housing estate built by the NCB for mining families. There are several of these in the area, and the one I`m on is not the worst by any means. In fact I would say it`s fairly decent.

In the area there is a fairly diverse housing stock particularly in the surrounding "nicer" villages but it is the ex mining estates that have been targetted by BTLers.

The main problem around here is that the mines have all but disappeared and Tesco seems to be one of the larger employers now with an obvious impact on the typical wage.

I would say that the type of house I`m in ( 3 bed semi) would be the most common around here, with relatively few terraces and flats and so would be the typical FTB house ( it was for me) and as they were largely built in the 50`s and 60`s they are of a decent standard and some have other good points like a large garden ( 100ft in some cases, although not mine) and mine has it`s own drive.

I still maintain that going purely on the typical local wage that a house of the type I`m in would be fair value at around £55k to £60k. Bearing in mind that when I bought in 1987 I paid £17,500.

Amazingly one bloke just up the street from me still has his house up for sale at £112k so he`ll not be going anywhere for a while.

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with Kenco coffee? are you a chav??

do we get to choose what foodstuffs you pick up - I challenge you to get a pair of large melons and casually wander into the EA's office and have a conversation with them entirely in a Kenneth Williams voice making innuendo'd reference to your food

:lol:

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Where are you?

See above :D

Also, typical ex NCB house around here, up for sale in feb at £118k reduced to £105k with some way to go I reckon.

I wouldn`t want to pay more than £65k to £70k max.

Decentish houses though, much better than the newbuild shoe boxes they`ve been throwing up recently locally.

All houseprices though must be seen in the context of the local wages.

Housey housey

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I live in the East Midlands ( north Notts ) Close to Sherwood Forest in what would have been a housing estate built by the NCB for mining families. There are several of these in the area, and the one I`m on is not the worst by any means. In fact I would say it`s fairly decent.

In the area there is a fairly diverse housing stock particularly in the surrounding "nicer" villages but it is the ex mining estates that have been targetted by BTLers.

The main problem around here is that the mines have all but disappeared and Tesco seems to be one of the larger employers now with an obvious impact on the typical wage.

I would say that the type of house I`m in ( 3 bed semi) would be the most common around here, with relatively few terraces and flats and so would be the typical FTB house ( it was for me) and as they were largely built in the 50`s and 60`s they are of a decent standard and some have other good points like a large garden ( 100ft in some cases, although not mine) and mine has it`s own drive.

I still maintain that going purely on the typical local wage that a house of the type I`m in would be fair value at around £55k to £60k. Bearing in mind that when I bought in 1987 I paid £17,500.

Amazingly one bloke just up the street from me still has his house up for sale at £112k so he`ll not be going anywhere for a while.

Your development sounds like a good leading indicator of where all prices will be going.

I live opposite probably the nicest local authority estate in our area, a smallish one built in the 1930s, where virtually every house has been bought. They're all 3 bed semis and were about £35K in 1998 but they hit £120K at peak. They don't seem to have dropped yet, but I keep watching them as I expect a similar thing to happen as you're seeing.

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Your development sounds like a good leading indicator of where all prices will be going.

I live opposite probably the nicest local authority estate in our area, a smallish one built in the 1930s, where virtually every house has been bought. They're all 3 bed semis and were about £35K in 1998 but they hit £120K at peak. They don't seem to have dropped yet, but I keep watching them as I expect a similar thing to happen as you're seeing.

This is exactly right.

Around here the going rate in 2000/2001 was about £35k and since then wages have hardly gone anywhere.

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i know someone who got 25% off .

he was putting in offers 20-30% lower, and telling the EA to not even bother with a veiwing unless he had chance of getting it for at least 20%

he got quite a few places to look at, and has had offer accepted, 25% lower

good news, this friend is in the north though, but still good news

This is all really interesting- I am in the North so am glad that your friend has secured a good discount.

However, where I am, asking prices are still ludicrous- often above peak sold prices with no fundamentals to support this so I'm very cautious of percentage discounts.

20% off ludicous asking prices is still too much IMO.

I almost think it would be better to have no asking prices and do your research to determine a properties worth and offer based on that and that alone.

I hope none of us are getting suckered into the asking prices which are cushioned to still allow a discount and give the impression the buyer has got "a deal".....

Anyhow, TMT- have a good evening.

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I was just comparing the price of Kenco coffee between two local shops - I lead an interesting life - when I decided to browse the offerings in one of my local estate agents.

The EAs inside were in deep discussion.

Two of them sold their houses back in August, to rent, after putting them on the market in the Summer. They were saying that if they put them on the market now they would stand no chance of selling.

Phrases such as "market is drying up", "nothing is selling" (This is a phrase I hear increasingly from Swansea EAs) and "the coming months are just going to get harder and harder".

Two of the EAs said that they were now putting money aside each month because they know that things are going to get worse - I assumed this was because of a fear of losing their jobs.

But the icing on the cake was a townhouse in Swansea Marina which had been sold for 20% off asking price - they went very hushed tones when mentioning this so I could not make out whether they knew the buyer or seller... I assume the seller.

They mentioned the townhouses in question - when new they were going for about 250K and quickly shot up to between 250K and 320k depending on how well you haggled with the developer. A second and third phase of these have gone up since and the askin prices, for more or less the same ones, are now between about 260K and 360K.

20% off - nice!.

I then walked out of the EAs and bumped int a well-connected Swansea solicitor who is now retired but keeps his ear to the ground. He not only told me that the housing market is dead in Swansea - he is well connected with solicitors who do conveyancing work... but he began telling me about the various job cuts that are coming. Job cuts at the DVLA being high on the list.

He told me that as a renter the coming months would be ideal to be put in really low offers. In fact, he said that even now you could put in really low offers simply because the housing market was so poor.

20% off!

Interesting stuff, Tulip - many thanks.

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  • 150 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% +
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