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The Masked Tulip

Over-Optimistic House Sellers Ask 1.7% More...

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Over-optimistic house sellers ask 1.7% more... but their properties are stuck on the market

House sellers raised their asking prices by 1.7 per cent last month, but buyers are still thin on the ground, leading to a glut of unsold properties.

It was the fourth consecutive month in which new sellers have increased asking prices, according to property website Rightmove. The increase means the average property on the market in England and Wales has a price tag of £235,822 - six per cent or £13,400 higher than at the end of last year.

But the leap in prices in March is due to misplaced optimism, as homes are not selling.

The mismatch between supply and demand led to the number of unsold properties on estate agents' books rising at its fastest level since May 2007, to an average of 74 homes per branch.

Rightmove warned that with interest rate likely to rise, vendors wanting to take advantage of the traditional spring window needed to adopt 'serious sales tactics'.

Miles Shipside, director of Rightmove, said: 'With buyers still struggling to raise the necessary finance, the net result has been the biggest jump in unsold stock on agents' books that we have recorded in nearly four years.

'With Government cuts starting to bite and interest rate rises still expected in the second half of the year, those who are serious about selling should look to price more keenly in the spring selling season.'

Read more: http://www.dailymail.co.uk/news/article-1378011/Overly-optimistic-sellers-raise-house-prices-1-7-market.html#ixzz1JrmKXStf

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But Wales is different...

Bullish house sellers asking 2.1% more in a month

OVERLY optimistic sellers in Wales increased their asking prices by 2.1% in April but potential buyers continued to stay away from the market leading to a glut of unsold homes, research indicated today.

It was the fourth consecutive month during which new sellers have hiked their asking prices, leaving the average property on the market in Wales and England with a price tag of £235,822 – 6% or £13,400 higher than at the end of last year, according to property website Rightmove.co.uk.

But the group warned that sellers’ optimism was misplaced, as a jump in homes on the market had not been matched by a rise in buyers who were able to go ahead with a purchase.

The mismatch between supply and demand led to the number of unsold properties estate agents had on their books rising at its fastest level since May 2007 to an average of 74 homes per branch.

Read More http://www.walesonline.co.uk/news/wales-news/2011/04/18/bullish-house-sellers-asking-2-1-more-in-a-month-91466-28537322/#ixzz1JrwR3bEJ

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Over-optimistic house sellers ask 1.7% more... but their properties are stuck on the market

Read more: http://www.dailymail.co.uk/news/article-1378011/Overly-optimistic-sellers-raise-house-prices-1-7-market.html#ixzz1JrmKXStf

Surely this means in many parts of the nation people are right in the denial phase.

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Over-optimistic house sellers ask 1.7% more... but their properties are stuck on the market

Read more: http://www.dailymail.co.uk/news/article-1378011/Overly-optimistic-sellers-raise-house-prices-1-7-market.html#ixzz1JrmKXStf

Amazingly there was just an item on BBC news 24 about house prices and a lot coming on to the market without buyers to match.

Presenter actually asked the wheeled-in 'expert' straight out whether it wasn't time for vendors to reduce prices if they want to sell.

Expert hummed and ha'ed a bit, but said yes, anyone serious should think about undercutting the opposition soon, esp. with spring traditionally being best time to sell, or maybe find that IR increases etc. later in the year would reduce their chances of selling even further.

Also said that all the spring bank hols coming up were going to reduce activity.

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Also said that all the spring bank hols coming up were going to reduce activity.

What activity? Round here vendors put out ridiculous prices and then no-one then comes to view the property. Good time to invest in tumbleweed...

Edited by rantnrave

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Bank holidays being used an excuse - whatever next?

Snow, wrong type of leaves, royal wedding, too hot, national twig shortage, Cheryl Cole's new dress too long, Cheryl Cole's new dress too short, the banks wont lend people x8 their salary, we're no longer worth it etc

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I always thought the Easter bank holiday was the best buying weekend of the year?

If no one is coming to look at your property in April then you have a problem.

I believe that there are a lot of houses for sale where the owners don't need to sell. Now they don't need to get a HIP, just the cheaper EPC that is valid for 10 years, they can just tell the agent to put it up at 20% more than they would ever expect to get and just turn down offers that don't match. There is no cost to put a house up for sale.

EAs should just refuse to list if sellers aren't realistic, but they will list in order to show they have some property for sale.

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Do eas charge for advertising the property? They should, it's ridiculous. If I put a ford fiesta on auto trader asking for a million quid I've wasted 30 odd quid, and auto trader have made their money. Eas should operate in the same way, put off these kite flyers from wasting everyones time.

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Do eas charge for advertising the property? They should, it's ridiculous. If I put a ford fiesta on auto trader asking for a million quid I've wasted 30 odd quid, and auto trader have made their money. Eas should operate in the same way, put off these kite flyers from wasting everyones time.

Yes, several EAs in Swansea charge what they call an advertising fee, plus VAT of course, which shocked me when I found out. This was on top of their percentage from the sale.

I have talked about this in the past and I guess it is just a sign that they will market your house for a silly sum if you so wish - as long as you pay for it.

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I always thought the Easter bank holiday was the best buying weekend of the year?

yup, for cars and houses at least. It's an absolute p*sstake if they excuse a lack of sales due to Easter. The weather is great, and has been throughout the month, plenty of Bank Holidays to get viewings sorted. The sales environment for the housing market(apart from the houses themselves!) could not be better.

Edited by cheeznbreed

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Over-optimistic house sellers ask 1.7% more... but their properties are stuck on the market

Read more: http://www.dailymail...l#ixzz1JrmKXStf

Well this is the Spring season you know, and those deluded sellers are fully expecting the famed cash buyers to bail them out of their mortgages.

Unfortunately those international cash buyers went to Ireland en masse last week and indicated the maximum they are prepared to pay with their precious cash: 75% off peak.

Edited by _w_

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Moron sellers obviously do not believe that lack of lending is the issue as they just continue to create yet more boats for prospective buyers to miss.

I guess these people are preferring to look at how much more than can pay down on their home loans due to the non existent interest rates rather than accept lower offers.

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Bank holidays being used an excuse - whatever next?

Anything you care to name: good weather, everybody's having barbies, bad weather, they're all staying at home, Easter holidays, they're all away; Wimbledon on the telly, everybody's glued; half-term holidays, they're all away; summer holidays, ditto; wet summer, everybody's in a bad mood; hot summer, everybody's got better things to do; autumn around the corner; nobody wants to move around Christmas; Christmas coming up, everybody's Christmas shopping; snow, too cold to feel like viewing anything; more snow, they're all hibernating; everybody's waiting for spring, rinse and repeat...

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Do eas charge for advertising the property?

In general, no.

They will value the property and sell it for you as long as you ask in their ball park. They will happily put a £450K property up at £500K, but will advise you that you are unlikely to get any viewings.

Obviously if you are looking for £1m they would probably not bother, but their costs are only in marketing, so all they need do is take a few photographs and stick it on Rightmove. They will probably advise on a price reduction if there is no interest.

They can choose to not market the property, but they know seller will just have another agent market it. They often get seller to sign up for sole agency

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... people are preferring to look at how much more than can pay down on their home loans due to the non existent interest rates rather than accept lower offers.

That sounds sensible. Moving is expensive, so rather than sell for a low price and have to pay stamp duty, many are paying down their own mortgages or improving their homes. People are only moving when they have to these days.

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  • 284 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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