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The Masked Tulip

Welsh Estate Agents Are Still Ramping Up Welsh House Prices

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http://www.gogwatch.com/2011/03/17/guest-post-welsh-estate-agents-are-still-ramping-up-welsh-house-prices/

In the bad times (like now), you’d expect estate agents to be more realistic in their valuations, in the hope of selling more houses.

But instead some carry on overvaluing property.

The reason they are doing this is because so few houses are selling now that a lot of estate agents are fighting for survival – and they are desperately competing with each other for business.

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looks the same everywhere, people talk like 150k or 200k is cheap for a house, when they only earn 20k

all crazy, IMO.

I was doing the same only last week. Thinking a house on for 255K asking was cheap then I had to remind myself I did not think it was cheap at 180K about 5 years ago - and nothing has been done to it. Still the same ugly kitchen as 5 years ago.

180K used to buy you a wonderful house. Most people who bought a house prior to 2003ish probably could not afford to buy now. But we all know this.

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Everyone's minds are 'anchored' at too high a level now. Even us. It has simply gone on for so long.

Yes, even us. Yet in the US it is the opposite and people are of a mindset now that house prices will just keep on falling.

Does the same bull bear situation apply to houses as it does to shares? Should people be looking at property in the US now but running a mile from it in the UK?

I know it is not that simple. Perhaps the events of the next few days on the global markets will be a wake-up call for us all.

Re Welsh houses - there is a definite slow down of properties coming on the market in Swansea. Very noticeable.

Anything decent between 200K and 250K is selling. Over 250K some stuff goes but most of the stuff at 300K just sits there. The sellers seemingly unwilling or unable to drop below that 300K mark. Hence a lot of property which should be 250K now comes on for 310K, 320K, even 350K.

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Everyone's minds are 'anchored' at too high a level now. Even us. It has simply gone on for so long.

yes it has gone on too long now, honestly i cant see it changing, i think they will stay at this level for the next 10 years, obviously i hope not, but just nothing happening crash wise

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yes it has gone on too long now, honestly i cant see it changing, i think they will stay at this level for the next 10 years, obviously i hope not, but just nothing happening crash wise

You and I have talked about this much in recent months. Still agree with you.

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I imagine it's a massive psychological step to revalue your house with a 2 in front of it after believing it should start with a 3. Bigger, say, than going from 275k to 250k. Anwyay, back to bl**dy Welsh estate agents. Was told just last week by an EA in Cardiff that a property I was enquiring about had just had a 'substantial drop' in asking price. Actually no. The vendor had dropped the price by about £10k, but withdrawn the offer to pay stamp duty, effectively increasing the price. That makes the EA either a liar or stupid. Take your pick. It doesn't really make much difference.

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Mr/Mrs MT,

Do you have an obsession with/about estate agents? :unsure:

ie. 'I was talking to an EA' (regular post here)

You appear to have many discussions with EA's, are you connected (family?) to an EA?

Just trying to work out your frequent EA related posts!

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We have been conditioned to almost accept that higher prices will never reduce to sensible levels.

I occasionally browse on the moneysavingexpert forums; and the level of debt and financial misery caused by grotesque mortgages and complete abandonment of reality and responsibility is shocking.

The Welsh are hurting big time. Greedy EAs are directly contributing to this DISASTER. :ph34r:

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That makes the EA either a liar or stupid. Take your pick. It doesn't really make much difference.

I'm going for 'stupid liar'.

My other half is currently keen to view a few places because they're 'good value' at a quarter of a million. This is for a very average victorian terrace in a not very glamorous SE seaside town. I keep having to remind her that this is not monopoloy money we're talking about here and over 25 years, we'd have paid the bank the best part of half a million quid for the privilege of small rooms, a tiny garden, neighbours directly attached on both sides, and no parking. HALF A MILLION QUID!

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Mr/Mrs MT,

Do you have an obsession with/about estate agents? :unsure:

ie. 'I was talking to an EA' (regular post here)

You appear to have many discussions with EA's, are you connected (family?) to an EA?

Just trying to work out your frequent EA related posts!

I am looking to buy a house. Incredible as it might seem but that brings me into contact with estate agents.

Even more incredible, this is a site that discusses house prices so I post my experiences of house hunting and talking with estate agents here.

Why are you here?

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yes it has gone on too long now, honestly i cant see it changing, i think they will stay at this level for the next 10 years, obviously i hope not, but just nothing happening crash wise

Wales may be resilient due to high employment, lots of wealthy buyers and the cache' of the "Welsh Riviera" (everyone wants to get in before prices go up. However, the SE of the Uk is different as we have higher unemployment and no sense of "prices can't go down here." I have a house under offer that was £325k at peak and my offer of £200k has been accepted. That is in East Sussex where prices "do not drop."

I suspect Wales is like Switzerland and is immune from global trends, tight credit or the effects of austerity. You may be right--no drops in Wales will be seen as something would have happened by now.

My advice leave Wales to the rich and buy where prices ARE crashing (Up North, Midlands, SE and W).

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I'm going for 'stupid liar'.

My other half is currently keen to view a few places because they're 'good value' at a quarter of a million.

Presumably she wont mind being the sole mortgage holder then ?? B)

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Presumably she wont mind being the sole mortgage holder then ?? B)

Nah, she's a smart woman, and she gets it really. It's just that sometimes, as others have said, the way in which large debt became normalised in the last decade has distorted people's sense of reality. She just needs an occasional nudge to remind her!

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I am looking to buy a house. Incredible as it might seem but that brings me into contact with estate agents.

Even more incredible, this is a site that discusses house prices so I post my experiences of house hunting and talking with estate agents here.

Why are you here?

Research, knowledge,

just in case I should be tempted to 'bite the bullet' and buy again (doubtful I know).

I check RM, then visit HPC, get a fix, and realise that I have no need to ever buy again.

But you must admit, you post more frequently than anyone else about your contacts with EA's. :P

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Research, knowledge,

just in case I should be tempted to 'bite the bullet' and buy again (doubtful I know).

I check RM, then visit HPC, get a fix, and realise that I have no need to ever buy again.

But you must admit, you post more frequently than anyone else about your contacts with EA's. :P

Well, I am seriously house hunting... but have been so for several years now. You have to have contact with them as much as I loathe many of them.

There are some branches I refuse to go in as I personally find the people appalling. Others I can just about put up with and I can think of two branches I frequent where the people are lovely and just as fed up with things as we are on here.

I know several EAs who keep going out and valuing houses in Swansea only for their competitors to come in and value them anything from 5K to even more than a 100K more. They lose the business and just worry for their jobs.

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Well, I am seriously house hunting... but have been so for several years now. You have to have contact with them as much as I loathe many of them.

There are some branches I refuse to go in as I personally find the people appalling. Others I can just about put up with and I can think of two branches I frequent where the people are lovely and just as fed up with things as we are on here.

I know several EAs who keep going out and valuing houses in Swansea only for their competitors to come in and value them anything from 5K to even more than a 100K more. They lose the business and just worry for their jobs.

Well put.

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Well, I am seriously house hunting... but have been so for several years now. You have to have contact with them as much as I loathe many of them.

There are some branches I refuse to go in as I personally find the people appalling. Others I can just about put up with and I can think of two branches I frequent where the people are lovely and just as fed up with things as we are on here.

I know several EAs who keep going out and valuing houses in Swansea only for their competitors to come in and value them anything from 5K to even more than a 100K more. They lose the business and just worry for their jobs.

OK, no problem with that, best of luck with your searching.

But, I don't think that you (& us) need to rush, time is on your side, I think!

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Wales may be resilient due to high employment, lots of wealthy buyers and the cache' of the "Welsh Riviera" (everyone wants to get in before prices go up. However, the SE of the Uk is different as we have higher unemployment and no sense of "prices can't go down here." I have a house under offer that was £325k at peak and my offer of £200k has been accepted. That is in East Sussex where prices "do not drop."

I suspect Wales is like Switzerland and is immune from global trends, tight credit or the effects of austerity. You may be right--no drops in Wales will be seen as something would have happened by now.

My advice leave Wales to the rich and buy where prices ARE crashing (Up North, Midlands, SE and W).

Latest Land Reg data had Wales leading the way in YoY declines (after NI IIRC)

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Didn't a recent LR survey put Welsh house prices down 4%??

Anyway I read on MSE about a vendor moaning because their EA is pressuring them to accept the 'stupidly low offer' they have received. Can't find the thread now though but it seems some EAs get it.

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Didn't a recent LR survey put Welsh house prices down 4%??

Anyway I read on MSE about a vendor moaning because their EA is pressuring them to accept the 'stupidly low offer' they have received. Can't find the thread now though but it seems some EAs get it.

There are a significant number posting on the EAToday site who 'get it' as well.

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There are a significant number posting on the EAToday site who 'get it' as well.

I have not been to that site in ages as I got fed up with the EA bull and spin on houses prices? Have they changed their tune?

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I have not been to that site in ages as I got fed up with the EA bull and spin on houses prices? Have they changed their tune?

What do you think about the future prices of rural properties in Wales?

With petrol and heating oil increasing so much it must be hitting some people hard. Further to travel for work/facilities and colder temperatures in rural areas.

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  • 285 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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