Jump to content
House Price Crash Forum
Sign in to follow this  
Time to raise the rents.

Its A Buyers Market, So They Say....

Recommended Posts

Picking up from this thread where I offered on two houses:

http://www.housepricecrash.co.uk/forum/ind...topic=15224&hl=

I went as far as offering £450k each, but the vendors have shown no interest in selling to me. They've now got tenants for both houses & the agents say even if they agreed to sell to me, they'd probably change their minds before it went through.

So I went beck to a house I was looking at months ago, the vendor is not that desperate either.

There is nothing else of interest to me that is for sale in my area now.

HPC my a*se.

Share this post


Link to post
Share on other sites
Picking up from this thread where I offered on two houses:

http://www.housepricecrash.co.uk/forum/ind...topic=15224&hl=

I went as far as offering £450k each, but the vendors have shown no interest in selling to me. They've now got tenants for both houses & the agents say even if they agreed to sell to me, they'd probably change their minds before it went through.

So I went beck to a house I was looking at months ago, the vendor is not that desperate either.

There is nothing else of interest to me that is for sale in my area now.

HPC my a*se.

TTRTR

I'm sure we've been through this before....

Those who don't sell don't make the market. The market price is set where buyers and sellers agree a price, not where they disagree.

Share this post


Link to post
Share on other sites
Picking up from this thread where I offered on two houses:

http://www.housepricecrash.co.uk/forum/ind...topic=15224&hl=

I went as far as offering £450k each, but the vendors have shown no interest in selling to me. They've now got tenants for both houses & the agents say even if they agreed to sell to me, they'd probably change their minds before it went through.

So I went beck to a house I was looking at months ago, the vendor is not that desperate either.

There is nothing else of interest to me that is for sale in my area now.

HPC my a*se.

Been there. Seen that. Debated it to death with you (several times).

Property prices around here in North London falling big time. Rightmove has the highest number of property pages for my post code in several years - well in excess of 200 properties, for a tiny postcode area. Most of the stuff has been stuck on the market since last Sept. Recent price chops have been the most significant. Properties still remain unsold.

Local rag arrived yesterday. Nearly all the pictures have "New Price", "No Chain", etc., etc. slapped on them. Isn't helping sales, though. Rental pages are at their highest for 4-5 years; rental prices are lowest I've seen in years - not enough to cover even half a repayment mortgage on the same places.

No HPC? My a*se. :P

Nomadd

Share this post


Link to post
Share on other sites

Where I live, prices haven't dropped. But nothing much is selling either.

There has been a standoff between buyers and sellers for the last few months. Sold boards have started to appear in the last week or so. Probably just down to the time of year though.

The sheer amount amount of new business premises being built in my area makes me think any HPC is some way off in this neck of the woods.

I expect the market (and prices) to remain fairly stagnant for many, many months.

There is no HPC here. (yet?)

Share this post


Link to post
Share on other sites

seems you are finding out what we allready know

there is nothing out there for sale at a price your willing to pay for it

hence its overpriced you cant expect to get huge amounts for your own properties while buying them cheap off others it just dont work like that, you can only make money in a rising market not a stagnant or dropping one when it comes to property.

In every post you do i see the realisation setting in

Edited by homeless

Share this post


Link to post
Share on other sites
But where are the sellers??

Should be a door somewhere on the ground floor. Go through that and you should find it ...

Share this post


Link to post
Share on other sites

"coo-eeeh....its a buyers market everybody...c'mon in....the pirces are lovely...join the fun and make a big splash in property everybody...wheeee...."

what a crock. yeah. sure its a 'buyers' market. they are still 2 thirds too much. i'll wait thanks.

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
HPC my a*se.

Ah, TTRTR has now entered the "denial" phase.

Keep it up M8, you're showing definite signs of progress.

Share this post


Link to post
Share on other sites

I went as far as offering £450k each, but the vendors have shown no interest in selling to me. They've now got tenants for both houses & the agents say even if they agreed to sell to me, they'd probably change their minds before it went through.

I don't understand. Why has he got those time wasters on his books for, if he thinks they’re going to pull out when someone shows an interest?

Share this post


Link to post
Share on other sites
Guest wrongmove

Hmmmm...... where are the sellers........

Funnily enough, they are not in Sweden, which may explain TTRTR's difficulty.

Meanwhile, back in UK, properties are piling up in the EAs. For Nottingham, the number now exceeds 200 a day on Rightmove. This is the highest since Mervin's famous announcement, and far more than the LR's reported sales. They are finally getting noticably cheaper, too. :)

Share this post


Link to post
Share on other sites
Guest rigsby II
HPC my a*se.

I have to agree 100% for me at least. No HPC.

I put offer today on new-build house on small development of 5 detached houses.

Thay've been on sale and finished for 18 months - date's on the EA brochure. They have sold 1 in this time, small developer, big outlay, no cash-flow, repayment charges etc etc I'd have thought he'd have been desperate after 18 months, but no...

Conversation went like this.

Me. I'm interested in house you have for sale, its on at £250K

EA. So you'd like to offer £250K

Me. No I've noticed that the one house that sold 12 months ago went for £160K, I looked in the land registry. I'd like to offer £160K cash.

EA Oh.

Me. I mean how come its gone up £90K in a year, have they discovered oil in the back garden or summat ?

EA. Silence..........

Me. Silence..........

EA I'll take some details (in best Vicky Pollard cant be bovvered voice)

Got back 5 mins later, offer been rejected. No HPC, no desperate sellers in my experience.

Crash, what crash...

:)

Share this post


Link to post
Share on other sites
I have to agree 100% for me at least. No HPC.

I put offer today on new-build house on small development of 5 detached houses.

Me. I'm interested in house you have for sale, its on at £250K

EA. So you'd like to offer £250K

Me. No I've noticed that the one house that sold 12 months ago went for £160K, I looked in the land registry.  I'd like to offer £160K cash.

......Got back 5 mins later, offer been rejected.  No HPC, no desperate sellers in my experience.

Crash, what crash...

:)

Rigsby. Offering 36% below asking price is expecting a bit much IMO. :rolleyes:

Try again in 6 months :lol:

Share this post


Link to post
Share on other sites
It's true.

There aren't many forced sellers.

Contrary to Nomadd in North London I too am from that area and can report a standstill.

Once YOY goes negative that should stir some activity.

There is still a great deal of resistance out there...even from "keen" sellers....

45K under!!! these people probably now your desperate, but you haven't just had a brain removed !the cheek of it!!! were sticking to our price coz we've got a few months to spare,someone has put in a offer of 2k under, but we've still got people coming round,but i think we'll take that,it doesn't seem to bad compared to your offers.

http://britishexpats.com/forum/showthread....3&page=75&pp=15

Share this post


Link to post
Share on other sites
So I went beck to a house I was looking at months ago, the vendor is not that desperate either.

:)owyouluckybastard2mm.gif:)

I've wondered, if it's all because they can't afford to drop their price because of

the debt tied up in the property. A lot of property is standing still?

1. Denial. (We believe prices will rise).

2. Debt. (Can't drop won't drop).

3. Optimism. (Wait for a couple of months and then it'll pick-up).

4. Something sinister. (Pod people. Aliens have taken over their bodies)

Share this post


Link to post
Share on other sites
I have to agree 100% for me at least. No HPC.

I put offer today on new-build house on small development of 5 detached houses.

Thay've been on sale and finished for 18 months - date's on the EA brochure.  They have sold 1 in this time, small developer, big outlay, no cash-flow, repayment charges etc etc I'd have thought he'd have been desperate after 18 months, but no...

Conversation went like this.

Me. I'm interested in house you have for sale, its on at £250K

EA. So you'd like to offer £250K

Me. No I've noticed that the one house that sold 12 months ago went for £160K, I looked in the land registry.  I'd like to offer £160K cash.

EA Oh.

Me. I mean how come its gone up £90K in a year, have they discovered oil in the back garden or summat ?

EA. Silence..........

Me. Silence..........

EA I'll take some details (in best Vicky Pollard cant be bovvered voice)

Got back 5 mins later, offer been rejected.  No HPC, no desperate sellers in my experience.

Crash, what crash...

:)

Rigsby,

Without wishing to be rude, the fact that this developer will not give you such a massive discount on his asking price is not much evidence for there not having been any price "crash"/correction etc.

If I understand correctly, he has five detached places (I'm assuming much the same) and has managed to sell one for £160k.

It is a little hard from that information to decide what prices have done - up, down or sideways?

He can leave them in the EA's window and tell himself he has £1m of property for as long as he likes and this offers zero evidence for or against a property "crash". If he sells them for £250k each then that does provide some evidence until such time the actual "value" may have gone up or down by 10% (I have no idea and seems perhaps you don't either).

Share this post


Link to post
Share on other sites
Guest rigsby II
Without wishing to be rude, the fact that this developer will not give you such a massive discount on his asking price is not much evidence for there not having been any price "crash"/correction etc.

None taken...

I don't see it as an insult to the developer that I offered a low price.

Rather I see it as an insult that he is asking me to pay £90K more for exactly the same house that sold 12 months ago, and neither can others, thats why they are empty after 18 months.

His loss & my loss, stagnation, no HPC as yet....

:)

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
I've wondered, if it's all because they can't afford to drop their price because of

the debt tied up in the property.

I wouldn't be surprised if that is a big factor.

A period of denial is to be expected (it happened in the lasty crash), having debt tied up in your home is going to limit a lot of people's options when selling.

Share this post


Link to post
Share on other sites
None taken...

I don't see it as an insult to the developer that I offered a low price.

Rather I see it as an insult that he is asking me to pay £90K more for exactly the same house that sold 12 months ago, and neither can others, thats why they are empty after 18 months.

His loss & my loss, stagnation, no HPC as yet....

:)

Hi Rigsby,

I agree - you'd probably need to be a little mentally unstable to have answered "yup, £250k on the nose".

In today's market, if the EA doesn't seem pizzed off with your offer you probably offered too high.

What I'm saying is that just because he hasn't crystallised any price falls that doesn't mean they haven't happened.

For example, flats like where I live were on at £235k last summer, now the asking price is £220k or so, none have sold, the average discount to asking price has widened and the guy who was asking £235k has now rented the place out (he cut the price to £200k eventually and still didn't get a buyer).

So, is his place worth:

a) £245k by now

B) £235k, the same as June 2004

c) £220k less an average discount of perhaps 6-7% (£205k-ish)

d) The £200k he couldn't get over the year or so it was on the market

e) whatever he can ACTUALLY sell for rather than leave it in the estate agent's window

The fact that he has taken it off the market does not mean it has not fallen in value. Similarly, the fact that the developer won't entertain your offer, while not very surprising, doesn't mean it wasn't a fair offer (I just don't bother to offer what I think my flat is worth and cut out the bit in the middle... where the EA moans, the vendor moans and no deal gets done).

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 337 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.