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Ever Increasing Supply

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Yesterday there were 450 properties for sale in my postcode. 11 more have been added today according to Rightmove and if their latest sales data is correct, all of four properties were sold in February!

How much longer before this translates into substantial price falls?

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Yesterday there were 450 properties for sale in my postcode. 11 more have been added today according to Rightmove and if their latest sales data is correct, all of four properties were sold in February!

How much longer before this translates into substantial price falls?

Never because house prices ARE THE UK ECONOMY if there are more falls the printers will put to work faster (not switched on they are already printing like mad) and faster.

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Now up to 13 new properties today. Thought it might be an agent re-listing stock, but they're from a spread of EAs.

These numbers are up 15% from April 2009 and 8% from April 2010.

Anyone else seeing the same?

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Now up to 13 new properties today. Thought it might be an agent re-listing stock, but they're from a spread of EAs.

These numbers are up 15% from April 2009 and 8% from April 2010.

Anyone else seeing the same?

Yep, plenty are coming back on the market that were SSTC a couple of months ago plus extras. Sale volumes down by at least 50% yet 1% or 2% fall in property prices – it’s not the supply that matters, its how much someone is willing to pay for it and it appears there are plenty of people out there with more money than sense.

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Yesterday there were 450 properties for sale in my postcode. 11 more have been added today according to Rightmove and if their latest sales data is correct, all of four properties were sold in February!

How much longer before this translates into substantial price falls?

Rightmove sales data isn't correct. The number will increase as more information is submitted to the land registry.

But that aside im seeing the The same there more properties on the Market now than I have ever seen. Up substaintially yoy.

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Rightmove sales data isn't correct. The number will increase as more information is submitted to the land registry.

But that aside im seeing the The same there more properties on the Market now than I have ever seen. Up substaintially yoy.

I've seen this discussion on other threads. Can we be so sure. Admittedly my area is a small sample. February 2011 would not be the only recent year where property sales have fallen to single figures though.

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I've seen this discussion on other threads. Can we be so sure. Admittedly my area is a small sample. February 2011 would not be the only recent year where property sales have fallen to single figures though.

They may still stay in single figures but they will be updated in the coming months.

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That's what I thought when I did a 'last 24 hours' search earlier. Where there are normally no more than 10 a day, there were 5 pages today!

Either the one Estate Agent, which seems to be listing most of them, has managed to relist all properies somehow or a lot of vendors have moved to this EA for whatever reason. Prices haven't changed a penny though, despite some of these having been on for over 4 years!

Anyone know the reasons why properties that have been on the market for ages are occasionally relisted on rightmove as added to site in the last 24 hours despite not having dropped a penny?

God I hate the term 'property'!

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I've seen this discussion on other threads. Can we be so sure. Admittedly my area is a small sample. February 2011 would not be the only recent year where property sales have fallen to single figures though.

The official line is that sales have 90 days to be registered on the LR database, so the LR data is only complete to the end of December 2010 at present(Last update was end of March or start of this month). Some of course will not be registered within the 90 day deadline, but seems that the dataset is more or less complete by then. So you quote Feb stats, but only between 30 and 60 days or so of the 90 had elapsed by the point of the last update for sales in Feb, so the stats you are looking at will be complete by the end May/early June update.

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Just did my daily NN1+15 miles search. About half the entries listed for the last 24 hours are price drops !!!

I think the increasing supply, no one butying has finally pushed the agents over the edge....

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I think the increasing supply, no one butying has finally pushed the agents over the edge....

EAs have been trying to reduce asking prices for ages. It's the sellers that need to get real. And I suspect they are when they don't get viewings. I just don't see anyone buying without very dramatic falls.

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Within 1 mile of my postcode:

485 properties for sale found inc. SSTC

454 properties for sale found excl sstc

:lol::lol::lol::lol::lol:

Hang on...Ill do NN1+ 15 miles......

I had to reduce my search size as it goes off the scale...I tried Nn1 + 5 miles...off the scale..NN1 + 3 miles...off the scale...got down to NN1+ half a mile before I got less than 100 pages.

So NN1 + 0.5 miles inclusing SSTC gives 922 ( including 2 garages )

NN1 + 0.5 miles excluding SSTC gives 682...yikes, they sold loads...subject to contract :lol:

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Within 1 mile of my postcode:

485 properties for sale found inc. SSTC

454 properties for sale found excl sstc

Only 6% sales for you.

Within 1 mile of mine

168 inc SSTC

135 excl SSTC

So 20% have sold

Within 3 miles

443 inc SSTC

385 excl SSTC

So 13% have sold

I wonder if this has anything to do with the mortgage broker who posted his card through my door early March. A separate card come through offering job vacancies without naming the type of job - but the telephone number was the same as the mortgage broker.

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Within 1 mile of my postcode:

485 properties for sale found inc. SSTC

454 properties for sale found excl sstc

Found previous time I'd posted info

Posted 27 July 2010 - 09:50 AM

I don't think the two weeks helps -

Doing chadderton

443 properties found incl. sstc

403 properties found

http://www.housepricecrash.co.uk/forum/index.php?showtopic=148031&view=findpost&p=2640800

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I'm also seeing increasing stock in the area I'm looking at. But most of the stock that is coming onto the market or not shifting is B Grade properties - either too small, ex-council, weird layout, etc. Even when they are keenly priced, they're struggling to sell - and then there's loads which are overpriced which of course are not selling.

When A-Grade stock comes onto the market - decent condition inside, decent size rooms, decent size living room, and kitchen-diner with garden on a good looking road, they're being snapped up within 1-2 weeks, often at asking price.

Obviously at the moment, anyone without a big deposit or stable/high-earning job is struggling to buy, but for those who do have those, they do have right to be picky, and they're going after the good stuff, even if the B Grade ones are much cheaper and value for money.

A comparison:

A-Grade 2 bedroom, 75sqm flat, decent quality interior and good proportions going for like £415k

B-Grade 2 bedroom, 65sqm flat that might either have a small 2nd bedroom or a weird layout - still not selling at like £340k

Edited by Boon

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I...most of the stock that is coming onto the market or not shifting is B Grade properties - either too small, ex-council, weird layout, etc. Even when they are keenly priced, they're struggling to sell - and then there's loads which are overpriced which of course are not selling.

When A-Grade stock comes onto the market - decent condition inside, decent size rooms, decent size living room, and kitchen-diner with garden on a good looking road, they're being snapped up within 1-2 weeks, often at asking price.

Obviously at the moment, anyone without a big deposit or stable/high-earning job is struggling to buy, but for those who do have those, they do have right to be picky, and they're going after the good stuff, even if the B Grade ones are much cheaper and value for money.

Last year anything decent was snapped up in a week, but this year it is staying on the market. Same asking prices and the type of house is uniform over a large area, so easy to compare.

People were picky last year and prepared to pay when it mattered, but not this year.

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