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Telegraph: Sharp Increase In Homes For Sale Signals Further House Price Falls


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http://www.google.com/hostednews/ukpress/article/ALeqM5h_gQ69bjl54DuH5sbFVHIjmgoW8Q?docId=N0033871300276698161A

Number of homes for sale up 25%

(UKPA) – 20 hours ago

The number of properties being put up for sale has soared by 25% year-on-year as sellers become more realistic about how much their homes are worth, research has indicated.

The average estate agent branch had 70 properties on its books in February, up from just 56 a year earlier, according to the National Association of Estate Agents (NAEA).

Some bull shit in that (obviously being the NAEA) but you can't hide the fact that it's a huge increase :) down we go!

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....so are they saying there is more of a supply than a demand (to pay the suppliers price)?

What is more interesting to know is why are these people selling their homes, where are they moving to and what are they, if anything buying?.......

...you can always tell when there has been a flood of property put onto the market the property pages in the local is fatter than the paper itself. ;)

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Not seeing it in my area.

Talked to 3 EAs - same office - today and they are beginning to panic how slow it is. Phone is not ringing. They expected March to be their busiest month.

....it must be seller interest, rather than buyer interest.......it may be more in areas where there is likely to be more 'excess' properties such as low yield BTLs, forced landlords,holiday homes or those with excess space downsizing....hoping they can sell before the next downfall. ;)

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2 of the large estate agents in my city are offering "buyer's incentives" of up to £1000, I've been getting SPAMMED by rightmove advertising newbuilds, and estate agents have been SPAMMING me with "We found this house - you might be interested" emails containing properties at least 50% over my budget and overvalued by just as much.

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Not seeing it in my area.

Talked to 3 EAs - same office - today and they are beginning to panic how slow it is. Phone is not ringing. They expected March to be their busiest month.

Low transactions, low sales commissions. High prices, less movers (even those with money and the ability to move) due to very high frictional costs. People don;t like waving goodby to thousands/tens of thousands in tax and commissions and not getting much more for their money (the rungs between the ladder are too far apart as well).

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For what it is worth, my local property rag was just a handful of pages this week. I was told only one small EA chain advertised in it.

So we are back down to 2009 level advertising this week, one EA chain allegedly cutting staff to 4 days a week and one chain that had begun opening on Sundays again back in January not opening last Sunday.

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Does this mean we will get the same old nonsensical reports that there is a huge housing shortage :lol::lol::lol:

Pop into your local estate agents and join the vast waiting lists, yeah right, or is it a ploy to allow stuggling housebuilding to build more homes hence selling to 'dream' to niaive young people who will be saddled with a life of debt to live in total crap.

Barratts anyone?

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This increase in number of homes for sale is probably the biggest indicator we are on the verge of a price decrease.

When do Rightmove update their stats to include February?

For us, Jan showed massive increase(year on year) in unsold stock and a small change up on listings.

All good.

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I agree. Prices are not going to drop that much. They will remain flat for many years to come.

Personally I have bought. Property is about 20% under valued. Will have it all paid off in 3 years and mortgage is cheaper than rent. I think it's the best we're gonna get here in the South East.

Don't take this the wrong way but..are you mental?

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Tell me why? Do you know something I don't? Probably not.

I do know that prices were pushed up due to an abundance of cheap and easy credit.

I also know that cheap and easy credit is no longer in abundance.

So from these two pieces of information I have come to the conclusion that prices will fall.

And the evidence for homes being 20% undervalued?

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I can see how a sustained zero interest rate policy could lead to a housing market with nominally flat prices and low volumes with high inflation meaning prices falling significantly in real terms. If your ability to buy will keep pace with inflation then it would make sense to wait. If not then might as well buy now.

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Along with credit availability - employment security must play a huge influence in future asset prices; and this is what I worry about. Why buy when companies are so focused (still) on managing costs out of the business rather than growing the top line. Maybe not everywhere, but my strong sense is that the hackers are still marauding around the majority of companies. I'm waiting till more blood has been spilled. :ph34r:

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